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CD has a minimum opening deposit requirement of $500; the early withdrawal penalty is equivalent to 3% of the amount withdrawn plus $25 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.