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17 Best 5-Year CD Rates for December 2024

Nov 27, 2024
Spencer Tierney
Written by 
Senior Writer
Sara Clarke
Edited by 
Assistant Assigning Editor
Fact Checked
Spencer Tierney
Written by 
Senior Writer
Sara Clarke
Edited by 
Assistant Assigning Editor
Fact Checked

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. 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 1.35% APY. These CDs can help you work toward your individual savings goals.

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.

More than 100 financial institutions surveyed by our team of experts.

More than 50 data points considered for each bank and credit union to be eligible for our lists. For this CD list, three data points were considered per institution.

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Nerdy Tip

The Fed lowered its benchmark rate multiple times in the second half of 2024. As a result, banks and credit unions have started lowering CD rates. With a CD, you can lock in high rates while they’re still around.

Best 5-Year CD Rates

Bank/institutionNerdWallet rating Minimum depositAPYLearn more
Bread Savings™️ CD

Bread Savings™️ CD

4.4/5
$1,500
Member FDIC

APY 3.85%

Alliant Credit Union Certificate

Alliant Credit Union Certificate

Learn more
at Alliant Credit Union, Federally insured by NCUA
4.7/5
$1,000
Federally insured by NCUA

APY 3.65%

Learn more
at Alliant Credit Union, Federally insured by NCUA
BMO Alto Certificate of Deposit

BMO Alto Certificate of Deposit

5.0/5
$0
Deposits are FDIC Insured

APY 3.90%

Ally Bank High Yield CD

Ally Bank High Yield CD

5.0/5
$0
Member FDIC

APY 3.40%

Synchrony Bank CD

Synchrony Bank CD

5.0/5
$0
Member FDIC

APY 4.00%

Capital One 360 CD

Capital One 360 CD

4.3/5
$0
Member FDIC

APY 3.50%

Sallie Mae Bank CD

Sallie Mae Bank CD

4.3/5
$2,500
Member FDIC

APY 3.75%

Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs High-Yield CD

5.0/5
$500
Member FDIC

APY 3.60%

Andrews Federal Credit Union Fixed Rate Share Certificates

Andrews Federal Credit Union Fixed Rate Share Certificates

5.0/5
$1,000
Federally insured by NCUA

APY 3.60%

EverBank Performance℠ CD

EverBank Performance℠ CD

4.2/5
$1,000
Member FDIC

APY 3.50%

NASA Federal Credit Union Share Certificate

NASA Federal Credit Union Share Certificate

5.0/5
$1,000
Federally insured by NCUA

APY 3.85%

First Internet Bank CD

First Internet Bank CD

5.0/5
$1,000
Member FDIC

APY 3.67%

Customers Bank CD

Customers Bank CD

3.9/5
$500

APY 3.70%

E*TRADE CD

E*TRADE CD

4.6/5
$0
Member FDIC

APY 3.50%

CFG Bank CD

CFG Bank CD

5.0/5
$500

APY 3.75%

Discover® CD

Discover® CD

Learn more
at Discover® Bank, Member FDIC
4.3/5
$0
Member FDIC

APY 3.40%

Learn more
at Discover® Bank, Member FDIC
LendingClub CD

LendingClub CD

4.1/5
$2,500
Member FDIC

APY 3.40%

NerdWallet rating
4.4/5

Minimum deposit

$1,500

Member FDIC

APY

3.85%

Our Take
Why We Like It

Bread Savings offers an attractive rate on its CD, though the minimum is somewhat high.

Alliant Credit Union Certificate
Learn more
at Alliant Credit Union, Federally insured by NCUA
NerdWallet rating
4.7/5
Learn more
at Alliant Credit Union, Federally insured by NCUA

Minimum deposit

$1,000

Federally insured by NCUA

APY

3.65%

Our Take
Why We Like It

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

NerdWallet rating
5.0/5

Minimum deposit

$0

Deposits are FDIC Insured

APY

3.90%

Our Take
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.

NerdWallet rating
5.0/5

Minimum deposit

$500

Member FDIC

APY

3.60%

Our Take
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.

NerdWallet rating
5.0/5

Minimum deposit

$1,000

Federally insured by NCUA

APY

3.60%

Our Take
Why We Like It

Andrews Federal Credit Union focuses on serving the military, but its membership is available to anyone nationwide. Its share certificates have competitive yields and the somewhat low minimum of $1,000.

NerdWallet rating
4.2/5

Minimum deposit

$1,000

Member FDIC

APY

3.50%

Our Take
Why We Like It

EverBank has a wide range of CD terms with competitive yields. The minimum of $1,000 is somewhat low compared to other online banks.

NerdWallet rating
5.0/5

Minimum deposit

$1,000

Federally insured by NCUA

APY

3.85%

Our Take
Why We Like It

NASA Federal Credit Union focuses on NASA employees but lets anyone join by agreeing to a free membership to the National Space Society. The credit union’s five-year share certificate has a competitive yield and a somewhat low opening minimum of $1,000.

NerdWallet rating
5.0/5

Minimum deposit

$1,000

Member FDIC

APY

3.67%

Our Take
Why We Like It

First Internet Bank, one of the oldest online banks, has a strong rate for its five-year CD term and a somewhat low minimum deposit of $1,000.

NerdWallet rating
3.9/5

Minimum deposit

$500

APY

3.70%

Our Take
Why We Like It

Customers Bank, a Pennsylvannia-based bank with a nationwide online presence, has a solid yield on its five-year CD and a low minimum deposit of $500.

NerdWallet rating
4.6/5

Minimum deposit

$0

Member FDIC

APY

3.50%

Our Take
Why We Like It

The online trading platform E*TRADE, owned by Morgan Stanley Private Bank, has solid rates on bank CDs, including five-year terms. There’s no minimum deposit required.

NerdWallet rating
5.0/5

Minimum deposit

$500

APY

3.75%

Our Take
Why We Like It

CFG Bank, a regional bank headquartered in Baltimore, Maryland, offers a competitive yield on its five-year CD term. The opening minimum of $500 is low.

Discover® CD
Learn more
at Discover® Bank, Member FDIC
NerdWallet rating
4.3/5
Learn more
at Discover® Bank, Member FDIC

Minimum deposit

$0

Member FDIC

APY

3.40%

Our Take
Why We Like It

Credit card issuer Discover® Bank has a decent lineup of online CDs, including its five-year term. As an unusual perk, the bank has no opening CD minimum.

CD details from Discover: "Annual Percentage Yield (APY) is accurate as of 11/21/2024, is subject to change without notice, and will be determined and fixed for the term at funding. Applies to personal accounts only. A penalty may be charged for early withdrawal. No minimum deposit to open."

NerdWallet rating
4.1/5

Minimum deposit

$2,500

Member FDIC

APY

3.40%

Our Take
Why We Like It

Online bank LendingClub has a competitive five-year CD rate, though the minimum opening deposit of $2,500 is somewhat hefty.

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 2024

  • BMO Alto: 3.90% APY.

  • Andrews Federal Credit Union: 3.60% APY.

  • Alliant Credit Union: 3.65% APY.

  • Ally Bank: 3.40% APY.

  • Bread Savings: 3.85% APY.

  • Marcus by Goldman Sachs: 3.60% APY.

  • Capital One: 3.50% APY.

  • EverBank: 3.50% APY.

  • Synchrony Bank: 4.00% APY.

  • Sallie Mae Bank: 3.75% APY.

  • NASA Federal Credit Union: 3.85% APY.

  • First Internet Bank: 3.67% APY.

  • Customers Bank: 3.70% APY.

  • E*TRADE: 3.50% APY.

  • CFG Bank: 3.75% APY.

  • Discover® Bank: 3.40% APY.

  • LendingClub: 3.40% APY.

A green bank that has a coin slot at the top where a hand is depositing a coin.

5-year CD trends

NerdWallet picks’ average:

3.66% APY

National average:

1.35%

What to know about the best five-year CD rates right now

  • Find a good deal. A five-year rate around 3.50% APY is currently competitive. These rates tend to be at various online banks and credit unions.

  • Don’t sweat higher short-term rates. One lingering trend in the current rate environment is that five-year rates remain lower than shorter-term rates for national averages and high-yield CDs. Even though the best one-year CD rates are closer to 4%, remember that five-year CDs have longer periods to compound interest and can result in higher returns than one-year CDs, even if they have higher rates. Use our CD calculator to try out specific scenarios.

Use a CD ladder to benefit from five-year rates

If putting one sum into a single five-year CD sounds like a big decision, you can make things easier by considering a CD ladder instead. Put multiple CDs into terms of different lengths, and when each CD matures, you can consider reinvesting money into new five-year CDs over time. Learn more about CD ladders.

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Last updated on November 27, 2024

Methodology

On a monthly basis, we compare rates at over 40 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 100 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, 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, Bank5 Connect, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, CFG 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, Customers Bank, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First Internet Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Forbright Bank, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, 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, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo, Western Alliance Bank and Zynlo Bank.

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.

  • 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.