The best thing about certificates of deposit (CDs) is that they pay a guaranteed interest rate. The advertised rate is what you'll get until the CD matures.

At today's CD rates, you can lock in an annual percentage yield (APY) of about 4.00% for a 5-year CD. That's a pretty good return for such a safe investment.

What if I said you could earn a higher yield for twice as long? It's true -- though you should read up on the basics before you invest.

Introducing the 10-year Treasury note

Treasury notes (aka "T-notes") are government-issued investments. Much like CDs, they have maturity dates, and until that date, they pay a fixed interest rate.

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Unlike CDs, however, T-notes pay interest every six months. So twice per year, you get half of your annual interest earnings. When the T-note matures, you get your initial investment back.

T-notes have terms ranging from two to 10 years. And right now, you can purchase 10-year T-notes that yield 4.40%.

They're not quite as intuitive as CDs, though. There are a few things you should know before you buy.

Prefer to keep your savings simple? Check out our list of the best CD rates for a safe, dependable place to keep your cash.

How to buy 10-year Treasury notes

There are a few ways to invest in Treasury notes, and each has its pros and cons.

At auction

The Treasury Department auctions off 10-year T-notes once per month. The next batch is expected to be up for sale on March 12. The Treasury will announce the date and more details about a week in advance.

You can bid on T-notes at TreasuryDirect.gov. You'll first need to create an online account and then link your bank account.

Pros of buying Treasury notes at auction:

• You can purchase Treasury notes in $100 increments, so you don't need to commit a lot of money.
• You won't pay any fees, because there's no middle man. You're buying directly from the government.

Cons of buying Treasury notes at auction:

• Interest rates are decided at auction. That means you won't know beforehand exactly what interest rate you'll get.
• There are simpler ways to buy T-notes.
• TreasuryDirect.gov is not the most user-friendly site.

Through a broker

Many of the best stock brokers let you buy and sell Treasury notes. Some allow you to buy them at auction; you just go through your broker instead of TreasuryDirect.gov.

However, investors can buy and sell T-notes among themselves at any time, and some brokers help you buy them through this secondary market. You can currently buy the 10-year T-notes that were auctioned in mid-February, which have a yield of 4.40%.

Pros of buying Treasury notes on the secondary market:

• You can purchase T-notes at any time.
• You can pick and choose T-notes with different maturity dates and yields.
• Making a purchase is fairly simple.

Cons of buying Treasury notes on the secondary market:

• The minimum investment may be extremely high.
• Some brokers charge a commission fee.

Through an exchange-traded fund

Treasury exchange-traded funds (ETFs) invest in a variety of T-notes. You can purchase a share of the ETF, which means you own a portion of all those T-notes. ETFs are traded just like stocks, and they're offered by many brokers.

Pros of buying T-notes through an ETF:

• The minimum investment is low.
• They typically pay interest monthly instead of semi-annually.
• They continually buy new T-notes, which means that if interest rates go up, your ETF will be buying T-notes with more attractive rates.
• Buying and selling ETFs is fast and easy.

Cons of buying T-notes through an ETF:

• You may not get the best possible yield, since you can't hand-pick the highest-yielding T-notes.
• You'll pay a small fee to the fund manager.

Are 10-year Treasury notes worth it?

10-year Treasury notes are best for people who:

• Can invest a large amount of money. If you can only make a small investment (say, $1,000 or less), then the returns may not be worth the hassle and commitment.
• Can leave their investment untouched for years. There's no penalty for selling a T-note before it matures. However, if you're forced to cash out early, there's a risk that you'll sell your T-note at a loss. And of course, you'll no longer get interest payments.
• Want guaranteed interest and minimal risk. T-notes are backed by the full faith and credit of the U.S. government, which has never failed to pay T-note investors on time and in full.

If Treasury notes aren't right for you, then you could stash your money in a high-yield savings account and call it a day. Savings account APYs can change at any time, but today's best rates are around 4.00%.

But if you have thousands of dollars that you want to keep safe while earning a solid return for years, then a 10-year Treasury note is one of the best options you'll find.