Compare the Best 60-month CD Rates.
A 5-year CD, or 60-month certificate of deposit, is a savings account option offered by banks and credit unions, providing fixed interest over a predetermined term. This CD type allows you to lock in a competitive rate for five years, letting your money grow steadily. After five years, the original amount, plus interest, can be withdrawn without penalty.
The following table displays the best interest rates from 454 banks and credit unions, sortable by rate or filtered by term.
Our Favorite Certificates Of Deposit
As of October 2026, we recommend any of the banks and credit unions on Raisin because most of the accounts on their platform require only $1 to open, allowing you to spread your risk among several financial institutions rather than having all your eggs in one basket.
Why Compare 60 Month CD Rates?
Rates on CDs vary across banks and credit unions, so comparing options is essential to ensure you’re getting the best deal. We aim to connect you with the highest interest rates, helping your savings grow over time. Before you buy, it’s worth shopping for the best interest rates online, comparing terms and fees.
And if you’re age 60 or saving for retirement, consider a CD annuity as an alternative for higher interest and liquidity.
Why Comparing 5-Year CD Rates on Your Own Is a Bad Deal
If you’re shopping for a 5-year certificate of deposit (CD), it may seem simple—find the highest rate and open the account. But here’s what most people don’t realize: banks only show you their rates, and many of the highest-paying options aren’t available directly to consumers. As an independent broker, we give you access to over 50+ banks and insurers—including exclusive offers you won’t find on public rate boards.
We specialize in helping you:
- Compare apples to apples across CDs and multi-year guaranteed annuities (MYGAs)
- Find the best interest rate for your specific deposit amount and state
- Avoid penalties or bad liquidity traps
- Choose the right product based on your tax bracket, goals, and cash needs
What We Help You Compare
We’ll help you evaluate side-by-side:
✅ Traditional 5-Year Bank CDs
- FDIC-insured up to $250,000 per bank
- Ideal for conservative savers who want guaranteed interest
✅ 5-Year Multi-Year Guaranteed Annuities (MYGAs)
- Often pay higher interest than CDs
- Tax-deferred growth (no annual 1099s)
- Guaranteed principal protection, just like a CD
- Regulated by state insurance departments, not the FDIC
What makes MYGAs better than CDs for many people?
While CDs pay interest that’s taxed annually, MYGAs defer taxes until withdrawal—making them ideal for long-term savings and retirement planning.
Pros and Cons of Each Option
| Feature | 5-Year CD | 5-Year MYGA |
|---|---|---|
| Interest Rate | Moderate (2.5% – 4.5%) | Higher (up to 6% in some cases) |
| Taxation | Annual 1099 | Tax-deferred until withdrawn |
| Early Withdrawal Penalty | Usually 6–18 months’ interest | May have surrender charges |
| Safety | FDIC-insured | Backed by state guaranty funds |
| Best Use | Short-term or taxable accounts | Long-term or retirement funds |
Who Should Use a 5-Year CD or MYGA?
Great Fit If You:
- Want a guaranteed interest rate for 5 years
- Are concerned about market volatility
- Prefer not to manage investments
- Have $10,000 or more to invest
- Are you saving for retirement, a future purchase, or legacy planning
Not Ideal If You:
- Need full liquidity before 5 years
- Expect interest rates to rise significantly soon
- Are looking for high-risk, high-return investments
- Already maxed out insurance coverage or FDIC limits
What Types of Funds Can Be Used?
You can fund a 5-year CD or MYGA with:
- Personal savings (non-qualified funds)
- Traditional IRAs
- Roth IRAs
- 401(k) rollovers
- Trust or joint accounts
For tax-advantaged growth, MYGAs are often the better fit for retirement accounts due to deferred taxation and higher yields.
Advantages of Working with The Annuity Expert
At The Annuity Expert, our advisors and brokers provide a no-obligation service to help you shop for the top 5-year CD rates available. We ensure that every comparison is worthwhile by researching online and finding the best rates in the market.
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