When it comes to stable and long-term investment options that can be used to secure your financial future, certificates of deposit (CDs) are a stand-out choice. When you put your money into a CD, you get a fixed interest rate on your money that’s guaranteed over a specific period — allowing you to better to balance risk and return. And that, in turn, makes CDs an attractive option for those who prioritize stability and predictability in their investment portfolios.

While you have numerous CD options to choose from — CD terms can range from one month to several years — a long-term CD, which is a CD with a term longer than one year, could be a smart option to consider right now. After all, a long-term CD lets you lock in a competitive interest rate for an extended period, allowing you to benefit from today’s high rates to create a reliable source of passive income. 

The only real downside is that withdrawing your money before your CD matures can result in some hefty early withdrawal penalties. But, in many cases, the potential benefits of choosing a long-term CD far outweigh the negatives. Still, if you’re going to lock away your funds in a CD for more than a year, you’ll want to get the most interest in return — and the top long-term CDs, outlined below, can help. 

Compare the top CD options available to you online here.

11 long-term CDs with the highest rates right now 

If you’re looking for a CD with a term longer than one year and want a top rate, it may be worth considering these options: 

• Financial Resources Federal Credit Union 13-month CD – 5.96% APY: The minimum opening deposit amount on this CD is $1,000; the early withdrawal penalty is equal to nine months of interest on the total balance
• Hyperion Bank 15-month CD — 5.65% APY: The minimum opening deposit amount on this CD is $2,500; the early withdrawal penalty is equal to six months of interest
• Expedition Credit Union 15-month CD — 5.51% APY: The minimum opening deposit amount on this CD is $2,500; the early withdrawal penalty is equal to 120 days of interest
• Xcel FCU 18-month CD — 5.45% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to six months of interest
• Magnifi Financial 17-month CD — 5.40% APY: The minimum opening deposit amount on this CD is $2,500; the early withdrawal penalty is equal to 180 days of dividends 
• Marcus by Goldman Sachs 14-month CD — 5.40% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to 180 days of interest
• Digital FCU 23-month CD — 5.39% APY: The minimum opening deposit amount on this CD is $25,000; the early withdrawal penalty is equal to 90 days of interest
• Amboy Direct 2-year CD — 5.38% APY: The minimum opening deposit amount on this CD is $25,000; the early withdrawal penalty is equal to 180 days of interest
• United States Senate Federal Credit Union 3-year CD — 5.34% APY: The minimum opening deposit amount on this CD is $200,000; the early withdrawal penalty is equal to six months of interest
• Pelican State Credit Union 2-year CD — 5.27% APY: The minimum opening deposit amount on this CD is $10,000; the early withdrawal penalty is equal to nine months of interest
• Signature Federal Credit Union 2-year CD — 5.25% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to 12 months of interest

Find the best CD rates you can get online today.

The bottom line

Today’s high-rate environment means that it’s easy to find CDs offering high rates on your money — and that includes long-term CDs. If you want to get a top rate on your CD account, though, you’ll want to act soon. There’s always a chance that the overall rate environment could decline, and if it does, CD rates are likely to go with it. But by making your move now, you’ll lock in a great rate on your savings for your full CD term.