BEST OF

15 Best 5-Year CD Rates for May 2022

May 1, 2022

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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

Discover Bank CD
Learn more

at Discover Bank, Member FDIC

Discover Bank CD

5.0

NerdWallet rating 
Discover Bank CD

Minimum deposit

$2,500

Member FDIC

APY

2.75%
Learn more

at Discover Bank, Member FDIC


Why we like it

Discover offers a wide range of CD terms with solid rates. The minimum deposit is somewhat hefty, though.

Read Full Review

Ally Bank High Yield CD

5.0

NerdWallet rating 
Ally Bank High Yield CD

Minimum deposit

$0

Member FDIC

APY

2.00%

Why we like it

Online bank Ally has no minimum to open its CDs, which have solid rates.

Read Full Review
Capital One 360 CD
Learn more

at Capital One, Member FDIC

Capital One 360 CD

5.0

NerdWallet rating 
Capital One 360 CD

Minimum deposit

$0

Member FDIC

APY

2.50%
Learn more

at Capital One, Member FDIC


Why we like it

Capital One 360 has no minimum for its CDs, and its five-year rate is competitive.

Read Full Review

Marcus by Goldman Sachs High-Yield CD

5.0

NerdWallet rating 
Marcus by Goldman Sachs High-Yield CD

Minimum deposit

$500

Member FDIC

APY

2.60%

Why we like it

The online-only bank requires $500 to open one of its high-yield CDs, which is relatively low.

Read Full Review

Barclays Online CD

5.0

NerdWallet rating 
Barclays Online CD

Minimum deposit

$0

Member FDIC

APY

2.55%

Why we like it

Barclays has solid rates and no minimum deposit requirement.

Read Full Review

Vio Bank CD

5.0

NerdWallet rating 
Vio Bank CD

Minimum deposit

$500

Member FDIC

APY

1.50%

Why we like it

Vio Bank, the online bank division of MidFirst Bank, has a highly competitive yield on its five-year term. There’s a low opening minimum requirement.

Read Full Review

Alliant Credit Union CD

5.0

NerdWallet rating 
Alliant Credit Union CD

Minimum deposit

$1,000

Federally insured by the NCUA

APY

2.25%

Why we like it

The online-focused credit union has a lower minimum opening requirement than many online banks and a competitive yield.

Read Full Review

Live Oak Bank CD

5.0

NerdWallet rating 
Live Oak Bank CD

Minimum deposit

$2,500

Member FDIC

APY

2.75%

Why we like it

Live Oak Bank has competitive CD rates, though they come with a relatively high opening minimum.

Read Full Review

TAB Bank CD

5.0

NerdWallet rating 
TAB Bank CD

Minimum deposit

$1,000

Member FDIC

APY

2.15%

Why we like it

The Utah-based TAB Bank offers a range of CDs online, including a competitive five-year term. Its opening minimum is on the lower end.

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Bread Savings™️ CD
Learn more

at Bread Savings, Member FDIC

Bread Savings™️ CD

5.0

NerdWallet rating 
Bread Savings™️ CD

Minimum deposit

$1,500

Member FDIC

APY

2.85%
Learn more

at Bread Savings, Member FDIC


Why we like it

Bread Savings has a somewhat hefty minimum for its CDs.

Read Full Review

TIAA Bank Basic CD

5.0

NerdWallet rating 
TIAA Bank Basic CD

Minimum deposit

$1,000

Member FDIC

APY

2.55%

Why we like it

TIAA Bank is an online bank with a minimum lower than that of many competitors.

Read Full Review

Popular Direct CD

4.5

NerdWallet rating 
Popular Direct CD

Minimum deposit

$10,000

Member FDIC

APY

2.80%

Why we like it

The online bank has a steeper minimum balance requirement than most banks, but its rate is competitive.

Read Full Review

Connexus Credit Union CD

4.5

NerdWallet rating 
Connexus Credit Union CD

Minimum deposit

$5,000

Federally insured by the NCUA

APY

3.21%

Why we like it

Connexus offers share certificates, the credit union equivalent of certificates of deposit, with a steep minimum to open. To join the credit union, you just have to donate $5 to its charitable organization, the Connexus Association.

Read Full Review

Synchrony Bank CD

5.0

NerdWallet rating 
Synchrony Bank CD

Minimum deposit

$0

Member FDIC

APY

2.60%

Why we like it

Synchrony has no minimum to open its CDs.

Read Full Review

PenFed Credit Union Money Market Certificate

5.0

NerdWallet rating 
PenFed Credit Union Money Market Certificate

Minimum deposit

$1,000

Federally insured by the NCUA

APY

2.75%

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.

Read Full Review

» 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

You may also like these

People often identify opening a savings account as their next money move.

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

0.70%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

Marcus by Goldman Sachs Online Savings Account

5.0

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

0.70%

With $0 min. balance for APY

at Marcus by Goldman Sachs, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

0.65%

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.

To recap our selections...

NerdWallet's Best 5-Year CD Rates for May 2022

Frequently asked questions