5 Year Certificate of Deposit Rates: Highest 5 Year CD Interest Rate at 1.85% APY

The Fed announced they are keeping the Fed funds rate at near zero percent past the end of 2014 until mid 2015. This means deposit rates like CD rates and savings account rates will also remain low for at least another three years but probably longer. That being said we decided to publish a current list of long term bank CD rates because these rates will be decling further in the coming months as the CD rate curve flattens even more.

While the best CD rates on 5 year certificates of deposit at 1.85 percent APY might not sound like much we might see the highest CD rates on 5 year certificates of deposit move down to the 1.50 percent range. Average 5 year CD rates at banks are already below 1.00 at 0.98 percent in the Federal Deposit Insurance Corporation's (FDIC) weekly national rate survey.

The highest CD rate on 5 year certificates of deposit on our national rate list is from CIT Bank. Current CIT Bank CD rates are at 1.83 percent with an APY of 1.85 percent. The minimum opening balance to earn this rate and yield on a CIT Bank certificate of deposit is $1,000.

The second best 60 month CD interest rate on our list is from two different banks. Discover Bank CD rates and iGOBanking CD rates on 60 month certificates of deposit are currently at 1.73 percent with an APY of 1.75 percent. The minimum opening CD account balance at Discover Bank is $2,500 and iGOBanking's minimum is $1,000.

Doral Bank has the third highest CD rate on our 5 year national average rate list. Doral Bank CD rates on 5 year certificates of deposit are currently at 1.71 percent with an APY of 1.72 percent. Doral Bank's minimum opening account balance is $1,000. So far the top 3 CD rates on our list are a lot higher than the FDIC national average 5 year CD rate.

The fourth best certificate of deposit rates on our list are from American Bank and Barclays Bank. Both American Bank CD rates and Barclays Bank CD rates are at 1.69 percent with an APY of 1.70 percent. American Bank has a minimum opening deposit of $500 and Barclays Bank doesn't have a minimum opening deposit.

Round out the top 5 CD rates on our 60 month certificate of deposit rate list is Ally Bank. Current Ally Bank CD rates on 5 year CD accounts are at 1.68 percent with an APY of 1.69 percent. There is no minimum opening balance for an Ally Bank online CD account.