15 long-term CDs with the highest rates right now

Right now, certificates of deposit (CDs) are a safe bet for savers — and a very lucrative one, too. When you put your savings in a CD, you earn the same interest rate on your money throughout the entire term. That means your rate won't drop if the overall rate environment declines — which is not the case with some other interest-bearing accounts.

And, thanks to the Federal Reserve's numerous rate hikes over the last 18 months, CD rates are high right now. And, that's true whether you're interested in a short- or long-term CD. In fact, some CDs even offer rates as high as 7%, though it's worth noting that a rate that high is not the norm.

What's unusual, though, is that short-term CDs are offering some of the highest APYs right now. Still, it may also be a good move to lock in a top rate on a long-term CD today. That way, if there are rate drops in the future, you'll continue to earn interest at today's high rates throughout the life of your CD. 

Start researching your top CD options here.

15 long-term CDs with the highest rates right now

If you're looking for a long-term CD with a high APY, consider these options:

2-year CDs

• Newtek Bank — 5.60% APY: This CD requires a minimum deposit of $2,500 to open the account. And, if you withdraw your money before the CD matures, the penalty you'll pay is 180 days of simple interest.
• Fidelity — 5.30% APY: The minimum opening deposit on this account is $1,000 — and you must have a Fidelity account to open one. There is no option for early withdrawal with this CD.
• Pelican State Credit Union — 5.27% APY: This CD can be opened with a minimum deposit of $500, but there could be a penalty imposed for early withdrawal if you take your money out of the account before the CD matures.
• Signature Federal Credit Union — 5.25% APY: You can open this CD with a minimum of $500. However, a penalty may be assessed for withdrawing your funds early (excluding dividends).
• Barclays — 5.00% APY: There is no minimum opening balance or deposit required to open this CD, but if you withdraw your money early, you could pay an early withdrawal penalty.

3-year CDs

• Valley Direct — 5.60% APY: The minimum opening deposit on this CD is $500, and the early withdrawal penalty is 365 days of interest if you withdraw your money before the CD matures.
• Luana Savings Bank – 5.27% to 5.42% APY: If you deposit a minimum of $2,000 into a 3-year CD at Luana Savings Bank, you'll earn a 5.27% APY currently. To earn the 5.42% rate, you'll need to deposit over $100,000 into a 3-year CD. Early withdrawal penalties may apply on both options.
• Prime Alliance Bank – 5.25% APY: You'll need to deposit at least $500 to open this CD. Note that if you make any withdrawal of interest prior to maturity, it will reduce your earnings, and there are early withdrawal penalties if you withdraw your principal from the CD before it matures.
• U.S. Senate Federal Credit Union – 5.23% APY: This CD requires a minimum deposit of $1,000 to open. However, you can earn even higher rates if you deposit over $100,000 or over $200,000 (rates vary for each). If you withdraw your money early, the penalties are 180 days of dividends paid and accrued on the withdrawal.

4-year CDs

• US Senate Federal Credit Union — 4.81% APY: You can open this CD with a minimum deposit of $1,000. A penalty of 120 days worth of interest is imposed for early withdrawal.
• Wellby Financial – 5.13% APY: This CD requires a minimum opening deposit of $1,000, and if you withdraw your money before it matures, you'll pay 365 days of dividends as a penalty.
• Merrick Bank – 4.90% APY: To open a CD with Merrick, a minimum of $25,000 is required, and it must be deposited in a single transaction. If you withdraw your funds early, you will be charged a penalty. 

5-year CDs

• US Senate Federal Credit Union — 4.86% APY: This CD can be opened with a minimum deposit of $1,000. A penalty of 360 days worth of interest is imposed for early withdrawal.
• Bread Savings — 4.65% APY: A minimum deposit of $1,500 is required to open this CD. If you need to withdraw your money early, the penalty is 180 days of simple interest.
• Popular Direct — 4.65% APY: The minimum deposit requirement to open this CD is $10,000. The early withdrawal penalty is steep, too — 730 days of simple interest — so make sure you can meet the requirements if you open this one.

Find out how much you could earn with one of today's top CDs.

The bottom line

A CD can be a smart way to earn excellent returns on your savings — and this is a great time to take advantage of the opportunity. Both short- and long-term CDs are offering rates that are several times higher than they were in the last few years, and by locking in a rate on a long-term CD, you'll guarantee those high returns throughout the entirety of the CD term. But, as with any financial product, it's important to do your research and read the fine print to ensure you're opening an account that aligns with your goals and financial situation.