13 best 5-year CD rates for February 2024 (up to 4.89% APY)

Today's interest rate environment certainly isn't ideal if you're trying to borrow money to buy a home, a car or make another large purchase. With interest rates significantly higher than they were in 2020 and 2021 — and more than double what they were for mortgage loans in particular — the interest charges on any loan you take out could be substantial. No one wants to pay more than necessary for what they buy, so in many cases, it makes sense to wait and see what happens with the future rate environment. 

But what it may not make sense to wait for is capitalizing on the rates being offered with today's interest-bearing accounts. That's because, when the Fed increased rates to try and temper inflation, the annual percentage yields (APYs) on these accounts — which include high-yield savings accounts, money market accounts and certificates of deposit (CDs) — went with them. So, rather than earning interest at a low rate, it's possible to rake in returns with rates that are several times higher than they were in recent years. 

That presents a great opportunity for savers who want to maximize returns on money in their savings accounts — and CDs are a smart option. Not only will a CD offer you a fixed interest rate, meaning that future rate drops won't impact your earnings during your CD term, but you'll also have the opportunity to earn at rates that far exceed what you can get with a regular savings account. A longer-term CD, like a 5-year CD, could be an especially smart choice right now to lock in a top rate for several years. If that's your goal, it could make sense to start your search with the top 5-year CDs outlined below.

Learn more about your top CD account options online here.

13 best 5-year CD rates for February 2024 (up to 4.89% APY)

Finding the best 5-year CD could start with one of the top options outlined below:

• Library of Congress Federal Credit Union — 4.89% APY: The minimum opening deposit requirement for this CD is $500; the early withdrawal penalty is equal to 180 days of interest
• BMO Alto — 4.60% APY: The minimum opening deposit requirement for this CD is $0; the early withdrawal penalty is equal to 180 days of interest
• Credit Human — 4.60% APY: The minimum opening deposit requirement for this CD is $500; the early withdrawal penalty is equal to 365 days of interest
• First Internet Bank — 4.59% APY: The minimum opening deposit requirement for this CD is $1,000; the early withdrawal penalty is equal to 365 days of interest
• First National Bank of America — 4.55% APY: The minimum opening deposit requirement for this CD is $1,000; the early withdrawal penalty is equal to 540 days of interest
• Lafayette Federal Credit Union — 4.53% APY: The minimum opening deposit requirement for this CD is $500; the early withdrawal penalty is equal to 600 days of interest
• Pima Federal Credit Union — 4.50% APY: The minimum opening deposit requirement for this CD is $250; the early withdrawal penalty is equal to 50% of the dividends that would have been earned during the remaining CD term
• Seattle Bank — 4.50% APY: The minimum opening deposit requirement for this CD is $1,000; the early withdrawal penalty is equal to 180 days of interest
• Department of Commerce Federal Credit Union — 4.50% APY: The minimum opening deposit requirement for this CD is $500; the early withdrawal penalty is equal to 180 days of interest
• Popular Direct — 4.45% APY: The minimum opening deposit requirement for this CD is $10,000; the early withdrawal penalty is equal to 730 days of interest
• Colorado Federal Savings Bank — 4.35% APY: The minimum opening deposit requirement for this CD is $5,000; the early withdrawal penalty is equal to 180 days of interest
• CoVantage Credit Union — 4.35% APY: The minimum opening deposit requirement for this CD is $1,000; the early withdrawal penalty is equal to 90 days of interest
• The State Exchange Bank — 4.35% APY: The minimum opening deposit requirement for this CD is $1; the early withdrawal penalty is equal to 270 days of interest

Find out the top CD rates you could earn right now.

The bottom line

The current rate environment presents a unique opportunity to savers who want to maximize what they can earn in interest on the money in their savings accounts. Not only are there a lot of 5-year CD options to choose from, but the rates that come with them are some of the best reported in years. By opening an account today, you can guarantee your interest returns for the next several years. Make sure to make your move quickly, though. If you wait, you could end up settling for a lower APY — especially if there's a downturn in the overall rate environment.