Best 10-Year CD Rates Of November 2024

We compared 100 CDs at 70 national banks and credit unions to find some of the best 10-year CDs available. Read on to explore annual percentage yields (APYs) and find out why we picked each account.

Annual percentage yields (APYs) and account details are accurate as of October 23, 2024.

To create this list, Forbes Advisor analyzed 100 CD accounts across 70 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each institution on 10 data points within the categories of APY, minimums, compounding frequency, customer experience, digital experience, available terms and overall availability.

The following is the weighting assigned to each category for the star rating:

• APY: 50%
• Customer and digital experience: 20%
• Minimum deposit: 12.5%
• Compound interest schedule: 7.5%
• Availability: 5%
• Available terms: 5%

CD accounts with the highest APYs rose to the top of this list. Minimum deposit requirements of $10,000 or higher affected scores negatively. Accounts with daily compounding interest schedules were scored higher than those with monthly or quarterly schedules. To appear on this list, the account must be nationally available.

The FDIC doesn’t publish average rates for 10-year CDs. It tracks rates for CD terms up to five years, which currently earn an average rate of 1.37% as of October 2024. Typically, you can expect 10-year CD rates to be similar to five-year rates.

In our research, we found that while some banks offer great rates for 10-year terms, most offer the highest rates for shorter terms, like one to two years. This may be because interest rates have been higher than usual in recent years, so banks are cautious to lock customers into their best rates for 10 years at a time.

A 10-year CD is a type of savings account you deposit money into and leave alone for 120 months. For standard CDs, interest rates are usually locked in until your CD reaches maturity, meaning your CD will earn the same rate throughout its term (10 years, in this case). If you withdraw funds before the 10-year period is up, you’ll often pay an early withdrawal fee.

A 10-year CD works like other CDs, just with a longer timeline. You deposit money you want to save and earn fixed interest on the balance for the duration of the term. Usually, interest is automatically credited back to the certificate to compound. When you open a 10-year CD, you’re agreeing to leave your money in the CD account for 120 months.

The amount of money you’ll need to open a 10-year CD depends on the financial institution. Many banks and credit unions require you to deposit at least $1,000 when you open the account, but this isn’t always the case. Online banks often have lower minimum deposit requirements and better APYs than traditional banks and credit unions. You generally can’t add more money to a CD account after opening it or withdraw funds from it before maturity without paying penalty fees, so it’s important to deposit the right amount.

Fixed interest rates are common for 10-year CDs, so you can easily calculate what you’ll earn.

As a general rule, it’s best to apply for a 10-year CD when interest rates are high. This way, you can lock in a higher rate for the duration of the account. You’ll want to make sure a 10-year CD aligns with your financial goals and circumstances—and keep in mind that predicting interest rate movements isn’t always possible.

If you tie up your money for 10 years, will more attractive interest rates come along and give you buyer’s remorse? Although the Federal Reserve increased rates many times to combat inflation in 2022 and 2023, it is now more likely to cut them. Because consumer deposit rates typically fluctuate with the federal funds rate, this means CD rates are expected to fall—not increase.

What’s the difference between long-term and short-term CDs? Long-term CDs are those with terms of one year or longer, while short-term CDs have terms of less than one year.

The main advantage of long-term CDs is that they tend to come with higher interest rates, because you’re agreeing to leave your money untouched for a longer period of time.

Short-term CDs tend to have lower rates. However, they also offer greater flexibility, allowing you to access your money sooner. This can be helpful if you need to make a large purchase soon, or if you’re not comfortable having your money locked up for such a long time.

If you’re looking for a long-term investment and won’t need to access your money for at least a decade, a 10-year CD could be a good option. Keep in mind that if you withdraw your money before the end of the term, you will usually have to pay a penalty.

If you think there’s a chance you might need to access your funds early, a 10-year CD probably isn’t the right choice for you. In this case, you may be better off with a shorter-term CD or high-yield savings account.

Opening a 10-year CD might appeal to some savers more than others. Before you start shopping around for 10-year CD options, here are a few pros and cons to weigh.

Pros

• Higher APYs. You can often earn a higher rate with a 10-year CD compared to a shorter CD term, but this varies by bank.
• Fixed interest. Fixed CD rates let you predict how much interest you’ll earn in 10 years.
• Safety. A 10-year CD offers the security of FDIC or NCUA insurance and is low-risk compared to other, more volatile investments.
• CD laddering. Because 10 years is often the longest term available for standard certificates, you can use a 10-year CD as the last account to mature in your CD ladder.

Cons

• Might miss out on rising rates. If rates increase during your CD term, you’ll be locked into a lower APY for up to ten years, meaning you’ll miss out on interest.
• Steep early withdrawal penalties. Should you need to withdraw money from your 10-year CD early, you will be subject to early withdrawal penalties. Long-term CDs often have penalty fees equal to at least one year’s worth of interest.
• Lower returns than investing. You could earn better returns by investing in the stock market over a 10-year period instead of saving in a CD.

There are three main factors to consider as you shop around for the best 10-year CD:

• Interest rate: Obviously, the higher the rate, the better. But don’t just look at the advertised rate—read the fine print and understand any conditions that may apply.
• Early withdrawal fees: How much interest would you lose if you access your money early? Some banks have penalty fees equal to one year of interest or more, so it’s good to know this information ahead of time.
• Minimum deposit: 10-year CD deposits can range from $500 to $2,500 or more. These minimums may not be feasible for everyone, so be sure to find a bank that has requirements you can comfortably meet. That way, you don’t stretch your finances too thin.

Whether a 10-year CD is worth it depends on the interest rate market. If a bank’s 10-year rates are lower than what you could earn with a two- or five-year CD, you might be better off choosing a shorter term. You’ll earn more interest per dollar and have access to your money sooner.

You should also consider if the term length works for your budget. Can you comfortably afford to leave your money untouched for a decade? If so, locking in a lucrative 10-year CD rate may make sense. Otherwise, it could put you in a tough spot where you have to pay early withdrawal penalties to access your funds.

These financial institutions were included in our research for the best CD rates: ableBanking, Affinity Federal Credit Union, Ally Bank, American Express, Axos Bank, Apple Federal Credit Union, Bank of America, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bethpage Federal Credit Union, Bread Savings, BrioDirect Banking, Capital One, Charles Schwab Bank, Chase, Chevron Federal Credit Union, CIT Bank, Citibank, Citizens Access, Colorado Federal Savings Bank, Comerica, CommunityWide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Credit Union of Denver, Discover, Dollar Savings Direct, EmigrantDirect, Financial Partners Credit Union, Financial Resources Federal Credit Union, First National Bank of America, Georgia’s Own Credit Union, Golden1 Credit Union, Greenwood Credit Union, HSBC Direct, Hughes Federal Credit Union, Ideal Credit Union, iGoBanking, Investors eAccess, Keybank, Kinecta Federal Credit Union, Limelight, Live Oak Bank, MAC Federal Credit Union, Marcus by Goldman Sachs, Michigan State University Federal Credit Union, My eBanc, MySavingsDirect, Navy Federal Credit Union, nbkc Bank, Northern Bank Direct, Northpointe Bank, Nuvision Federal Credit Union, Pacific National Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Popular Direct, Quontic, Quorum Federal Credit Union, Radius Bank, Rising Bank, SalemFiveDirect, Sallie Mae Bank, Spectrum Federal Credit Union, State Bank of Texas, State Department Federal Credit Union, Superior Choice Credit Union, Synchrony Bank, TAB Bank, TD Bank, EverBank, TotalDirect Bank, U.S. Bank, USAA, USAlliance Federal Credit Union, Vio Bank, Virtual Bank, Wells Fargo and Truist.

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