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Image Courtesy: www.pixabay.com
You are viewing rates from banks across Phoenix
Below are 5-year CD Rates from banks that are located in Phoenix, { Arizona}. 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.
Phoenix, AZ - September 7, 2024
5 Year CD National Average : 0.92% ?
| Banks | APY | MIN | MILES ? | |
|---|---|---|---|---|
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4.04% |
$1,000 |
- |
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4.00% |
$1,000 |
- |
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Rate History: 0.25% → 1.35% → 4.00% |
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Beenthere | Jan 29, 2024 Tried to enter information on line to open a 5 year CD, multiple time and wasn't accepted. Talked to a live person who was of no help at all. My credit score is over 800 and I have plenty of money in oth... Read More |
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3.90% |
$500 |
- |
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Rate History: 4.37% → 4.06% → 4.75% → 4.16% → 3.90% |
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HonestReview | Apr 19, 2023 This bank was honest and I had no problems with them in person. Not everyone was equally competent but they got help. Read More |
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2.50% |
$2,000 |
- |
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Rate History: 3.90% → 3.75% → 3.10% → 2.50% |
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2.00% |
$10,000 |
- |
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Rate History: 2.02% → 2.00% |
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Carrandrewb | Aug 5, 2022 The worst customer service during covid. I lost my wallet they were nit understanding when things were shutting down. I knew covid was going to be bad and did not want to be around people. They did nit eve... Read More |
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1.55% |
$100,000 |
- |
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Aku | May 29, 2020 Dua Read More |
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1.50% |
$1,000 |
- |
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1.00% |
$10,000 |
21.70 |
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1.00% |
$100,000 |
8.26 |
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1.00% |
$10,000 |
21.58 |
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0.90% |
$10,000 |
8.26 |
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0.80% |
$10,000 |
6.50 |
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Fran1 | Feb 4, 2020 Academy was great helping me open a new account Read More |
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0.60% |
$10,000 |
5.00 |
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Ed | Jun 20, 2019 12 month rate not 2.5. Changed to 1.5%. Read More |
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0.60% |
$10,000 |
11.33 |
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BENNIE BROOKS | Mar 25, 2015 OLIVER NORTH AIR LINES GOVERNOR BLANCO Read More |
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0.56% |
$10,000 |
8.29 |
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Dianna Jackson | Dec 1, 2022 I have banked at First Fidelity since 1991 I think. Their banking staff has always been so helpful. I had a person years ago take one of my blank check and cashed it for 250.00. I caught it right away ... Read More |
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0.50% |
$1,000 |
5.90 |
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sharzns | Jun 17, 2022 Midfirst doesn't seem to encourage any accounts other than checking. I have two. I've tried opening others, but they talk me out of it every single time. Read More |
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0.45% |
$10,000 |
21.33 |
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0.40% 0.25% |
$1,000 $500 |
- |
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Ugg | Jun 12, 2023 US Bank reported me to dult Protective Services because my husband is 85 and I am63. He got sick and went into a nursing hime for 3 months. My husband always handled the financial affairs. I had to take ov... Read More |
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0.35% |
$10,000 |
17.10 |
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RS | Jun 1, 2020 UMB does not honor the rate posted here! Read More |
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0.30% |
$10,000 |
- |
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jim | Sep 28, 2016 After looking around, looks like AlaskaUSA has the better current rate of 2 percent for 5 years. A little more can be obtained at Discover/AAA for a 10 year CD. Read More |
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0.20% |
$1 |
- |
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Cory,Baldwin | Oct 18, 2016 IF the Cd's our that high then way i'm i the last to find out what The apys are. Read More |
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0.03% |
$100,000 |
- |
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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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.
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