Is there still such a thing as a 5% CD?

Currently, you can lock in annual percentage yields (APYs) on certificates of deposit (CDs) above 4 percent on many nationally available CDs, while a select few financial institutions offer promotional CDs that earn a 5 percent APY or greater.

As a reporter who tracks CD rates daily, I take notice anytime I see such higher-than-normal rates — several of which I’ve listed below. The big caveat is all of these CDs carry pretty significant restrictions, such as limited memberships to a credit union. As such, I’ve also provided a list further below of widely available CDs with the highest rates.

Where to find CDs that earn 5% APY (or higher)

The following financial institutions currently offer CDs that earn a 5 percent APY or higher — for at least a portion of their terms — as of June 30. It’s important to note that not every account is available to everyone, due to restrictions.

What’s more, rates on new CDs can change at any time, at the discretion of the financial institutions offering them. However, locking in a yield today on a fixed-rate CD means you’ll earn that guaranteed APY for its entire term.

California Coast Credit Union

• Rate: 9.50 percent APY
• CD Term: 5 months
• Minimum deposit: $500
• Maximum deposit: $3,000
• Details: Called a Celebration Certificate, this CD offering originally marked the credit union’s 95th anniversary in 2024, but the rate is still available.
• Restrictions: Membership in the credit union is limited to those who live or work in select areas of California. The maximum opening deposit is $3,000, with one CD allowed per person.

Financial Partners Credit Union

• Rate: 6.00 percent APY
• Term: 8 months
• Minimum deposit: $1,000
• Maximum deposit: $5,000
• Restrictions: This CD is only available to new members of the credit union, in select cities and counties of California.

Nuvision Federal Credit Union

• CD term: 9 months
• Rate: 5.50 percent APY
• Minimum deposit: $1,000
• Maximum deposit: $5,000
• Restrictions: You’ll need to join NuVision, with membership open to southern California or Mesa, Arizona Boeing employees and their household members, as well as those who work for other select employers. You can also join by becoming a member of the American Consumer Council.

Third Federal Savings and Loan

• Rate: 5 percent APY for the first month, 3 percent APY for the remaining five months
• CD term: 6 months
• Minimum deposit: $500
• Maximum deposit: N/A
• Restrictions: This Bonus CD from Third Federal earns a 5 percent APY only during the first month of the term, with an APY of 3 percent each consecutive month. Rates may vary based on location. While the bank only operates branches in Ohio and Florida, this CD can be opened online.

Financial institutions Bankrate monitors

While they’re all offered from federally insured deposit institutions, none of the CDs listed above are from banks or credit unions Bankrate regularly monitors. Because none of our monitored institutions offer CDs with APYs of 5 percent or higher, I searched outside our official list for purposes of this article.

The editorial lists on Bankrate’s pages, such as Best CD rates and Best high-yield savings accounts, consist of widely available, federally insured banks and credit unions. Furthermore, the listings there are chosen based on popularity, APYs and Bankrate’s review score.

“There are numerous factors we employ when selecting, analyzing and rating the banks and credit unions in our research methodology,” says Marc Wojno, senior banking editor at Bankrate. “We delve deeply, from large banks to small online-only credit unions, to select those financial institutions that are widely representative of the banking industry, to give our readers a fair and accurate landscape of the banking industry.”

Best nationally available CD rates

Below are some of the top rates on a range of popular CD terms that Bankrate reports on daily. These selections are from the banks and credit unions Bankrate regularly monitors. (Because most CDs impose early withdrawal penalties, it’s important only to devote money you won’t need in the meantime for emergencies or living expenses.)

3 month CD

• Available from: America First Credit Union
• APY: 4.35% APY
• Minimum opening deposit: $500

6-month CD

• Available from: Bask Bank
• APY: 4.30% APY
• Minimum opening deposit: $1,000

1-year CD

• Available from: Bask Bank
• APY: 4.30% APY
• Minimum opening deposit: $1,000

18-month CD

• Available from: Bask Bank
• APY: 4.00% APY
• Minimum opening deposit: $1,000

2-year CD

• Available from: First Internet Bank of Indiana
• APY: 3.93% APY
• Minimum opening deposit: $1,000

3-year CD

• Available from: First Internet Bank of Indiana
• APY: 3.97% APY
• Minimum opening deposit: $1,000

4-year CD

• Available from: First Internet Bank of Indiana
• APY: 3.97% APY
• Minimum opening deposit: $1,000

5-year CD

• Available from: First Internet Bank of Indiana
• APY: 3.97% APY
• Minimum opening deposit: $1,000

Note: APYs and minimum opening deposit requirements may have changed since this page was updated.

Where CD rates are headed in 2025

APYs on competitive CDs tend to go up when the Federal Reserve raises interest rates, and these APYs tend to go down when the Fed lowers rates. The Fed cut rates three times in late 2024, and many banks also lowered APYs, both leading up to the Fed rate cuts and after. Despite this, yields on many CDs and high-yield savings accounts continue to outpace inflation. This means your money in such an account isn’t losing purchasing power at this time.

Some market watchers expect the Fed will cut interest rates later this year, which could trigger banks to lower their CD rates.

Securing a high APY now on a fixed-yield CD ensures you’ll benefit from that high rate for the entire term, even if going rates on new CDs start to fall.

Bottom line

While 5 percent CDs are still available, they’re few and far between and carry significant restrictions. Savers who lock in a high CD rate now will continue to benefit even if going rates on CDs drop further in the near future.