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Matthew Goldberg
Written by
Marc Wojno
Edited by
Robert R. Johnson
Reviewed by
Best available rates across different account types for Wednesday, July 03, 2024
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What To Know First
Compared to savings accounts and short-term time deposits, 10-year certificates of deposit may offer more competitive interest rates. They’re also virtually risk-free and guarantee a specific rate of return. But given the long return horizon, a 10-year CD isn’t a good fit for every saver. Before buying one, consider whether locking up your savings with a long-term CD rate is a smart move for you.
Today’s top, widely available 10-year CD pays 3.75 percent APY, which, given the length of term, isn’t a competitive rate. You may be better off investing in a shorter-term CD that pays a higher yield. For example, you can currently lock in up to 4.50 percent APY on a five-year CD.
Bankrate’s picks for the top 10-year CD rates
- Discover Bank: 3.75% APY; $2,500 minimum deposit to open
- Vio Bank: 2.75% APY; $500 minimum deposit to open
- EmigrantDirect: 2.75% APY; $1,000 minimum deposit to open
- MySavingsDirect: 2.50% APY; $1,000 minimum deposit to open
Note: Annual percentage yields (APYs) shown are as of June 3. 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.
On This Page
- Bankrate's picks for the top 10-year CD rates
- How are long-term CD rates trending?
- How to find the best 10-year CD rates
- When should you get a 10-year CD?
- Research methodology
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Current savings trends
Bankrate Partner average
4.88% APY
National average
0.59% APY
The "Bankrate Partner average" is calculated from the average of the top savings account offers from the institutions we track, included on this page as of 7/4/2024. "National average" is determined by Bankrate's comprehensive national survey of savings accounts and CDs.
On This Page
On This Page
- Bankrate's picks for the top 10-year CD rates
- How are long-term CD rates trending?
- How to find the best 10-year CD rates
- When should you get a 10-year CD?
- Research methodology
Bankrate's picks for the top 10-year CD rates
Note: Annual percentage yields (APYs) shown are as of June 3. 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.
Discover Bank: 3.75% APY; $2,500 minimum deposit to open
Few well-known banks offer 10-year CDs. One exception is Discover Bank, which offers CDs across all standard terms.
Discover is an online bank headquartered in Greenwood, Delaware. Until August 2000, it was known as the Greenwood Trust Co., which was incorporated in 1911.
Vio Bank: 2.75% APY; $500 minimum deposit to open
Vio Bank is an online-only bank that offers CDs and a high-yield savings account with competitive rates. CD terms range from six months to 10 years.
Vio Bank is a division of MidFirst Bank, based in Oklahoma City.
EmigrantDirect: 2.75% APY; $1,000 minimum deposit to open
EmigrantDirect is a division ofEmigrant Bank. It has CDs with terms ranging from six months to 10 years. All of these CDs require a $1,000 minimum deposit.
EmigrantDirect also offers the American Dream Savings Account, which has no fees or service charges.
MySavingsDirect: 2.50% APY; $1,000 minimum deposit to open
MySavingsDirect is a division ofEmigrant Bank. It offers CDs with terms ranging from six months to 10 years, with each requiring a $1,000 minimum deposit.
MySavingsDirect also offers the MySavings Account, which has no fees or service charges.
How are long-term CD rates trending?
Long-term CD rates have been trending downward
Discover Bank has consistently had the highest 10-year CD yield since around May 2022. Over time, Discover Bank’s 10-year CD yield has decreased from 4.4 percent APY in January 2023 to 3.75 percent APY in June 2024.
Meanwhile, the average five-year CD yield is 1.43 percent APY. That average peaked at 1.48 percent APY on Nov. 20, 2023.
But the average one-year CD has an average yield of 1.82 percent APY. So you can generally get higher yields on shorter-term CDs. But you won’t have that fixed APY for as long.
How to find the best 10-year CD rates
Because few banks and credit unions offer 10-year CDs, finding the best rates may be challenging. Compare offers with deposits backed by the federal government. Look closely at deals from online financial institutions.
Be sure to consider the opportunity cost. Don’t purchase a 10-year CD without evaluating other low-risk investment products such as online high-yield savings accounts. Alan Dole, a wealth manager and financial planner with Equity Concepts, says it pays to ask, “Where else could you put that money that would earn you more?”
Savers could buy a 10-year CD and close the account before it matures. Just make sure the benefit of an early exit outweighs the cost of the withdrawal penalty.
When should you get a 10-year CD?
A 10-year CD should be considered if you want to earn a fixed yield and have money that you’re willing to sock away for a decade, untouched. The certainty of the yield and safety – as long as it’s within federal insurance guidelines – can be a good option in some situations. But 10 years is a long time, so review the early withdrawal penalties so that you know the worst-case scenario for breaking this CD.
Because the Fed raised rates 11 times and the Fed’s inflation target is 2 percent, it’s possible that your CD will outpace long-term inflation. But no one can predict if this will actually happen.
A 10-year CD could be a worthy option for your savings if you had a child going away to school in a decade, and you don’t want to risk losing any of your principal through other investments during those years.
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: APY, the minimum deposit needed to earn that APY (or to open the CD) and whether it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Administration (NCUA).
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.
