4 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
Pacific Western Bank Certificates of Deposit Powered by Raisin Open CD	5.34%	1 year	$1	Open CD
LendingClub Certificates of Deposit Open CD	5.15%	1 year	$2,500	Open CD

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 Open Account Member FDIC Member FDIC	$50-$300Expires December 31, 2024 More Info See full terms and disclosures at sofi.com/banking. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.	N/A	Open Account
Chase Total Checking® Account Open Account	$300Expires October 16, 2024 More Info New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities	N/A	Open Account
Axos Rewards Checking Account	Up to $500Expires July 31, 2024 More Info Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.	N/A	This product is currently not available via Slickdeals. All information about this product was collected by Slickdeals and has not been reviewed by the issuer.
Chase Business Complete Checking® Open Account	$300Expires October 17, 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	Open Account

Pacific Western Bank Powered by Raisin: Up to 5.34% APY

• Best CD rate: 5.34% 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 5.15%

• Best CD rate: 5.15% 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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