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Certificates of deposit (CDs) can be a great choice for savers since they often pay higher interest rates than traditional savings accounts. In recent years, financial institutions have offered remarkably high yields on CDs amid elevated interest rates, with some even paying over 5%.
However, interest rates have started to fall, with a possibility of more rate cuts in the near future. As a result, it’s not as easy to get a 5% CD as it once was. While 5% CDs are tougher to find today, a handful still exist. Here’s an overview of typical CD rates today and where to get a 5% CD.
These days, a 5% rate is quite high for a CD. In fact, the national average rate is much lower across all popular term lengths.
To get a 5% CD, you would need a rate around three times the national average. While these CDs do exist, they are definitely not common. That’s because CD yields generally move in the same direction as the Federal Reserve’s benchmark rate, known as the federal funds rate. When the Fed cuts its rate, banks lower what they’re willing to pay.
Between August 2024 and January 2025, the effective federal funds rate dropped from 5.33% to 4.33%. Additional rate cuts in 2025 brought the target range rate down to 3.50-3.75%. As a result, the best CD rates today typically hover around 3%-4% APY.
Finding a 5% CD isn’t easy. A few still exist, but they are often limited-time, promotional CD rates and typically come with some restrictions.
Additionally, most of these promotional CDs are offered by credit unions, which require membership in order to open an account. Membership eligibility is often limited to those who live or work in a specific geographic area, or belong to certain groups.
However, if you are determined to get the highest CD rate possible, here are a few to consider.
Read more: 7 credit unions anyone can join
A+ Federal Credit Union’s StartUP Share Certificate is meant to help savers who need a boost at the start of their financial journey. This certificate offers 5% APY on up to $1,000 for 12 months. The minimum balance required is $10. Right now, members have the opportunity to boost their dividend rate by earning rewards points for hitting certain milestones.
Membership in this credit union is open to staff, students, and employees of over 300 schools, districts, businesses, and community organizations. You can also join if a family member is a current A+FCU member or by making a one-time payment of $10 to the A+ Education Foundation when you open your account.
Read more: What is a share certificate?
Alpena Alcona Area Credit Union (AAACU) has a special 25-month IRA certificate that earns 5% APY. The minimum opening deposit is $500.
To become a member of AAACU, you must live, work, worship, or attend school in the state of Michigan.
Birmingham City Credit Union offers an 18-month share certificate with 5% APY. The minimum opening deposit for this account is $500.
Membership in this credit union is open to Birmingham city employees and their immediate family members, including their spouse, dependent children and grandchildren, who are not eligible for membership in the city’s Fire Credit Union or the Police Credit Union.
The “Take 5” certificate from Cal Coast Credit Union pays 5% APY. The minimum deposit is $500 and must be made with new money, meaning you can’t transfer it from another account at Cal Coast Credit Union.
Additionally, you must be a member of the credit union to open a CD, with membership limited to people who live or work in certain coastal areas of California.
Read more: This map shows the highest CD rate in every state
Financial Partners Credit Union’s 8-month certificate special is available to new members in Los Angeles, Orange, Riverside, or San Diego County; the city of South San Francisco; and the city of Alameda, California.
This certificate offers 6% APY with a minimum deposit requirement of $1,000 and maximum deposit of $5,000. To join this credit union, you must live, work, or go to school in Los Angeles, Orange, Riverside, or San Diego County, the City of South San Francisco, or Alameda, California. Employees or retirees of select employer groups are also eligible for membership.
Holy Rosary Credit Union (HRCU) has a 7-month special CD that offers 6.03% APY. The minimum deposit to open this CD and earn interest is $500 and the maximum is $2,000.
Membership with this credit union is available to anyone who lives, works, goes to school, or worships in New Hampshire or York County, Maine. Family members of HRCU members are also eligible to join.
Lynchburg Municipal Employees Federal Credit Union (LMEFCU) is offering a promotional 78-month share certificate with an APY of 6.5%. The minimum deposit required to open this account is $650 and the maximum is $10,000.
These certificates are limited to one per member. Membership is available to qualified employee groups, immediate family members of existing members, and spouses of existing members or members who have died while within the field of membership.
New Jersey Law and Public Safety Credit Union currently offers a 6-month CD with 5% APY. The minimum deposit for this account is $1,000 and members can earn this rate on up to $2,000.
Membership in this credit union is open to employees and retirees of the Office of Law and Public Safety, Division of Motor Vehicles, employees of the New Jersey Judiciary, Office of the Public Defender, Credit Union employees and their immediate families.
Nuvision Credit Union is offering 5% APY on its 4-month CD. The minimum deposit is $1,000 and the maximum deposit is $5,000.
There are a few ways to become a member of Nuvision, but most people can qualify by joining the American Consumer Council (ACC).
Southland Credit Union is currently offering a new member anniversary special. This promotional certificate boasts 9% APY for a 9-month term. The minimum deposit is $100 and the maximum is $1,000.
Only new members are eligible for this offer and these certificates are limited to one per member. To become a member of Southland Credit Union, you must live, work, worship, or attend school in Orange County or Los Angeles County.
Source: Yahoo Finance