Cash News
Today, the national average interest rate for a certificate of deposit (CD) ranges from 0.23% for a 1-month CD to 1.42% for a 1-year CD. However, many banks and credit unions offer certificates of deposit with competitive yields as high as 5%, which have the power to help you grow your savings exponentially over time.
20 CDs that pay 5% APY and up
Here’s a look at some of the top FDIC-insured certificates of deposit available today that currently offer 5.00% APY and higher.
Note that interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.
See our picks for the best CDs available today>>
America First Credit Union 3-5 month CDs: 5.25% APY
America First Credit Union’s CDs with terms of 3-5 months earn an impressive 5.25% APY (interest compounds monthly). The minimum deposit requirement is $500. Early withdrawals will incur a penalty of 60 days’ worth of dividends. To become a member of America First Credit Union, you’ll need to submit an online application and meet certain eligibility requirements.
Read our full review of America First Credit Union
Bask Bank 1-year CD: 5.25% APY
Bask Bank’s 1-year CD also pays 5.25% APY with a minimum deposit requirement of $1,000. Interest compounds daily. Early withdrawals result in a penalty of 90 days’ worth of simple interest based on the principal amount withdrawn.
Read our full review of Bask Bank
CommunityWide Federal Credit Union’s 6-month CD offers a rate of 5.25% APY with a minimum opening deposit of $1,000. Early withdrawals result in a penalty equal to the amount of the withdrawal times the remaining term (days) of the certificate at the rate of two times the current APR (divided by 365) paid on this certificate. The penalty amount will be deducted from the amount withdrawn.
Genisys Credit Union 7-month CD: 5.25% APY
Genisys Credit Union’s 7-month CD offers an impressive 5.25% APY with a minimum opening deposit of $500. The penalty for early withdrawals is 90 days’ worth of dividends
America First Credit Union 6-month CD: 5.15% APY
America First Credit Union’s 6-month CD offers a competitive 5.15% APY and has a minimum opening deposit requirement of $500. The penalty for making early withdrawals is equal to 60 days’ worth of dividends.
Bask Bank 3-month and 6-month CDs: 5.10% APY
Bask Bank offers a competitive 5.10% APY on CDs with 3-month and 6-month terms. The minimum deposit requirement is $1,000, and interest is compounded daily. The penalty for early withdrawals is 90 days’ worth of simple interest based on the principal amount withdrawn.
Read more: Choosing the right CD term: What’s the ideal timeline for locking in your money?
Barclays 6-month CD: 5.10% APY
Barclays’ 6-month CD offers 5.10% APY with no minimum deposit required to open an account. Interest on this CD compounds daily. The penalty for making a withdrawal before your CD reaches maturity is 90 days’ worth of simple interest on the dollar amount withdrawn.
Read our full review of Barclays Bank
LendingClub 10-month CD: 5.10% APY
LendingClub’s 10-month CD also offers 5.10% APY. The minimum to open this account is $2,500, and the early withdrawal penalty is equal to 90 days’ worth of simple interest.
Quontic Bank 6-month CD: 5.10% APY
Quontic Bank’s 6-month CD currently offers 5.10% APY with a minimum deposit of $500. Interest compounds daily and is credited monthly. The one major drawback of this CD is that the penalty for making an early withdrawal is equal to the interest for the full length of your term, which means you could lose part of your principal deposit if you withdraw your funds too soon.
Read our full review of Quontic Bank
NexBank 1-year CD: 5.09% APY
NexBank currently offers a promotional online CD that pays 5.09% APY for a 12-month term. However, this rate is only available for balances of $25,000 to $240,000.00. Interest is compounded and paid quarterly The penalty for early withdrawals is six months’ worth of interest.
Bank5 Connect 6-month CD: 5.05% APY
Bank5 Connect has a 6-month CD with a rate of 5.05% APY (interest compounds monthly) and a minimum opening deposit requirement of $500. The penalty for making an early withdrawal from this account is equal to three months’ worth of interest.
Read our full review of Bank5 Connect
Popular Direct: 3-month CD: 5.05% APY
Popular Direct’s 3-month CD currently boasts an APY of 5.05% and requires a minimum of $10,000 to open, which is the highest minimum opening deposit on our list. Interest compounds daily and is credited to your account on the last day of each month. For terms less than 91 days, the fee for making an early withdrawal is 89 days simple interest.
TAB Bank 1-year CD: 5.02% APY
TAB Bank’s 1-year CD has a minimum opening deposit of $1,000 and earns 5.02% APY. Interest compounds daily. The early withdrawal penalty for this account is equal to 90 days’ worth of interest on the amount withdrawn.
Read our full review of TAB Bank
America First Credit Union 12-17 month CDs: 5.00% APY
America First Credit Union offers a competitive rate of 5.00% APY on CDs with terms ranging from 12-17 months. There is a minimum deposit requirement of $500. Interest compounds monthly, and early withdrawals incur a penalty of 60 days’ worth of dividends.
Bask Bank 9-month and 12-month CDs: 5.00% APY
Bask Bank offers a rate of 5.00% APY on its 9-month and 12-month CD terms (interest compounds daily). The minimum opening deposit required is $1,000. Early withdrawals incur a penalty of 90 days’ worth of simple interest based on the principal amount withdrawn.
LendingClub 6-Month CD: 5.00% APY
LendingClub’s 6-month CD offers 5.00% APY with a minimum opening deposit of $2,500. The early withdrawal penalty for this account is equal to 90 days’ worth of simple interest.
CommunityWide Federal Credit Union’s 12-month CD offers a rate of 5.00% APY with a minimum opening deposit of $1,000. Making an early withdrawal from this CD will result in a penalty equal to the withdrawal amount times the remaining term (days) of the certificate at the rate of 2 times the current APR (divided by 365) paid on this certificate. The penalty amount will be deducted from the amount withdrawn.
Santander Bank 6-month CD: 5.00% APY
Santander Bank’s 6-month CD offers 5.00% APY with a minimum opening deposit requirement of $500. Interest is compounded daily and credited monthly. The early withdrawal penalty is 3 months’ worth of interest.