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14 Best 5-Year CD Rates April 2020

Spencer TierneyApril 1, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Summary of Best 5-Year CD Rates April 2020

BankAPYMinimum DepositLearn More
Marcus by Goldman Sachs CD

Marcus by Goldman Sachs CD

at Marcus by Goldman Sachs,

Member, FDIC

1.90%

$500

at Marcus by Goldman Sachs,

Member, FDIC

Discover Bank CD

Discover Bank CD

at Discover Bank,

Member, FDIC

1.80%

$2,500

at Discover Bank,

Member, FDIC

American Express National Bank CD

American Express National Bank CD

2.00%

$0

Read review
Citizens Access CD

Citizens Access CD

1.65%

$5,000

Read review
Sallie Mae Bank CD

Sallie Mae Bank CD

1.45%

$2,500

Read review
Ally Bank CD

Ally Bank CD

1.60%

$0

Read review
Barclays CD

Barclays CD

1.85%

$0

Read review
TIAA Bank CD

TIAA Bank CD

1.70%

$5,000

Read review
Synchrony Bank CD

Synchrony Bank CD

1.65%

$2,000

Read review
Alliant Credit Union CD

Alliant Credit Union CD

1.50%

$1,000

Read review
Connexus Credit Union CD

Connexus Credit Union CD

1.56%

$5,000

Read review
CIT Bank CD

CIT Bank CD

1.70%

$1,000

Read review
Capital One CD

Capital One CD

1.40%

$1

Read review
Vio Bank CD

Vio Bank CD

1.50%

$500

Read review
Marcus by Goldman Sachs CD

at Marcus by Goldman Sachs,

Member, FDIC

Marcus by Goldman Sachs CD

Marcus by Goldman Sachs CD

APY

1.90%

With $500 minimum balance

Minimum Balance

$500

Member, FDIC

at Marcus by Goldman Sachs,

Member, FDIC


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
Discover Bank CD

at Discover Bank,

Member, FDIC

Discover Bank CD

Discover Bank CD

APY

1.80%

With $2500 minimum balance

Minimum Balance

$2,500

Member, FDIC

at Discover Bank,

Member, FDIC


Why we like it

Discover has a wide range of CD terms. The minimum to open isn’t the lowest, though.

Read Full Review

American Express National Bank CD

American Express National Bank CD

APY

2.00%

With $0 minimum balance

Minimum Balance

$0

Member, FDIC


Why we like it

American Express doesn't require a minimum deposit.

Read Full Review

Citizens Access CD

Citizens Access CD

APY

1.65%

With $5000 minimum balance

Minimum Balance

$5,000

Member, FDIC


Why we like it

The Citizens Access five-year CD rate has a minimum deposit higher than that of most banks.

Read Full Review

Sallie Mae Bank CD

Sallie Mae Bank CD

APY

1.45%

With $2500 minimum balance

Minimum Balance

$2,500

Member, FDIC


Why we like it

Student loan provider Sallie Mae has competitive rates for its online CDs, including its 5-year option. It requires a somewhat high minimum opening deposit.

Read Full Review

Ally Bank CD

Ally Bank CD

APY

1.60%

With $0 minimum balance

Minimum Balance

$0

Member, FDIC


Why we like it

Online bank Ally has no minimum to open its CDs.

Read Full Review

Barclays CD

Barclays CD

APY

1.85%

With $0 minimum balance

Minimum Balance

$0

Member, FDIC


Why we like it

Unlike many competitors, Barclays has no minimum deposit requirement.

Read Full Review

TIAA Bank CD

TIAA Bank CD

APY

1.70%

With $5000 minimum balance

Minimum Balance

$5,000

Member, FDIC


Why we like it

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

Read Full Review

Synchrony Bank CD

Synchrony Bank CD

APY

1.65%

With $2000 minimum balance

Minimum Balance

$2,000

Member, FDIC


Why we like it

Synchrony requires a hefty minimum to open its CDs.

Read Full Review

Alliant Credit Union CD

Alliant Credit Union CD

APY

1.50%

With $1000 minimum balance

Minimum Balance

$1,000

Member, NCUA


Why we like it

The online-focused credit union has a more favorable minimum opening requirement than many online banks.

Read Full Review

Connexus Credit Union CD

Connexus Credit Union CD

APY

1.56%

With $5000 minimum balance

Minimum Balance

$5,000

Member, NCUA


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

CIT Bank CD

CIT Bank CD

APY

1.70%

With $1000 minimum balance

Minimum Balance

$1,000

Member, FDIC


Why we like it

The online-based CIT Bank has a somewhat low minimum deposit of $1,000.

Read Full Review

Capital One CD

Capital One CD

APY

1.40%

With $1 minimum balance

Minimum Balance

$1

Member, FDIC


Why we like it

Capital One doesn't require a minimum for its CDs.

Read Full Review

Vio Bank CD

Vio Bank CD

APY

1.50%

With $500 minimum balance

Minimum Balance

$500

Member, FDIC


Why we like it

Vio Bank has a low minimum opening requirement of $500.

Read Full Review

» Want to see more options? Check out our list of the best CD rates overall

NerdWallet's best 5-year CD rates April 2020

  • American Express Bank: 2.00% APY.
  • Marcus by Goldman Sachs: 1.90% APY.
  • Barclays: 1.85% APY.
  • Discover Bank: 1.80% APY.
  • CIT Bank: 1.70% APY.
  • TIAA Bank: 1.70% APY.
  • Synchrony Bank: 1.65% APY.
  • Citizens Access: 1.65% APY.
  • Ally Bank: 1.60% APY.
  • Connexus Credit Union: 1.56% APY.
  • Vio Bank: 1.50% APY.
  • Alliant Credit Union: 1.50% APY.
  • Sallie Mae Bank: 1.45% APY.
  • Capital One: 1.40% APY.

Last updated on April 1, 2020

Methodology

We took a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; 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; we favored those with the highest CD rates. We excluded banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere. Financial institutions surveyed include: Alaska USA Federal Credit UnionAlliant Credit UnionAlly BankAmerica First Credit UnionAmerican ExpressAspirationAssociated BankAxos BankBank5 Connect, Bank7, Bank of AmericaBank of the WestBarclays, BB&T, BBVABoeing Employees Credit Union, BMO HarrisCapital One 360Charles Schwab BankChaseChimeCIBC U.S., CITCitibankCitizens AccessCitizens Bank, Comerica Bank, Commerce BankConnexus Credit UnionConsumers Credit UnionDiscover Bank, E-Trade, FidelityFifth Third BankFirst National BankFirst Tech Federal Credit UnionGoBankGolden 1 Credit UnionGS BankHSBC Bank USAHuntington BankKeyBankM&T BankMovenNavy Federal Credit UnionPentagon Federal Credit UnionPNC, Popular DirectPurePoint FinancialRadius Bank, Redneck Bank, Regions BankSallie Mae BankSantander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit UnionSimpleState Employees’ Credit Union of North CarolinaState Farm BankSuncoast Credit Union, SunTrust Bank, Synchrony BankTCF BankTD BankTIAA BankUnion BankUFB DirectUSAAU.S. BankVaro, Vio BankWells Fargo and Zions Bank.

To recap our selections...

NerdWallet's Best 5-Year CD Rates April 2020

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. (Keep in mind that shorter-term CDs can also be part of your saving strategy; consider the best six-month CD rates.)

See this month’s top rates for 5-year 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.

» Want to know more? Read our full article on whether CDs are worth it

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.

See this month’s top rates for 5-year CDs.