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The national average APY (Annual Percentage Yield) on a 5-year CD is 1.41% APY. However, the best 5-year CD rate is 4.86% APY from the US Senate Federal Credit Union. To join you may work for a Select Employee Group, have a family member who's a current member, or join the US Capital Historical Society or the American Consumer Council regardless of where you live in the US.
A 5-year CD may be ideal if you don't need access to some of your savings for a few years. If you're also interested in other CD term lengths, check out our overall best CD rates guide.
We check rates daily to find the best rates for 5-year terms Here are our top picks for 5-year CDs.
Best 5-Year CD Rates
- US Senate Federal Credit Union 5 Year Smart Share Certificate: 4.86% APY
- Department of Commerce Federal Credit Union 5 Year Share CD: 4.67% APY
- MYSB Direct 5 Year CD: 4.66% APY
- First National Bank of America 5 Year CD: 4.65% APY
- Latino Community Credit Union 5 Year Share Certificate: 4.65% APY
- Popular Direct 5 Year CD: 4.60% APY
- First Internet Bank of Indiana 5 Year CD: 4.59% APY
- Barclays 5 Year Online CD: 4.50% APY
- BMO Harris Alto 5 Year High Yield CD: 4.50% APY
These are our picks for the best 5-year CD rates. Our top picks for CDs are protected by FDIC or NCUA insurance. Although Silicon Valley Bank, Signature Bank, and First Republic Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Compare the Best 5-Year CDs
5-Year CD FAQs
The highest 5-year CD rate is 4.86% APY at the US Senate Federal Credit Union. You may join US Senate Federal Credit Union if you work Select Employee Group, have a family member who is a current member, or become a member of the US Capital Historical Society or the American Consumer Council (you can join these organizations from anywhere in the US).
A 5-year CD is worthwhile if you're saving for a 5-year goal. You can lock in a fixed rate for five years and grow your savings. Take note that CDs have early withdrawal penalties and do not permit deposits after an account is open.
A 5-year CD is a type of savings account with a fixed interest rate. With a 5-year CD, you'll deposit your money for 60 months. Once your term ends, you'll have the option to renew the CD or close the account and withdraw your money.
A 5-year CD works by maintaining the same interest rate for the entire term. For example, if you open a 5-year CD at a 4.50% APY, you'll earn 4.50% for the entire five years. If you renew your CD after it matures, you'll earn the new rate available in five years.
If your priority is earning a high interest rate, 3-year CDs and 5-year CDs generally offer higher rates than 1-year CDs. However, with a 3-year or 5-year CD, you could ultimately miss out on higher rates in the long run. Many experts recommend CD laddering. With this strategy, you open multiple CDs with different term lengths. That way you can take advantage of higher rates with longer terms, but also access some of your money earlier.
5-Year CD Reviews
US Senate Federal Credit Union 5 Year Smart Share Certificate
The US Senate Federal Credit Union 5-Year Smart Share Certificate pays a high CD rate. This credit union also offers great rates for 2-year and 3-year terms.
US Senate Federal Credit Union also has appealing jumbo CDs ($100,000 minimum opening deposit) and plus jumbo CDs ($200,000 minimum opening deposit) with even higher rates.
APY for 5-year CD: 4.86% APY
5-year CD early withdrawal penalty: 360 days of interest
What to look out for: To join US Senate Federal Credit Union, you must work for a Select Employee Group, have a family member who is a current member, become a member of the U.S. Capital Historical Society or the American Consumer Council (you can join these organizations from anywhere in the US).
Department of Commerce Federal Credit Union 5 Year Share CD
The Department of Commerce Federal Credit Union 5 Year Share CD pays a high interest rate and has low early withdrawal penalties.
APY for 5-year CD: 4.67% APY
5-year CD early withdrawal penalty: 180 days of interest
What to look out for: You must become a member of the Department of Commerce Federal Credit Union to get a CD. The easiest way to become a member from around the US is to join the American Consumer Council. You may also be eligible for membership if you live in Washington, DC, or work at the US Department of Commerce, the White House Management and Administration Office, or the Executive Office of the President.
MYSB Direct 5 Year CD
MYSB Direct CDs pay a competitive interest rate and have low early withdrawal penalties.
M.Y. Safra Bank is a New York-based financial institution that serves customers nationwide and its online-only division is MYSB Direct.
APY for 5-year CD: 4.66% APY
5-year CD early withdrawal penalty: 90 days of interest
What to look out for: The bank compounds interest monthly, not daily. Depending on how much money you plan to keep in a CD, this may or may not make a significant difference.
First National Bank of America 5 Year CD
First National Bank of America CDs are available online from anywhere in the US, and come in a variety of terms.
You also might like First National Bank of America if you live in Lansing, Grand Rapids, or Traverse City, Michigan. It has branches in these cities.
APY for 5-year CD: 4.65% APY
5-year CD early withdrawal penalty: 540 days of interest
What to look out for: First National Bank of America has steep early withdrawal penalties for most terms. You might prefer one of the other options on our list if you are worried about CD early withdrawal penalties.
First National Bank of America Review
Latino Community Credit Union 5 Year Share Certificate
You may like Latino Community Credit Union Share Certificates if you value banking with a financial institution that serves a Hispanic American community.
You also might like this option if you live in North Carolina. The credit union has branches in the Charlotte, Piedmont Triad, and Triangle areas. You don't have to live in North Carolina to join, though.
APY for 5-year CD: 4.65% APY
5-year CD early withdrawal penalty: 180 days of interest
What to look out for: You must become a member to open an account. The easiest way to become a member regardless of where you live is to join the Latino Community Development Center and pay a one-time $8 membership fee.
Latino Community Credit Union Review
Popular Direct 5 Year CD
Popular Direct CDs pay a competitive rate, and compound interest daily.
APY for 5-year CD: 4.60% APY
5-year CD early withdrawal penalty: 730 days of simple interest
What to look out for: You'll need at least $10,000 to open a Popular Direct CD. The bank also charges high early withdrawal penalties.
First Internet Bank of Indiana 5 Year CD
First Internet Bank of Indiana CDs may be appealing if you're searching for a variety of term lengths. The bank is also featured in our best money market accounts guide.
APY for 5-year CD: 4.59% APY
5-year CD early withdrawal penalty: 360 days of interest
What to look out for: First Internet Bank of Indiana compounds your interest monthly, not daily. Depending on how much money is in your CD, this may or may not make a significant difference. You can also find a bank that charges less for an early withdrawal from a 5-year CD.
First Internet Bank of Indiana Review
Barclays 5 Year Online CD
Barclays CDs could be a good choice if you want to get a 5-year CD with a lower amount, because there's no minimum opening deposit. Typically, you need at least $1,000 to open a CD at most banks.
APY for 5-year CD: 4.50% APY
5-year CD early withdrawal penalty: 180 days of interest
What to look out for: Barclays doesn't have a checking account. If you want to do all your banking at one financial institution, you may want to choose a different bank that has both savings and checking.
BMO Harris Alto 5 Year High Yield CD
The BMO Harris Alto High Yield CD may be a good choice if you'd like to open an online CD with a $0 minimum opening deposit. BMO Alto is an online-only division of BMO Financial Group, and its accounts are available nationwide.
APY for 5-year CD: 4.50% APY
5-year CD early withdrawal penalty: 180 days of interest
What to look out for: BMO Alto doesn't have a mobile app. Also, you can't go to a BMO Harris Bank location to get customer support. That said, customer service for BMO Alto is available 24/7 by phone.
Other 5-Year CDs We Considered
We looked at the following 5-year CDs as well. However, our top picks may have higher interest rates, lower minimum opening deposits, and lower early withdrawal penalties, which make them more compelling options.
- Crescent Bank CD: A 5-year Crescent Bank CD pays 4.40% APY, which is lower than the CD rates on our list.
- Delta Community Credit Union CD: Delta Community Credit Union has a 5-year CD paying 4.35% APY, which is just short of the rates on our list.
- Alliant Certificate: Alliant Credit Union's 5-year CD pays 4.35% APY, but our top picks have even more competitive 5-year terms.
- CFG Bank CD: CFG pays solid interest rates on CDs, but you'll earn higher rates with our top picks.
- Quontic CD: Quontic Bank's 5-year certificate pays a lower interest rate than our top picks.
- Synchrony Bank CD: Synchrony CDs have a low minimum opening deposit, but other financial institutions offer high rates on long-term CDs.
- Discover CD: Other financial institutions offer more competitive interest rates on 5-year CDs or lower minimum opening deposit requirements.
- Ally High Yield CD: Ally CDs have low minimum opening deposits, but our top picks all pay higher interest rates.
- Bread Savings High-Yield CD: Bread Savings has CDs with good interest rates, but you'll need a minimum of $1,500 to get started.
- Marcus High-Yield CD: Marcus has low minimum opening deposits on accounts, but our top picks pay higher interest rates right now.
- Pentagon Federal Credit Union Money Market Certificate: Pentagon Federal Credit Union has high interest rates for its 1-year and 18-month CDs. However, you'll find a more competitive interest rate at one of the financial institutions we've featured as a top pick.
- Bethpage Federal Credit Union Certificate Account: Bethpage Federal Credit Union has a variety of terms. However, its rates are low compared to our top picks.
- Nationwide CD: Nationwide's 1-year and 18-month CDs are its most appealing options, but its other terms aren't as strong.
- VyStar Credit Union CD: Vystar Credit Union may be a good option in you live in Florida or Georgia.
- Golden 1 Credit Union CD: Golden 1 Credit Union may be worth considering if you live in California.
- Suncoast Credit Union CD: Suncoast Credit Union has solid interest rates, but our top picks offer more competitive rates right now.
- CIT Bank Term CD: A 5-year CIT Bank CD offers a low interest rate compared to the banks on our list.
- Washington Savings Bank CD: Washington Savings Bank pays solid interest rates, but our top picks offer even higher interest rates.
- Citizens Access CD: Citizens has high interest rates on online CDs, but you'll need a minimum of $5,000.
- BrioDirect High-Yield CD: BrioDirect has a variety of CD terms, but its 5-year CD rate isn't as strong as the institutions we've chosen.
- Sallie Mae CD: You'll need at least $2,500. Our top picks have lower minimum opening deposits.
- Amerant CD: Amerant pays solid interest rates, but our top picks offer even higher interest rates.
- American Express CD®: American Express has a low minimum opening deposit, but our top picks pay higher interest rates.
- Live Oak Bank CD: You'll need at least $2,500 for an initial deposit. Our top picks will let you open an account with less money upfront.
- America First Credit Union Certificate: America First Credit Union has a solid interest rate, but our top picks offer even higher rates.
- NBKC CD: NBKC offers competitive interest rates on long-term CDs, but our top picks offer even higher rates.
- Connexus Credit Union Share Certificate: Connexus requires a minimum opening deposit of $5,000. Our top picks have much lower minimum opening deposits.
- TAB CD: TAB Bank has a solid interest rate, but our top picks offer even higher rates.
Bank Trustworthiness and BBB Ratings
We've compared each company's Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company's score:
| Institution | BBB rating |
| Department of Commerce Federal Credit Union | NR |
| MYSB Direct | NR (rating of parent bank, MY Safra Bank) |
| First National Bank of America | A+ |
| Latino Community Credit Union | B- |
| Popular Direct | A+ (rating of parent bank, Popular Bank) |
| US Senate Federal Credit Union | A- |
| First Internet Bank of Indiana | A+ |
| Barclays | A- |
| BMO Alto | A+ (rating of BMO Harris Bank) |
Department of Commerce Federal Credit Union received an NR ("No Rating") grade from the BBB because the business has services that the BBB can't evaluate.
MYSB Direct currently has an NR grade as well because the BBB doesn't have enough information to provide a rating.
Latino Community Credit Union currently has a B- rating because it has failed to respond to one customer complaint. US Senate Federal Credit Union also has an A- rating because it hasn't responded to one customer complaint. Barclays has an A- rating because of the length of time it has taken to respond to a customer complaint.
A good BBB rating doesn't necessarily mean that your relationship with the bank will be perfect. Talk to current customers or read online customer reviews to get a more well-rounded perspective about whether the bank may be ideal for you.
BMO Harris has been involved in one recent public controversy. In 2022, a Minnesota jury ordered the bank to pay $564 million in damages in a lawsuit involving a Ponzi scheme operated by a Minnesota businessman. That said, the Ponzi scheme was uncovered in 2008 at M&I Bank, and BMO Harris bought M&I Bank in 2011.
Why You Should Trust Us: Expert Advice on Choosing the Best 5-Year CD
To learn more about what makes a good CD and how to choose the best fit, Insider consulted four experts:
- Tania Brown, CFP at SaverLife
- Roger Ma, CFP with lifelaidout® and author of "Work Your Money, Not Your Life"
- Sophia Acevedo, CEPF, banking reporter, Personal Finance Insider
- Mykail James, MBA, CFEI, BoujieBudgets.com
Here's what they had to say about CDs.
How do you decide how long your CD term should be?
CDs come in different terms that range from months to years, and a 5-year CD is typically one of the longest terms available. When choosing the right term for you, start with how you're going to use the money, and when. If you're buying a house in five years and know you won't need the money until then, a 5-year CD might work for your needs — however, if you're buying that house in two years, you'll need to choose a shorter term.
Once you know when you'll need the money, you can take a look at available rates. Maybe you have some flexibility around when you'll need the money, and find it worth leaving in the bank an extra six months or year to get a higher rate.
Should you put money in a high-yield savings account, money market account, or CD?
You're allowed to have multiple types of accounts, and it's OK to put money in different places for different purposes. Perhaps you want a high interest rate on money you can access at any time for an emergency, so you put that emergency fund in a high-yield savings account. Then, you want a savings account from which you can make regular withdrawals, so you use a money market account. Finally, you want to keep a nest egg out of sight and out of mind while earning a strong interest rate, so you use a CD.
Choosing which type of account to use comes down to how you plan to use that money, and when.
Our Methodology
First, we researched to find over 20 banks and credit unions that offered 5-year CDs. Then, we reviewed each institution to find the most-well rounded banking options. For each account, we compared the minimum opening deposits, early withdrawal penalties, and interest rates. We also considered the overall banking experience at each bank by assessing customer support availability, mobile app ratings, and ethics.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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