60 Month CD Rates: Best CD Bank Rate at 1.85% APY
For over 4 years we have been reporting on CD rates moving lower and lower. Back just before the financial crisis in 2008 there were bank CD rates available as high as 5.00 percent on 12 month certificates of deposit. The best CD rates on 60 month certificates of deposit were also around 5.00 percent. Discover Bank CD Rates on 5 year certificates of deposit were at 5.21 percent APY. Right now the highest CD rates on 5 year certificates of deposit are under 2.00 percent and the highest CD rates on 1 year certificates of deposit are just north of 1.00 percent.
Right now the best CD bank rate on our 5 year certificate of deposit rate list is from CIT Bank at 1.83 percent with an APY of 1.85 percent. A 5 year CD rate of 1.83 percent doesn't sound like a great rate compared to where rates were several years ago but when compared to the FDIC national average 5 year CD rate of 0.98 percent things start to look a lot better.
The second highest CD rates at banks on our 60 month certificates of deposit rate list is also well above the FDIC national average. Third Federal Savings and Loan is offering 60 month CD interest rates at 1.74 percent with an APY of 1.75 percent. Third Federal's rate is also well above Bankrate's current 5 year national average of 1.36 percent.
Two more banks that have 5 year certificate of deposit APY at 1.75 percent include iGOBanking and Discover Bank. Both banks have current 5 year rates at 1.73 percent with an APY of 1.75 percent. If you want to invest in a longer term certificate of deposit Discover Bank is offering 7 year certificates of deposit with an APY of 2.00 percent an 10 year certificates of deposit with an APY of 2.10 percent.
Doral Bank is next on our 5 year certificate of deposit rates list. Current 5 year Doral Bank CD rates are offered at 1.72 percent with an APY of 1.73 percent. Right behind Doral Bank on our rate list is Ally Bank. Current 5 year Ally Bank CD rates are offered at 1.71 percent with an APY of 1.72 percent.
Best 60 Month CD Bank Rates
All the 5 year bank CD rates listed above are above the FDIC's 5 year national average rate of 0.98 percent and Bankrate's 5 year national average rate of 1.36 percent. The rates are also above the FDIC's 5 year average jumbo CD rate of 0.98 percent. You can search for and compare the best CD rates for many different types of CD terms using our rate tables.