bank rates

Top 5-Year CD Rates Dwarf Average Yields

Don’t settle for average.

And by average, we mean what the big banks are paying — just 1.59% APY for 60-month CDs. Instead, head to our latest CD Rates Leaderboard if you’re looking for a long-term CD deal.

Melrose Credit Union Holds Top Spot With 2.93% APY

The top Leaderboard rate is 2.93% – well above average. The second best rate is 2.75%.

Of course, even those pale in comparison to the 3.29% our leader, Melrose Credit Union, offered just six months ago.

You can still find local 3% CD rate deals, like at the Police and Fire Federal Credit Union in Philadelphia.

But we fear it may be a while before any nationally available deals head in that direction again.

The best nationally available 5-year CD rates are:

2.93% APY with a $5,000 minimum deposit from Melrose Credit Union, which has a single office in New York City.

2.75% APY with a $500 minimum deposit from Danversbank, which has more than 30 branches in the Boston area.

2.75% APY with a $10,000 minimum deposit from Salem Five Bank, which has 22 branches just north of Boston.

2.75% APY with a $10,000 minimum deposit from Kaiser Federal Bank, which has nine branches in southern California.

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

Melrose is one of the few credit unions that qualify for our rankings because its unique charter allows anyone to join for only $1, regardless of where they live or work. (You will also be required to hold at least $25 in a savings account.)

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

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