The best 5-year CD rates of September 2026: Up to 4.50%

If you have a long-term financial goal, like a down payment on a home, a five-year CD will deliver a predictable return while keeping your principal well protected.

CNBC Select compared CDs from more than 35 banks, credit unions and online institutions to find the best rates for five-year (60-month) terms. In addition to yields, we considered deposit requirements, CD types, early withdrawal penalties, account availability, customer service and other factors. See our methodology for more on how we made our choices. (CD rates are accurate as of Sept. 1, 2026.)

APYs listed in this article are current as of the time of publication. CNBC Select will update as changes are made public.

• Popular Direct — 4.50% APY
• E*TRADE — 4.35% APY
• Sallie Mae — 4.40% APY
• NASA Federal Credit Union — 4.38% APY
• TAB Bank — 4.20% APY
• BTG Pactual — 4.45% APY
• Quorum Federal Credit Union — 4.15% APY
• Prime Alliance Bank — 4.10% APY
• Merrick Bank — 4.15% APY
• CFG Community Bank — 4.30% APY
• Bread Savings — 4.25% APY
• Marcus by Goldman Sachs® — 4.00% APY
• First National Bank of America — 4.20% APY

A CD, or certificate of deposit, is a savings account that earns a fixed rate of interest for a set term, usually between three months and five years. (At a credit union, the same product may be called a share certificate or term savings account.)

With a traditional CD, you deposit funds when you open the account and then leave them untouched until the term ends.

Taking money out before the CD matures means incurring an early withdrawal penalty. The penalty varies by bank and your CD's term length, but it's usually the interest you would have earned over a certain number of days or months. (Generally, the longer the CD term, the higher the withdrawal penalty.)

Once the CD matures, you get your money back, in addition to the interest earned. If you don't withdraw the funds, the bank will often auto-renew at the rate offered at maturity.

One reason you might choose a CD over a high-yield savings account is that you lock in your rate the day you open the account and don't have to worry about it dropping.

You can open a CD in just a few minutes online or in person, although many of the most competitive rates are with institutions that don't have physical branches. There are several steps to follow, however.

1. Compare CD options. Review APYs, term lengths, minimum deposit requirements and early withdrawal penalties to find the CD that's right for you.
2. Complete the application. Provide your personal information, including your name, address, Social Security number or Taxpayer Identification Number. You'll likely be asked for a copy of your government-issued ID.
3. Fund your account. Make your opening deposit by transferring money from a linked bank account, using a wire transfer, mailing a check, or another funding method. To open a CD account for the first time, many banks require a deposit of new money, meaning you can't transfer funds you already had in an account at that bank.
4. Review your maturity options. Decide whether you want the CD to renew automatically, transfer the funds to another account or pay out the balance when the term ends. Many CDs automatically renew at maturity unless you choose otherwise.
5. Monitor your maturity date. If there is an auto-renew feature, you should still have a grace period to withdraw funds without penalty. Set a reminder on your calendar for when the CD matures so you can control what happens to your money.

While traditional CDs are the most common kind, many banks offer other types.

1. No-penalty CD: A no-penalty CD enables you to withdraw money before your CD reaches maturity without paying a penalty. In exchange, no-penalty CDs usually have lower interest rates.

2. Bump-up CD: A traditional CD locks your funds into a fixed rate until maturity. With a bump-up CD, if your bank raises interest rates, you can request the higher rate during your term. Most banks only allow you to opt into a rate increase once per term. Step-up CDs are similar, except that the rate is automatically raised to a higher yield at specific points in your term.

3. Add-on CD: With a traditional CD, you can only deposit a lump sum when opening your account. Add-on CDs allow you to make additional deposits throughout the term. Most banks restrict how many additional deposits you can make, based on the term.

4. Jumbo CD: Traditional CDs often have minimum deposits of $500 or $1,000, though some have no minimum at all. Jumbo CDs typically require a minimum deposit of $50,000 or $100,000. And while they historically offered higher interest rates, many banks now pay yields similar to—or even lower than—standard CDs.

5. Brokered CD: Brokered CDs are sold through investment firms and operate as securities. You can sell them on the secondary market before their maturity date, which makes them more liquid than traditional CDs. It also means you could lose money if you have to sell for less than your original investment.

6. IRA CD: A retirement savings account that holds one or more certificates of deposit, combining the safety of a CD with the tax advantages of an IRA. Because of its low risk, an IRA CD is preferred by savers near or in retirement looking for predictable returns without market volatility. However, early withdrawal could result in paying two penalties.

When choosing a CD, consider how long of a term you're comfortable with. Six-month and 12-month CDs if you want to grow your money for a short-term goal, such as a vacation. A five-year CD may be better for saving up for a down payment on a home.

Once you know the term, there are several factors to consider:

• Annual percentage yield (APY)
• Minimum deposit requirement
• Early withdrawal penalty
• Availability of no-penalty, bump-up or other CD types
• Other banking products
• Online experience and customer support

Like all savings vehicles, CDs have their benefits and drawbacks.

Pros of CDs

• Healthy yields in a high-rate environment
• Fixed interest rates ensure your APY won't decline
• Funds are locked in, helping you resist temptation to spend

Cons of CDs

• You can't touch the funds until the term ends without a withdrawal penalty
• You can generally only deposit money into a CD at the beginning of the term
• You typically can't take advantage if rates increase
• There may be a minimum deposit requirement

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every CD review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

To identify the best five-year CDs, we compared certificates of deposit from more than 45 banks, credit unions, and online financial institutions. We evaluated each account using the following criteria:

• Annual percentage yield (APY): We prioritized CDs offering competitive yields compared with the national average and other five-year CDs.
• Minimum opening deposit: Accounts with low or no minimum deposit requirements were given more weight.
• CD types: We considered whether institutions offered no-penalty, bump-up and add-on CDs, in addition to traditional CDs.
• Early withdrawal penalty: While longer-term CDs typically carry larger penalties, we compared penalty policies and gave preference to CDs with less restrictive terms.
• Fees: None of the institutions on this list charge a monthly maintenance fee for CDs
• Deposit insurance: We only considered CDs offered by banks insured by the Federal Deposit Insurance Corporation (FDIC) or credit unions insured by the National Credit Union Administration (NCUA). We also considered whether institutions offered expanded FDIC insurance through deposit sweep programs that can extend coverage beyond the standard $250,000 limit.
• Customer experience: We considered factors such as online account opening, mobile banking, and customer support hours. We also reviewed the overall ease of managing the account.
• Branch availability: We considered whether an institution had physical branches for savers to conduct in-person banking
• Additional banking services: We considered whether an institution also offered checking and savings accounts, personal loans, mortgages, investments and other financial products.
• Availability: Institutions that serve savers nationwide were given more weight.

Because CD rates change frequently, our rankings are reviewed and updated regularly to reflect the most competitive offers currently available.

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