Today, the national average interest rate for a certificate of deposit (CD) ranges from 0.23% for a 1-month CD to 1.42% for a 1-year CD. However, many banks and credit unions offer certificates of deposit with competitive yields as high as 5%, which have the power to help you grow your savings exponentially over time.

14 CDs that pay 5% APY and up

Here’s a look at some of the top FDIC-insured certificates of deposit available today that currently offer 5.00% APY and higher.

Note that interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.

See our picks for the best CDs available today>>

America First Credit Union 3- to 5-month CDs: 5.20% APY

America First Credit Union’s CDs with terms of 3 to 5 months earn an impressive 5.20% APY (interest compounds monthly). The minimum deposit requirement is $500. Early withdrawals will incur a penalty of 60 days’ worth of dividends. To become a member of America First Credit Union, you’ll need to submit an online application and meet certain eligibility requirements.

Read our full review of America First Credit Union

CommunityWide Federal Credit Union 6-month CD: 5.25% APY

CommunityWide Federal Credit Union’s 6-month CD offers a rate of 5.25% APY with a minimum opening deposit of $1,000. Early withdrawals result in a penalty equal to the amount of the withdrawal times the remaining term (days) of the certificate at the rate of two times the current APR (divided by 365) paid on this certificate. The penalty amount will be deducted from the amount withdrawn.

Genisys Credit Union 7-month CD: 5.25% APY

Genisys Credit Union’s 7-month CD offers an impressive 5.25% APY with a minimum opening deposit of $500. The penalty for early withdrawals is 90 days’ worth of dividends

America First Credit Union 6- to 11-month CD: 5.10% APY

America First Credit Union’s CDs with terms of 6 to 11 months offer a competitive 5.10% APY and have a minimum opening deposit requirement of $500. The penalty for making early withdrawals is equal to 60 days’ worth of dividends.

Bask Bank 3-month CD: 5.10% APY

Bask Bank offers a competitive 5.10% APY on CDs with 3-month terms. The minimum deposit requirement is $1,000, and interest is compounded daily. The penalty for early withdrawals is 90 days’ worth of simple interest based on the principal amount withdrawn.

Read our full review of Bask Bank

Barclays 6-month CD: 5.10% APY

Barclays’ 6-month CD offers 5.10% APY with no minimum deposit required to open an account. Interest on this CD compounds daily. The penalty for making a withdrawal before your CD reaches maturity is 90 days’ worth of simple interest on the dollar amount withdrawn.

Read our full review of Barclays Bank

LendingClub 10-month CD: 5.10% APY

LendingClub’s 10-month CD also offers 5.10% APY. The minimum to open this account is $2,500, and the early withdrawal penalty is equal to 90 days’ worth of simple interest.

Quontic Bank 6-month CD: 5.10% APY

Quontic Bank’s 6-month CD currently offers 5.10% APY with a minimum deposit of $500. Interest compounds daily and is credited monthly. The one major drawback of this CD is that the penalty for making an early withdrawal is equal to the interest for the full length of your term, which means you could lose part of your principal deposit if you withdraw your funds too soon.

Read our full review of Quontic Bank

Bank5 Connect 6-month CD: 5.05% APY

Bank5 Connect has a 6-month CD with a rate of 5.05% APY (interest compounds monthly) and a minimum opening deposit requirement of $500. The penalty for making an early withdrawal from this account is equal to three months’ worth of interest.

Read our full review of Bank5 Connect

Popular Direct: 3-month CD: 5.05% APY

Popular Direct’s 3-month CD currently boasts an APY of 5.05% and requires a minimum of $10,000 to open, which is the highest minimum opening deposit on our list. Interest compounds daily and is credited to your account on the last day of each month. For terms less than 91 days, the fee for making an early withdrawal is 89 days simple interest.

Bask Bank 6-month CD: 5.00% APY

Bask Bank offers a rate of 5.00% APY on its 6-month CD term (interest compounds daily). The minimum opening deposit required is $1,000. Early withdrawals incur a penalty of 90 days’ worth of simple interest based on the principal amount withdrawn.

LendingClub 6-Month CD: 5.00% APY

LendingClub’s 6-month CD offers 5.00% APY with a minimum opening deposit of $2,500. The early withdrawal penalty for this account is equal to 90 days’ worth of simple interest.

CommunityWide Federal Credit Union 12-month CD: 5.00% APY

CommunityWide Federal Credit Union’s 12-month CD offers a rate of 5.00% APY with a minimum opening deposit of $1,000. Making an early withdrawal from this CD will result in a penalty equal to the withdrawal amount times the remaining term (days) of the certificate at the rate of 2 times the current APR (divided by 365) paid on this certificate. The penalty amount will be deducted from the amount withdrawn.

Santander Bank 6-month CD: 5.00% APY

Santander Bank’s 6-month CD offers 5.00% APY with a minimum opening deposit requirement of $500. Interest is compounded daily and credited monthly. The early withdrawal penalty is 3 months’ worth of interest.