Best Long-Term CD Rates on Raisin in {currentMonth} 2024

  • FDIC or NCUA insured. No fees. $1 minimum deposit.

  • 24/7 online access to funds.

Select a product and save

Best Long-Term CD Rates on Raisin in {currentMonth} 2024

  • FDIC or NCUA insured. No fees. $1 minimum deposit.

  • 24/7 online access to funds.

Select a product and save

About Short-Term CD Accounts

How to Choose a Long-Term CD

If you're looking to grow your savings for the long term, a 3+ year CD could be the right option.

With Raisin, you can find some of the nation's top long-term CD rates — all accessible from a single account. Plus, all of the offerings are from federally insured banks and credit unions, meaning you can rest assured your funds are secure up to institutional limits.

Want to save for the long term? Here are some key elements to understand about CDs before investing your funds.

  • Interest rate and APY: A certificate of deposit's Annual Percentage Yield (APY) includes the CD's base interest rate while also taking into account how frequently interest is compounded. You can use this number to calculate your potential earnings over the CD's term.

  • Security: Your funds will be growing for a long time, so it's important to understand how those hard-earned dollars are protected. Making sure your funds are held by an FDIC-insured bank or NCUA-insured credit union is one of the easiest ways to know your funds are safe up to the per-institution limits.

  • Minimum deposit: On Raisin, it only takes $1 to start earning at competitive interest rates.

  • Fees and penalties: One of the key features of fixed-term CDs is that you're agreeing to deposit funds for a set period of time in exchange for a fixed interest rate. If you need funds before that term is up, you may incur penalty feeds. Make sure you understand a CD's terms and potential penalties before depositing.

  • Compound interest schedule: Your earnings could be impacted by how your interest compounds. Check your CD's terms to see if it compounds daily, monthly, or annually.

How Does a CD Account Work?

When it comes to opening a long-term CD, make sure you understand how certificates of deposit work in order to get the most out of your funds. Take a look below to learn more about how CDs differ from other types of deposit accounts and how to make sure your investment is protected.

Fixed Term And Interest Rate

The two major differentiators of certificates of deposit is that funds are deposited for a set period of time and that the bank or credit union agrees to a fixed interest rate. While interest rates on high-yield savings accounts can vary over time, CDs allow for a predictable, guaranteed return on investment.

Because of their fixed terms, CDs often have the highest possible interest rates of deposit products, which can make them appealing to risk-averse savers.

Maturity

The end of the certificate of deposit's term is known as its maturity. date. Once a CD reaches maturity, you can either roll over your CD into a new term with a new interest rate or withdraw your funds to either spend or use for some other form of investment.

Types of CDs

There are various types of CDs to consider based on your savings goals and the liquidity you need:

  • Fixed-term CDs: These are the more common certificates of deposit in which there is a guaranteed interest rate but funds accessed prior to the maturity date incur penalty fees.

  • No-penalty CDs: No-penalty CDs can provide greater flexibility, with withdrawals prior to maturity not incurring fees. In exchange, no-penalty CDs will typically have lower interest rates than fixed-term CDs.

Security

Certificates of deposit can be a very safe way to grow your savings, especially when they're offered by federally insured financial institutions. FDIC-insured banks and NCUA-insured credit unions guarantee deposits up to $250,000 per depositor, per account, per institution, giving a greater deal of protection compared to stocks or ETFs.

Best of all, all banks and credit unions on the Raisin platform are federally insured.

Liquidity

Taking into account liquidity is key for any deposit, but can be extremely important for long-term savings. Here's what you need to know:

  • CD accounts: Fixed-term CDs will often incur penalties for early withdrawal in order to encourage depositors to keep funds for the agreed term. Keep this in mind when selecting a CD term..

  • High-yield savings accounts: These accounts may have limits on withdrawals (those on Raisin do not), however they are typically considered much more liquid than CDs and can be a great option for shorter-term savings or emergency funds.

Benefits of Certificates of Deposit (CDs)

Dropping a coin into a piggy bank

Certificates of deposit, also known as CDs, are a type of deposit account offered by banks and credit unions. CDs allow you to earn interest on your money like other deposit accounts, such as a savings account, but there are some key aspects that make CDs unique. Notably, CDs tend to offer among the highest available interest rates of all banking deposit products.

Unlike savings accounts or money market accounts, you can deposit a set amount of money into your CD account and commit to leaving your money there for a fixed period of time. Terms may last as little as three months, or as long as five years (60 months) or even longer. In return, you'll earn a fixed amount of interest based on a predetermined interest rate. The rate of a CD typically does not change during the term, which is why you may see the product called a fixed-term CD. Another type of CD is a no-penalty CD, which gives the owner more flexibility to withdraw funds before the CD's maturity date.

When the CD term is up — when the product has reached maturity — you’ll be able to withdraw your original balance plus any interest earned, or opt to rollover all or part of those proceeds into a new CD with a new term. A key benefit of opening a CD is you’ll know exactly how much of a return you’ll receive when your money is ready to withdraw at the maturity date you selected.

CD Accounts vs. High-Yield Savings Accounts

CD Accounts
Fixed interest rates depending on the term length.

VS

High-Yield Savings Accounts
Interest rate may be subject to change based on market conditions and financial institution
CD Accounts
Some banks may require high minimum deposits for CDs; $500 is common (Raisin does not)

VS

High-Yield Savings Accounts
Some banks may require high minimum deposits and charge fees if you dip below the minimum (Raisin does not)
CD Accounts
With fixed-term CDs, customers may be charged a penalty for early withdrawal. No-penalty CDs do not have early withdrawal fees

VS

High-Yield Savings Accounts
Some banks may place limits on frequency of withdrawals from high-yield savings accounts (Raisin does not)

Tips for Using Certificates of Deposit

Flat lay arrangement with a calculator, cash, a notepad, and a pen

There are a host of advantages to leveraging certificates of deposit (CDs) to boost your savings. You are likely to earn more interest with a CD compared to that of a competitive high-yield savings account. Plus, the interest rate you earn for the duration of the CD term won’t fluctuate over time. And you can pick a term to fit your needs. This feature allows you to structure CDs in sequences, such as the CD ladder, which provides periodic access to savings while tapping the highest available interest rates of the longest-term products.

Click the button to read more about how to maximize your savings with CDs.

What Is Raisin?

Family spending time out door

Raisin brings together high-yielding savings products offered by a network of U.S. financial institutions. It’s your destination to discover competitive savings products and start saving wisely. Select and fund multiple savings products from different institutions and manage them all from one account.

Safety

Safety

Funds deposited into any of the savings products available through Raisin are always held by a federally insured financial institution. A very easy and safe way to diversify your deposit portfolio. We use a host of cybersecurity measures to protect your funds and sensitive information.

Choice

Choice

Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.

Convenience

Convenience

One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.

How Raisin Protects Your Money and Personal Information

Federal Deposit Insurance Corporation

FDIC logo

All participating banks are members of the FDIC. Deposits in participating banks are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.

Click to learn more about FDIC insurance

National Credit Union Administration

NCUA logo

All participating credit unions are insured by the NCUA through its Share Insurance Fund. Deposits in participating credit unions are insured by the NCUA up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured credit union, for each deposit account ownership category.

Click to learn more about NCUA insurance

Cybersecurity is a top priority at Raisin

SOC2 logo

We invest in a variety of technologies to protect our customer’s data, privacy and transactions. These include multi-factor authentication, encryption, and web application firewall advanced internet protection technologies. We are a SOC 2 certified organization, which means we have met the requirements outlined by the American Institute of Certified Public Accountants (AICPA) to ensure that we have the controls in place to keep customers' data secure and private.

Click to learn more about SOC 2 certification

Open an Account in 3-5 Minutes

Select a product

Select

the right product for your savings goals.

Register for a Raisin account

Register

with an email address and password, then verify your identity and bank information.

Add funds

Fund

the savings products you add to your new Raisin account.

How Raisin Compares

With Raisin
One secure account guards your personal data and safely allows you to tap into yields from multiple savings products

VS

With traditional banking
Multiple signups, savings accounts, and products at different institutions each require you to provide sensitive personal information.
With Raisin
The platform brings together diverse and competitive federally insured savings products, including CDs with a range of terms, that increase your earnings potential.

VS

With traditional banking
There are fewer product options, possibly limiting your savings potential.
With Raisin
Only one account is required. You manage all your chosen savings products through the Raisin platform.

VS

With traditional banking
By opening new accounts at multiple institutions, you get more statements, must remember more passwords, and waste time.

FAQs

Secure Messaging Center

Email: support.us@raisin.com

Call: 844-994-EARN (3276) (Monday to Friday from 9:00 a.m. - 4:00 p.m. ET)

The Raisin name and logo are trademarks of Raisin GmbH. All other trademarks, logos, marks, and brand names are the property of their respective owners — used with permission.

© 2024 Raisin GmbH. All rights reserved.

*APY means Annual Percentage Yield. APY is accurate as of {todayDate}. Interest rate and APY may change after initial deposit. Minimum opening deposit is $1.00.

Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodian Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through Raisin.com. The Custodian Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered through Raisin.com. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Lewis & Clark Bank is the Custodian Bank.