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Updated 2022-10-14T21:23:33Z Insider's experts choose the best products and services to help make smart decisions with
your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page. As of October 2022, the national average APY on a 5-year CD is
also 0.74%, according to the FDIC. However, the best 5-year CD rates are at least 3.65% APY. A 5-year CD may be ideal if you don't need access to some of your savings for a few years. Here are our top picks for 5-year CDs. Compare our top picks for 5-year CDs Synchrony
CD First National Bank of America Certificate of Deposit CFG Bank Certificate of Deposit Crescent Bank CD Bread Savings High-Yield CD Barclays Online Certificate of Deposit Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. No minimum opening deposit Editor's rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's rating 4/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Low minimum opening deposit Editor's rating 4/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's rating 4/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's rating 3.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star No minimum opening deposit Editor's rating 4/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On First National Bank of America's website Bread Savings High-Yield CDBread Savings High-Yield CD Annual Percentage Yield (APY) 3.60% to 4.25% APY Minimum Deposit Amount $1,500 Bread Savings High-Yield CD Annual Percentage Yield (APY) 3.60% to 4.25% APY Minimum Deposit Amount $1,500 On Bread Savings's website Bread Savings High-Yield CD from Bread SavingsOn Bread Savings's website Deposit DetailsAnnual Percentage Yield (APY) 3.60% to 4.25% APY Minimum Deposit Amount $1,500 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties Dash iconA dash. It often indicates an interaction to shrink a section. $1,500 minimum opening deposit Dash iconA dash. It often indicates an interaction to shrink a section. Limited term options HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: Bread Savings pays high rates on CDs and charges reasonable early withdrawal penalties. APY for a 5-year CD: 4.25% APY 5-year CD early withdrawal penalty: 180 days simple interest What to look out for: Bread Savings requires at least $1,500 to open a CD. Crescent Bank CDAnnual Percentage Yield (APY) 0.50% to 4.20% APY Minimum Deposit Amount $1,000 Annual Percentage Yield (APY) 0.50% to 4.20% APY Minimum Deposit Amount $1,000 On Crescent Bank's website Crescent Bank CD from Crescent BankOn Crescent Bank's website Deposit DetailsAnnual Percentage Yield (APY) 0.50% to 4.20% APY Minimum Deposit Amount $1,000 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark iconA check mark. It indicates a confirmation of your intended interaction. Standard CD terms Check mark iconA check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties Dash iconA dash. It often indicates an interaction to shrink a section. $1,000 minimum opening deposit HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Why it stands out: Crescent Bank has online CDs with competitive interest rates. You may open an online Crescent CD from anywhere in the US as long as you are a US citizen and over the age of 18. APY for 5-year CD: 4.20% APY 5-year CD early withdrawal penalty: 180 days of interest What to look out for: Crescent Bank has a $1,000 minimum opening deposit. Some of our other top picks let you open an a CD with less money upfront. CFG Bank Certificate of DepositCFG Bank Certificate of Deposit Annual Percentage Yield (APY) 3.82% to 4.00% APY Minimum Deposit Amount $500 CFG Bank Certificate of Deposit Annual Percentage Yield (APY) 3.82% to 4.00% APY Minimum Deposit Amount $500 CFG Bank Certificate of Deposit from CFG BankDeposit DetailsAnnual Percentage Yield (APY) 3.82% to 4.00% APY Minimum Deposit Amount $500 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties Dash iconA dash. It often indicates an interaction to shrink a section. Limited term options HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: CFG Bank has a high interest rate on its 5-year CD, and you'll only need $500 upfront to open one. APY for 5-year CD: 4.00% APY 5-year CD early withdrawal penalty: 180 days of interest What to look out for: Limited term options. CFG Bank doesn't have many CD terms to choose from — there are only 12-month, 13-month, 18-month, 36-month, or 60-month CDs. Synchrony CDAnnual Percentage Yield (APY) 1.75% APY to 3.81% APY Minimum Deposit Amount $0
Annual Percentage Yield (APY) 1.75% APY to 3.81% APY Minimum Deposit Amount $0 Synchrony CD from SynchronyDeposit DetailsAnnual Percentage Yield (APY) 1.75% APY to 3.81% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. Variety of term lengths Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum deposit Dash iconA dash. It often indicates an interaction to shrink a section. No terms over 5 years Dash iconA dash. It often indicates an interaction to shrink a section. Standard-to-high early withdrawal penalties HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: Synchrony is offering one of the highest rates on 5-year CD rights now. There's also a $0 minimum opening deposit. APY for 5-year CD: 3.81% APY 5-year CD early withdrawal penalty: 365 days interest What to look out for: Synchrony is an online-only institution, so you may not have easy access to your account. First National Bank of America Certificate of DepositFirst National Bank of America Certificate of Deposit Annual Percentage Yield (APY) 3.55% to 3.75% APY Minimum Deposit Amount $1,000 First National Bank of America Certificate of Deposit Annual Percentage Yield (APY) 3.55% to 3.75% APY Minimum Deposit Amount $1,000 On First National Bank of America's website First National Bank of America Certificate of Deposit from First National Bank of AmericaOn First National Bank of America's website Deposit DetailsAnnual Percentage Yield (APY) 3.55% to 3.75% APY Minimum Deposit Amount $1,000 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive APY Check mark iconA check mark. It indicates a confirmation of your intended interaction. Term lengths up to 84 months Dash iconA dash. It often indicates an interaction to shrink a section. $1,000 opening deposit Dash iconA dash. It often indicates an interaction to shrink a section. High early withdrawal penalties Dash iconA dash. It often indicates an interaction to shrink a section. No term lengths under 12 months HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: First National Bank of America's main strength is its competitive interest rate. APY for 5-year CD: 3.75% APY 5-year CD early withdrawal penalty: 540 days interest What to look out for: First National Bank of America has high early withdrawal penalties. You can find institutions that charge less than 540 days interest to take out funds early from 5-year CDs. Barclays Online Certificate of DepositBarclays Online Certificate of Deposit Annual Percentage Yield (APY) 0.10% to 3.65% APY Minimum Deposit Amount $0 Barclays Online Certificate of Deposit Annual Percentage Yield (APY) 0.10% to 3.65% APY Minimum Deposit Amount $0 Barclays Online Certificate of Deposit from BarclaysDeposit DetailsAnnual Percentage Yield (APY) 0.10% to 3.65% APY Minimum Deposit Amount $0 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. No minimum deposit Check mark iconA check mark. It indicates a confirmation of your intended interaction. High interest rate Check mark iconA check mark. It indicates a confirmation of your intended interaction. Low-to-standard early withdrawal penalties Dash iconA dash. It often indicates an interaction to shrink a section. Low mobile app ratings in the Apple store HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Additional ReadingChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Why it stands out: Barclays is one of the few banks that doesn't have a required minimum deposit for CDs. Its early withdrawal penalties are also lower than what you'll pay with many institutions. APY for a 5-year CD: 3.65% APY 5-year CD early withdrawal penalty: 180 days simple interest What to look out for: The Barclays app has good ratings in the Google Play store, but not in the Apple store. Other 5-year CDs we consideredWe 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.
Bank trustworthiness and BBB ratingsWe'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: Capital One currently doesn't have a BBB rating because its profile is being updated. Our other top picks have an A+ rating. A good BBB rating doesn't necessarily guarantee your relationship with a bank will be perfect. Reach out to current customers or read online customer reviews to see if a bank might be a good fit for you. Capital One is the only bank on our list with a recent public controversy. In 2020, The Office of the Comptroller of Currency required Capital One to pay $80 million in a settlement that said the bank had inefficient security practices, which comprised personal information of bank credit cardholders. Frequently asked questionsPersonal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to. A CD is a type of saving account that has a fixed interest rate for a specific period of time. With a 5-year CD, you'll deposit your money for 60 months. You have the option to renew your CD at the end of the five-year period, or close the account and pocket the money. Most CDs lock in your rate for the entire term. For example, if you open a 5-year CD at a 3.25% APY, you'll earn 3.25% for the entire five years. If you renew your CD after it matures, you'll earn the new rate available in five years. Some institutions may offer unique CDs called step-up CDs or Raise Your Rate CDs. These CDs have a variable interest rate and allow your rate to change. Choosing the right CD for you may ultimately depend on your preferences and goals. For example, 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. If you select a short-term CD, you may have the chance to snag a better interest if rates are up in a year. But on the other hand, you could avoid lower rates with a 3-year or 5-year term if rates drop later. Many experts recommend CD laddering. With this strategy, you open multiple CDs with different term lengths so you can take advantage of higher rates with longer terms, but also access some of your money earlier. For instance, you might open 1-year, 3-year, and 5-year CDs at the same time, which means you'll get some of your money back in one year, then more in three years, then more in five years. You may prefer a high-yield saving account over a CD if you want quick access to your money. If you need access to money from your 5-year CD before it matures, then you'll have to pay a fee. In comparison, you should be able to access funds from your savings account regularly. You can also continuously add money to your savings account, whereas most 5-year CDs block you from making additional deposits after opening the account. If you're looking for ways to make more interest on your money, you might want to explore both savings accounts before making your decision. Generally, online banks pay higher interest rates on 5-year CDs. On the other hand, a CD also locks in your rate for the entire term. If rates are dropping, this could make the CD a better choice, because your savings account interest could decrease over the next few months. If rates are rising, the savings account might be a better fit, because your rate could go up. Either way, there's a good chance rates will fluctuate over a five-year period. The best option for you may depend on how much money you have for an initial deposit. Many banks require higher deposits for money market accounts than CDs, which could affect your decision. It's also good to remember that you can add more funds to your money market account over time with a debit card or paper checks. If you open a CD, you'll only be allowed to make a deposit when you first open the account or when it's renewed. You'll also have to pay an early withdrawal penalty on most CDs, if you need to take out money before the end of a term. If you need to access your money in five years and want a guaranteed rate of return, a 5-year CD is a better choice than a different type of investment account. CD are a type savings account, and aren't generally considered investments. Your potential for losses and gains — your risk — is much more limited. Because the stock market is risky, experts generally don't advise investing money you'll need in the next five years. In the case of a stock market drop, you wouldn't have time to make up your losses. If you're comfortable parting with your money for longer and want to take more risk with your money, then you may want to invest in the stock market. Brokerage accounts, for example, are useful tools to build long-term wealth, but can't guarantee a given return like a CD can. Tax-advantaged retirement accounts, like a 401(k) or IRA, are other options you can consider as well.
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at . Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less
Sophia Acevedo, CEPF Junior Banking Reporter Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team. Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020. You can reach out to her on Twitter at @sophieacvdo or send a quick email at . Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >> Read more Read less 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. **Enrollment required. Related articlesLoadingSomething is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. More... What is the highest interest rate on a 5Bread Savings: 4.25% APY. Popular Direct: 3.90% APY. Capital One: 3.50% APY.
What bank is paying the highest rate on CDs?Best CD rates of October 2022
Marcus by Goldman Sachs: 6 months – 6 years, 2.50% APY – 3.50% APY; $500 minimum deposit to open. Capital One: 6 months – 5 years, 2.00% APY – 3.50% APY; no minimum deposit needed to open. Synchrony Bank: 3 months – 5 years, 1.75% APY – 3.90% APY; no minimum deposit needed to open.
What is the current interest rate on a 55-year CD rate: 0.93% 1-year jumbo CD rate: 1.00% 5-year jumbo CD rate: 0.95% Money market account rate: 0.15%
Which bank gives 7% interest on savings account?The average monthly balance requirement is Rs 2,000 to Rs 5,000. Ujjivan Small Finance Bank is offering interest rates up to 7 percent on savings accounts. Equitas Small Finance Bank is offering interest rates up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,500 to Rs 10,000.
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