Best 5-Year CD Rates of June 2024

Quontic Bank earns 4.5 stars in our CD category thanks to its high rates, financial tools and customer support. The online bank’s five-year CD pays 4.30% APY with a minimum deposit of $500. Quontic lets you withdraw interest throughout the five-year term without paying an early withdrawal penalty. The penalty for withdrawing principal is two years of interest.

Quontic Bank offers phone support, plus chat and online audio call options. Outside of business hours, you can use the 24/7 chatbot. In addition to the online banking site, you can use Quontic’s mobile app to track all of your bank accounts and monitor your credit.

This five-year CD suits those who can avoid early withdrawals and want a competitive account with good customer service and financial tools.

Quontic Bank offers five fixed-rate CDs with terms ranging from six months to five years and APYs from 0.00% to 5.30%. The six-month to three-year CD terms are worth considering if you want a shorter commitment or a CD ladder. There are no specialty CDs.

See more rates in our Quontic CD rates article.

First Internet Bank’s five-year CD has a 4.50% APY, which is tied with BMO Alto for the second highest among our picks. It requires a minimum deposit of $1,000. The CD gives you the flexibility to make interest-only withdrawals without a fee. Withdrawing principal early will cost you 360 days’ worth of interest. We give this online bank 4.4 stars for its CDs because it offers a range of terms, plus high APYs on some options that last less than two years.

Although First Internet Bank has no physical locations, it provides customer service by online chat, email and phone. You can conveniently manage your CD account through text messages, the online portal and the mobile app.

This five-year CD is best for those who can afford to invest a larger amount in exchange for a higher APY.

You can pick other terms of three months to four years, which have APYs between 4.14% and 5.31%. First Internet Bank doesn’t have specialty CDs.

First National Bank of America offers a traditional five-year CD online nationwide and an individual retirement account (IRA) CD in person at its three Michigan branches. A traditional IRA allows for tax-deferred growth, and a Roth IRA allows for tax-free withdrawals at age 59½.

Both traditional and IRA CDs pay 4.50% APY. The bank allows account holders to withdraw interest early, but withdrawing principal before a CD matures costs 540 days’ worth of interest.

We give First National 4.3 stars for its CDs because while they have good rates, you’ll need a $1,000 minimum deposit to open an account.

You can manage your five-year CD and access financial tools through First National Bank of America’s mobile app or website. In-person support is available if you’re near one of its three Michigan branches. You can also get help via email or by phone during business hours.

First National Bank of America’s five-year CD is best for Michigan residents who can access in-person services and are looking for an IRA CD option or very competitive rates.

The bank’s shorter-term traditional and IRA CDs last one to 59 months and pay between 2.30% and 5.15% APY. The bank also offers longer-term CDs of six years at 4.35% and seven years at 4.30% APY.

BMO Alto, an online-only bank, offers one of the highest five-year CD rates on our list at 4.80% APY. We give the bank 4.3 stars for its CDs because while they have high APYs and no minimum deposit requirements, there are only six term options.

If it’s been at least 15 days since you funded your CD, you can withdraw principal. You’ll then have to pay an early withdrawal penalty of 180 days’ worth of interest. But there are no fees for interest-only withdrawals.

BMO Alto is a basic option without a mobile app or online chat support. Its website lets you manage your CD account, and you can call the bank for customer service.

BMO Alto’s five-year CD is ideal for someone who wants one of the top rates without having to provide a minimum opening deposit.

BMO Alto’s high-yield CD terms range from six months to five years, with APYs from 0.00% to 5.15%. The bank doesn’t have specialty CDs.

Barclays’ five-year online CD pays 3.75% APY and doesn’t require a minimum deposit amount. While this online bank charges 180 days’ worth of interest for early withdrawals, you can take interest out of the account each month without a fee.

We give Barclays 4.2 stars for its CDs because while the bank doesn’t require a large deposit, it doesn’t offer specialty options (such as no-penalty CDs) or any terms shorter than one year.

Barclays has a secure message option for customers and offers phone support hours daily. You can use its website or the Barclays US Savings app to manage your account.

The Barclays five-year CD suits savers seeking a basic account with a competitive APY on any balance.

Useful for a CD ladder, other Barclays online CDs have terms of six months to four years and APYs ranging from 3.50% to 5.30%. The bank doesn’t offer specialty CDs.

Alliant Credit Union offers standard personal and IRA five-year CDs at 4.00% APY with a $1,000 minimum deposit. Its jumbo personal and IRA five-year CDs pay 4.05% APY and require a $75,000 minimum deposit. These CDs, also known as share certificates because they’re from a credit union, allow interest-only withdrawals but charge up to 180 days’ interest for withdrawing principal early.

While Alliant offers a variety of CDs, lower yields on its longer-term options put it at a 4.2-star rating for this review category.

Credit Union Membership and Customer Support

To open a five-year CD, you must join the online credit union. This requires you or a family member to become a member of its foundation for free or be affiliated with one of its partner organizations. You can manage your five-year CD through phone banking, Alliant’s website or its mobile app.

This credit union’s five-year CDs are good for those who prefer multiple CD options or have very large sums to invest.

Alliant Credit Union also has three-month to four-year terms for its standard, jumbo and IRA CDs. Ideal for CD ladders, they have APYs ranging from 4.00% to 5.20%.

BMO — not to be confused with its online-only division, BMO Alto — offers a 59-month CD at 4.30% APY as a special on its website. (Its five-year CD only pays 0.25% APY.) BMO’s CDs get 4 stars overall in our review because while the bank offers more than a dozen term options, it requires a $1,000 minimum deposit and has below-average APYs on short-term CDs.

Making an early withdrawal from a 59-month BMO CD will cost you 545 days’ worth of interest — the largest penalty by far among the banks on our list.

But along with the CD’s high APY, BMO provides customer service in person at more than 1,000 branches in 32 states, plus support by phone and through its mobile and online portals.

BMO’s 59-month CD could be convenient for someone who wants the option of banking in person and having multiple types of accounts with the same financial institution.

BMO’s other special CD rates include 13-, 25-, 35- and 45-month terms with rates from 4.30% to 4.90% APY. The bank also has 10 CD terms ranging from three months to five years that have APYs between 0.05% and 0.25%.