BEST OF

14 Best 5-Year CD Rates for June 2022

Jun 1, 2022

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

The best five-year CD rates tend to be much higher than the national average rate of 0.48% 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

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$2,500
Member FDIC
APY
2.90%
Learn more

at Discover Bank

Why we like it
Discover offers a wide range of CD terms with solid rates. The minimum deposit is somewhat hefty, though.
Quontic Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$500
Member FDIC
APY
2.86%
Learn more

at Quontic Bank

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.
Ally Bank High Yield CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
2.75%
Why we like it
Online bank Ally has no minimum to open its CDs, which have solid rates.
Barclays Online CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
2.90%
Why we like it
Barclays has solid rates and no minimum deposit requirement.
Marcus by Goldman Sachs High-Yield CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$500
Member FDIC
APY
2.90%
Why we like it
The online-only bank requires $500 to open one of its high-yield CDs, which is relatively low.
Alliant Credit Union CD

CD

Federally insured by NCUA

5.0

/5
 NerdWallet rating 
Minimum deposit
$1,000
Federally insured by NCUA
APY
2.80%
Why we like it
The online-focused credit union has a lower minimum opening requirement than many online banks and a competitive yield.
Live Oak Bank CD

CD

Member FDIC

4.0

/5
 NerdWallet rating 
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.
TIAA Bank Basic CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$1,000
Member FDIC
APY
2.85%
Why we like it
TIAA Bank is an online bank with a minimum lower than that of many competitors.
Popular Direct CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
Minimum deposit
$10,000
Member FDIC
APY
3.25%
Why we like it
The online bank has a steeper minimum balance requirement than most banks, but its rate is competitive.
Connexus Credit Union CD

CD

Federally insured by NCUA

4.5

/5
 NerdWallet rating 
Minimum deposit
$5,000
Federally insured by NCUA
APY
2.96%
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.
PenFed Credit Union Money Market Certificate

CD

Federally insured by NCUA

5.0

/5
 NerdWallet rating 
Minimum deposit
$1,000
Federally insured by NCUA
APY
3.50%
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.
Bread Savings™️ CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$1,500
Member FDIC
APY
3.35%
Learn more

at Bread Savings

Why we like it
Bread Savings has a somewhat hefty minimum for its CDs.
Synchrony Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
2.90%
Why we like it
Synchrony has no minimum to open its CDs.
Capital One 360 CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
2.90%
Why we like it
Capital One 360 has no minimum for its CDs, and its five-year rate is competitive.

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

Best 5-year CD rates for June 2022

  • Connexus Credit Union: 2.96% APY.

  • Quontic Bank: 2.86% APY.

  • Bread Savings: 3.35% APY.

  • Popular Direct: 3.25% APY.

  • Alliant Credit Union: 2.80% APY.

  • Pentagon Federal Credit Union: 3.50% APY.

  • Live Oak Bank: 2.75% APY.

  • Discover Bank: 2.90% APY.

  • Synchrony Bank: 2.90% APY.

  • Marcus by Goldman Sachs: 2.90% APY.

  • Barclays: 2.90% APY.

  • TIAA Bank: 2.85% APY.

  • Capital One: 2.90% APY.

  • Ally Bank: 2.75% APY.

Last updated on June 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

1.10%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

1.00%

With $1 min. balance for APY

at American Express National Bank, Member FDIC

Citi® Accelerate Savings

4.5

NerdWallet rating 
Citi® Accelerate Savings

APY

1.01%

With $1 min. balance for APY

at Citibank, N.A., 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 June 2022

Frequently asked questions