Best 4-year CD rates for May 2024

Written by

Matthew Goldberg

Edited by

Brian Beers

Reviewed by

Robert R. Johnson

Best available rates across different account types for Tuesday, May 14, 2024

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What To Know First

The top four-year CDs have something in common: they offer savers a higher yield than most savings accounts and money market accounts. Combine that with a guaranteed rate of return and safety (when you choose a federally insured account), and these investments are worth considering. Evaluate the offers below, then calculate how much interest you would earn when your CD matures.

Bankrate’s picks for the top 4-year CD rates

First Internet Bank of Indiana — 4.45% APY, $1,000 minimum deposit
Popular Direct — 4.35% APY, $10,000 minimum deposit
America First Credit Union — 4.20% APY, $500 minimum deposit
SchoolsFirst Federal Credit Union — 4.20% APY, $500 minimum deposit
Bread Savings — 4.15% APY, $1,500 minimum deposit
Alliant Credit Union — 4.05% APY, $1,000 minimum deposit
TAB Bank — 4.05% APY, $1,000 minimum deposit
Synchrony Bank — 4.00% APY, no minimum deposit
EverBank (formerly TIAA Bank) — 4.00% APY, $1,000 minimum deposit
Capital One — 3.95% APY, no minimum deposit

Note: Annual percentage yields (APYs) shown were updated between May 7, 2024 and May 13, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

Bankrate's picks for the top 4-year CD rates

First Internet Bank of Indiana

4.6

Overview

First Internet Bank of Indiana was the first FDIC-insured financial institution to operate entirely online, according to the bank’s website. First Internet Bank of Indiana opened on February 22, 1999, and serves all 50 states online with no physical branches available.

First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.

Read Bankrate's Expert First Internet Bank of Indiana Review

4.45% APY

$1,000 minimum deposit

Popular Direct

4.0

Overview

Popular Direct is an online bank and a subsidiary of Popular Inc., a more than 120-year-old financial services company. Popular Direct was previously known as Banco Popular North America.

Popular Direct offers CDs in eight terms ranging from three months to five years. With a $10,000 minimum deposit to open, these CDs are geared toward serious savers. Interest compounds daily. Popular Direct doesn’t offer specialty CDs, such as bump-up or no-penalty CDs. It does offer a savings account with a competitive rate.

Read Bankrate's Expert Popular Direct Review

4.35% APY

$10,000 minimum deposit

America First Credit Union

5.0

Overview

America First Credit Union offers a wide range of CD terms between three and 60 months, and all of them earn rates that are highly competitive. Also offered are specialty CDs such as a bump-rate CD and a flexible CD. All CDs require a manageable minimum opening deposit.

Read Bankrate's Expert America First Credit Union Review

4.20% APY

$500 minimum deposit

SchoolsFirst Federal Credit Union

4.5

Overview

SchoolsFirst serves the education community in California. Certain school employees, certain retired school employees and immediate family members of SchoolsFirst Federal Credit Union members are eligible to join.

SchoolsFirst offers CDs ranging from 30 days to five years. To open a CD, a $500 minimum deposit is required. If you put in more money you may be rewarded with a higher APY, as SchoolsFirst has four rate tiers: $500, $20,000, $50,000 and $100,000.

Read Bankrate's Expert SchoolsFirst Federal Credit Union Review

4.20% APY

$500 minimum deposit

Bread Savings

4.0

Overview

Bread Savings, formerly Comenity Direct, is an online bank that offers high-yield savings products and five terms of CDs ranging from one year to five years.

Bread Savings is part of Comenity Capital Bank, which is a unit of Bread Financial.

Read Bankrate's Expert Bread Savings Review

4.15% APY

$1,500 minimum deposit

Alliant Credit Union

4.7

Overview

Alliant Credit Union was founded in 1935 as the United Airlines Employees’ Credit Union. It is one of the largest credit unions in Illinois and has 600,000 members nationwide.

Alliant offers six terms of CDs with competitive APYs and a reasonable minimum deposit requirement. It also offers IRA CDs, a high-yield savings account and a high-yield checking account.

Read Bankrate's Expert Alliant Credit Union Review

4.05% APY

$1,000 minimum deposit

TAB Bank

4.6

Overview

TAB Bank was established in 1998 in Ogden, Utah, as a banking service inside truck stops. TAB (Transportation Alliance Bank) serves businesses and individual customers.

It offers several checking accounts, a couple of savings account options, a money market account and CDs in eight terms, from six months to five years.

Read Bankrate's Expert TAB Bank Review

4.05% APY

$1,000 minimum deposit

Synchrony Bank

4.9

Overview

Synchrony Bank is an online-only bank that’s a division of Synchrony Financial, a publicly traded provider of consumer financial services, including credit cards.

Synchrony Bank offers competitive yields on CDs across 14 terms. It also has a bump-up CD and a no-penalty CD. The bank also offers a savings account and a money market account.

Read Bankrate's Expert Synchrony Bank Review

4.00% APY

$0 minimum deposit

EverBank (formerly TIAA Bank)

4.6

Overview

EverBank offers CD terms ranging from three months to five years. It also offers a bump-rate CD, which allows a one-time rate bump should rates go higher. EverBank offers a service for customers with deposits that exceed the FDIC insurance limit of $250,000. Funds are spread around to different federally insured banks to expand insurance coverage.

Read Bankrate's Expert EverBank (formerly TIAA Bank) Review

4.00% APY

$1,000 minimum deposit

Capital One

4.9

Overview

Capital One is an online bank that also has a brick-and-mortar presence, with around 300 branches and about 50 Capital One cafes.

It offers nine competitive terms of regular CDs. Capital One CDs and its 360 Performance Savings account don’t have minimum balance requirements. Capital One is based in McLean, Virginia.

Read Bankrate's Expert Capital One Review

3.95% APY

$0 minimum deposit

What is a 4-year CD?

Having a four-year CD means that your savings will be tied up for 48 months. Generally, you won’t be able to access your funds during that period of time without incurring an early withdrawal penalty.

Today’s top widely available four-year CD pays 4.45% APY , which may be a good way to invest for a long-term financial obligation, like starting a business.

How to find the best 4-year CD rates

Finding the best four-year CD rates requires some research. Start by comparing deals offered by online financial institutions. The best four-year CDs pay nearly four times the national average of 1.49 percent APY, according to Bankrate’s most recent national survey of banks and thrifts on May. 14, 2024.

An account that doesn’t require you to fork over too much money upfront is ideal. Look for offers that don’t force you to jump through extra hoops — such as opening a new checking account — before you can open a CD.

Pros and cons of 4-year CDs

Pros

You’ll earn a fixed APY.
If your account is insured by the FDIC or the NCUSIF — and you’re within the previously mentioned insurance guidelines — your money will be backed by the full faith and credit of the U.S. government.
If APYs end up decreasing, you’d be locked in at a higher rate for the next few years.
A four-year CD could help you diversify some of your savings/investments.

Cons

If rates start increasing, the funds in a four-year CD may return less interest than you might otherwise be able to earn.
If you need to make an early withdrawal, you’re subject to a penalty.
A four-year CD might not keep up with inflation over time, causing your money to lose purchasing power.

4-year CD FAQs

A four-year CD offers a fixed rate of return and can be a solid option for consumers who value safety and don’t want surprises, unlike money invested in stocks, which is subject to market volatility and possible loss of principal. Your CD is protected if it’s with an FDIC-insured bank or an NCUA credit union, which are both backed by the full faith and credit of the U.S. government.

But there are limits to the amount of insurance. Each depositor at an FDIC bank is insured up to $250,000 per insured bank, per account category. The standard share insurance amount at an NCUA credit union is $250,000 per share owner, per insured credit union, for each ownership category.
Consider a four-year CD if you have money you’re looking to grow for at least four years. If you withdraw your money from the CD before the CD matures, you’ll likely incur an early withdrawal penalty.

A four-year CD could be a good choice for those looking for a higher APY than they might otherwise earn in a savings account or money market account, particularly in an environment in which APYs are stagnant or decreasing.
A typical CD has an early withdrawal penalty. If your investment strategy calls for putting your money into a four-year CD, consider looking for one with a manageable fee, especially if you think you may close your account before it matures. Another option is to look for institutions giving savers a one-time rate increase over the course of their terms.

Research methodology

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as annual percentage yield, the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. (FDIC) or by the National Credit Union Share Insurance Fund (NCUSIF).

When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.

These financial institutions are featured in our CD rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, Morgan Stanley Private Bank, Huntington National Bank, Investors Bank, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, PurePoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, Truist Bank, UFB Direct, U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.

Best 4-year CD rates for May 2024

What To Know First

Bankrate’s picks for the top 4-year CD rates

On This Page

Bankrate's picks for the top 4-year CD rates

First Internet Bank of Indiana

Overview

Popular Direct

Overview

America First Credit Union

Overview

SchoolsFirst Federal Credit Union

Overview

Bread Savings

Overview

Alliant Credit Union

Overview

TAB Bank

Overview

Synchrony Bank

Overview

EverBank (formerly TIAA Bank)

Overview

Capital One

Overview

What is a 4-year CD?

How to find the best 4-year CD rates

Pros and cons of 4-year CDs

Pros

Cons

4-year CD FAQs

Who is a 4-year CD good for?

Why get a 4-year CD?

What should I look for when shopping for a CD?

Research methodology

Banks we monitor