9 best long-term CDs for July 2024 (up to 4.80% APY)

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Inflation is cooling . As it continues to do so, the likelihood that the Federal Reserve could cut interest rates is growing. That makes long-term certificates of deposit (CDs) attractive accounts to open. After all, you can lock in your rate with a CD for its entire term. So, if you choose long-term options - like a CD with a 2-year , 3-year or 5-year term - you can lock in today's strong rates for years to come.

But, if you agree to lock your money up for years in exchange for a fixed rate of return , you should be sure your return is highly competitive. So, what are some of the best long-term CDs on the market right now? We gathered a list of some of the best to explore below.

Lock in today's high returns with a long-term CD now .

9 best long-term CDs for July

If you want to lock in some of today's highest CD rates for years to come, consider opening one of the accounts below.

Best 2-year CDs for July

• Popular Direct - 4.70% APY : You must deposit at least $10,000 to open this CD. If you access your money before the account matures, you'll pay an early withdrawal penalty equal to 270 days of interest.
• BMO Alto - 4.65% APY : This CD doesn't have a minimum opening deposit requirement. If you access your money before the account matures, you'll pay an early withdrawal penalty equal to 270 days of interest.
• Lending Club - 4.50% APY : You must deposit at least $2,500 to open this CD. If you access your money before the account matures, you'll pay an early withdrawal penalty equal to 180 days of interest.

Don't let rates like these slip by - open your long-term CD today .

Best 3-year CDs for July

• BMO Alto - 4.60% APY : This CD doesn't have a minimum opening deposit requirement. If you access your money before the account matures, you'll pay an early withdrawal penalty equal to 365 days of interest.
• Popular Direct - 4.50% APY : You must deposit at least $10,000 to open this CD. If you access your money before the account matures, you'll pay an early withdrawal penalty equal to 270 days of interest.
• Quontic Bank - 4.40% APY : You must deposit at least $500 to open this CD. If you access your money before the account matures, you'll pay an early withdrawal penalty equal to 24 months of interest.

Best 5-year CDs for July

• BMO Alto - 4.80% APY : This CD doesn't have a minimum opening deposit requirement. If you access your money before the account matures, you'll pay an early withdrawal penalty equal to 545 days of interest.
• Quontic Bank - 4.30% APY : You must deposit at least $500 to open this CD. If you access your money before the account matures, you'll pay an early withdrawal penalty equal to 24 months of interest.
• Popular Direct - 4.30% APY : You must deposit at least $10,000 to open this CD. If you access your money before the account matures, you'll pay an early withdrawal penalty equal to 365 days of interest.

Lock in your CD rate now .

The bottom line

If you're waiting for the right time to open a CD, now is it. With inflation cooling, rates are expected to fall soon. But, you can avert lower returns by locking in today's strong rates for years with one of these accounts. You could even earn a 4.80% APY for the next five years. So, don't wait for rates to fall to make your move. Lock in today's returns with a long-term CD now .