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13 best 5-year CD rates for February 2024 (up to 4.89% APY)
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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. And, 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 what they were in recent years.
That presents a great opportunity for savers who want to maximize the returns on the money in their savings accounts — and CDs are a smart option in particular. 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. And, 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 lots of 5-year CD options to choose from, but the rates that come with them are some of the best we’ve seen in years. And, 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.
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NEW YORK — Former New York Gov. David Paterson and his stepson were attacked in New York City on Friday night, authorities said.
The incident occurred just before 9 p.m. on Second Avenue near East 96th Street on the Upper East Side, according to the New York City Police Department.
Police said officers were sent to the scene after an assault was reported. When officers arrived, police say they found a 20-year-old man suffering from facial injuries and a 70-year-old man who had head pain. Both victims were taken to a local hospital in stable condition.
In a statement, a spokesperson for the former governor said the two were attacked while “taking a walk around the block near their home by some individuals that had a previous interaction with his stepson.”
The spokesperson said that they were injured “but were able to fight off their attackers.”
Both were taken to Cornell Hospital “as a precaution,” he added.
Police said no arrests have been made and the investigation is ongoing.
The 70-year-old Paterson, a Democrat, served as governor from 2008 to 2010, stepping into the post after the resignation of Eliot Spitzer following his prostitution scandal. He made history at the time as the state’s first-ever Black and legally blind governor.
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A 17-year-old boy was critically injured and a person is in custody after a gunman opened fire on a SEPTA bus in North Philadelphia Friday evening, police said.
At around 6:15 p.m., Philadelphia police were notified about a shooting on a SEPTA bus traveling on Allegheny Avenue near 3rd and 4th streets in North Philadelphia, Inspector D F Pace told CBS News Philadelphia.
There were an estimated 30 people on the bus at the time of the shooting, Pace said, but only the 17-year-old boy was believed to have been shot. Investigators said they believe it was a targeted attack on the teenager and that he was shot in the back of the bus at close range.
According to Pace, the SEPTA bus driver alerted a control center about the shooting, which then relayed the message to Philadelphia police, who responded to the scene shortly.
Officers arrived at the scene and found at least one spent shell casing and blood on the bus, but no shooting victim, Pace said. Investigators later discovered the 17-year-old had been taken to Temple University Hospital where he is said to be in critical condition, according to police.
CBS Philadelphia
Through their preliminary investigation, police learned those involved in the SEPTA shooting may have fled in a silver-colored Kia.
Authorities then found a car matching the description of the Kia speeding in the area and a pursuit began, Pace said. Police got help from a PPD helicopter as they followed the Kia, which ended up crashing at 5th and Greenwood streets in East Mount Airy. Pace said the Kia crashed into a parked car.
The driver of the crashed car ran away but police were still able to take them into custody, Pace said.
Investigators believe there was a second person involved in the shooting who ran from the car before it crashed. Police said they believe this person escaped near Allegheny Avenue and 4th Street, leaving a coat behind.
According to Pace, police also found a gun and a group of spent shell casings believed to be involved in the shooting in the same area.
“It’s very possible that there may have been a shooting inside the bus and also shots fired from outside of the bus toward the bus,” Pace said, “We’re still trying to piece all that together at this time.”
This is an active investigation and police are reviewing surveillance footage from the SEPTA bus.