Over the past year, savers have enjoyed a rare period of exceptionally high returns on their money. This financial windfall has been a silver lining amid broader economic challenges, like persistent inflation, offering a chance to earn substantial returns without taking on significant risk. However, with inflation showing signs of cooling, the days of elevated rates may be numbered. 

The Federal Reserve is widely expected to initiate interest rate cuts in September, a move that will likely trigger a domino effect across the financial landscape. When the Fed acts, banks typically follow suit, adjusting their offerings on savings accounts and certificates of deposit (CDs) downward. This means that if you want to earn the best returns possible on your money, you need to act swiftly. 

One way to do that is to lock in a rate on a long-term CD. By opening a long-term CD now, you can guarantee that your money earns today’s high rate of interest until the account matures, regardless of how market rates fluctuate in the interim. And, the long-term CDs outlined below offer some of the best rates available now, so it makes sense to start with these options.

Ready to lock in your rate? Compare today’s top CD options online now.

The 18 best long-term CDs to open this August

If you want to lock in the best rate possible over the long term, these CD accounts may be worth considering:

1-year CDs

• EagleBank — 5.39% APY: This CD has a $1,000 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty.
• Bask Bank — 5.25% APY: This CD has a $1,000 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty equivalent to 90 days of interest.
• Home Savings Bank — 5.25% APY: This CD has a $5,000 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty equivalent to 90 days of interest.

18-month CDs

• Jovia Financial Credit Union — 5.30% APY: This CD has a $100 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty.
• Sallie Mae Bank — 5.15% APY: This CD has a $2,500 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty equivalent to 180 days of interest.
• EagleBank — 5.08% APY: This CD has a $1,000 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty.

2-year CDs

• Elements Financial — 5.72% APY: This CD has a $100 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty.
• Amboy Direct — 5.36% APY: This CD has a $100 minimum opening deposit requirement but a $25,000 minimum balance is required to earn the stated APY; withdrawing your money from the account before it matures could result in an early withdrawal penalty.
• USALLIANCE Financial — 5.00% APY: This CD has a $500 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty.

3-year CDs

• Farmers Insurance Federal Credit Union — 5.75% APY: This CD has a $1,000 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty equivalent to 180 days of interest.
• Superior Choice Credit Union — 5.00% APY: This CD has a $500 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty.
• Vibrant Credit Union (30-month CD) — 5.00% APY: This CD has a $5 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty.

4-year CDs

• The Federal Savings Bank — 4.55% APY: This CD has a $5,000 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty.
• Library of Congress Federal Credit Union (47-month CD) — 4.52% APY: This CD has a $500 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty equivalent to 180 days of interest.
• Department of Commerce Federal Credit Union — 4.50% APY: This CD has a $500 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty equivalent to 180 days of interest.

5-year CDs

• Grow Financial Federal Credit Union — 4.75% APY: This CD has a $500 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty equivalent to 180 days of interest.
• Farmers Insurance Federal Credit Union — 4.50% APY: This CD has a $1,000 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty.
• Pima Federal Credit Union — 4.50% APY: This CD has a $250 minimum opening deposit requirement; withdrawing your money from the account before it matures could result in an early withdrawal penalty.

Find out the best CD rates available to you here.

The bottom line

While today’s CDs still offer great rates, they won’t be offering these types of returns forever. With a Fed rate cut on the horizon, the opportunity to capitalize on these high-yield CDs is fleeting. So, if you want to maximize the returns on your money, it would be smart to find the best long-term CD option for your situation now. That way, you can lock a top CD rate before the returns begin their expected decline.