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You are viewing local cd rates from banks around: Ohio, OH 43085
Below are 5-year CD Rates from banks that are located within 20 miles of your location. Five-Year Certificates of Deposit (CD) are generally the longest term CD that most banks will offer. They tend to offer the highest rates but require the longest commitment. Five-year CDs are especially popular in a declining interest rate environment as depositors can lock money in at the highest rate possible for the longest period of time. They are also popular with depositors who are willing to lock up money for five-years in return for extra yield.
Columbus, OH - December 14, 2024
5 Year CD National Average : 0.92% ?
| Banks | APY | MIN | MILES ? | |
|---|---|---|---|---|
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3.00% |
$5,000 |
- |
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Dana E. | Mar 20, 2016 Good solid bank. Read More |
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2.00% |
$10,000 |
- |
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Rate History: 2.00% → 2.50% → 2.00% |
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Hayley7788d@outlook.com | Jan 2, 2023 Terrible customer service by investment side. Fees too high , too full of themselves Read More |
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1.35% |
$500 |
- |
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Rate History: 1.00% → 1.35% |
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Jabbroadway42 | Nov 17, 2020 Is notarie services available today at a woodforest on wilkinson blvd Read More |
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1.30% |
$10,000 |
12.97 |
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Billmaryd33@aol.com | Apr 23, 2021 Billmaryd33@aol.com Read More |
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1.25% |
$10,000 |
10.29 |
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Patty | Mar 21, 2020 Well here comes good old Union Savings the absolute worst bank to deal with in the world again today. We have no money coming in right now so we did not send in the mortgage payment yet because our family ... Read More |
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1.00% |
$10,000 |
11.14 |
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1.00% |
$10,000 |
10.29 |
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Patty | Mar 21, 2020 Well here comes good old Union Savings the absolute worst bank to deal with in the world again today. We have no money coming in right now so we did not send in the mortgage payment yet because our family ... Read More |
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0.95% |
$10,000 |
9.34 |
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0.85% |
$10,000 |
17.96 |
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Disappointed | Feb 5, 2020 We used Civista Bank for a mortgage loan because they gave me the best rate of 3.5 for my over 800 credit rating with no points and locked it in for 2 months. Other banks offering the same rate but would n... Read More |
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0.80% |
$10,000 |
12.97 |
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Joseph Usher | May 6, 2015 The BEST BANK for 57years straight. The personel are wonderful to work with. ANYONE that needs Money, Middlefield Bank will be there to help. Read More |
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0.77% |
$500 |
18.11 |
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0.75% |
$10,000 |
10.78 |
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0.75% |
$1,000 |
6.61 |
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Morgan B | Mar 12, 2023 I have several business loans through VCNB. Anyone considering borrowing money should consider using them for financing. They have the assets and abilities of larger chains, but you get a more personal i... Read More |
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0.55% |
$100,000 |
9.88 |
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Squittyrules83 | Sep 6, 2022 DO NOT TRUST THIS BANK. I caught them Ted handed trying to hold my funds through various methods even going so far as to not allow me to transfer my funds to another bank. I've been banking with them for... Read More |
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0.50% |
$1,000 |
- |
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Allan | Mar 18, 2021 I called Huntington yesterday and the branch manager told me that the rate listed on Best Cash Cow doesn't exist......... Read More |
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0.50% |
$1,000 |
21.89 |
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0.50% |
$1,000 |
16.81 |
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0.50% |
$500 |
- |
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0.50% |
$10,000 |
5.05 |
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0.50% |
$10,000 |
12.87 |
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0.50% |
$10,000 |
- |
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James R. | Sep 11, 2020 CF Bank showed good promise as a lender. They have a nice site with a swift intake and origination process. My originator, Dylan, was knowledgeable and a pleasure to work with. I unfortunately can’t g... Read More |
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0.50% |
$10,000 |
9.88 |
Learn More
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Squittyrules83 | Sep 6, 2022 DO NOT TRUST THIS BANK. I caught them Ted handed trying to hold my funds through various methods even going so far as to not allow me to transfer my funds to another bank. I've been banking with them for... Read More |
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0.50% |
$10,000 |
22.28 |
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0.40% |
$10,000 |
24.18 |
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0.35% |
$10,000 |
24.18 |
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0.25% |
$10,000 |
24.96 |
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dionpayne | Jun 28, 2017 showmethreethousanddollars Read More |
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0.20% |
$10,000 |
14.53 |
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0.15% |
$100,000 |
24.18 |
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0.05% |
$2,500 |
- |
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Rate History: 0.03% → 0.05% |
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Seeko | Mar 28, 2023 On line banking gives a confirmation number when paying bills. But it doesn’t confirm that the bill will be paid only that they have the information. Ridiculous. Read More |
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0.03% |
$25,000 |
- |
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GAM | May 18, 2019 Had checking and savings for years when living in Philly. Went into PNC 2.35 APY high yield savings. They have thus far maintained rate. Easy web site and great customer phone service. Still maintain check... Read More |
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0.01% |
$500 |
- |
Learn More
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Juan Ricardo | Nov 12, 2018 Helpful w/$ Read More |
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BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.
Five-year CDs are the big kahuna of the CD world. While banks may offer six-year, seven-year, or even 10-year CDs, the five-year is the longest of the most commonly offered terms. The 5-year CD is therefore often the highest offer at your local bank. Therefore, the temptation for those looking for yield is to open one, deposit money, and forget about it for five years. This could be a mistake. In rising rate environments a five-year CD may not be a good investment.
Like every other CD term, five year CDs from FDIC insured banks are protected up to FDIC limits (generally $250,000 per account holder per bank). If your deposit is over the FDIC limit then you may not receive the uninsured money in case of a bank failure.
The principle threat to a a five year CD is inflation. If the CD is opened in a low rate environment, and rates and inflation subsequently rise, then inflation will erode the value of the certificate of deposit over its five years. For example, if a depositor opened a five year CD in year 1 with a yield of 2.05% APY and inflation at 1.5%, then the real return is .55 percentage points. But if inflation rises the next year to 2.5% and stays there for the next four years, then the CD in real terms is losing money every year: 2.05% - 2.5% = -.45%.
While it is impossible for anyone to predict too far into the future, savers should be cognizant of the economic environment before locking up money for a five year time-period. Our rate analysis page provides some insight into where we think rates will go.
On the other hand, if rates are falling and will continue to do so for some time due to an economic recession then it makes sense to lock in a higher rate with a five year CD. Savers who opened five year CDs in 2008 immediately after the financial crisis were able to lock in rates in the 6% range, a great move considering two years later a five year CD paid below 3%.
Five-year CDs currently pay about 1.00% more in interest than a one year CD. In general, CDs of this duration are best opened as part of a laddered CD portfolio or if the depositor thinks that rates will either stagnate or drop over the next couple of years.
Opening a five year CD in a branch is relatively easy and similar to every other CD term. Most banks require the customer be a resident of the United States and most branch-based banks ask that the account be opened in the bank. Funding can be performed by transferring money that is already located at that bank or by check or ACH transfer from another bank. The CD can be opened that day and the rate locked.
With longer term CDs, savers should make sure they put a record of the CD in a safe place and that if they move, they forward their new address to the bank. In cases where the bank cannot find the CD holder, the bank may hand the funds over to a state authority as a lost deposit, and it will require onerous paperwork to reclaim the money.
All banks listed on BestCashCow are FDIC insured; BestCashCow.com strongly recommends that you stay within FDIC insurance limits and that if you are unsure of how the limits affect you, please visit the FDIC website.
To understand all of the income generating options available to a saver, please view the Income Generating Investments Comparison Chart.
Find out how much extra money you can earn by moving your bank money into an account that pays more.
Use or Change these Amounts And Rates