Best 5-year CD rates of January 2026 (up to 3.75% APY)

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

If you have a long-term savings goal, like saving up for a down payment on your first home, a five-year CD allows you to lock in today's high rates for a length of time.

CNBC Select compared dozens of accounts to determine which five-year CDs are best. Our top picks offer APYs well above the national five-year CD average and all are FDIC- or NCUA-insured. (See our methodology for more information on how we chose the best five-year CD accounts.)

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FNBA offers a high 3.75% APY on its five-year CD with a minimum $1,000 deposit. If you want an even longer CD term, FNBA is one of the few banks that offers terms beyond five years.

CD terms offered

6 months, 12 months, 24 months, 36 months, 48 months, 60 months, 72 months, 84 months, 96 months, 108 months, 120 months

Monthly fee

None

Early withdrawal penalty fee

FNBA does allow partial withdrawals. The penalty charged is based on the term of your CD. The penalty may result in a reduction of your principal balance.

• 1 to 11 months = 90 days of interest
• 12 to 23 months = 180 days of interest
• 24 to 47 months = 360 days of interest
• 48 to 59 months = 540 days of interest
• 60 month = 540 days of interest
• 72 month = 540 days of interest
• 84 month = 540 days of interest
• 96 month = 720 days of interest
• 108 month = 720 days of interest
• 120 month = 720 days of interest

Early withdrawal penalties are the same for online and in-branch CDs.

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Synchrony Bank offers a competitive 3.75% APY on its five-year CD with no minimum deposit required, meaning just about anyone can open an account and start saving for a long-term goal.

CD terms offered

3 months, 6 months, 9 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

There may be an early withdrawal penalty if you withdraw funds from the principal prior to the CD maturity date (the last day of the CD term). The penalty is applied to the amount of principal withdrawn (there's no penalty on interest). For the No-Penalty CD, early withdrawals are not permitted within the first six days after account funding. Following that, only withdrawal of the entire balance is allowed.

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Popular Direct offers a strong 3.45% APY on its five-year CD with a $10,000 minimum deposit requirement. If you have a large stash of cash and want to lock in a rate for the next five years, Popular Direct's five-year CD is a good place to set it aside and watch grow over time.

CD terms offered

3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

• For terms less than 91 days: The fee is 89 days simple interest
• For terms equal to or greater than 91 days but less than 12 months: The fee is 120 days simple interest
• For terms equal to or greater than 12 months but less than 36 months: The fee is 270 days simple interest
• For terms equal to or greater than 36 months but less than 60 months: The fee is 365 days simple interest
• For terms equal to or greater than 60 months: The fee is 730 days simple interest

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Grow Financial Federal Credit Union is a good option if you prefer banking with a credit union for your long-term savings goals. It offers a five-year CD starting at 3.61% APY — one of the highest five-year CD rates we found from a credit union. The minimum deposit is just $500. And if you have a $100,000-plus deposit, you can earn a 3.71% APY on the five-year CD. Credit union membership is available to anyone by opening a Grow Financial Federal Credit Union Basic Savings Account.

CD terms offered

6 to 11 months, 12 to 17 months, 18 to 23 months, 24 to 29 months, 30 to 35 months, 36 to 47 months, 48 to 59 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

A penalty will be imposed for early withdrawals

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Bread Savings offers a range of CDs with terms from three months to five years. You can earn 3.70% APY on a four-year CD with a minimum opening deposit of $1,500.  

CD terms offered

3 months, 6 months, 9 months, 12 months, 18 months, 24 months, 36 months, 48 months

Monthly fee

None 

Early withdrawal penalty fee

• For terms shorter than 1 year, the penalty is 90 days simple interest 
• For terms 12 months to 3 years, the penalty is 180 days simple interest 
• For terms 4 years and up, the penalty is 365 days simple interest 

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CD stands for "certificate of deposit" — and is just that: a deposit account that earns interest. With a CD, you earn a fixed rate of interest for a fixed period. CDs come with different terms, such as six months, one year or five years, and you can't touch your funds in your CD for the entirety of that specified term length unless you pay an early withdrawal penalty fee plus possibly lose out on accrued interest.

When you put your money in a CD, you earn a fixed interest rate for a specific amount of time on the money you deposit when you open an account. Term lengths typically range from three months to five years.

While a CD is similar to a savings account, the traditional CD model differs in a couple of important ways:

1. You can only deposit money into the CD once at the beginning of the term. You can't make additional contributions over the CD's term. Sometimes, there's a minimum deposit requirement (usually $500 and up).
2. You can't access your money before your term ends or you'll get hit with an early withdrawal penalty. The penalty fees can vary depending on your bank and your CD's term length, but it's usually the interest earned or the interest you would have earned, over a certain number of days or months. Generally, the longer the CD term length, the costlier the withdrawal penalty.

Once the CD matures (when the term is over), savers can get their money back, in addition to the interest earned over time, or move the money into a new CD. CD terms usually auto-renew at the rate offered at maturity if you don't do anything.

One of the reasons you might want to consider a CD over a high-yield savings account is because savings accounts have variable APYs, and with a CD you lock in the rate the day you open the account. This can be good if you open an account when interest rates are high. It's not so great if you open an account after the Federal Reserve slashes interest rates.

CDs typically don't come with monthly fees and are federally insured so your money is protected, which makes them one of the safest savings vehicles.

When choosing a CD, first focus on how long you want to keep your money locked up. Pick a CD based on that length of time and the rate will follow. For example, if you want to save up for a down payment on a home in a few years, consider a longer-term CD like a three- or five-year option and then look at what banks offer rate-wise for those specific CD terms. Shorter CD terms, such as three- to six-month CDs, are a good choice for beginners who want to save (and grow) their money for a short-term goal, such as a vacation.

When comparing CDs, make sure you're looking at CDs with the same term across different banks; this way, you're comparing "apples-to-apples." Once you know the CD term you want, you can compare the different interest rates, as well as the minimum deposit requirements and any fees like early withdrawal penalties.

Some of the pros and cons of CDs are quite the same, and whether you see something as good or bad depends on other factors. We list what we think below.

Pros of CDs

• Fixed interest rates (a good thing when rates are high)
• Can't touch CD funds until the term is up (a good thing so you're not tempted to spend)
• Different CD types allow you to have options, such as bump-up CDs (for raising your rate), no-penalty CDs (for easy withdrawals), add-on CDs (for making additional contributions), jumbo CDs (for large deposits) and IRA CDs (for retirement)

Cons of CDs

• Fixed interest rates (a bad thing when rates are low or if rates go up while you're in the middle of a CD term)
• Can't touch CD funds until the term is up (a bad thing if you need that money)
• Early withdrawal penalty fees may apply
• Can generally only deposit money into a CD once at the beginning of the term and can't make additional contributions
• Usually a minimum deposit requirement, typically $500 and up

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every CD review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of savings and banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best five-year CDs.

To determine the best five-year CDs, CNBC Select compared dozens of options offered by online and brick-and-mortar banks, including credit unions. We found that the APY offered by online banks and credit unions far outpaced those offered by most national brick-and-mortar banks.

When ranking the top five-year CDs, we prioritized the ones offering the highest APYs. We then compared five-year CDs by looking at their minimum deposit requirements, penalties for early withdrawals, ease of use and industry rankings. We ranked our top picks by best for high APY, best for long CD term options, best for no minimum deposit, best for a large deposit and best from a credit union.

All of the CDs included on this list are FDIC- or NCUA-insured up to $250,000 per person. The rates and fee structures banks advertise for their CD accounts are not guaranteed forever. They are subject to change without notice and they often fluctuate in accordance with the Fed rate. If you open a CD account, however, you're often locked into that APY offered at account opening for the entire term length.

Your earnings depend on the CD term length, the amount you deposit, the APY offered when you opened the account and any associated fees. Generally, a larger deposit and a higher interest rate will earn you the most money. Any early withdrawals may result in penalty fees that lower your principal balance/earnings.

To open a CD account for the first time at a bank, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

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