The best 5-year CD rates for November 2022

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

As of November 2022, the national average APY on a 5-year CD is 0.83%, according to the FDIC. However, the best 5-year CD rates offer at least 4.26% APY right now. 

A 5-year CD may be ideal if you don’t need access to some of your savings for a few years. Here are our top picks for 5-year CDs.

Bread Savings High-Yield CD

Why it stands out: Bread Savings pays higher CD rates than what you would earn at many brick-and-mortar banks or online banks. Its 5-year CD, in particular, stands out for its competitive rate.

APY for a 5-year CD: 4.75% APY

5-year CD early withdrawal penalty: 365 days of interest

What to look out for: The minimum opening deposit for Bread Savings CDs is Bread Savings High-Yield CD which is a bit steep compared to other banks.

Bread Savings is also an online-only bank with a high-yield savings account and CDs. It doesn’t have a checking account or ATM network.

CFG Bank Certificate of Deposit

Why it stands out: CFG Bank has a high interest rate on its 5-year CD, and you’ll only need CFG Bank Certificate of Deposit upfront to open one.

APY for 5-year CD: 4.60% APY

5-year CD early withdrawal penalty: 180 days of interest

What to look out for: Limited term options. CFG Bank doesn’t have many CD terms to choose from — there are only 12-month, 13-month, 18-month, 36-month, or 60-month CDs.

Crescent Bank CD

Why it stands out: Crescent Bank has online CDs with competitive interest rates. You may open an …read more

Source:: Businessinsider

Leave a Reply

Your email address will not be published.