bank rates

A Good Month For 5-Year CD Rates

Street sign showing bank yields increasingWe’ve seen more than a quarter of a percentage point jump in the top 5-year CD rates since mid-June.

Half a dozen banks now beat the lead rate we reported just six weeks ago, and three pay 2.00% or higher.

The best deal on our CD Rates Leaderboard is now 2.06% APY, thanks to EverBank.

That’s a significant milestone, folks.

The last time we saw a bank rate above 2.05% APY for nationally available 60-month CDs was Dec. 30, 2011.

Savers have waited a long, long time for some bit of good news. Hopefully, we’re finally headed in the right direction.

EverBank (, which has 14 branches in Florida, requires a $1,500 minimum deposit.

iGoBanking (, which is the online division of Flushing Savings Bank, which has 17 locations in New York, pays 2.05% APY and requires a $1,000 minimum deposit.

Salem Five Direct (, the online division of Salem Five Bank, which has 23 branches just north of Boston, pays 2.00% APY and requires a $10,000 minimum deposit.

Chart showing the Average vs. the best 60-month CD rates

Raymond James Bank (, which has a single location in Florida, pays 1.95% APY and requires a $1,000 minimum deposit.

Intervest National Bank (, which has a single branch in New York City and six branches in Florida, pays 1.85% APY and requires a $2,500 minimum deposit.

GE Capital Bank (, which is one of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant, pays 1.83% APY and requires a $500 minimum deposit.

The average annual yield large big banks and thrifts are offering for the 60-month term is 0.77% this week.

These banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

You can compare these returns with the best CD rates from scores of banks in our extensive database.

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Comments (2)
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2 Existing Comments
  1. Ron Hasbrouck said:
    on August 1st at 08:06 am

    The Ever Bank 5 year CD rate of 2.06% is nice, however, potential depositors should note that their published early withdrawal penalty for these CD’s is 900 days interest.

  2. Ron Hasbrouck said:
    on August 1st at 08:36 am

    I must correct an error in my earlier comment of today. The 900 day interest penalty I referred to apparently applies to CDAR’s accounts. The early withdrawal penalty for Yield Pledge accounts (those referred to above) is actually, I believe, equal to one fourth of the interest that would have been earned if the CD had been held to maturity. Sorry for the error.