The Best 10-Year CD Rates of 2023

Annuity.org’s independent editorial staff first evaluated 10-year certificates of deposit options from the country’s biggest banks and credit unions to determine the best options in 2023.

A bank or credit union must provide savings accounts in all 50 states and be supported by either the FDIC or the NCUA to be eligible. This left the editorial team with 16 banks and credit unions, of which only two offered 10-year terms.

Because few banks and credit unions within these criteria offered 10-year CDs, we expanded our search to regional or community banks and credit unions that have a national online presence offering certificates of deposit. All institutions had to be insured by the FDIC or NCUA.

Other parameters we analyzed included the CD’s minimum deposit requirements, early withdrawal penalties and any bonuses or promotions the institutions offered.

Learn more about our broader Editorial Guidelines.

There are only a handful of banks and credit unions that offer 10-year CDs, and our strict ranking methodology eliminated all but a few that do. Of the remaining institutions that met our criteria, only one other choice offering 10-year CD rates stood out.

The conventional wisdom is that CD rates are typically higher for longer-term commitments, such as 10-year CDs, compared to shorter-term commitments, such as 1-year CDs. But this is not a hard and fast rule.

Many of the shorter-term CDs Annuity.org reviewed offered higher rates than long-term CDs, largely due to the fact the U.S. Treasury curve is currently partially inverted. Regardless of the economic environment, rates can vary from institution to institution and within individual banks or credit unions. It’s wise to explore shorter-term CDs to see if you can find better rates and consider a shorter commitment for your personal finance strategy.

While CDs offer a guaranteed return on your investment, they may not keep up with inflation. If inflation rises during the 10-year term of your CD, the purchasing power of your savings may decrease. This is something to consider when choosing any CD term.

When purchasing a CD, you need to balance the highest interest rate against how long you can leave your money in savings. You pay a penalty for early withdrawal, so you may only want to consider a 10-year CD if you know you will not need the money until the CD matures in 10 years.

If that’s too long for your financial goals, you may want to widen your search for shorter-term CDs that better match your time frame with competitive rates.