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Compare the 12 best 5-year CD rates
Use the table below to compare five-year CDs by their APYs and minimum opening deposits. To compare select accounts against each other, check the Compare box under each account's name.
100+ CDs analyzed and rated by our team of experts
Evaluated under our unbiased rating system covering 8 categories
20+ years of combined experience covering financial topics
We're big on editorial independence. That means our content, reviews and ratings are fair, accurate and trustworthy. We don't let advertisers or partners sway our opinions. Our financial experts put in the hard work, spending hours researching and analyzing hundreds of products based on data-driven methodologies to find the best accounts and providers for you. Explore our editorial guidelines to see how we work.
First National Bank of America tops our list for best CD rates at a whopping 4.50% APY for its 5-year term. A CD account requires a $1,000 minimum opening deposit. And First National Bank of America imposes a fee of 540 days’ worth of interest if you need to access your money before your CD is mature, which is on the higher end of what we’ve seen for early withdrawal penalties on 5-year CDs.
1-year APY
5.05%
3-year APY
4.60%
5-year APY
4.50%
Minimum deposit to open
$1,000
First National Bank of America tops our list for best CD rates at a whopping 4.50% APY for its 5-year term. A CD account requires a $1,000 minimum opening deposit. And First National Bank of America imposes a fee of 540 days’ worth of interest if you need to access your money before your CD is mature, which is on the higher end of what we’ve seen for early withdrawal penalties on 5-year CDs.
Earn a solid APY with a First Internet Bank 5-year CD. Although partial withdrawals are allowed, you’ll need to fund the account with at least $1,000. And its early withdrawal penalty is 360 days’ worth of interest, which falls on the lower end for CDs with 5-year terms.
1-year APY
5.26%
3-year APY
4.61%
5-year APY
4.50%
Minimum deposit to open
$1,000
Earn a solid APY with a First Internet Bank 5-year CD. Although partial withdrawals are allowed, you’ll need to fund the account with at least $1,000. And its early withdrawal penalty is 360 days’ worth of interest, which falls on the lower end for CDs with 5-year terms.
A Barclays Online CDs comes in at 3.75% APY when you choose a five-year term, making it one of the top picks on the market. There’s no minimum deposit requirement, so you’ll earn the same APY regardless of how much you deposit into the account. And with a low early withdrawal penalty of 180 days’ interest, this product has few downsides.
1-year APY
4.85%
3-year APY
3.50%
5-year APY
3.75%
Minimum deposit to open
$0
A Barclays Online CDs comes in at 3.75% APY when you choose a five-year term, making it one of the top picks on the market. There’s no minimum deposit requirement, so you’ll earn the same APY regardless of how much you deposit into the account. And with a low early withdrawal penalty of 180 days’ interest, this product has few downsides.
Alliant 5-year CDs earn a strong interest rate of 4.00% APY. But where it shines is its early withdrawal penalty. While most banks charge a flat penalty rate, Alliant’s early withdrawal fee equals the number of days of interest that your CD account is open, up to 180 days. That means your penalty will never come out of your principal — no matter when you withdraw from your account.
But you’ll need to be an Alliant Credit Union member and meet its $1,000 minimum opening deposit requirement to get started.
1-year APY
5.05%
3-year APY
4.15%
5-year APY
4.00%
Minimum deposit to open
$1,000
Alliant 5-year CDs earn a strong interest rate of 4.00% APY. But where it shines is its early withdrawal penalty. While most banks charge a flat penalty rate, Alliant’s early withdrawal fee equals the number of days of interest that your CD account is open, up to 180 days. That means your penalty will never come out of your principal — no matter when you withdraw from your account.
But you’ll need to be an Alliant Credit Union member and meet its $1,000 minimum opening deposit requirement to get started.
Quontic Bank’s 5-year CDs are a CD favorite because it couples a high interest rate of 4.30% APY and a low opening deposit of $500. But you’ll pay a hefty early withdrawal fee of two years worth of interest if you withdraw from your account before maturity, the harshest penalty we’ve seen for 5-year CDs.
1-year APY
4.50%
3-year APY
4.40%
5-year APY
4.30%
Minimum deposit to open
$500
Quontic Bank’s 5-year CDs are a CD favorite because it couples a high interest rate of 4.30% APY and a low opening deposit of $500. But you’ll pay a hefty early withdrawal fee of two years worth of interest if you withdraw from your account before maturity, the harshest penalty we’ve seen for 5-year CDs.
Ally CDs offer a solid 3.90% APY with no minimum deposit, so you can fund your CD with as much, or as little, as you want. And its 10-day best rate guarantee promises to increase your interest rate if you open and fund your account within 10 days.
Ally also incentivizes you to renew your CD by getting a 0.05% interest boost. But you can’t withdraw from the principal or any accrued interest until your CD is mature.
1-year APY
4.50%
3-year APY
4.00%
5-year APY
3.90%
Minimum deposit to open
$0
Ally CDs offer a solid 3.90% APY with no minimum deposit, so you can fund your CD with as much, or as little, as you want. And its 10-day best rate guarantee promises to increase your interest rate if you open and fund your account within 10 days.
Ally also incentivizes you to renew your CD by getting a 0.05% interest boost. But you can’t withdraw from the principal or any accrued interest until your CD is mature.
Capital One 360 CDs hold its own against competitors with their competitive 3.90% APY, no minimum deposits and a generous early withdrawal fee of 180 days’ interest. And its 10-day rate lock guarantee promises to give you the highest interest rate if you fund your CD within 10 days of opening. But Capital One doesn’t allow partial withdrawals, so cashing out any amount before your CD is mature will automatically close your account.
1-year APY
5.00%
3-year APY
4.00%
5-year APY
3.90%
Minimum deposit to open
$0
Capital One 360 CDs hold its own against competitors with their competitive 3.90% APY, no minimum deposits and a generous early withdrawal fee of 180 days’ interest. And its 10-day rate lock guarantee promises to give you the highest interest rate if you fund your CD within 10 days of opening. But Capital One doesn’t allow partial withdrawals, so cashing out any amount before your CD is mature will automatically close your account.
Synchrony Bank bundles one of the highest interest rates for 5-year CDs, a 15-day interest rate guarantee and no minimum deposit to give you an all-around competitive CD. Keep in mind that you’ll pay 365 days’ worth of interest if you withdraw from your principal before your CD term is up. While this penalty isn’t the lowest we’ve seen, it’s also not the harshest.
1-year APY
4.80%
3-year APY
4.15%
5-year APY
4.00%
Minimum deposit to open
$0
Synchrony Bank bundles one of the highest interest rates for 5-year CDs, a 15-day interest rate guarantee and no minimum deposit to give you an all-around competitive CD. Keep in mind that you’ll pay 365 days’ worth of interest if you withdraw from your principal before your CD term is up. While this penalty isn’t the lowest we’ve seen, it’s also not the harshest.
Bethpage Federal Credit Union offers a 4.00% APY on its 5-year CD, which is competitive with many top performers. And its low minimum deposit of $50, along with its kind early withdrawal penalty of 180 days simple interest, makes it a strong CD.
But you’ll need to become a Bethpage Federal Credit Union member by opening a savings account and depositing $5.
1-year APY
5.00%
3-year APY
3.75%
5-year APY
4.00%
Minimum deposit to open
$50
Bethpage Federal Credit Union offers a 4.00% APY on its 5-year CD, which is competitive with many top performers. And its low minimum deposit of $50, along with its kind early withdrawal penalty of 180 days simple interest, makes it a strong CD.
But you’ll need to become a Bethpage Federal Credit Union member by opening a savings account and depositing $5.
TIAA offers 3.90% APY on its 5-year CDs, which is an impressive rate among its competitors. While some banks only require $500 or no deposit at all, you must deposit at least $1,000 to open your TIAA CD account. And you’ll pay 456 days’ worth of interest if you cash out your CD early, which is a heavier penalty than most banks.
1-year APY
4.80%
3-year APY
4.10%
5-year APY
3.90%
Minimum deposit to open
$1,000
TIAA offers 3.90% APY on its 5-year CDs, which is an impressive rate among its competitors. While some banks only require $500 or no deposit at all, you must deposit at least $1,000 to open your TIAA CD account. And you’ll pay 456 days’ worth of interest if you cash out your CD early, which is a heavier penalty than most banks.
A Marcus by Goldman Sachs CD comes with an attractive 4.00% APY interest rate and a 10-day CD rate guarantee. So if you open and deposit at least $500 into your CD account within the first 10 days, you will automatically get the higher APY if the rate goes up. And with its low early
1-year APY
5.15%
3-year APY
4.15%
5-year APY
4.00%
Minimum deposit to open
$500
A Marcus by Goldman Sachs CD comes with an attractive 4.00% APY interest rate and a 10-day CD rate guarantee. So if you open and deposit at least $500 into your CD account within the first 10 days, you will automatically get the higher APY if the rate goes up. And with its low early
American Express boasts a 3.00% APY on its 5-year CDs. While you can open your Amex CD with a $0 opening deposit, its early withdrawal penalty of 540 days’ worth of interest falls on the higher end of early withdrawal fees for CDs with the same term.
1-year APY
4.35%
3-year APY
3.00%
5-year APY
3.00%
Minimum deposit to open
$0
American Express boasts a 3.00% APY on its 5-year CDs. While you can open your Amex CD with a $0 opening deposit, its early withdrawal penalty of 540 days’ worth of interest falls on the higher end of early withdrawal fees for CDs with the same term.
Methodology: How we choose the best 5-year CDs Finder’s experts reviewed more than 65 CDs to evaluate our top picks for 2022. We primarily looked at the APY for each bank’s 5-year CDs, with the highest APYs receiving greater scrutiny. From there, we looked at other important factors like minimum deposit and eligibility requirements, like whether membership or other strict requirements are needed to open the CD. The CDs that offered the highest APYs and were the easiest to open were chosen for our top picks for 2022.
Honorable Mentions
These products offered competitive APYs and are otherwise excellent products but were held back from our list due to higher than average minimum deposits. If our best picks don’t quite hit the mark for you, these honorable mentions are also excellent choices.
Coming in at a mighty 4.15% APY, Bread Financial’s 5-year CD has the highest APY we’ve seen so far. But its opening deposit minimum of $1,500 makes it less accessible than its competitors that require $0 to $1,000 to open an account.
1-year APY
5.25%
3-year APY
4.25%
5-year APY
4.15%
Minimum deposit to open
$1,500
Coming in at a mighty 4.15% APY, Bread Financial’s 5-year CD has the highest APY we’ve seen so far. But its opening deposit minimum of $1,500 makes it less accessible than its competitors that require $0 to $1,000 to open an account.
Sallie Mae’s 5-year term offers a 4.00% APY, which is competitive with other top-performing banks. And while it has a more lenient early withdrawal penalty of 180 days, its high minimum deposit of $2,500 kept it from our best list.
1-year APY
5.25%
3-year APY
4.00%
5-year APY
4.00%
Minimum deposit to open
$2,500
Sallie Mae’s 5-year term offers a 4.00% APY, which is competitive with other top-performing banks. And while it has a more lenient early withdrawal penalty of 180 days, its high minimum deposit of $2,500 kept it from our best list.
A Discover 5-year CD offers an attractive 3.75% APY. But you’ll need to lock away at least $2,500 to get started. And its early withdrawal penalty of 540 days of simple interest is pretty severe compared to banks that charge between 180 to 365 days’ worth of interest.
1-year APY
4.70%
3-year APY
3.75%
5-year APY
3.75%
Minimum deposit to open
$2,500
A Discover 5-year CD offers an attractive 3.75% APY. But you’ll need to lock away at least $2,500 to get started. And its early withdrawal penalty of 540 days of simple interest is pretty severe compared to banks that charge between 180 to 365 days’ worth of interest.
Make sure to keep the following features in mind when comparing CDs:
Interest rate. Even a small difference in interest rates can make a substantial difference to your balance at the end of a five-year investment term, so be sure to compare all your options.
Frequency of interest payments. Check to see when your account will pay interest — monthly, quarterly, half-yearly, annually or at maturity — and what effect this will have on your balance at the end of five years.
Fees. There are many CDs that charge nothing in ongoing fees, so don’t agree to pay any unless the interest rate is high enough to make it worthwhile.
Renewal bonuses. Some banks provide an interest rate increase if you decide to roll over your balance into another one when your CD matures.
Linked account requirements. Some banks will also require you to open a linked account from which you can transfer funds to your CD. If this is the case, make sure you’re aware of any fees that apply to this account.
Minimum balance requirements. Look for an account with a minimum deposit you can afford.
What happens when the deposit matures. Some banks will automatically roll your funds over into a new CD when your account matures. Make sure you’re aware of what will happen to your funds at the end of the investment term so that you can take control of your finances.
How do 5-year certificates of deposit work?
Five-year certificates of deposit, or CDs, offer the security of a fixed interest rate and provide guaranteed returns on your investment. Also referred to as 60-month or long-term CDs, these accounts offer protection against any interest rate cuts that may occur.
Unlike a savings account, CDs are set up so that it is impossible to access the funds in your account without incurring high fees. This removes the temptation to dip into your savings on a whim, instead providing an incentive for you to invest your money for the full five-year term.
How does interest work on a 5-year CD?
With a certificate of deposit, you invest your money for a set period — in this case five years — and earn a fixed interest rate during that time. Interest can be paid monthly, quarterly, half-yearly, yearly or when the deposit matures. The interest rate is guaranteed not to change for the life of the deposit.
The interest rate on a CD remains the same until your account matures, which means you are protected against interest rate falls but you can’t take advantage of any rises that may occur. So if you think interest rates are unlikely to increase at any time in the next five years, investing in a five-year CD could be a good idea. Once the deposit matures at the end of the five-year period, you can either withdraw your funds or roll them over into a new CD.
What are the pros and cons of 5-year CDs?
Pros
High, fixed-rate APYs. You’ll earn more interest in your money with a 5-year CD. Plus, your rate is locked in for the life of your CD, so it won’t change if your bank lowers its rates.
Guaranteed returns. When you invest your money in a CD, you know exactly how much interest you’ll earn.
Spending control. With a long-term CD, your money will be locked away to help you curb impulse purchasing.
Cons
Rates won’t rise. If rates go up while your funds are locked away in a CD, you won’t be able to invest your funds at a higher rate until your deposit matures.
Money locked away. Unless you have a no-penalty CD, it’s difficult to access your money while it’s invested in a CD. You’ll have to wait for five years before you’re able to withdraw. It can be challenging if an emergency pops up.
Penalty fees. If you need access to your money earlier than expected, you’ll have to pay a penalty fee — and at some banks, you could end up walking away with less than you started with.
Why is it important to find the best rate?
Even a seemingly small difference in interest rates can make a large difference to what you earn — especially if you’re investing for five years. Take a look at the following fictional example:
Steve chooses a CD
Steve wants to invest $10,000 in a five-year CD. When he compares the accounts available from two banks, Steve discovers a slight difference in the interest rates — Bank A offers 2.75% APY while Bank B offers 3.25% APY. Both accounts pay interest monthly, so Steve compares the accounts to see just how much difference a higher rate will make to his end balance.
Bank A
Bank B
Interest rate
2.75% APY
3.25% APY
Investment term
5 years
5 years
Interest paid
Monthly
Monthly
Balance after 5 years
$11,472.21
$11,761.90
As you can see, even though the interest rate from Bank B is only 0.50% higher, this works out to be a difference of $289.69 at the end of the investment term.
Bottom line
A five-year certificate of deposit provides a safe and reliable long-term investment option if you know you can wait to access your money for five years. If you need your investment to double as an emergency fund, a high-interest savings account might be a better fit.
Frequently asked questions
Can you add money to a CD?
No. You can only deposit money when you first open the account — you can’t add to it once the account is open.
That depends on what you’re looking for. If you need access to your money in an emergency and/or you want to add to it gradually, a savings account is your best option. If you can keep your hands off your funds for a set period, a CD will earn you the highest interest rate.
If you can’t decide, you can always open one of each.
Steven Dashiell is an editor for Bankrate and CreditCards.com and formally a personal finance writer at Finder, specializing in credit cards, banking and growing and protecting your income. His insights and expertise has been featured on Nasdaq, U.S. News & World Report, Time, CBS, ABC, Fox Business, Lifehacker and Martha Stewart Living, among other top media. Steve holds a BA in English from University of Maryland, Baltimore County, minoring in composition and rhetoric. In his spare time Steve nerds out on birds, paints and plays a whole lot of Street Fighter. See full bio
Steven's expertise
Steven has written 66 Finder guides across topics including:
A one-year CD is a fuss-free way to earn a competitive interest rate on your savings. If you are able to part with your money for a year, the reward could be worth it.
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