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If you’re in the market for a certificate of deposit (CD), you may want to consider long-term options. Not only are these accounts safe, but long-term CDs give you the ability to lock in today’s competitive returns for years to come. 

And, that’s important in today’s interest rate environment. 

Thanks to a federal funds rate that remains frozen at a 23-year high, many deposit accounts are offering impressive returns. “The current rates on CDs have been up most of this year and should be considered for one’s portfolio,” explains Michael Morgan, president of the financial planning firm, TBS Retirement Planning. “These rates are running between 4% and 5%.”

But, there’s a strong argument suggesting that today’s high returns won’t be available much longer. 

The federal funds rate is high because rate hikes are the Federal Reserve’s most effective tool to fight inflation. And, with post-COVID-19 inflation rates reaching as high as 9.1%, the Fed hiked rates several times following the pandemic. 

But, inflation is cooling. May’s inflation rate was 3.3%. That followed April’s 3.4% inflation rate which followed March’s 3.5% inflation rate – all of which are significantly lower than the 9.1% rate seen in June of 2022. And, if inflation continues to cool, the Fed may reduce its federal funds rate, which could result in reduced returns on CD accounts. 

Long-term CDs can lock in today’s strong returns for some time, regardless of what the Fed does with interest rates in the future. But, what are the best long-term CDs to open this June? Find out below. 

Lock in a leading CD return for years to come now. 

16 best long-term CDs to open this June (with rates up to 4.80%)

Open one of the following long-term CDs to lock in some of the strongest rates available today for years to come. 

Best 3-year CDs to open this June

• BMO Alto – 4.60% APY: BMO Alto doesn’t require a minimum deposit to open this account. You’ll pay a penalty equal to 365 days of interest if you withdraw your money early.  
• Popular Direct – 4.50% APY: You’ll need to make a $10,000 minimum deposit to open this account. You’ll pay a penalty equal to 365 days of interest if you withdraw your money early. 
• Quontic Bank – 4.40% APY: You’ll need to make a $500 minimum deposit to open this account. You’ll pay a penalty equal to 24 months of interest if you withdraw your money early.  
• America First Credit Union – 4.35% APY: You’ll need to make a $500 minimum deposit to open this account. You’ll pay a penalty equal to 180 days of interest or a $5.00 minimum (whichever is greater) if you withdraw your money early.  
• LendingClub – 4.30% APY: You’ll need to make a $2,500 minimum deposit to open this account. You’ll pay a penalty equal to 180 days of interest if you withdraw your money early.  
• Marcus by Goldman Sachs – 4.15% APY: You’ll need to make a $500 minimum deposit to open this account. You’ll pay a penalty equal to 180 days of interest if you withdraw your money early.  
• Synchrony Bank – 4.15% APY: Synchrony Bank doesn’t require a minimum deposit to open this account. You’ll pay a penalty equal to 180 days of interest if you withdraw your money early.  
• Sallie Mae – 4.00% APY: You’ll need to make a $2,500 minimum deposit to open this account. You’ll pay a penalty equal to 180 days of interest if you withdraw your money early.  

Open a CD now so you don’t miss out on today’s strong returns. 

Best 5-year CDs to open this June

• BMO Alto – 4.80% APY: BMO Alto doesn’t require a minimum deposit to open this account. You’ll pay a penalty equal to 545 days of interest if you withdraw your money early.  
• Popular Direct – 4.30% APY: You’ll need to make a $10,000 minimum deposit to open this account. You’ll pay a penalty equal to 730 days of interest if you withdraw your money early.  
• Quontic Bank – 4.30% APY: You’ll need to make a $500 minimum deposit to open this account. You’ll pay a penalty equal to 24 months of interest if you withdraw your money early.  
• America First Credit Union – 4.20% APY: You’ll need to make a $500 minimum deposit to open this account. You’ll pay a penalty equal to 180 days of interest or a $5.00 minimum (whichever is greater) if you withdraw your money early.  
• Marcus by Goldman Sachs – 4.00% APY: You’ll need to make a $500 minimum deposit to open this account. You’ll pay a penalty equal to 180 days of interest if you withdraw your money early.  
• LendingClub – 4.00% APY: You’ll need to make a $2,500 minimum deposit to open this account. You’ll pay a penalty equal to 180 days of interest if you withdraw your money early.   
• Sallie Mae – 4.00% APY: You’ll need to make a $2,500 minimum deposit to open this account. You’ll pay a penalty equal to 180 days of interest if you withdraw your money early.  
• Synchrony Bank – 4.00% APY: Synchrony Bank doesn’t require a minimum deposit to open this account. You’ll pay a penalty equal to 365 days of interest if you withdraw your money early.  

Lock in these rates for the next five years today. 

The bottom line

Today’s leading long-term CDs are offering impressive returns. But, those returns may not last long. So, now is a compelling time to lock in your rate for long-term financial success. Open a long-term CD now to do so.