bank rates

One Bank Pays Above 2% On 5-Year CDs

Quaint Oak Bank pays 2.20% APY on 60-month CDs.And then there was one.

That’s right, a single bank now offers 60-month CD rates that pay more than 2% to savers nationwide.

Quaint Oak Bank (, a suburban Philadelphia bank with a single location, offers the best bank deal on our CD Rates Leaderboard at 2.20% APY.

It has offered that rate with a $500 minimum deposit since Sept. 2. At that time, the rate was tied for the fifth best nationally available deal.

But when you consider the current average yield offered by big banks and thrifts for the 60-month term fell to a record low 1.15% in our latest survey, that 2.20% APY doesn’t sound so bad.

We should mention that U.S. Bank offers 59-month CD rates to savers nationally that pay 2.25% APY with a $1,000 minimum deposit.

Two banks pay 2.00% APY:

Country Bank (, which has 14 branches in central Massachusetts and requires a $500 minimum deposit.

Hudson City Savings Bank (, which has 130 branches in New Jersey, New York and Connecticut, and requires a $500 minimum deposit for anyone living in that tri-state area but a $5,000 minimum deposit for everyone else.

Brace yourself, we have to head south of 2.00% APY for the remainder of the 60-month CD rates we’re tracking.

Goldwater Bank (, which has a single location in Scottsdale, Ariz., pays 1.98% APY and requires a $5,000 minimum deposit.

Intervest National Bank (, which has a single branch in New York City and six branches in Florida., pays 1.97% APY and requires a $2,500 minimum deposit.

Tennessee Commerce Bank (, which has a single location in Franklin, Tenn., pays 1.95% APY and requires a $2,500 minimum deposit.

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

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

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Comments (3)
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3 Existing Comments
  1. Jay Alvarez said:
    on January 1st at 12:30 am

    Quaint Oak Bank products are not available outside PA.

  2. Mike Cetera said:
    on January 3rd at 09:02 am

    Jay: Thanks for the heads-up. We confirmed this unfortunate policy change with the bank this morning.

  3. Kathy at Bankaholic said:
    on January 9th at 09:03 am

    Several of these 60-month rates have dropped:
    Quaint Oak: 2.15% APY.
    Hudson City: 1.85%.
    Goldwater: 1.97%
    Intervest: 1.95%.