16 Best 5-Year CD Rates for December 2023
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ALSO CONSIDER: Best online savings || Best checking || Best high-interest accounts
The best five-year CD rates tend to be much higher than the national average rate of 1.39% 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.
ALSO CONSIDER: Best online savings || Best checking || Best high-interest accounts
The best five-year CD rates tend to be much higher than the national average rate of 1.39% 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.
The Federal Reserve raised rates to the highest levels in more than two decades, which is good news for your bank accounts. Take advantage of today’s high rates by opening a federally insured certificate of deposit.
Best 5-Year CD Rates
| Bank/institution | NerdWallet rating | Minimum deposit | APY | Learn more |
|---|---|---|---|---|
 Discover Bank CD Learn more at Discover Bank, Member FDIC | $2,500 Member FDIC | APY 4.00% | Learn more at Discover Bank, Member FDIC | |
 Barclays Online CD Learn more at Barclays, Member FDIC | $0 Member FDIC | APY 4.50% | Learn more at Barclays, Member FDIC | |
 Bread Savings™️ CD | $1,500 Member FDIC | APY 4.25% | Read review | |
 Ally Bank High Yield CD | $0 Member FDIC | APY 4.10% | Read review | |
 Alliant Credit Union Certificate | $1,000 Federally insured by NCUA | APY 4.35% | Read review | |
 Popular Direct CD | $10,000 Member FDIC | APY 4.70% | Read review | |
 Synchrony Bank CD | $0 Member FDIC | APY 4.00% | Read review | |
 Capital One 360 CD | $0 Member FDIC | APY 4.10% | Read review | |
 Sallie Mae Bank CD | $2,500 Member FDIC | APY 4.00% | Read review | |
 LendingClub CD | $2,500 Member FDIC | APY 4.00% | Read review | |
 Quontic Bank CD | $500 Member FDIC | APY 4.30% | Read review | |
 Self-Help Credit Union Term Certificate | $500 Federally insured by NCUA | APY 4.86% | Read review | |
 BMO Alto Certificate of Deposit | $0 Deposits are FDIC Insured | APY 4.90% | Read review | |
 TAB Bank CD | $1,000 Member FDIC | APY 4.00% | Read review | |
 PenFed Credit Union Money Market Certificate | $1,000 Federally insured by NCUA | APY 4.00% | Read review | |
 Marcus by Goldman Sachs High-Yield CD | $500 Member FDIC | APY 4.10% | Read review |
$2,500
4.00%
Why We Like It
Discover offers a wide range of CD terms with solid rates. The minimum deposit is somewhat hefty, though.
$0
4.50%
Why We Like It
Barclays has solid rates and no minimum deposit requirement.
$1,500
4.25%
Why We Like It
Bread Savings has a somewhat hefty minimum for its CDs.
$2,500
4.00%
Why We Like It
The five-year CD rate for LendingClub Bank is competitive, but the minimum of $2,500 is somewhat hefty.
$500
4.30%
Why We Like It
The online-focused Quontic Bank provides a strong set of CDs, including its five-year term. The minimum to open is low.
$500
4.86%
Why We Like It
Self-Help Credit Union offers membership to anyone nationwide with a one-time $5 fee. Its five-year Term Certificate has a solid rate and a low opening minimum of $500.
$0
4.90%
Why We Like It
BMO Alto is the online-only division of BMO with a competitive five-year CD rate and no minimum deposit requirement.
$1,000
4.00%
Why We Like It
The online-focused TAB Bank offers a range of CDs online, including a competitive five-year term. Its opening minimum is on the lower end.
$1,000
4.00%
Why We Like It
Pentagon Federal Credit Union offers money market certificates, which are its CD equivalent, with a lower opening minimum than many online banks' CDs.
Federally insured by NCUA.
$500
4.10%
Why We Like It
Goldman Sachs’ online-only consumer bank has a competitive APY on its five-year CD term and a low opening minimum of $500.
Want to compare more options? Here are our other top picks:
» Want to see more options? Check out our list of the best CD rates overall
Best 5-year CD rates for December 2023
BMO Alto: 4.90% APY.
Popular Direct: 4.70% APY.
Barclays: 4.50% APY.
Alliant Credit Union: 4.35% APY.
Self-Help Credit Union: 4.86% APY.
Quontic Bank: 4.30% APY.
Ally Bank: 4.10% APY.
Bread Savings: 4.25% APY.
Marcus by Goldman Sachs: 4.10% APY.
Capital One: 4.10% APY.
Discover Bank: 4.00% APY.
LendingClub Bank: 4.00% APY.
Synchrony Bank: 4.00% APY.
Sallie Mae Bank: 4.00% APY.
TAB Bank: 4.00% APY.
Pentagon Federal Credit Union: 4.00% APY.
See CD rates by term and type
Compare the best rates for various CD terms and types:
How do CDs work?
Learn more about choosing CDs, understanding CD rates, and opening and closing CDs.
For choosing CDs:
Last updated on December 1, 2023
Methodology
On a monthly basis, we compare rates at over 30 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 90 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, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD 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 December 2023
- Discover Bank CD: 4.00% APY
- Barclays Online CD: 4.50% APY
- Bread Savings™️ CD: 4.25% APY
- Ally Bank High Yield CD: 4.10% APY
- Alliant Credit Union Certificate: 4.35% APY
- Popular Direct CD: 4.70% APY
- Synchrony Bank CD: 4.00% APY
- Capital One 360 CD: 4.10% APY
- Sallie Mae Bank CD: 4.00% APY
- LendingClub CD: 4.00% APY
- Quontic Bank CD: 4.30% APY
- Self-Help Credit Union Term Certificate: 4.86% APY
- BMO Alto Certificate of Deposit: 4.90% APY
- TAB Bank CD: 4.00% APY
- PenFed Credit Union Money Market Certificate: 4.00% APY
- Marcus by Goldman Sachs High-Yield CD: 4.10% APY
Frequently asked questions
In an environment with rising interest rates, you might question putting your money in a long-term CD such as a five-year, or 60-month, 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.
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.
» Learn more about CDs vs. regular savings accounts
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.
Yes. The Federal Reserve has raised its rate multiple times since March 2022, which encourages banks and credit unions to raise their CD rates. Learn more about Fed rate increases or, if you want a broader financial picture, see our explainer on historical CD rates.
