If you’re looking for a low risk place to deposit some funds, then a 10-year CD (certificate of deposit) may be worth considering.

They generally offer higher APYs (annual percentage yields) than shorter term CDs and variable rate deposit accounts such as online savings accounts or money market accounts.

That said, make sure you’re comfortable with locking up your funds for a long period of time as early withdrawal penalties imposed by the bank or credit union can easily eat into your earnings.

Top 10-Year CD Rates for September 2022

Below are the highest yielding 10-year CDs we’ve for the month of September. We track hundreds of CD and savings rates daily to uncover the most competitive yields for consumers. There may, however, be higher yields elsewhere from banks or credit unions that are not on our radar. If you happen to come across one, please feel free to email us at hello@apyguy.com.

All banks and credit unions on this list are federally insured by either the FDIC or NCUA for credit unions.

As of September, 2022 we have also added brokered CDs to the list. These CDs are issued by banks or credit unions but sold through brokerages to consumers. FDIC or NCUA insurance applies for these products and may actually be increased for consumers in some cases due to the brokerage leveraging deposit insurance from multiple institutions.

Institution	Min. Deposit	APY
Vanguard [brokered CD]	$1,000	4.00%
Discover Bank	$2,500	3.25%
Apple Federal Credit Union	$500	3.00%
Credit Human	$500	2.95%
MySavingsDirect	$1,000	2.00%
Vio Bank	$500	2.00%

To give these yields some context, the current national average for a 5 year CD sits at just 0.64% APY according to FDIC data. The FDIC does not aggregate rates for terms above 5 years.

Vanguard – 4.00% APY

The Vanguard Group hardly needs any introduction. They are the largest provider of mutual funds in the country and have over $7 trillion in assets under management (AUM) globally.

Their brokered CDs are federally insured by the banking institutions that issue them. They require a minimum deposit of $1,000.

• Interest – Brokered CDs do not feature compounding interest. If you want compounding interest you’ll need to reinvest your earnings into another account.
• Grace Period – None. Brokered CDs do not automatically renew like bank CDs generally do.
• Early Withdrawal Penalty – Varies depending on the issuing institution.
• Funding the Account – You must first open a brokerage account with Vanguard. Once you’ve opened and funded the account, you can search for CDs here.

Discover Bank – 3.20% APY

Discover Bank offers the highest yielding 10-year CD on our list this month. Opening a CD can be done online in minutes with a minimum deposit requirement of $2,500.

• Interest – Daily compounding interest.
• Grace Period – 9 days.
• Early Withdrawal Penalty – 24 months simple interest.
• Funding the Account – Fund the CD with an existing Discover Bank account, an external bank account, over the phone, or by mailing a check.

Apple Federal Credit Union – 3.00% APY

Apple Federal Credit Union is a member-owned, not-for-profit financial cooperative that was founded in 1956 and is available to new members nationwide.

Before opening a CD, non-members must first join the credit union by signing up for a $20 membership to one of their partner organizations. You will also need to deposit $5.00 into a savings account which serves as your ownership in the credit union.

• Interest – ?
• Grace Period – 10 calendar days.
• Early Withdrawal Penalty – 36 months interest.
• Funding the Account – One accepted to Apple FCU, you can open and fund your CD via an external bank account, over the phone, or by mailing a check.

Credit Human – 2.80% APY

Like Apple FCU, Credit Human is another NCUA-insured credit union with nationwide acceptance. To join Credit Human, you must first become a member of the nonprofit organization – American Consumer Council. Membership to American Consumer Council is free but you will also need to deposit $5 into a Credit Human savings account which serves as your ownership in the credit union.

• Interest – ?
• Grace Period – 10 calendar days.
• Early Withdrawal Penalty – Either $50 or 36 months interest, whichever is greater.
• Funding the Account – The easiest way to fund a Credit Human CD is with an existing Credit Human bank account. They also accept external bank account transfers, over the phone transfers, or physical check(s).

MySavingsDirect – 2.00% APY

MySavingsDirect is an online division of Emigrant Bank which has been around since 1850. Both Emigrant Bank and MySavingsDirect offer a 10-year CD with a minimum deposit requirement of $1,000.

• Interest – Daily compounding interest.
• Grace Period – 10 calendar days.
• Early Withdrawal Penalty – 6 months interest.
• Funding the Account – Transfer funds from an existing bank account. Have your routing number and bank account number handy.

Vio Bank – 2.00% APY

Vio Bank is the online brand of MidFirst Bank. MidFirst Bank is the largest privately held, FDIC-insured bank in the U.S. Vio Bank offers a number of competitive CDs with terms ranging from 6 months to 10 years. All come with a minimum deposit requirement of $500.

• Interest – Daily compounding interest.
• Grace Period – 10 calendar days.
• Early Withdrawal Penalty – 3 percent of the amount withdrawn plus a $25 fee.
• Funding the Account – Transfer funds from an existing Vio Bank account or external bank account using ACH transfer. You can also transfer funds via their mobile app, by setting up a wire transfer or by mailing a physical check.

Which Banks and Credit Unions Offer 10-Year CDs?

If you’ve been in the market for a 10-year CD, then you’ve probably already noticed it isn’t a particularly common CD term for most banks and credit unions.

Standard term CDs usually range from 6 to 60 months, but some institutions offer 72 month, 84 month and even 120 month (10 year) CDs.

Here are the largest banks and credit unions on the market offering 10-year certificates of deposit:

• Bank of America – 10-year CD yielding 0.03% APY with a $1,000 minimum deposit requirement.
• Chase Bank – 10-year CDs yielding between 0.02% and 0.05% APY with a $1,000 minimum deposit requirement.
• KeyBank – 10-year CD yielding 0.05% APY with a minimum deposit requirement of $2,500.
• PNC Bank – 10-year CDs yielding between 0.01% and 0.03% APY with a minimum deposit requirement of $1,000.

Brokered CDs

Another place to look for 10-year CDs would be your brokerage. As of September 2022 we have begun to include these products in our list.

Many brokerages offer CDs in which they broker from an FDIC-insured bank or NCUA-insured credit union. Because your broker is theoretically shopping around from multiple institutions, the consumer can tend to find a better rate and APY. Just keep in mind the brokerage may charge a nominal fee. Be sure to check with your institution specifically so you know the costs and potential pitfalls associated with these products.

Final Thoughts

It may be tempting to lock in a long term CD such as a 10-year term given the higher yields they tend to offer.

That said, in our rising interest rate environment, you may be able to lock in CDs with equally high yields but with terms half the duration or less.

Many of the nation’s highest yielding 4 and 5 year CDs are now inching above the 3 percent mark – putting them on par with the best 10-year CDs.