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8 best 10-year CD rates for February 2024 (up to 4.07% APY)
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These days, you don’t have to look hard to find a good opportunity to maximize the returns on savings. With nearly a dozen rate hikes by the Federal Reserve over the last two years, the interest rates offered on interest-bearing accounts, like high-yield savings accounts and certificates of deposit (CDs), are some of the highest we’ve seen in recent years. In turn, depositing money into one of these accounts could result in top-notch returns over time.
But if you really want to boost the earnings on your money, a long-term CD, like a 10-year CD, could be the best move to make right now. Because of the unusual rate environment, the annual percentage yields (APYs) on these CDs can be just as high as what you’re offered on a high-yield savings account. The big difference, though, is that with a 10-year CD, the rates are fixed, meaning you’ll lock in your interest rate for a full decade.
If you’re going to take this route, though, it’s important to ensure that you’re earning as much interest as possible during your CD term. And while your options for 10-year CDs are a bit more limited than what you’d have with shorter-term CDs, like 6-month CDs, there are still some excellent options to consider right now. That includes the CD account options outlined below, which offer some of the best rates available this month.
Find the top CD rates you could earn this month here.
8 best 10-year CD rates for February 2024 (up to 4.07% APY)
Opting for a 10-year CD could be a smart move right now, especially if you choose one of the following top-rate CDs:
- Equitable Savings and Loan Association — 4.07% APY: This CD has a minimum opening deposit requirement of $500; the early withdrawal penalty is equivalent to 90 days of interest
- Credit Human — 4.00% APY: This CD has a minimum opening deposit requirement of $500; the early withdrawal penalty is equivalent to 1,095 days of interest
- Discover — 3.80% APY: This CD has a minimum opening deposit requirement of $2,500; the early withdrawal penalty is equivalent to 720 days of interest
- Vio Bank — 2.75% APY: This CD has a minimum opening deposit requirement of $500; the early withdrawal penalty is equivalent to 3% of the amount withdrawn plus $25
- EmigrantDirect.com — 2.75% APY: This CD has a minimum opening deposit requirement of $1,000; the early withdrawal penalty is equivalent to 180 days of interest
- BluPeak Credit Union — 2.45% APY: This CD has a minimum opening deposit requirement of $1,000; the early withdrawal penalty is equivalent to 180 days of interest
- MySavingsDirect — 2.00% APY: This CD has a minimum opening deposit requirement of $1,000; the early withdrawal penalty is equivalent to 180 days of interest
- MidFirst Bank — 1.40% APY: This CD has a minimum opening deposit requirement of $1,000; the early withdrawal penalty is equivalent to 3% of the amount withdrawn plus $25
Explore today’s top CD account options online here.
The bottom line
Today’s unusual rate environment offers a unique opportunity to savers who want to earn big returns on their money. CD rates are high across the board, and if you opt for a 10-year CD, you’ll lock in today’s excellent rates for a full decade — so you won’t have to worry about future rate declines. And, in many cases, the rates you can get with these long-term CDs rival what you can get with other interest-bearing accounts while far surpassing the average interest rate being offered on regular savings accounts.
But if you want to capitalize on what today’s rate environment is offering to savers, you should move quickly. It’s unclear if, or when, rates will shift again, and if you wait, you may end up settling for a lower rate than you would have gotten if you’d opened the right 10-year CD account today.
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Renad Atallah is an unlikely internet sensation: a 10-year-old chef, with a repertoire of simple recipes, cooking in war-torn Gaza. She has nearly a million followers on Instagram, who’ve witnessed her delight as she unpacks parcels of food aid.
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We interviewed Renad via satellite, though we were just 50 miles away, in Tel Aviv. [Israel doesn’t allow outside journalists into Gaza, except on brief trips with the country’s military.]
“There are a lot of dishes I’d like to cook, but the ingredients aren’t available in the market,” Renad told us. “Milk used to be easy to buy, but now it’s become very expensive.”
I asked, “How does it feel when so many people like your internet videos?”
“All the comments were positive,” she said. “When I’m feeling tired or sad and I want something to cheer me up, I read the comments.”
We sent a local camera crew to Renad’s home as she made Ful, a traditional Middle Eastern bean stew. Her older sister Noorhan says they never expected the videos to go viral. “Amazing food,” Noorhan said, who added that her sibling made her “very surprised!”
After more than a year of war, the Gaza Strip lies in ruins. Nearly everyone has been displaced from their homes. The United Nations says close to two million people are experiencing critical levels of hunger.
Hamada Shaqoura is another chef showing the outside world how Gazans are getting by, relying on food from aid packages, and cooking with a single gas burner in a tent.
Shaqoura also volunteers with the charity Watermelon Relief, which makes sweet treats for Gaza’s children.
In his videos online, Shaqoura always appears very serious. Asked why, he replied, “The situation does not call for smiling. What you see on screen will never show you how hard life is here.”
Before dawn one recent morning in Israel, we watched the UN’s World Food Program load nearly two dozen trucks with flour, headed across the border. The problem is not a lack of food; the problem is getting the food into the Gaza Strip, and into the hands of those who desperately need it.
The UN has repeatedly accused Israel of obstructing aid deliveries to Gaza. Israel’s government denies that, and claims that Hamas is hijacking aid.
“For all the actors that are on the ground, let the humanitarians do their work,” said Antoine Renard, the World Food Program’s director in the Palestinian territories.
I asked, “Some people might see these two chefs and think, well, they’re cooking, they have food.”
“They have food, but they don’t have the right food; they’re trying to accommodate with anything that they can find,” Renard said.
Even in our darkest hour, food can bring comfort. But for many in Gaza, there’s only the anxiety of not knowing where they’ll find their next meal.
For more info:
Story produced by Mikaela Bufano. Editor: Carol Ross.
See also:
“Sunday Morning” 2024 “Food Issue” recipe index
Delicious menu suggestions from top chefs, cookbook authors, food writers, restaurateurs, and the editors of Food & Wine magazine.
