CDs

Best 10-year CD rates — January 2022

1
Thomas Barwick/Getty Images
Written by
Matthew Goldberg
  • /
  • 5 min read
Edited By
David Schepp
Reviewed By
Robert R. Johnson
  • /
  • 5 min read
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Compared to savings accounts and short-term time deposits, 10-year CDs 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.

The best 10-year CD rates for January 2022

Note: Annual percentage yields (APYs) shown are as of Jan. 5, 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 pay 1 percent APY, which, given the length of term, isn’t a very competitive rate, even in a low-rate environment. 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 1.3 percent APY on a five-year CD term.

Bankrate’s guide to choosing the right CD rate

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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 around 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.

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.

Best 10-year CD details

EmigrantDirect: 1.00% 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: 1.00% APY; $1,000 minimum deposit to open

MySavingsDirect is a division of Emigrant Bank. It has CDs with terms ranging from six months to 10 years. Each requires a $1,000 minimum deposit.

MySavingsDirect also offers the MySavings Account, which has no fees or service charges.

Discover Bank: 1.00% 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: 0.70% APY; $500 minimum deposit to open

Vio Bank is an online-only bank serving consumers nationwide who are in the market for a high-yield savings account or CD and are looking for competitive rates. CD terms range from six months to 10 years.

The bank is the online division of MidFirst Bank, based in Oklahoma City.

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.

Who does a 10-year CD work best for?

How you invest your money depends in part on your risk tolerance. A 10-year CD could be a good fit for someone who’s afraid of taking risks with money and would prefer to have a guaranteed rate of return. Anyone in that camp should ladder CDs, or pair a 10-year CD with a short-term certificate of deposit.

As the CDs mature, consider rolling your savings into accounts with better rates. Use a CD ladder calculator to maximize your returns.

When is a 10-year CD a good idea?

By going with a 10-year CD, you can be certain that the money you put into your account will be returned to you with the initial principal amount, plus interest.

The Federal Reserve cut rates to their lowest level in history and says it expects to keep rates very low through 2023.

When is a 10-year CD a bad idea?

In many cases, you can earn more money with a five-year CD than with one of the best 10-year CD rates. So leaving your funds tied up for five additional years doesn’t make sense.

Rising prices are another concern. “If inflation is higher than the interest that you’re earning, you are actually losing buying power as the money sits in there for 10 years,” says Alan Dole, a wealth manager and financial planner with Equity Concepts, an investment and financial services firm in Richmond, Virginia.

Consider the opportunity cost

Don’t purchase a 10-year CD without evaluating other low-risk investment products like high-yield money market accounts. Dole says it pays to ask, “Where else could you put that money that would earn you more?”

Savers could buy a 10-year CD and close the account before it matures. Just make sure the benefit of an early exit outweighs the cost of the withdrawal penalty.

Best 10-year CD rates — January 2022

Institution APY Minimum deposit
EmigrantDirect 1.00% $1,000
MySavingsDirect 1.00% $1,000
Discover Bank 1.00% $2,500
Vio Bank 0.70% $500
Comerica Bank 0.20% $1,000

Learn more about other CD terms:

Learn more about CDs:

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
David Schepp
Wealth editor
Reviewed by
Robert R. Johnson
Professor of finance, Creighton University

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