What are the highest long-term CD rates right now?

If you're trying to grow the balance in your savings account, this is a great time to do it. The recent Federal Reserve rate hikes have resulted in many banks and credit unions offering hefty APYs on deposit accounts. So, if you're letting your savings languish in a regular savings account, especially one with a rate that's at or near the average of 0.46%, you're leaving interest returns on the table.

And, you have a couple of good choices when it comes to high-earning deposit accounts. One is a high-yield savings account, which works similarly to a regular savings account but typically has a much higher rate attached to it. And in today's high-rate environment, it's easy to find high-yield savings accounts offering rates of 5% or more.

But high-yield savings accounts are just one option. Another is a certificate of deposit (CD). Unlike high-yield savings accounts, which come with variable rates, the rates on CDs are fixed, meaning that they won't change during your CD term. And right now, many CDs have rates that are just as high as the ones offered on high-yield savings accounts. So, if you move your savings to one of the long-term CDs outlined below, you'll earn the same high rate until your CD matures, even if rates drop in the interim. 

Find the top CD rates you could earn here.

What are the highest long-term CD rates right now?

There are numerous options when it comes to long-term CDs offering high rates right now, including:

2-year CDs

• Newtek Bank — 5.60% APY: $2,500 minimum deposit is required to open the account; early withdrawal penalty is 180 days of simple interest
• Luana Savings Bank — 5.52% APY: $2,000 minimum deposit is required to open the account; early withdrawal penalty is six months of interest 
• Seattle Bank — 5.50% APY: $1,000 minimum deposit is required to open the account; early withdrawal penalty is three months of interest
• Prime Alliance Bank — 5.50% APY: $500 minimum deposit is required to open the account; early withdrawal penalty is three months of interest
• All In Credit Union — 5.48% APY: $1,000 minimum deposit is required to open the account; early withdrawal penalty is three months of interest
• MapleMark Bank — 5.40% APY: $25,000 minimum deposit is required to open the account; early withdrawal penalty is six months of interest

3-year CDs

• Valley Direct — 5.60% APY: $500 minimum deposit is required to open the account; early withdrawal penalty is 365 days of interest
• Prime Alliance Bank — 5.25% APY: $500 minimum deposit is required to open this account; earnings are reduced if any interest withdrawal is made prior to maturity; early withdrawal penalties apply if the principal is withdrawn before the CD matures
• Southeast Bank — 5.25% APY: $1,000 minimum deposit is required to open the account; early withdrawal penalty is six months of interest
• U.S. Senate Federal Credit Union — 5.23% APY: $1,000 minimum deposit is required to open the account; higher rates possible with deposits over $100,000 or over $200,000 (rates vary for each); early withdrawal penalty of 180 days of dividends paid and accrued on the withdrawal
• Lafayette Federal Credit Union — 5.10% APY: $500 minimum deposit is required to open the account; early withdrawal penalty is 12 months of interest
• MYSB Direct — 5.05% APY: $500 minimum deposit is required to open the account; early withdrawal penalty is the total amount of interest (three months minimum)

4-year CDs

• Wellby Financial — 5.13% APY: $1,000 minimum opening deposit requirement; early withdrawal penalty is 365 days of dividends
• Farmers Insurance Federal Credit Union — 5.00% APY: $1,000 minimum deposit is required to open the account; early withdrawal penalty applies
• Self-Help Federal Credit Union — 4.86% APY: $500 minimum deposit is required to open the account; early withdrawal penalty is six months of interest
• First Harvest Credit Union — 4.82% APY: $1,000 minimum deposit is required to open the account; early withdrawal penalty is six months of interest
• U.S. Senate Federal Credit Union — 4.81% APY: $1,000 minimum deposit is required to open the account; early withdrawal penalty is 12 months of interest
• First National Bank of America — 4.80% APY: $1,000 minimum deposit is required to open the account; early withdrawal penalty is 18 months of interest

5-year CDs

• BMO Alto — 5.25% APY: $0 minimum deposit is required to open the account; early withdrawal penalty is 180 days of interest
• US Senate Federal Credit Union — 4.81% APY: $1,000 minimum deposit is required to open the account; early withdrawal penalty of 360 days worth of interest
• Bread Savings — 4.75% APY: $1,500 minimum deposit is required to open the account; early withdrawal penalty is 180 days of simple interest
• Popular Direct — 4.65% APY: $10,000 minimum deposit is required to open the account; early withdrawal penalty is 730 days of simple interest
• Self-Help Credit Union — 4.65% APY: $500 minimum deposit is required to open the account; early withdrawal penalty is 180 days of interest
• Barclays — 4.50% APY: $0 minimum deposit is required to open the account; early withdrawal penalty applies

Explore your short- and long-term CD options here.

The bottom line

There's no reason to settle for a low interest rate on your savings right now. There are plenty of good CD options to choose from, and if you lock in a rate on a longer-term CD, you won't have to worry about whether rates decline in the future. You'll continue to earn at the same high rate until your CD matures. And with rates on long-term CDs hovering at or above 5%, the returns you earn with a top CD could be significant.