The best 5-year CD rates for May 2021

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This post was most recently reviewed and updated on May 3, 2021.

The best 5-year CD rates of May 2021

 
APY
Opening deposit
 

1.15%
$1,000
Delta Community Credit Union Delta Community Credit Union Certificate of Deposit

0.90% – 0.95%
$1,000
Navy Federal Credit Union Navy Federal Credit Union Standard Certificate

0.96%
$1,000
First Internet Bank of Indiana First Internet Bank of Indiana Certificate of Deposit

1.00% – 1.10%
$500
VyStar Credit Union VyStar Credit Union Certificate of Deposit

0.90% – 1.00%
$500
Golden 1 Credit Union Golden 1 Credit Union Certificate of Deposit

1.05%
$1,000
First National Bank of America First National Bank of America Certificate of Deposit

*As of May 2021, the national average APY on a 5-year CD is 0.24%, according to the FDIC.

If you want to grow your money but keep it safe from the turbulence of the stock market, a certificate of deposit (CD) may be a good option.

Right now, the best 5-year CD rates are at least 0.90%. You may be able to find longer terms with slightly higher rates, but most institutions’ longest terms are five years. Five-year CDs offer some of the highest guaranteed rates of return you can find right now.

All 5-year CDs with the following banks are FDIC insured, and all certificates with the credit unions are federally insured by the NCUA. For the most part, banks compound your interest daily, and credit unions compound your interest monthly. This means that even if a credit union pays a higher rate, it’s possible you’ll accumulate less wealth than with an account that compounds your interest more frequently.

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Delta Community Credit Union CD

Why it stands out: Delta Community Credit Union pays competitive rates, and if you need …read more

Source:: Businessinsider

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