Best 10 Year CD Rates For November 2022
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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
As the CDs mature, consider rolling your savings into accounts with better rates. to maximize your returns.
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.
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.
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4 25% APY $2 500 minimum deposit to open 2 75% APY $1 000 minimum deposit to open 2 00% APY $500 minimum deposit to open 2 00% APY $1 000 minimum deposit to open 0 20% APY $1 000 minimum deposit to open Note: Annual percentage yields (APYs) shown are as of Oct. 31, 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 CD pays 3.50 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 4.25 percent APY on a .A closer look at the top 10-year CD rates
4 25% 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 1911.2 75% APY $1 000 minimum deposit to open
EmigrantDirect is a division of . 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.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.2 00% APY $1 000 minimum deposit to open
MySavingsDirect is a division of . 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.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
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 , 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. 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.When is a 10-year CD a bad idea
In many cases, you can earn more money with a 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 . 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.