Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.
The best 5-year CD rates of July 2020
|Editor's rating (out of 5)||APY||Opening deposit|
|4.09||1.25% – 1.30%||$1,000||Learn more|
|3.82||1.40% – 1.50%||$500||Learn more|
|3.81||1.30% – 1.40%||$500||Learn more|
If you want to grow your money but keep it safe from the turbulence of the stock market, a certificate of deposit (CD) may be a good option.
Right now, the best 5-year CD rates are at least 1.20%. You may be able to find longer terms with slightly higher rates, but most institutions' longest terms are five years. Five-year CDs offer some of the highest guaranteed rates of return you can find right now.
All 5-year CDs with the following banks are FDIC insured, and all certificates with the credit unions are federally insured by the NCUA. For the most part, banks compound your interest daily, and credit unions compound your interest monthly. This means that even if a credit union pays a higher rate, it's possible you'll accumulate less wealth than with an account that compounds your interest more frequently.
- The best 5-year CD rates of July 2020
- Learn more about our top picks
- Other 5-year CDs we considered
- Frequently asked questions
Learn more about our top picks
Delta Community Credit Union Certificate of Deposit
Source: Read Full Article