As rates tumble, Barclays is the last major bank with a CD paying above 5% APY — for now --[Reported by Umva mag]

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• The best CD rates across various term lengths have dropped after the Fed announced a rate cut.
• The Barclays 6 Month Online CD is paying 5.10% APY, but it may not be for long. 
• You can still lock in 5% APY on a few other CDs, too, before rates drop further. 

After the Federal Reserve announced a rate cut of 50 basis points this Wednesday, the best CD rates across various terms have started to fall. This is because CD rates are directly impacted when the Federal Reserve changes rates. CD rates fall when the Fed makes cuts.

The pace at which CD rates drop tends to vary by bank, though, and a few financial institutions are holding onto 5% interest CDs for a bit longer.

Most notably, the well-known online bank Barclays Bank still has a 6-month CD paying 5.10% annual percentage yield (APY) on a 6-month CD, but it may not be for long.

If you're interested in locking in a high CD rate before they decline further here's what you need to know. 

How to earn 5.10% APY on a Barclays CD

Since Barclays is an online-only bank, you'll have to apply for the Barclays 6 Month Online CD online. It has a $0 minimum opening deposit. Banks typically require a minimum of $1,000 to open, so Barclays is more lenient than most.

You'll earn 5.10% APY on your account balance as long as you make a deposit within the first 14 days and keep your account until it reaches maturity in six months.

Just like with any other CD, you'll need to be mindful of early withdrawal penalties. If you take out money before your Barclays 6 Month Online CD ends, you'll have to pay a penalty that equals 90 days of simple interest on the amount withdrawn. That takes away from your interest earnings, so you want to make sure that the term fits your timeline and goal beforehand. 

Other 5% interest CDs still available after the rate cut

If you're interested in banking with smaller banks, there are a couple of lesser-known financial institutions still paying 5% APY or more on a CD. This list specifically includes shorter terms of because longer terms are no longer paying 5% interest. 

• TotalBank 3 Month CD: You can earn 5.15% APY on this 3-month CD with a $25,000 minimum opening deposit. 
• Bask Bank 3 Month CD: This 3-month CD pays 5.00% APY with $1,000 intial deposit. 
• Bank5 Connect 6 Month High-Yield CD: This 6-month CD offers 5.05% APY. You'll need at least $500 to open an account. 
• Newtek Bank 6 Month CD: With a deposit of $2,500 or more, you can earn 5.05% APY on this 6-month CD. 

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