Banking » Compare Banks » 8 Long-Term CDs With Highly Competitive Rates
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8 Long-Term CDs With Highly Competitive Rates

If you're looking for a long term CD of at least 3 years, we've gathered some of the most lucrative options you can find these days
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

In today's uncertain economic landscape, finding secure investment opportunities with attractive returns has become increasingly challenging. However, long-term CDs offer an enticing avenue for individuals seeking stable and reliable options.

CDs provide a fixed interest rate and are ideal for those with long-term financial goals. To help you make informed investment decisions, this article presents a handpicked selection of the best long-term CDs with high competitive rates.

Lafayette Federal Credit Union 60-Month Certificate

Lafayette Federal Credit Union certificates (CDs)
Lafayette Federal Credit Union certificates (CDs)

Lafayette Federal Credit Union 60-Month Certificate

APY

4.32%

Minimum Deposit

$500

Early Withdrawal Penalty

N/A

Other Terms

7 months – 5 years

At Lafayette Federal Credit Union (LFCU), you can choose from a range of CD terms with competitive APYs. The rates vary from 5.04% for a 1-year term to 4.32% for a 5-year term. Opening a CD at LFCU requires a minimum deposit of $500. Enjoy the benefits of secure and rewarding CD investments with LFCU.

To join LFCU, there are three options available. Firstly, individuals can become a member by being affiliated with a participating organization such as schools, businesses, or unions, without any cost involved.

Secondly, residing, working, or worshipping within LFCU's service area, encompassing Maryland, Washington, D.C., and Virginia, allows one to join for a one-time fee of $5. Lastly, family members (spouse, child, or parent) of an existing LFCU member can join the credit union at no charge.

Popular Direct 60-Month CD

Popular Direct review
Popular Direct review

Popular Direct 60-Month CD

APY

4.30%

Minimum Deposit

$10,000

Early Withdrawal Penalty

365 days of interest

Other Terms

3 months – 5 years

Popular Direct offers highly competitive APYs compared to other financial institutions, including both online banks and credit unions. With a wide range of terms available, their CDs cater to various preferences, spanning from short-term options to long-term commitments like the 60-month CD.

The 12-month CD specifically boasts the highest APY, while the 60-month CD also offers attractive rates. Opening a CD account requires a minimum deposit, set at $10,000 regardless of the chosen term.

As an online-only bank, Popular Direct operates as a subsidiary of Popular Bank—a comprehensive financial services provider with a rich heritage dating back to 1893. 

Bread Financial 36-Month CD

Bread Financial logo
Bread Financial logo

Bread Financial 36-Month CD

APY

4.25%

Minimum Deposit

$1,500

Early Withdrawal Penalty

180 days of interest

Other Terms

12 – 60 months

Bread Financial offers CDs with terms ranging from one to five years, allowing you to choose the duration that suits your needs. Regardless of the term, there is a minimum deposit requirement. Interest on these CDs compounds daily and is credited monthly. The good news is that there are no maintenance fees, and online statements are free. 

If you withdraw funds before the CD maturity, early withdrawal fees apply.  The penalty ranges from 90 days of simple interest for terms less than one year to 365 days for terms of four or five years.

Lastly, there is a 10-day grace period for cashing out or making changes after maturity; otherwise, the CD will automatically renew.

CFG Bank 60-Month CD

CFG Bank CDs And Savings Rates
CFG Bank CDs And Savings Rates

CFG Bank 60-Month CD

APY

4.30%

Minimum Deposit

$500

Early Withdrawal Penalty

N/A

Other Terms

12 months – 5 years

CFG Bank stands out with highly competitive CD rates, particularly for long-term CDs, which are among the highest in the market. However, it's worth noting that they currently offer only four different CD terms. The bank sets a low minimum deposit requirement, making it easily accessible for consumers.

Established in 2009, CFG Bank is a community bank with three branches in Maryland. It offers the convenience of online account opening for select accounts. Alongside Certificates of Deposit (CDs), the bank provides a comprehensive range of deposit products, including a money market account with competitive interest rates. 

As an FDIC-insured institution, customer deposits are safeguarded up to the maximum limit provided by the Federal Deposit Insurance Corporation.

Alliant Credit Union 36-Month Certificate

Alliant Credit Union
Alliant Credit Union

Alliant Credit Union 36-Month Certificate

APY

4.20% – 4.30%

Minimum Deposit

$1,000

Early Withdrawal Penalty

180 days of interest

Other Terms

3 months – 5 years

Alliant Credit Union provides highly competitive rates for their certificates, which are dependent on the chosen term. Their rates are nationally competitive across a wide range of available terms.

When it comes to certificates with long term certificates, Alliant Credit Union continues to offer favorable rates compared to other financial institutions. Moreover, for individuals capable of depositing amounts exceeding $75,000, Alliant presents the opportunity to open a jumbo certificate.

To open an Alliant certificate account, you have three options. Existing Alliant members can log in to their online banking account, go to “Open a New Account” in the left sidebar, and follow the prompts. New members can start the membership application process online and select “Certificates” from the available account types.

Alternatively, you can contact a Member Care Representative at 800-328-1935 who will guide you through the process of opening a certificate account. These options provide convenient ways to initiate and complete the account opening process.

First Internet Bank 48-Month CD

First Internet Bank 48-Month CD

APY

4.50%

Minimum Deposit

$1,000

Early Withdrawal Penalty

N/A

Other Terms

3 months – 5 years

First Internet Bank stands out with its highly competitive long-term CD rates, surpassing other banks and credit unions. The minimum deposit requirement is reasonable, ensuring accessibility for customers.

With First Internet Bank CDs, you can build a CD ladder by diversifying your funds across certificates with different terms. This approach offers the advantages of frequent access to funds and higher rates of return on your savings.

Established in 1999, First Internet Bank is a reputable online bank that operates exclusively through digital channels. Pioneering online banking services, they provide a comprehensive range of financial products, including checking accounts, savings accounts, CDs, loans, mortgages, and investment options.

BMO 59-Month CD

BMO_Harris_Bank review
BMO_Harris_Bank review

BMO 59-Month CD

APY

4.30%

Minimum Deposit

$1,000

Early Withdrawal Penalty

545 days of interest

Other Terms

3 month – 60 month

BMO, formerly known as BMO Harris, provides multiple CD options with competitive APY, varying term lengths, FDIC insurance, and convenient deposit options. Throughout the year, BMO offers special CDs with rates different from the traditional ones. With a minimum deposit of $1,000, you can choose from 13, 25, 35, 45, and 59-month term lengths.

Headquartered in Chicago, BMO is a full-service bank operating branches in the U.S. and Canada. This North American bank offers CDs with a diverse range of term options. BMO serves customers in Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, Wisconsin, and California.

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Capital One 48-Month CD

Capital One
Capital One

Capital One 48-Month CD

APY

4.05%

Minimum Deposit

$0

Early Withdrawal Penalty

6 months of interest

Other Terms

6 – 60 months

Capital One 360 offers competitive rates on long-term CDs with flexible terms ranging from 6 to 60 months. One standout feature is the absence of a minimum balance requirement, allowing you to open an account with just a few dollars. Moreover, you have the freedom to choose when the CD's interest is paid out, whether it's on a monthly, annual, or end-of-term basis.

Recognized for its humorous credit card advertisements, Capital One is a nationwide full-service bank boasting over $390 billion in total assets, ranking as the tenth largest bank in the country. If you don't already have a Capital One account, the account creation process is typically straightforward.

Things To Focus When Choosing Long Term CD

If you put your money in a long-term CD, it means you will lock it for a long time. Therefore, besides interest rates, it's crucial to consider also these 3 important factors:

  • When You May Need Your Money: Consider how long you are willing to lock your money away. Longer-term limit your access to funds. Assess your financial goals and choose a term length that aligns with your needs and future plans.
    Early Withdrawal Penalties: Understand the penalties associated with early withdrawals. Life is unpredictable, and you may need to access your funds before the CD matures. Read the terms and conditions carefully to ensure that the penalties are reasonable and manageable if such a situation arises.
  • Reputation and Stability: Research the reputation and stability of the financial institution. Look for well-established banks or credit unions that have a solid track record of financial strength. Consider their customer reviews, ratings, and stability reports to ensure that your money is in reliable hands for the long term.

FAQs

Yes, you can open multiple long-term CDs with different maturity dates. This approach, known as CD laddering, allows you to have access to funds at regular intervals while benefiting from higher interest rates on longer-term CDs.

Consider factors such as interest rates, minimum deposit requirements, early withdrawal penalties, and reputation of the financial institution. Comparing multiple options can help you find the best fit for your needs.

Long-term CDs can be part of your retirement savings strategy, but consider other retirement-specific accounts like IRAs or 401(k)s, which may offer additional tax advantages.

Long-term CDs gives you the option to get a fixed interest on your money for a long period of time. In the current rising interest rate enviroment, it may be a good idea for investors who need a safe investment.

Unlike a regular savings account, a long-term CD locks your money for a specific period, typically offering higher interest rates but with limited access to funds until maturity.

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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