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Best 10-year CD rates – August 2022

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Compared to savings accounts and short-term time deposits, 10-year certificates of deposit 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 for a decade is a smart move for you.

Bankrate’s top picks for the top 10-year CD rates

Note: Annual percentage yields (APYs) shown are as of July 28, 2022. Bankrate’s editorial team updates this information regularly. APYs may have changed since they were last updated and may vary by region for some products.

Today’s top, widely available 10-year CDs pays 3.2 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 3.35 percent APY on a five-year CD.

A closer look at the top 10-year CD rates

Discover Bank: 3.20% 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. The bank’s yields for its five-, seven- and 10-year CDs are the same, and they’re higher than the rates tied to the rest of its accounts.

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: 2.00% 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: 2.00% APY; $1,000 minimum deposit to open

EmigrantDirect is a division of Emigrant 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: 2.00% APY; $1,000 minimum deposit to open

MySavingsDirect is a division of Emigrant 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.

Comerica Bank: 0.20% APY; $1,000 minimum deposit to open

In addition to a 10-year CD, Comerica Bank also offers shorter CD terms starting at seven days. The highest yields, however, are paid on terms of five years or longer.

Comerica Bank is a Dallas-based institution that primarily serves customers in Arizona, California, Florida, Michigan and Texas.

Finding the best 10-year CD rates

Since 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.

Remember, few institutions offer certificates in this term, but you may find a better deal in your own search.

10-year CD FAQs

Methodology for Bankrate’s Best CD Rates

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 some 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: annual percentage yield (APY), the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. (FDIC) or by the National Credit Union Share Insurance Fund (NCUSIF).

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.

Written by
Matthew Goldberg
Consumer banking reporter
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance.
Edited by
Senior wealth editor
Reviewed by
Professor of finance, Creighton University