15 Best 5-Year CD Rates for May 2022
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ALSO CONSIDER: Best online savings accounts || Best checking accounts || Best high-interest accounts
The best five-year CD rates tend to be much higher than the national average rate of 0.39% APY. These CDs can help you work toward your individual savings goals.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
» Want to see a wider pool of high rates? See our list of the best high-interest accounts
ALSO CONSIDER: Best online savings accounts || Best checking accounts || Best high-interest accounts
The best five-year CD rates tend to be much higher than the national average rate of 0.39% APY. These CDs can help you work toward your individual savings goals.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
» Want to see a wider pool of high rates? See our list of the best high-interest accounts

at Discover Bank, Member FDIC
Discover Bank CD

Minimum deposit
$2,500Member FDIC
APY
2.75%at Discover Bank, Member FDIC
Ally Bank High Yield CD

Minimum deposit
$0Member FDIC
APY
2.00%
at Capital One, Member FDIC
Capital One 360 CD

Minimum deposit
$0Member FDIC
APY
2.50%at Capital One, Member FDIC
Marcus by Goldman Sachs High-Yield CD

Minimum deposit
$500Member FDIC
APY
2.60%Alliant Credit Union CD

Minimum deposit
$1,000Federally insured by the NCUA
APY
2.25%
at Bread Savings, Member FDIC
Bread Savings™️ CD

Minimum deposit
$1,500Member FDIC
APY
2.85%at Bread Savings, Member FDIC
TIAA Bank Basic CD

Minimum deposit
$1,000Member FDIC
APY
2.55%Popular Direct CD

Minimum deposit
$10,000Member FDIC
APY
2.80%Connexus Credit Union CD

Minimum deposit
$5,000Federally insured by the NCUA
APY
3.21%PenFed Credit Union Money Market Certificate

Minimum deposit
$1,000Federally insured by the NCUA
APY
2.75%» Want to see more options? Check out our list of the best CD rates overall
Best 5-year CD rates for May 2022
Pentagon Federal Credit Union: 2.75% APY.
Popular Direct: 2.80% APY.
Synchrony Bank: 2.60% APY.
Bread Savings: 1.40% APY.
TIAA Bank: 2.55% APY.
Live Oak Bank: 2.75% APY.
TAB Bank: 2.15% APY.
Vio Bank: 1.50% APY.
Connexus Credit Union: 3.21% APY.
Ally Bank: 2.00% APY.
Capital One: 2.50% APY.
Barclays: 2.55% APY.
Marcus by Goldman Sachs: 2.60% APY.
Discover Bank: 2.75% APY.
Alliant Credit Union: 2.25% APY.
Last updated on May 1, 2022
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People often identify opening a savings account as their next money move.
Discover Bank Online Savings

APY
With $0 min. balance for APY
Bonus
Requirements to qualify
at Discover Bank, Member FDIC
Marcus by Goldman Sachs Online Savings Account

APY
With $0 min. balance for APY
at Marcus by Goldman Sachs, Member FDIC
American Express® High Yield Savings Account

APY
With $1 min. balance for APY
at American Express National Bank, Member FDIC
Methodology
On a monthly basis, we compare rates at over 20 financial institutions, pulled from our full list, that we’ve seen to be consistently competitive. On a quarterly basis, we analyzed our full list, excluding banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere.
We took a close look at over 80 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, BB&T (now Truist), BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Industrial Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Monifi, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, State Employees’ Credit Union of North Carolina, SoFi, Suncoast Credit Union, SunTrust Bank (now Truist), Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best 5-Year CD Rates for May 2022
- Discover Bank CD: 2.75% APY
- Ally Bank High Yield CD: 2.00% APY
- Capital One 360 CD: 2.50% APY
- Marcus by Goldman Sachs High-Yield CD: 2.60% APY
- Barclays Online CD: 2.55% APY
- Vio Bank CD: 1.50% APY
- Alliant Credit Union CD: 2.25% APY
- Live Oak Bank CD: 2.75% APY
- TAB Bank CD: 2.15% APY
- Bread Savings™️ CD: 2.85% APY
- TIAA Bank Basic CD: 2.55% APY
- Popular Direct CD: 2.80% APY
- Connexus Credit Union CD: 3.21% APY
- Synchrony Bank CD: 2.60% APY
- PenFed Credit Union Money Market Certificate: 2.75% APY
Frequently asked questions
In an environment with climbing interest rates, you might question putting your money in a long-term CD. But getting a CD can still make sense if you're trying to spread out your investments, guarantee yourself a risk-free return, or want to ensure you won't spend a sum of your savings for a few years. For more on what uses CDs provide, see this explainer on when to choose CDs. (Keep in mind that shorter-term CDs can also be part of your saving strategy; consider the best six-month CD rates.)
CD rates are quoted as an annual percentage yield, or APY, which is how much the account earns in one year including compound interest. Banks generally compound interest monthly or daily.
» See what CDs can earn with our CD calculator
You should get a CD only if you know you won’t need those funds during its term. Pulling money out of a CD before its expiration date will likely result in an early withdrawal fee, which is typically a percentage of the interest earned.
» Looking for a shorter term? Check out our list of best three-year CD rates
It depends on what's more important to you, rates or access to your money. The current CD rates tend to be higher than the best savings account rates, but you sacrifice access to money in CDs. If that doesn't work for you, check out our list of best online savings accounts.
» Want to know how CD rates stand? Read our full article on historical CD rates
It depends on the level of risk you want to take. Investment, or brokerage, accounts can have higher returns than CDs, but CDs guarantee returns. They're typically federally insured for up to $250,000 and offer fixed interest rates. Brokerage accounts can be riskier, since you aren’t protected against losses.