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A certificate of deposit (CD) can be a great place to stash some short- or mid-term savings. While they typically restrict withdrawals until your account matures, they allow you to lock in a high-interest rate—often higher than high-yield savings and money market accounts—for the duration of your chosen maturity.
Some high-yield CDs require jumbo deposits of more than $25,000 or even $100,000. But fortunately, a handful of banks offer annual percentage yields (APYs) over 5.00% without requiring you to be wealthy.
Here's a look at our top choices
Recommended CDs Over 5.00% APY
CD | APY | Term | Minimum Deposit | Learn More |
---|---|---|---|---|
|
5.30%† |
6 months |
$1,000 | Learn More |
|
1,000 |
1 year |
$1 | Open CD |
|
5.51% |
1 year |
$2,500 | Open CD |
The annual percentage yield is effective as of September 12 2024†
Best Banks for CD Rates Over 5.00% APY
CD interest rates can change at any time, but once you open an account, your APY is locked in until your account matures. In addition to the account's interest rate, it's also important to consider other features, including the term to maturity, minimum deposit requirement and early withdrawal penalty.
It's also crucial to ensure that your funds are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration
Recommended Bank Bonuses
Account | Intro Bonus | Minimum deposit required | Learn More |
---|---|---|---|
|
$50-$250Expires December 31, 2024
New customers can earn a $250 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus. |
N/A | Open Account |
|
Up to $450Expires September 26, 2024
Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through September 26, 2024. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm. Member FDIC. |
$25 | Open Account |
|
$300Expires December 13, 2024
Earn $300 after qualified activities until 12.13.24 with the no-monthly-maintenance-fee Key Smart Checking®. |
$10 | Open Account |
|
$300Expires July 22, 2024
Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. |
N/A | Open Account |
Bask Bank Certificates of Deposit: Up to 5.30% APY
- Best CD rate: 5.30% APY
- Best CD rate term: 6 months
- Minimum deposit: $1,000
- Early withdrawal penalty: Up to 180 days' interest
Bask Bank offers CD terms ranging from three months to 2 years. While its top rate is tied to its 6-month CD, pretty much all of Bask Bank's CDs are worth considering, with multiple options cracking 5.00% APY.
While Bask Bank's high rates make it easy to recommend, anyone looking for a longer CD term will be out of luck. Additionally, customers are prohibited from withdrawing funds within 5 business days of opening a new CD, so be sure you can meet this requirement before you lock away your money.
Bask Bank Certificates of Deposit
- Our Rating 4.5/5 How our ratings work
- Minimum
Deposit Required$1,000 - 1 Year APY5.25%
- 6-Month APY5.30%
If you're in the market for a shorter CD term, Bask Bank is worth considering. Pretty much all of Bask Bank's APYs are top in class, though they only offer terms of 3-24 months.
Overview
Bask Bank offers customers certificates of deposit ranging from three months to two years. CDs require a minimum opening deposit of $1,000 to open.
Pros
- Strong APYs
- Relatively low minimum opening deposit
Cons
- Lacks longer CD terms
The annual percentage yield is effective as of September 12 2024.†
Pacific Western Bank Powered by Raisin: Up to 1,000 APY
- Best CD rate: 1,000 APY
- Best CD rate term: 12 months
- Minimum deposit: $1
- Early withdrawal penalty: Not disclosed
Raisin is a digital platform that allows you to open high-yield savings accounts and CDs with multiple financial institutions and manage them all in one place. If you get a CD directly from Pacific Western Bank, the minimum deposit requirement is $2,500, but if you go through Raisin, it's just $1.
Raisin also offers a 7-month CD with Pacific Western Bank with a slightly lower APY, but its 12-month rate is impressive enough to be worth considering. That said, neither the platform nor the bank discloses what the early withdrawal penalty is upfro
Pros
- Strong APYs
- Low minimum deposit requirement
- Easy access to other high-yield savings options
Cons
- No transparency about early withdrawal penalties
- Only a couple of terms are available
Popular Direct: Up to 5.35% APY
- Best CD rate: 5.35% APY
- Best CD rate term: 6 months
- Minimum deposit: $10,000
- Early withdrawal penalty: Up to 365 days' simple interest
At $10,000, Popular
Unfortunately, Popular Direct also has a steep early withdrawal penalty. For a 12-month CD, the fee is 120 days' simple interest, but it can go as high as 365 days' simple interest on longer terms. The online bank also offers a high-yield savings accoun
Pros
- Strong APYs
- Wide range of terms available
Cons
- Minimum deposit requirement is very high
- Early withdrawal penalty is a bit high
LendingClub Bank: Up to 5.51%
- Best CD rate: 5.51% APY
- Best CD rate term: 12 months
- Minimum deposit: $2,500
- Early withdrawal penalty: Up to 180 days' simple interest
LendingClub Bank is a digital bank that offers CD terms ranging from six months to five years, but its best yield is on its 12-month term. Like others on our list, the bank's minimum deposit requirement is a bit high at $2,500, but it can be worth it if you have the money.
The bank's early withdrawal penalty on its 12-month CD is just 90 days' simple interest, but longer terms require 180 days' simple interest. LendingClub Bank also offers checking accounts, a high-yield savings account, personal loans and auto refinanci
Pros
- Strong APYs
- Wide range of terms available
- Lower early withdrawal penalty
Cons
- Minimum deposit requirement is a bit high
BMO Alto: Up to 5.15% APY
BMO Alto
BMO Alto also offers a high-yield savings accou
Pros
- Strong APYs
- Wide range of terms available
- No minimum deposit requirement
Cons
- Early withdrawal penalty is a bit high
Best CDs Over 5.00% APY: Bottom Line
There are several
Explore the Best CD Rates
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Disclosures
†The annual percentage yield is effective as of September 12 2024. APY is a fixed rate and a $1,000 minimum balance is required. We will pay this rate and APY through your CD maturity date. Fees could reduce the earnings on your account, and an early withdrawal penalty may be imposed for early withdrawal. If your CD is not funded with at least $1,000 within 10 business days after the date the account is opened, it will automatically be closed. Texas Capital Bank d/b/a Texas Capital is a member of FDIC. Bask Bank is a division of Texas Capital Bank. The sum of your total deposits with Bask Bank and Texas Capital Bank is insured up to $250,000 per depositor for each account ownership category.