If you are interested in putting money away for a period of time that is longer than the typical certificate of deposit (CD) term of five years, which is offered by the majority of financial institutions (banks and credit unions), a certificate of deposit (CD) with a ten-year term may be right for Be prepared to commit your funds for an extremely extended period of time if you purchase these products, as their term is the longest that is currently offered. Because you will be guaranteed a good annual percentage yield (APY) for many years to come, this can be appealing in an environment in which interest rates are falling. On the other hand, a lot can change in 10 years regarding the benchmark interest rates. We have included CDs with terms ranging from six to nine years in length on our list even though there are only a few 10-year CDs on the market. Surprisingly, you can frequently find better deals on CDs with terms ranging from six to nine years in length. (It is unclear as to why shorter terms are typically associated with higher interest rates; however, one possible explanation is that fewer banks compete in the market for 10-year CDs as a result of lower demand.) Over the course of each week, we research and compare the interest rates offered by over 150 different banks and credit unions across the country. Although we monitor APYs on a daily basis, we reassess and reorder the list on a weekly basis. Every account is open to the general public and is protected by one of two agencies: the FDIC or the NCUA. As of the 9th of June in 2022, these are the best rates available for certificates of deposit with terms ranging from 6 to 9 years.
Discover Bank (7-Year and 10-Year)
Discover Bank is practically a household name in the field of personal finance, thanks to the widespread adoption of its credit card product in 1985. In the year 2000, the card issuer changed the name of Greenwood Trust Company, which had been in business since 1911, to Discover Bank. Customers of Discover Bank have access to over 60,000 fee-free ATMs, despite the fact that the bank's only branch is still located in Greenwood, Delaware. Customers of Discover Bank have access to a wide variety of products and services, such as online certificates of deposit, checking, savings, and money market accounts. Discover Bank also provides customers with the option to obtain loans and credit cards.A Federal Credit Union called Apple
Apple Federal Credit Union began operations in 1956 and currently has branches located throughout northern Virginia. Through the shared branching, however, customers all over the country have access to their accounts and can use shared locations (including more than 53,000 ATMs). You can become eligible to join the credit union if you join the nonprofit Northern Virginia Athletic Directors, Administrators, and Coaches organization, even if you are not already eligible to join the credit union. Membership in NVADACA, an organization that provides support to student-athletes, costs $20 per year. To get started with Apple Federal Credit Union, you'll need to open a savings account with a minimum of $5 in order to get started.Credit Human
In 1935, members of the National Federation of Federal Employees Local #28 union in San Antonio, Texas, gave birth to the company that would later be known as Credit Human. In 2016, it officially became known as Credit Human. Anyone in the United States can become a member of Credit Human so long as they join the American Consumer Council (ACC), and Credit Human will pay the fee required to join the ACC. The credit union has several locations spread out across the state of Texas; however, members from any state in the country can access their accounts by using either online banking, a mobile app, or the CO-OP shared branching network. Credit Human is not a participant in a network of fee-free ATMs.EmigrantDirect.com (60-120 months)
This bank is one of several online subsidiaries that are actually owned by Emigrant Bank, which is the parent company. If you are considering opening an account at one of Emigrant Bank's subsidiaries, it is in your best interest to do some comparison shopping for interest rates. Despite appearances, the rates offered by seemingly analogous divisions of the bank may differ from one another. However, aside from a few minor adjustments to the logo that is displayed on the site, there is really nothing else that differentiates the two of them. You are required to open a savings account here before you can open a certificate of deposit, and given that there are no fees and no minimum account balances required for this savings account, there is no real reason not to open one.MySavingsDirect (60-120 months)
The hardworking Emigrant Bank is the parent company of the MySavingsDirect subsidiary division. Since 1850, when it was founded, Emigrant Bank has been in business a long time before the internet came into existence and made it possible for MySavingsDirect to be born as a distinct online offspring. You will need to be an existing customer of Emigrant Bank in order to open a certificate of deposit (CD) here. You can become an existing customer of Emigrant Bank by first opening a savings account with a minimum deposit of at least one dollar. Since there is no requirement for a minimum balance to be kept in the account and there are also no fees associated with that account, you won't be subject to any kind of penalty for opening it just to fulfill the requirements.Vio Bank
Vio Bank is yet another online-only division that is a part of a larger company. It provides customers with a limited selection of certificates of deposit (CDs) and high-yield savings accounts. In this particular scenario, its parent company is MidFirst Bank, which has its headquarters in Oklahoma City, Oklahoma, and it is certainly not to be taken lightly. The fact that MidFirst Bank has assets worth nearly 23 billion dollars gives it an advantage over other, more modest financial institutions in terms of credibility and long-term viability. But keep in mind that the Federal Deposit Insurance Corporation (or the National Credit Union Administration for credit unions) will protect your funds up to the limit of $250,000 regardless of whether you bank with us or with the local credit union down the street.Credit Union operated by PenFed (7-Year)
Anyone in the United States, including residents of Guam and Puerto Rico, has the opportunity to become a member of the PenFed Credit Union. Customers in Okinawa, Japan, are also served by the company. Since its founding in 1935, the cooperative credit union has amassed more than $25 billion in assets and more than 2 million active member accounts. The consumer banking options made available by the credit union include checking and savings accounts, credit cards, mortgages, and auto loans, amongst other financial products and services. You can conduct all of your banking activities through either the app or online banking.The First National Bank of the United States (6-Year and 7-Year)
The First National Bank of America, despite its grand name, actually has its headquarters in a small town in America. To be more specific, its headquarters are located in East Lansing, Michigan, and it has only two additional locations in the much smaller cities of Grand Rapids and Traverse City. With only $1.6 billion in deposits, it is one of the more modest financial institutions available today. Despite this, creating an account here online is quick and simple.KS StateBank (7-Year)
KS StateBank was established in 1969 and maintained its operations out of its headquarters in Manhattan, Kansas. Today, it continues to conduct the majority of its business within the state, despite the fact that it also has additional locations in Phoenix, Arizona. It allows customers to open a variety of accounts, all of which can be done so online.The Marcus product from Goldman Sachs (6-Year)
You read that correctly; this financial institution is a direct subsidiary of the well-known investment bank Goldman Sachs, which is itself a massive establishment in its own right. Marcus was established in 2016 and provided consumers with access to online savings accounts, certificates of deposit, and loans. Surprisingly, for a bank with such a posh reputation, Marcus does offer very good rates on its financial products. This is one of the reasons why it lands on our list of the best certificates of deposit (CDs).Can You Describe a 10-Year CD for Me?
The vast majority of financial institutions, including banks and credit unions, do not make it possible to purchase certificates of deposit with maturities of more than five years. However, some financial institutions do, and these institutions offer certificates of deposit (CDs) with terms ranging from one year to ten years and in increments of one year. The selection of a CD with a 10-year term is not an easy task. You are making the commitment to set aside all of your money for the next ten years without taking any of it out or adding to it in any way. It's kind of like putting together a money-filled time capsule and sending it to your future self.Who Would Benefit Most from a 10-Year CD?
To begin, if you are going to purchase a certificate of deposit with a maturity period of ten years, you need to have an extremely high level of assurance that you won't require the money during that time period. If you need to withdraw the money before the end of the term of a 10-year CD, the early withdrawal penalty can be significant, and it may even eat into your principal (the money that you initially deposited into the CD). This is especially true if you need to withdraw the money earlier on in the CD's term. When there is a high-interest rate environment that is on the verge of shuffling back down into a low-interest rate environment, ten-year CDs can be especially useful because of their long-term investment potential. In this scenario, you are able to secure an account that will produce a significant amount of income for many years to come. However, doing so constitutes a high-stakes gamble. On the other hand, if interest rates start to rise, you'll be stuck with a lousy account that yields rates that are lower than those you could get elsewhere. This is a negative aspect of the situation. In addition to this, you will be subject to a severe fine for withdrawing your money. The benchmark interest rate was lowered in March of 2020, and historically speaking, the United States is currently undergoing a period of historically low-interest rates.What Other Options Are There Besides Purchasing a 10-Year CD?
The majority of certificates of deposit (CDs) allow you to earn a higher rate if you choose a longer term for the CD. However, a certificate of deposit with a term length of ten years is just about the longest possible term length that any bank will offer, so you do not really have that option here. Instead, the only thing you can compare it to is a certificate of deposit offered by another bank with a shorter term. It is easy to fall into the trap of considering a certificate of deposit (CD) with a term of ten years to be a sound choice for a long-term investment such as savings for retirement. Rather, the vast majority of experts in finance recommend putting money into the stock market. Although it is more risky, over the course of history, it has consistently provided investors with higher returns. The good news is that it is possible to find certificates of deposit (CDs) that offer a higher interest rate for a shorter period of time. This is typically a win-win situation. After all, in the course of ten years, even the most meticulously crafted strategies are subject to the vagaries of chance. We have partnered with the following banks to bring you the high-yield savings and money market account offers that are displayed in the table. If you prefer instant account access, you can take advantage of this partnership. Despite what you might believe, certificates of deposit with a ten-year maturity do not offer the highest returns on investment. A certificate of deposit (CD) with a shorter term will tie up your money for a shorter amount of time and may offer a better interest rate. On the other hand, the rate won't be locked in for nearly as many years.