Banks and credit unions offer a wide variety of terms, though most are between three months and five years, and not all banks offer the same terms. The CD may also have a required minimum deposit ...

Shop for the best rate: Online banks often offer higher APYs than traditional ones. Fund your account: You can usually open a CD via bank transfer. Most require a minimum deposit of $500 or more.

But right now, top 5-year CD rates are still among the best we've seen in years, with some banks currently offering around 3.50%. Opening a 5-year CD at these rates means you can lock in a solid ...