The best 10-year CD rate is 4.05% APY from Credit Human. To find you the highest 10-year CD rates nationwide, we review CD rates from hundreds of banks and credit unions every day. CDs with minimum deposit requirements of up to $25,000 are eligible for our 10-year rankings. Below are the top CD rates available from our partners, followed by the best CD rates that we've found from our research that are available to U.S. customers everywhere.
IN THE NEWS
The Fed held rates steady for a seventh consecutive time at its June 12 meeting. The federal funds rate is at its highest level since 2001, but Fed officials are projecting one or possibly two rate cuts before the end of the year. CD yields closely follow the fed funds rate. Back in October, CD rates reached peaks not seen in more than 20 years, but once the Fed starts cutting rates, CD rates will fall.
You can find our ranking of the highest CD rates with terms of 120 months below. In cases where more than one institution pays the same annual percentage yield, we've prioritized CDs by the shortest term, then the CD requiring a smaller minimum deposit, and if still a tie, alphabetically by institution name.
Best 10-Year CD Rates
- Credit Human - 4.05% APY
- First National Bank of America - 4.00% APY
- Apple Federal Credit Union - 3.81% APY
- Discover Bank - 3.75% APY
- EmigrantDirect.com - 2.75% APY
- Vio Bank - 2.75% APY
- MySavingsDirect - 2.50% APY
- BluPeak Credit Union - 2.00% APY
Our full ranking of the top-paying nationally available 10-year CDs is listed below, including details about minimum deposits and early withdrawal penalty. For credit union CDs, information is also provided on how to easily join the credit union.
Looking for a wider selection of CDs? See our picks for the best CD rates to see terms ranging from three months to 10 years.
Credit Human - 4.05% APY
- Term (months): 84-120
- Minimum deposit: $500
- Early withdrawal penalty: Greater of $50 or 36 months of interest
- Membership: Anyone can join Credit Human by agreeing to a complimentary membership in the nonprofit American Consumer Council and keeping at least $5 in a member savings account.
First National Bank of America - 4.00% APY
- Term (months): 120
- Minimum deposit: $1,000
- Early withdrawal penalty: 18 months of interest
- Overview: Headquartered in East Lansing, Michigan, First National Bank of America serves customers nationwide through online banking. It was founded in 1955 and has three locations in Michigan.
Apple Federal Credit Union - 3.81% APY
- Term (months): 84 or 120
- Minimum deposit: $500
- Early withdrawal penalty: All interested earned, up to max of 36 months' worth
- Membership: Anyone can join Apple Federal by signing up for a $20 membership in the Northern Virginia Athletic Directors, Administrators, and Coaches Association, as well as keeping at least $5 in a savings account.
Discover Bank - 3.75% APY
- Term (months): 84 or 120
- Minimum deposit: $2,500
- Early withdrawal penalty: 24 months of interest
- About: In addition to its well-known credit card, Discover offers online-only banking products to consumers nationwide.
EmigrantDirect.com - 2.75% APY
- Term (months): 60-120
- Minimum deposit: $1,000
- Early withdrawal penalty: 6 months of interest
- About: EmigrantDirect.com is an online division of Emigrant Bank, a New York brick-and-mortar institution established in 1850.
Vio Bank - 2.75% APY
- Term (months): 84 or 120
- Minimum deposit: $500
- Early withdrawal penalty: 3% of the amount withdrawn plus a $25 fee
- About: Vio Bank is the online banking division of MidFirst Bank, an Oklahoma institution established in 1911 that is among the Top 100 largest U.S. banks.
MySavingsDirect - 2.50% APY
- Term (months): 60-120
- Minimum deposit: $1,000
- Early withdrawal penalty: 6 months of interest
- About: MySavingsDirect is an online division of Emigrant Bank, a New York institution with a history dating back to 1850.
BluPeak Credit Union - 2.00% APY
- Term (months): 60-120
- Minimum deposit: $1,000
- Early withdrawal penalty: 6 months of interest
- Membership: Based out of San Diego, anyone nationwide can join BluPeak by making a $25 donation to KPBS.
Fast Fact
When asked in late April what they would invest in if they had an extra $10,000, 12% of Googlawi readers said they would open a CD. Back in December and January, 11% and 9% of readers (respectively) said they’d invest extra funds in CDs, with that share dipping even further to 8% in March. While CDs sit below individual stocks as the top response (at 19%), CDs are always a good option for those looking for safer investments.
Pros and Cons of a 10-Year CD
- Locks in a fixed interest rate for 10 years
Locks in a fixed interest rate for 10 years
- Offers completely predictable earnings
Offers completely predictable earnings
- Is extremely safe
Is extremely safe
- May offer a higher APY than a savings account or shorter-term CD
May offer a higher APY than a savings account or shorter-term CD
- Locks you into an interest rate that may later be unattractive
Locks you into an interest rate that may later be unattractive
Pros Explained
- Locks in a fixed interest rate for 10 years: Like all CDs, the rate you agree to is the rate you’ll enjoy for the entire CD term. And with a 10-year certificate, you can count on that return for an exceptionally long period.
- Offers completely predictable earnings: Because the interest rate on your CD is fixed and guaranteed, you can calculate exactly how much you will earn over the 10-year term. There is no risk of lower returns or losing your principal.
- Is extremely safe: CDs opened at FDIC banks or NCUA credit unions are federally insured in case the institution fails, meaning up to $250,000 of your deposits, per person and per institution, is protected.
- May offer a higher APY than a savings account or shorter-term CD: In exchange for agreeing to not touch your funds for a very long time, 10-year CDs sometimes pay a higher rate than other savings or CD options. But this is highly dependent on the rate environment, and many times shorter CD terms, such as 4-year and 5-year CDs, will actually offer higher rates.
Cons Explained
- Ties up your money for a decade: Ten 10 years is a very long time horizon for many savers, with plenty of unknowns on what interest rates will be years down the road or what you may want to do with the money over the next decade.
- Incurs a penalty if you have to withdraw early: If you request to withdraw your funds before the CD's maturity date, the bank or credit union will impose an early withdrawal penalty that will reduce your earned interest.
- Locks you into an interest rate that may later be unattractive: Predicting where interest rates are headed is difficult to do even six months or a year into the future, never mind a decade. If interest rates rise significantly in the years you are holding your 10-year CD, you may find you're earning an inferior rate on your money compared to what you could earn at a future point.
Compare the Best 10-Year CD Rates
Alternatives to 10-Year CDs
For investors whose primary concern is preserving their principal, CDs are one of several options you can weigh. But if you want easier access to your money, you could instead put it into one of the best high-yield savings accounts or best money market accounts. Doing so allows you to withdraw and deposit your funds more or less anytime you want. The disadvantage, however, is that rates on these accounts are variable. That means they can go down at any time, unlike a CD rate that is fixed for the entire term.
To add a little more growth potential to your investment, diversified bond funds are another idea. While there's always a risk that bond returns could be negative from one year to the next, it's unlikely you'd lose principal over an entire decade in a bond fund—especially if you avoid high-yield, or "junk," bonds. With bonds, there's usually a trade-off between risk and reward; the higher the quality of the note (Treasury bonds being the most conservative), the less return you'll typically receive.
Investing in the stock market is also an option for long-term investments. The upside is that you can potentially earn considerably more with stocks than you can with a fixed-rate CD. The downside you're not guaranteed to earn anything at all. In fact, you could lose part or even all of your investment, making stock investments much riskier than a CD investment.
Frequently Asked Questions
- What Is a 10-Year CD?
What Is a 10-Year CD?
- How Does a 10-Year CD Work?
How Does a 10-Year CD Work?
- How Much Do 10-Year CDs Pay?
How Much Do 10-Year CDs Pay?
- What Happens If I Need to Withdraw My Funds Early?
What Happens If I Need to Withdraw My Funds Early?
- Are 10-Year CDs Safe?
Are 10-Year CDs Safe?
- Financial Institutions We Review
Financial Institutions We Review
How We Find the Best 10-Year CD Rates
Every business day, Googlawi tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide, and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), the CD's minimum initial deposit must not exceed $25,000, and any specified maximum deposit cannot be under $5,000.
Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
Googlawi / Alice Morgan