The 8 Best 10-Year CD Rates of 2019
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If you’re looking for an appropriate savings vehicle to put away cash for a mid- to long-term financial goal, there are many options to choose from. You might consider a savings account with a high interest rate, a money market fund, or a CD — the latter being a great, low-risk option to work toward a financial goal with a set end date.
Also called a Certificate of Deposit, CDs are a type of savings account with a fixed interest rate. They are one of the safest investments available at both banks and credit unions, and they have what’s called a fixed maturity rate, which essentially means there’s a time stamp on when you can withdraw your funds without penalty. CDs offer a higher annual percentage yield (APY) than a typical savings account, and they can range in length from three months to 10 years.
While there are many different types of CDs, we've narrowed it down to our favorite 10-year CDs based on rates, minimum deposits, and other features. Just keep in mind that these 10-year CDs are not to be confused with jumbo CDs, which require a larger, minimum deposit of $100,000. Read on to find the right one for your finanical goals.
Best Overall: Discover Bank
Discover Bank offers a 10-year CD with a competitive 2.70% interest rate. The minimum deposit is $2,500, which puts it on the higher end of our list, but the benefits are well worth it. Online banking is available (Discover has only one branch, in Greenwood, Delaware) interest can be withdrawn before the CD reaches its maturity date, and customers generally ranked the banks as highly for rate competitiveness.
Discover’s CDs are FDIC-insured, and you’ll get a notification 30 days before your CD matures, at which point you can withdraw funds or change your CD’s terms.
You may remember Discover as the purveyor of that iconic black and orange credit card, but the financial company has reinvented itself in recent years. Founded in 1911, it now offers other products ranging from CDs to IRAs to home equity and student loans. The company has more than $98 billion in assets.
Interested in learning more? Read through our full review of Discover Bank.
Best for Beginners: MySavingsDirect
A division of Emigrant Bank, MySavingsDirect recently bumped up their 10-year CD rate to offer 1.65% APY with just a $1,000 minimum deposit. The FDIC-insured bank offers various perks, such as ease of opening an account online, no fees or service charges, and 24/7 access to your accounts — a nice feature for those of us that like to check our accounts at 3 a.m. You can link your CD to your current checking account, too, making transfers a breeze.
You’ll also receive a notice when your CD is about to mature, giving you the chance to withdraw or renew your account for a specific term. Worth noting: MySavingsDirect also offers a 2.40% APY on savings accounts if you’re one of those people who like to have all your money in one easily-accessible place.
Best Rate for Lowest Deposit: LegacyTexas Bank
Not just available for those living in the Lone Star State, this FDIC-insured bank offers competitive 10-year CD rates with only a $1,000 minimum deposit. (You’ll need to keep a minimum balance of $1,000 in your CD to reap the 2.75% APY, too.)
Founded in 1952, LegacyTexas Bank boasts $8 billion in assets, 43 locations in Texas, and a commercially-oriented approach. Here’s why we like them: the Plano-headquartered bank has a hometown approach and treats its customers as such. Combine that with its impressive rate, and this just might be the CD for those who prefer high yield, yet homey service.
Best Online-Only Bank: Vio Bank
An internet-only bank, Vio comes in at the top of our list due to rate and minimum deposit. Available to customers nationwide, Vio Bank bills its 120-month CD — with 2.10% APY and a $500 minimum deposit — as a high-yield online CD. It guarantees returns and offers a low-risk, high reward strategy for saving for long-term goals like paying for college or prepping for retirement.
Being able to access your accounts easily and quickly online is another plus. Vio also touts the fact that you can open an account in five minutes or less, perfect for those who enjoy instant gratification. Vio's CD interest is compounded daily, and they keep a close eye on the competition, making sure their rates stay competitive.
A bit of Vio Bank’s backstory: Vio Bank is actually the online division of MidFirst Bank, which has $16 billion in assets and $1.5 billion in capital. It’s one of the five largest private financial institutions in the country and it’s Member FDIC.
Best Big Bank: Chase Bank
If you prefer a recognizable name, stellar service, and branches on just about every street corner, then Chase Bank’s 10-year CD with an APY of 1.36% and $1,000 minimum deposit may be the best choice for you. There’s no monthly service fee, a fixed rate of return, and even a CD “relationship rate,” offered to those who have a Chase personal checking account. Oh, and they’re FDIC-insured.
Chase Bank serves almost half of Americans in some financial capacity, from credit cards to car loans to mortgages. It’s the commercial banking division of JPMorgan Chase & Company and has about $2.6 trillion in assets.
While not the highest rate on our list, the customer service factor is high. Plus, you can open a CD, get a mortgage, open a credit card, and get a replacement debit card, all in the same place.
Want some more information? Check out our full review of Chase Bank.
Best for Bank Loyalists: Emigrant Direct
You’ll need an Emigrant Direct account to get their 10-year, 1.5% APY, $1,000 down CD. But once you do, you’ll have access to daily compounding interest that is credited monthly, notification prior to your CD’s maturity, and FDIC-insured funds.
Emigrant Direct was founded in 1850 and has assets to the tune of $6.5 billion. Though this bank has received criticism from some for offering high rates on CDs, then lowering them later, it’s still worth checking out.
Best Hometown Hero: PNC Bank
Another great choice for label-lovers, PNC Bank’s 10-year CD makes up for what it lacks in rate with stellar customer service and recognizability. That said, PNC offers a 0.75% rate with a $1,000 minimum deposit. PNC Bank is also highly accessible with 2,600 branches and 9,000 ATMs in 19 states.
As one would expect with a big bank, your money is also FDIC-insured, you have a guaranteed rate, and automatic renewal — the latter of which can either be a negative or a positive, depending on what you’ll use your CD for and if you plan to withdraw it at the end of the 10-year term.
PNC Bank’s roots can be traced back to the 1800s. It’s headquartered in Pittsburgh, PA, and has about $380 billion in assets. Its philanthropic arm, the PNC Foundation, is another plus.
Best New Kid on the Block: iGoBanking.com
If a less-than-stellar digital experience doesn’t sway you, then iGoBanking’s 10-year CD could be a good choice. Offering a 0.35% APY and the standard $1,000 deposit, this CD is FDIC-insured and includes easy rollover once your CD matures.
iGoBanking is the online arm of Flushing Bank, which was founded in 1929. In addition to CDs, iGoBanking offers money market accounts, IRAs, savings and checking accounts.