The highest 5 year cd rates (certificates of deposit) that are nationally available are currently paying 3.80% APY. Many CD rates are based on the bank who is offering the rate and the economy of that location. Some local economies are flourishing and so are those banks, which allows those banks to offer higher than average CD rates.

The top 5 year CD rate (which are nationally available) goes to Melrose Credit Union. Melrose Credit Union has an open New York State charter and there are no geographic or group affiliation field of membership restrictions. Regardless of where you live you just may qualify for a membership.

Here are the membership requirements for Melrose Credit Union:

A $1.00 one time membership fee and a minimum opening deposit of $25.00 to open an account. However the minimum deposit for the certificates of deposit is $5,000. You must provide:

  • Valid Photo ID (Driver’s License, Passport)
  • Proof of Address (shown on a Utility Bill)
  • Social Security Number

If you can afford a larger CD, your next best bet is Apple Federal Credit Union which has one of the highest 5 year CD rates yielding 3.70% APY, however this cd comes with a minimum deposit of $50,000.

If you are only looking for online banking options for 5 year cds your best bet is to go with iGoBanking, USAA Bank, CitiBank, and FlagStar Bank all have 5 year CDs yielding 3.50% APY. These online banking options have requirements between $500 and $1,000. If you know of a better 5 year cd rate from your local bank please let us know!

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