Yes, CD rates have generally increased in 2023. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account. Although Silicon Valley Bank, Signature Bank, and First Republic Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. Our top picks for CDs are protected by FDIC or NCUA insurance. These are our picks for the best 5-year CD rates. First Internet Bank of Indiana 5 Year CD: 4.59% APY.Quorum Federal Credit Union 5 Year Term Savings: 4.50% (on balances of $1,000 - $99,999) to 4.60% (on balances of $100,000 or more) APY.First National Bank of America 5 Year CD: 4.75% APY.United States Senate Federal Credit Union 5 Year Smart Share Certificate: 4.86% APY.
They also might have low minimum opening deposits, low early withdrawal penalties, or strong mobile apps to put them over the top. The best 5-year CDs pay high interest rates. We check rates daily to find the best rates for 5-year terms Here are our top picks for 5-year CDs.
If you're also interested in other CD term lengths, check out our overall best CD rates guide. Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.Ī 5-year CD may be ideal if you don't need access to some of your savings for a few years.
