bank rates

Top 5-Year CD Rates Paying 2.75% To 3%

You won’t find J.P. Morgan Chase in our rankings of the best 5-year CD rates.

The best 5-year CD rates are now between 3.03% APY and 2.75% APY.But Chase CEO Jamie Dimon is offering one of the most upbeat assessments of the American economy we’ve seen in awhile, telling Fortune magazine that it “may be stronger than people think.

“At the root of my optimism is the sense that the embedded strengths of this country…are still here. We work hard, we are innovative, we adapt quickly. It will surprise people when America gets its mojo back.”

Let’s hope it’s soon, because only one of the top nationally available CD rates is still above 3%. The best rates are:

3.03% APY with a $5,000 minimum deposit from Melrose Credit Union, which has a single location in Queens, N.Y.

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

2.75% APY with a $2,500 minimum deposit from Discover Bank, owned by the credit card company.

2.75% APY with no minimum deposit from Sallie Mae Bank, owned by the big student loan lender.

These banks and credit unions qualify for our rankings by imposing no restrictions on who can buy their CDs, and all take applications over the Internet.

Chase, by the way is paying an above-average, but clearly not top rate, of 1.75% APY.

Click here to compare these deals with the best CD rates from dozens of other banks in our database.

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Comments (1)
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One Existing Comment
  1. Bankrate said:
    on October 29th at 12:36 pm

    Discover Bank dropped its second place 2.75% APY to 2.60% APY, dropping it down in the rankings.

    The other rates are correct.