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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
Rising Bank logo

Rising Bank Certificates of Deposit

5.35%

6 months

$1,000
Raisin logo

Pacific Western Bank Certificates of Deposit Powered by Raisin

5.51%

1 year

$1
LendingClub logo

LendingClub Certificates of Deposit

5.30%

1 year

$2,500

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.

Rising Bank: Up to 5.35% APY

Rising Bank Certificates of Deposit

Open CD

at Rising Bank

  • Our Rating 4/5 How our ratings work
  • Minimum
    Deposit Required
    $1,000
  • 1 Year APY5.31%
  • 3 Year APY3.85%
  • 6-Month APY5.35%

The interest rates on Rising Bank CDs are up there with the top rates we've seen recently, making these a viable option for those looking to set aside some funds and earn some interest. CDs here come with a 10-day grace period to the bank's early withdrawal penalty, and the online bank offers a few other deposit account types as well.

Overview

Rising Bank has fewer CD terms than some banks, but the range of options, along with the relatively high APYs make these worth consideration. The minimum opening deposit is higher than what you’ll find at some banks, but if you have the funds, a CD here could be a great fit.

Pros

  • Competitive APYs
  • 10-day grace period before early withdrawal penalty applies
  • Easy to open online
  • Wide range of CD terms

Cons

  • Minimum deposit is higher than some competitors
  • Early withdrawal penalties can be steep
  • No in-person service
  • Best CD rate: 5.35% APY
  • Best CD rate term: 6 months
  • Minimum deposit: $1,000
  • Early withdrawal penalty: Up to 180 days' interest

Online banks are known for offering competitive interest rates, and Rising Bank is no exception. It offers a smaller range of CD terms than some banks, but many of its APYs rival the best CD interest rates around. The shorter terms tend to have higher rates here, which could make a CD with Rising Bank a nice place to park some funds, but APYs on the longer terms are also still pretty competitive.

You do need to deposit at least $1,000 to open a CD, and as with most traditional CD accounts, you’ll face an early withdrawal penalty if you need to remove your cash before the term ends. On the upside, Rising Bank offers a 10-day grace period in case you need to withdraw funds shortly after you open your account, without facing those usual penalties.

Recommended Bank Bonuses

Bank Account Intro Bonus Minimum Deposit Learn More

U.S. Bank Smartly® Checking Account (Member FDIC)

Up to $700Expires June 27, 2024 More Info

Earn up to $700 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC. 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.

$25

SoFi Checking and Savings

$50-$300Expires June 30, 2024 More Info

New customers can earn a $300 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

$300Expires July 24, 2024 More Info

New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities

N/A

Key Smart Checking®

$200Expires July 19, 2024 More Info

Earn $200 after qualified activities until 7/19/24 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

Chase Business Complete Checking®

$300Expires July 22, 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

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

BMO Alto: Up to 5.25% APY

BMO Alto logo

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

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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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.