Looking for the best 5-year CD rates? Right now the best you can earn is 2.30% from two banks — EverBank and State Farm Bank.
Even though the Fed raised the prime rate in December, we haven’t seen it reflected much in certificates of deposit.
Still, it beats the 2.27% you could earn from the top 5-year CD rates last spring.
Fortunately, you can almost always find some better-than-average local deals.
And keep in mind that rates change daily, which is why it’s always a good idea to check Bankrate’s extensive database of the day’s best CD rates.
The top national yields
EverBank and State Farm Bank are certainly the notable outliers in the 5-year CD rate category, both offering 2.30% APY. But State Farm Bank has a significantly lower minimum deposit amount than EverBank — $500 versus $5,000.
Ally Bank recently bumped up its rate on 5-year CDs, now paying 2.00% APY. Unfortunately, you’re required to make a hefty $25,000 minimum deposit to earn that rate.
Top Nationally Available 5-Year CD Rates
|State Farm Bank||2.30%||$500|
|Home Savings Bank||2.15%||$5,000|
|Capital One 360||2.00%||$0|
How to earn more locally
Bankaholic readers know we track much more than the best nationally available bank returns.
That’s because there’s always a crop of community banks and credit unions offering more attractive deals.
True, they generally take deposits only from savers who live or work nearby, or are willing to jump through a membership hoop.
General Electric Credit Union, for example, is offering 2.75% APY. And you can find a number of other banks offering 2.38% or better.
Top Local 5-Year CD Rates
|General Electric Credit Union||Ohio, Indiana, Kentucky||2.75%||$500|
|Bank of Utica||New York||2.50%||$500|
|Cove Federal Credit Union||Kentucky||2.50%||$1,000|
|Cottonwood Community Federal Credit Union||Idaho||2.40%||$500|
|Ukrainian Selfreliance Federal Credit Union||Pennsylvania, New Jersey||2.40%||$500|
|Pelican State Credit Union||Louisiana||2.38%||$500|
We update the top local deals constantly, so be sure to check our roundup of the country’s best-paying credit union and community bank CDs for the latest offers.
Then see what you’ll earn with these deals by using our CD Rate Calculator.