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Certificates of deposit (CDs) can be a great choice for savers since they often pay higher interest rates than traditional savings accounts. In recent years, financial institutions have offered remarkably high yields on CDs amid elevated interest rates, with some even paying over 5%.
However, interest rates have started to fall, with a possibility of more rate cuts in the near future. As a result, it’s not as easy to get a 5% CD as it once was. While 5% CDs are tougher to find today, a handful still exist. Here’s an overview of typical CD rates today and where to get a 5% CD.
How common are 5% CDs?
These days, a 5% rate is quite high for a CD. In fact, the national average rate is much lower across all popular term lengths.
To get a 5% CD, you would need a rate around three times the national average. While these CDs do exist, they are definitely not common. That's because CD yields generally move in the same direction as the Federal Reserve’s benchmark rate, known as the federal funds rate . When the Fed cuts its rate, banks lower what they’re willing to pay.
Between August 2024 and September 2025, the effective federal funds rate dropped from 5.33% to 4.08%. As a result, the era of 5% CDs — which peaked in 2023-2024 — is essentially over. Today, the best CD rates are now closer to 3%-4%.
Where to find CDs that pay 5% or more
With lower interest rates in recent months, finding a 5% CD isn’t easy. A few still exist, but they are often limited-time, promotional CD rates and typically come with some restrictions.
However, if you are determined to get the highest CD rate possible, here are a few to consider.
F3 Credit Union: 6.13% APY (12-month term)
F3 Credit Union (F3CU) currently offers a limited-time 12-month certificate to new members that pays 6.13% APY. The minimum opening deposit is $500, and the maximum deposit is $10,000.
To join F3CU, you must live, work, worship, or go to school in Santa Clara County; be employed by or retired from the U.S. Postal Service in an eligible county; be a civil service employee in an eligible county; or be an employee, contract employee, or legal counsel of the credit union.
Read more: What is a share certificate?
Financial Partners Credit Union: 6% APY (8-month term)
This 8-month special CD pays 6% APY and is available to new members only. There is a $1,000 minimum deposit and a $5,000 maximum deposit.
To join the credit union, you must live, work, or go to school in certain counties within California, or be an employee or retiree of its select employer groups.
Alpena Alcona Area Credit Union: 6% APY (7-month term)
Alpena Alcona Area Credit Union (AAACU) has a special 7-month CD for new members that earns 6% APY. The minimum opening deposit is $250.
To become a member of AAACU, you must live, work, worship, or attend school in the state of Michigan.
Read more: 7 credit unions anyone can join
Cal Coast Credit Union: 5% APY (5-month term)
The “Take 5” certificate from Cal Coast Credit Union pays a 5% APY. The minimum deposit is $500 and must be made with new money, meaning you can’t transfer it from another account at Cal Coast Credit Union.
Additionally, you must be a member of the credit union to open a CD, with membership limited to people who live or work in certain coastal areas of California.
Third Federal Savings & Loan: 5% APY (6-month term)
Third Federal pays 5% APY on the first month of its 6-month bonus CD. Subsequent months pay 3% APY. The minimum deposit needed to open an account is $500.
Read more: This map shows the highest CD rate in every state
