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You are viewing local cd rates from banks around: New York, NY 10116
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.
New York City, NY - July 30, 2025
5 Year CD National Average : 0.92% ?
| Banks | APY | MIN | MILES ? | |
|---|---|---|---|---|
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4.20% |
$10,000 |
- |
Learn More
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Early Withdrawal Penalty is 730 days interest. |
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Neil | Dec 18, 2023 I submitted a CD application 18 months 5.50 APY over a week ago and my application was declined no reason was given, I have the funds in another bank for transfer, credit score over 800. I think the reason... Read More |
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4.05% |
$25,000 |
- |
Learn More
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Warning: Early Withdrawal Penalty is 2% of the account balance. |
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Frank M | Jul 3, 2023 A 2% early withdrawal fee on a 1-year CD is almost equally insane as a 270 day one. Read More |
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4.00% |
$25,000 |
- |
Learn More
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Rate History: 3.05% → 3.50% → 4.11% → 4.00% |
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79Thru | Mar 21, 2023 Parent seems to be owned by a large Chilean bank. Not saying this is good or bad, but it is complication, especially in the current environment. Read More |
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4.00% |
$250 |
6.63 |
Learn More
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Rate History: 4.50% → 3.50% → 4.00% |
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3.91% |
$500 |
3.94 |
Learn More
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Early Withdrawal Penalty is 90 days interest. |
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Richard | Jul 1, 2022 Very easy opening process and wonderful staff. Read More |
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3.80% |
$2,500 |
- |
Learn More
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Rate History: 4.00% → 3.85% → 3.75% → 3.80% |
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HAL1975 | Aug 2, 2023 Sallie mae is just a horrible institution. We've done business with them before and swore on the holy bible not to go near there again, but a 18 mos cd at 5.55% brought us back. Read More |
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3.75% |
$1,000 |
19.12 |
Learn More
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Rate History: 3.50% → 4.00% → 3.90% → 3.75% |
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Dr. E. F. Ayers; e.f.ayers@outlook.com | Oct 2, 2015 I have a CD maturing on 11/15 please email your CD Rates and contact info. Read More |
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3.75% |
$1,000 |
3.88 |
Learn More
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Rate History: 4.47% → 4.37% → 4.11% → 3.96% → 3.75% |
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3.50% |
$0 |
19.50 |
Learn More
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Rate History: 4.00% → 3.90% → 3.75% → 3.50% |
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highstream | Jan 2, 2024 Like others, I've been with Capital One and its predecessor ING Direct since 2007. I've also been getting cheap bank rates on my savings account and didn't realize that there was something better, although... Read More |
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3.50% |
$2,500 |
2.29 |
Learn More
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Rate History: 3.55% → 3.50% |
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3.50% |
$500 |
5.05 |
Learn More
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3.40% |
$2,500 |
16.39 |
Learn More
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Early Withdrawal Penalty is 180 days interest. |
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overdrawn | Nov 12, 2022 I was shopping for deposit rates in August, and NerdWallet, a site I had previously trusted, had it on their list. I was unaware they took deposits. They are the only bank that ever duplicated a transactio... Read More |
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3.35% 0.35% |
$250,000 $1,000 |
9.21 |
Learn More
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Rate History: 3.45% → 3.65% → 3.35% |
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NORTY FLATZ | Dec 3, 2019 Have done business with "Hope's" San Diego branch for a few years. Always courteous and helpful. Looking forward to doing business with them in the future. Read More |
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3.35% |
$1,000 |
4.48 |
Learn More
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Rate History: 2.50% → 3.35% |
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3.35% |
$100 |
6.27 |
Learn More
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Rate History: 3.70% → 3.75% → 3.85% → 3.75% → 3.35% |
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an | Apr 25, 2022 We would not be having all this trouble with people sealing money out of other people's bank accounts if we were to just stop using fancy banking like onlinebanki Read More |
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3.25% |
$1,000 |
23.39 |
Learn More
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Rate History: 0.40% → 3.25% |
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3.25% |
$500 |
24.25 |
Learn More
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Rate History: 3.60% → 3.70% → 4.00% → 3.25% |
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James A. Elder | Mar 25, 2020 I was told on the phone by a bank rep that my present money market acct interest rate would continue at 2.25% until June 30, 2020 and would be FDIC covered up to $250,000. Please verify if this is true???... Read More |
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3.25% |
$500 |
23.69 |
Learn More
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3.20% |
$500 |
8.71 |
Learn More
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Rate History: 3.20% → 3.35% → 3.20% |
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3.20% |
$500 |
3.26 |
Learn More
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Rate History: 4.20% → 4.30% → 3.80% → 3.70% → 3.20% |
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3.00% |
$0 |
3.94 |
Learn More
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Richard | Jul 1, 2022 Very easy opening process and wonderful staff. Read More |
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3.00% |
$500 |
23.67 |
Learn More
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3.00% |
$0 |
19.16 |
Learn More
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3.00% |
$1,000 |
11.15 |
Learn More
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Rate History: 2.00% → 0.60% → 2.00% → 0.60% → 3.00% |
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Papa | Jul 31, 2020 Reduced savings rate from 1.88% to .75% a day after I deposited a substantial amount of money and no notice given or reduction in rate told to me Read More |
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3.00% |
$500 |
17.94 |
Learn More
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Douglas H | Feb 5, 2020 The employees of this bank are helpful but the bank's systems and procedures for obtaining your account information STINK. If you want a bank that provides you quarterly (or even annual) statements by mai... Read More |
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3.00% |
$500 |
5.48 |
Learn More
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Rate History: 4.30% → 3.50% → 3.00% |
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JuanVelasco | Mar 17, 2023 STAY AWAY ! They closed my accounts with no warning. After multiple successful direct deposits and mobile checks deposits, they claimed one of the three checks I deposited a few days ago was fake. No... Read More |
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3.00% |
$1,000 |
12.56 |
Learn More
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2.75% |
$500 |
- |
Learn More
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Jim S | Dec 21, 2023 Very easy to setup 6 month 5.35% CD from cornerstone account Read More |
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2.75% |
$5,000 |
20.36 |
Learn More
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Rate History: 3.00% → 2.75% |
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Dana E. | Mar 20, 2016 Good solid bank. Read More |
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2.50% |
$2,500 |
0.53 |
Learn More
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2.00% |
$0 |
18.94 |
Learn More
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Azoic | Feb 25, 2022 I joined Citi with a Costco-VISA card. An Accelerate followed, and then a checking account. Costco-VISA is necessary for using a credit card at Costco, otherwise cash is necessary. Accelerate Savings w... Read More |
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2.00% |
$500 |
9.70 |
Learn More
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2.00% |
$1,500 |
19.90 |
Learn More
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Ryan | Feb 13, 2018 Is it legal to bring someone into the branch and shake them down and threaten them when they want to redeem their CD upon maturity (as opposed to allowing it to automatically renew)? If not, these guys an... Read More |
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2.00% |
$10,000 |
16.89 |
Learn More
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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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1.77% |
$1,000 |
9.50 |
Learn More
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1.31% |
$10,000 |
3.29 |
Learn More
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Rate History: 1.51% → 1.31% |
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1.14% |
$500 |
18.16 |
Learn More
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Rate History: 0.10% → 1.50% → 3.50% → 1.50% → 1.14% |
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Mark Fitzpatrick | Apr 4, 2016 I been with trustco for years and it is well run. They really are a home town bank. As a small business person i appreciate the business card stand they have in the branches for there customers. I was w... Read More |
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1.05% |
$10,000 |
22.40 |
Learn More
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Abraham Farber | May 14, 2015 looking to refinance into a fixed equity 15 yr loan, I have now a 1st Mortg & equity line total of about 218000. looking to get about 360 & pay off the old ones & have extra, I have a 4 unit house were we ... Read More |
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1.01% |
$10,000 |
13.24 |
Learn More
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1.01% |
$10,000 |
3.60 |
Learn More
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1.00% |
$10,000 |
17.45 |
Learn More
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1.00% |
$10,000 |
20.54 |
Learn More
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CF | Jul 11, 2020 A great bank. Rates are competitive and they have outstanding customer service. Read More |
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1.00% |
$10,000 |
5.50 |
Learn More
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0.90% |
$10,000 |
18.67 |
Learn More
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0.75% |
$1,000 |
12.26 |
Learn More
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0.75% |
$10,000 |
16.47 |
Learn More
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0.75% |
$1,000 |
2.25 |
Learn More
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0.75% |
$10,000 |
15.23 |
Learn More
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0.74% |
$10,000 |
2.43 |
Learn More
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0.65% |
$10,000 |
0.51 |
Learn More
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0.60% |
$100,000 |
23.14 |
Learn More
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0.55% |
$10,000 |
23.14 |
Learn More
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0.55% |
$1,000 |
0.15 |
Learn More
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0.50% |
$1,000 |
- |
Learn More
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RTN1949 | Jun 2, 2022 I've been a customer since CIT emerged from the financial crisis as a real competitor in this space (14 years or so). Zero complaints about anything over this time ... until today. Now they are offering a... Read More |
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0.50% |
$1,000 |
17.37 |
Learn More
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Rate History: 0.65% → 0.50% → 4.25% → 0.50% |
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Customer18 | Mar 26, 2021 Spencer Bank is by far, the ABSOLUTE WORST Banking institution there is. The Bank - and the Headquarters - display a host of shortcomings and clearly are the most substandard bank - dealing with numerou... Read More |
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0.50% |
$10,000 |
9.16 |
Learn More
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0.40% |
$50,000 |
5.11 |
Learn More
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0.40% |
$500 |
12.84 |
Learn More
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Rate History: 0.40% → 0.65% → 0.40% |
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0.33% |
$1,000 |
12.90 |
Learn More
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thedon | Mar 29, 2020 have been waiting 8 weeks - yes 8 weeks for a closing date from this bank ..... they keep giving flimsy excuses requesting insignificant and unnecessary paperwork from us ( the seller ) the buyers who know... Read More |
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0.30% |
$10,000 |
5.27 |
Learn More
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Bauhinia C | Mar 15, 2023 Oh Natty natty natty, haha the fact you need to take out (probably a second) loan for $160,000 on a $625,000 sends up all kinds of red flags. The bank was right to run away from YOU dear hahaha. Read More |
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0.25% |
$10,000 |
- |
Learn More
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UtahJazz1 | Jun 10, 2022 This bank hasn't raised their rates! Maybe I was sleeping but I need to get out of here fast. Read More |
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0.25% |
$10,000 |
16.27 |
Learn More
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0.20% |
$1,000 |
- |
Learn More
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wertlkgt | Mar 28, 2022 Vaporware. Was approved to open an account. I logged in on several different browsers with differing rendering codes--each time got nothing but 3 circles running left to right for up to a half hour when I ... Read More |
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0.20% |
$100,000 |
3.69 |
Learn More
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0.05% |
$2,500 |
24.17 |
Learn More
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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 |
20.55 |
Learn More
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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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0.03% |
$100,000 |
15.78 |
Learn More
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Treasure | Jul 24, 2023 BOFA is a den of people thieves camouflaged as bank operatives. There’s a soon to be uncovered carrel of money laundry there. They took all my money and don’t want to release it to me for no particular... Read More |
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0.00% |
$10,000 |
5.23 |
Learn 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