Best 10-year CD rates for October 2024
Best available rates across different account types for Thursday, October 31, 2024
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What To Know First
Compared to savings accounts and short-term time deposits, 10-year certificates of deposit (CDs) 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 3.40 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 4.35 percent APY on a five-year CD.
Bankrate’s picks for the top 10-year CD rates
- Discover Bank: 3.40% 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 Oct. 4. 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.
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.
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 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 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.