Top 5-year CD rates disappoint in early 2015

White piggy banks with stacks of money and moneybag

We're starting the year with a slightly lower return on top 5-year CDs than we ended 2014.

Our new national leader, CIT Bank, is offering 2.30% APY.

That's down from the 2.35% APY that Citizens State Bank had been offering on 5-year CDs.

But the Florida-based community bank has stopped selling certificates of deposit nationwide — a major blow, considering it offered some of the top CD rates on all terms.

You must now visit one of its four branches — in Gainesville, Madison, Perry and Steinhatchee — to buy one.

If you can make it to one of the bank's offices, you'll find it's still paying 2.35% on 5-year CDs — a great local deal.

Outstanding local specials on 5-year CDs aren't abundant right now, but it's worth looking (more on that later).

While the new national deal from CIT Bank is a little less than what we've been seeing, it's still nearly a percentage point and a half more than the national average of 60-month CDs.

That remains a paltry 0.85% APY, according to our most recent survey of major banks and credit unions.

Here's how all of the nationally available rates of 2.07% APY or more on 5-year certificates of deposit stack up.

TOP 5-YEAR CD RATES: Nationally Available Bank Deals

Bank APY Minimum Deposit
CIT Bank 2.30% $1,000
Barclays 2.25% No minimum
Nationwide 2.25% $500
GE Capital Bank 2.25% $500
Synchrony Bank 2.25% $25,000
State Farm Bank 2.10% $500
Sallie Mae 2.10% $2,500
Discover 2.10% $2,500
First Internet Bank of Indiana 2.10% $1,000
State Bank of India -- Chicago 2.07% $2,500

To qualify for this list, a bank must be FDIC-insured and allow savers from all 50 states to buy its certificates of deposit online or through the mail.

Click here to search Bankrate's database for all of the best nationally available CD rates.

Our CD calculator will help you figure out the interest you'll earn, for any term, amount and interest rate.

TOP 5-YEAR CD RATES: About The Banks

Bank Description URL
CIT Bank The online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies. www.bankoncit.com
Barclays The online American operation of the worldwide British bank with more than $2 trillion in assets. www.banking.barclaysus.com
Nationwide Bank An online bank owned by Nationwide Mutual Insurance Company and its affiliates. www.nationwide.com
GE Capital Bank One of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant. gecapitalbank.com
Synchrony Bank The other bank that's a subsidiary of GE Capital Corp. www.myoptimizerplus.com/
State Farm Bank The online bank of the insurance company. www.statefarm.com
Sallie Mae An online bank owned by the student lender. www.salliemae.com
Discover Bank An online bank owned by the credit card company. www.discover.com
First Internet Bank of Indiana An online bank located in Indianapolis. www.firstib.com
State Bank of India-Chicago The FDIC-insured Chicago branch of India's largest bank, which operates independently of other U.S. branches. www.sbichicago.com

In addition to Citizens State Bank, only a few community banks and credit unions continue to offer great local deals on 60-month CDs.

For example, Crescent Bank (www.cbtno.com) is paying its customers in Louisiana 2.52% APY with a modest $1,000 minimum deposit.

General Electric Credit Union (www.gecreditunion.org) is paying its members in Ohio, Kentucky and Indiana 2.50% APY with a modest $500 minimum deposit.

And Citadel Federal Credit Union (www.citadelbanking.com) in Pennsylvania is offering 2.40% APY — that's with a $500 minimum. It pays 2.45% APY with a $25,000 minimum and 2.50% APY with a steep $75,000 minimum.

Contributing editor Darci Swisher contributed to this report.