Most products on this page are from partners who may compensate us. This may influence which products we write about and where and how they appear on the page. However, opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain. This page may include information about American Express products currently unavailable on Slickdeals. American Express is not a partner of Slickdeals.

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.

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

Bank Account Intro Bonus Minimum Deposit Learn More

SoFi Checking and Savings

$50-$250Expires December 31, 2023 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
Chase logo

Chase Total Checking® Account

$200Expires January 24, 2024 More Info

New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.

N/A

Chase Business Complete Checking®

$300Expires January 18, 2024 More Info

Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.

N/A

Sallie Mae Bank: Up to 5.55% APY

  • Best CD rate: 5.55% APY
  • Best CD rate term: 18 months
  • Minimum deposit: $2,500
  • Early withdrawal penalty: Up to 180 days' simple interest

Sallie Mae® Bank is an online bank that offers CD terms ranging from six months to five years, but its best rates only require you to lock up your funds for 12 to 18 months. The minimum deposit requirement may be a bit steep for some, but it's well below what's required for a jumbo CD.

If you opt for a 12-month term, the early withdrawal penalty is just 90 days' interest, but if you go beyond that threshold, the fee is doubled at 180 days' interest.

Sallie Mae Bank also offers a high-yield savings account, a free online savings account, a money market account and student loans.

Pros

  • Strong APYs
  • Wide range of terms available
  • Lower early withdrawal penalty 

Cons

  • Term for the best APY is long
  • Minimum deposit requirement is a bit high

Pacific Western Bank Powered by Raisin: Up to 5.51% APY

Raisin logo
  • Best CD rate: 5.51% 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 at 5.35%, 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. 

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 5.40% APY

Popular Direct logo
  • Best CD rate: 5.40% APY
  • Best CD rate term: 12 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.

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 5.30%

  • Best CD rate: 5.30% 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.

Pros

  • Strong APYs
  • Wide range of terms available
  • Lower early withdrawal penalty

Cons

  • Minimum deposit requirement is a bit high

Quontic Bank: Up to 5.30% APY

  • Best CD rate: 5.30% APY
  • Best CD rate term: 12 months
  • Minimum deposit: $500
  • Early withdrawal penalty: Up to two years' simple interest

Quontic Bank's online CDs range from six months to five years, but you can get the bank's best rate on a 12-month CD. Additionally, the minimum deposit requirement is relatively low at $500, especially compared to our other top choices.

That said, the early withdrawal penalty on a 12-month CD is the amount of interest you'd earn over the full term, and if your penalty exceeds the amount of interest you've earned so far, it could reduce your principal balance.

Quontic Bank™ also offers checking, savings and money market accounts.

Quontic Bank Certificates of Deposit

Learn More

at Quontic

Quontic CDs typically offer a pretty solid APY, especially for one-year terms. However, Quontic’s early withdrawal penalties are notably steep compared to competitors.

Overview

With rates of up to 5.30% APY, Quontic Bank’s certificates of deposit are competitive with the best CD rates currently offered. While the minimum opening deposit is also relatively low, it’s worth noting that Quontic’s early withdrawal penalties are on the steep side.

Pros

  • Strong interest rates
  • Relatively low minimum opening deposit

Cons

  • Harsh penalties for early withdrawal
  • No no-penalty option

Pros

  • Strong APYs
  • Wide range of terms available
  • Low minimum deposit requirement

Cons

  • Early withdrawal penalty is steep

BMO Alto: Up to 5.25% APY

BMO Alto logo
  • Best CD rate: 5.25% APY
  • Best CD rate term: 12 months
  • Minimum deposit: $0
  • Early withdrawal penalty: Up to 180 days' simple interest

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 12-month term, and unlike the other options on our list, it has no minimum deposit requirement at all.

That said, its 12-month CD also has an early withdrawal penalty of 180 days, which is a bit steep compared to other options. BMO Alto also offers a high-yield savings account.

Pros

  • Strong APYs
  • Wide range of terms available
  • No minimum deposit requirement

Cons

  • Early withdrawal penalty is a bit high

CIT Bank: Up to 5.00% APY

  • Best CD rate: 5.00% APY
  • Best CD rate term: 6 months
  • Minimum deposit: $1,000
  • Early withdrawal penalty: Three months simple interest for terms of one year or less; up to 12 months simple interest on longer terms

CIT Bank offers a range of CD terms from six months to five years, including an 11-month no-penalty CD. CIT's shorter-term CDs currently offer much higher APYs than the bank's longer terms, and its six-month CD comes in at a terrific 5.00% APY.

The online bank's six-month CD could be a great fit for those with short-term savings goals who have at least $1,000 to deposit (the bank's minimum). If you're looking to park your money for a few years, this might not be the spot for you, but if you want to save up for smallish goals like a short vacation or even something less glamorous like stashing some cash for insurance premiums or other upcoming bills, this CD could be a smart choice.

CIT Bank Term Certificates of Deposit

Open CD

Member FDIC

  • Our Rating 3.5/5 How our ratings work Read the review
  • Minimum
    Deposit Required
    $1,000
  • 1 Year APY0.30% More Info

    Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

  • 3 Year APY0.40% More Info

    Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

  • 6-Month APY5.00% More Info

    Annual Percentage Yield is accurate as of March 31, 2023. Interest rates for CIT Bank's term CDs are variable and subject to change at any time without notice

Many banks that offer CDs require customers to commit to lengthy terms of several years or more in order to earn the highest interest rates available. However, with CIT Bank's term CDs, the opposite is true. To get the best rates at CIT, you'll need to open one of its shorter-term CDs, such as its 6-month CD that pays 5.00% APY. If you want an easy way to save more money without having to wait years, CIT Bank's term CDs are a solid option.

Overview

If you’re looking for a dependable way to earn interest on your money in the short term, CIT Bank’s certificates of deposits may be an excellent choice for you. However, those looking to open a long-term CD may be better off looking elsewhere.

Pros

  • Strong rates for 13- and 18-month terms
  • FDIC insured

Cons

  • Rates for longer terms unimpressive

Pros

  • Wide range of term lengths
  • Shorter terms offer highest APYs
  • Minimum deposit is lower than some competitors

Cons

  • Early withdrawal penalty is steep
  • Longer terms have very low APYs

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.

Build your savings faster

Explore the Best CD Rates

Visit the Marketplace
money in hourglass
BL

Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.