With the decrease in interest rates by major central banks worldwide, investors are left with few decently yielding choices to park their extra cash. As interest rates have fallen to multi-decade lows, most online checking and savings accounts yield some pretty paltry returns to savers. Short-term CD do not offer any decent yields either; the “best CD rates” out there can only be achieved by stretching out maturities beyond several years. Some of the best long-term CD rates can be achieved in the 10-year CD and 7 year CD maturities.
The best 10 year CD rate nationwide available right now is from Discover Bank, at 4.00% APY. There is a $2500 minimum deposit required to open the CD.
The best 7 year Certificate of Deposit available nationwide yields 3.75% APY also at Discover Bank. The minimum deposit for this one is $2500 as well.