60 Month CD Rates: Best CD Rates Just Below 2.00 Percent

After the most recent Federal Open Market Committee meeting in September the Fed announced they will interest rates low until mid-2015. This means CD rates will also remain low until at least mid-2015 and we probably won't see higher CD rates until 2016. If bank CD rates do stay low until 2016 that would mean we lived through the longest period of very low CD rates at banks in a generation.

Right now the best CD rates on 60 month certificates of deposit are just below 2.00 percent. The best CD rate on a 5 year certificate of deposit on our rate list is from CIT Bank at 1.78 percent with an APY of 1.80 percent. A few years ago a 1.78 percent 5 year CD interest rate would have sounded pathetic but compare that rate with the FDIC's national average 5 year CD rate of 0.93 percent and it looks a lot better.




Most jumbo certificate of deposit accounts require a minimum deposit of $100,000. CIT Bank's CD rate of 1.78 percent only requires a minimum deposit of $25,000. Locking into a 5 year certificate of deposit term is probably a smart move since CD interest rates will continue the slow agonizing declines we have seen since the financial crisis and recession.

The second highest 5 year CD rate on our rate list is from another well known online bank. Discover Bank CD rates on 5 year certificates of deposit are currently at 1.73 percent with an APY of 1.75 percent. Discover Bank's CD rate is also considerably higher than the FDIC national average rate. Discover's minimum opening deposit to earn that rate and yield is only $2,500.

5 Year CD Rates October 15, 2012

1. CIT Bank CD Rates 1.78% APY 1.80%


2. Discover Bank CD Rates 1.73% APY 1.75%


3. Barclays Bank CD Rates 1.69% APY 1.70%


4. American Bank CD Rates 1.69% APY 1.70%


5. E-Loan CD Rates 1.69% APY 1.70%


6. Ally Bank CD Rates 1.68% APY 1.69%


7. Doral Bank CD Rates 1.67% APY 1.68%


8. Intervest National Bank 1.67% APY 1.68%


9. Colorado Federal Savings Bank 1.64% APY 1.65%


10. TAB Bank CD Rates 1.63% APY 1.64%

All the 60 month certificate of deposit rates listed above are above the FDIC's national average 5 year CD rate this week. The top 5 rates are also higher than the FDIC's National Rate Cap of 1.68 percent for the week ending October 9, 2012. CD rates at banks change all the time so be sure to check back with us often to get the highest CD rates.