bank rates

Best 5-Year CD Rate Falls To 3.30%

EverBank reduced the return on its top-paying 5-year CD to 3.30% APY from 3.44% today.

EverBank reduced the return on its top-paying 5-year CD to 3.30% APY from 3.44% today.

But despite the substantial cut, the Jacksonville, Fla.-based online bank continues to lead our rankings of the best nationally available 5-year CD rates — a position it has held since March 16.

During that time, the yield moved up incrementally from 3.30% to 3.44% on April 2, only to tumble back down.

We’ve been hoping to see a steady improvement in the top rates on 5-year CDs since the average return has risen to 2.14% APY over the past two months after reaching a record low of 2.06% APY in late January.

While EverBank requires a modest minimum deposit of $1,500, it imposes one of the stiffest early withdrawal penalties around — 25% of the interest you’d earn for the entire term of the CD.

The next best rate is 3.25% APY available from:

BankUnited, based in Miami Lakes, with 75 branches in Florida, with a minimum deposit of $5,000.

iGObanking.com, the online division of Flushing Savings Bank in New York, with a minimum deposit of $1,000.

Check our database of CD rates to compare all of these rates to the best deals from scores of other banks.

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