5 CD Rates Over 5.00%

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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
Bask Bank Certificates of Deposit Learn More	5.30%†	6 months	$1,000	Learn More
Pacific Western Bank Certificates of Deposit Powered by Raisin Open CD	1,000	1 year	$1	Open CD
LendingClub Certificates of Deposit Open CD	5.51%	1 year	$2,500	Open CD

The annual percentage yield is effective as of December 21 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 (NCUA). The following banks all provide FDIC insurance coverage.

Recommended Bank Bonuses

Account	Intro Bonus	Min. Dep. Required to Open Account	Learn More
SoFi Checking and Savings Sponsored Open Account	$50-$250Expires December 31, 2024 More Info 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
U.S. Bank Smartly® Checking Account (Member FDIC) Open Account	Up to $450Expires December 30, 2024 More Info 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 December 30, 2024. Member FDIC. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.	$25	Open Account
BMO Smart Money Checking Account Open Account	$300Expires February 3, 2025 More Info $300 Cash Bonus when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. Conditions Apply. BMO Bank N.A. Member FDIC	$25	Open Account
BMO Smart Advantage Checking Open Account	$300Expires February 3, 2025 More Info $300 Cash Bonus when you have $4,000 in direct deposits within 90 days of opening between 11/1/24 – 2/3/25. Conditions Apply. BMO Bank N.A. Member FDIC	$25	Open Account
Key Smart Checking® Open Account	$300Expires May 16, 2025 More Info Earn $300 after qualified activities until 05.16.25 with the no-monthly-maintenance-fee Key Smart Checking®. Geographic restrictions apply and account opening is subject to approval. Offer is available in these states: AK, CO, CT, ID, IN, ME, MA, MI, NY, OH, OR, PA, UT, VT, WA	$10	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

Learn More

• 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
• Pros & Cons

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 December 21 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 upfront. 

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® Direct's minimum deposit is the highest on our list. But with terms ranging from three months to five years, it could be a good fit for someone with a higher amount of savings, and you'll only need to lock in your money for a year to get the bank's highest yield.

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 account.

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 refinancing.

BMO Alto: Up to 5.15% APY

BMO Alto™ is an online-only division of BMO Harris Bank, offering CDs ranging from six months to five years. The bank's best yield is on its 6-month term, and unlike the other options on our list, it has no minimum deposit requirement at all.

BMO Alto also offers a high-yield savings account.

Best CDs Over 5.00% APY: Bottom Line

There are several CDs you can stash your cash and earn more than 5.00% APY on your balance. However, it's important to review all the terms of a CD before you open one to ensure it's the best option for you. While it's best to avoid CDs if you think you might need access to the funds before the CD term expires, it's still a good idea to avoid higher penalties just in case.

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Disclosures

†The annual percentage yield is effective as of December 21 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.