15 Best 1-Year CD Rates for 2024 (Up to 5.66%)
| Bank/institution | Labaranyau rating | Minimum deposit | APY | Learn more |
|---|---|---|---|---|
 Barclays Online CD |
5.0 Best for 1-Year CD Rates |
$0
Member FDIC
|
APY 5.30%
|
LEARN MORE
at Barclays, Member FDIC |
 LendingClub CD |
4.0 Best for 1-Year CD Rates |
$2,500
Member FDIC
|
APY 5.55%
|
LEARN MORE
at LendingClub Bank, Member FDIC |
 Bread Savings™️ CD |
5.0 Best for 1-Year CD Rates |
$1,500
Member FDIC
|
APY 5.50%
|
READ REVIEW
|
 Popular Direct CD |
4.5 Best for 1-Year CD Rates |
$10,000
Member FDIC
|
APY 5.55%
|
READ REVIEW
|
 BMO Alto Certificate of Deposit |
5.0 Best for 1-Year CD Rates |
$0
Deposits are FDIC Insured
|
APY 5.65%
|
READ REVIEW
|
 CIBC Agility™ Online CD |
2.5 Best for 1-Year CD Rates |
$1,000
Member FDIC
|
APY 5.66%
|
READ REVIEW
|
 Bask Bank CD |
2.5 Best for 1-Year CD Rates |
$1,000
Member FDIC
|
APY 5.40%
|
READ REVIEW
|
 Quontic Bank CD |
5.0 Best for 1-Year CD Rates |
$500
Member FDIC
|
APY 5.30%
|
READ REVIEW
|
 TAB Bank CD |
4.0 Best for 1-Year CD Rates |
$1,000
Member FDIC
|
APY 5.27%
|
READ REVIEW
|
 Citizens Online CD |
3.0 Best for 1-Year CD Rates |
$5,000
Member FDIC
|
APY 5.50%
|
READ REVIEW
|
 Live Oak Bank CD |
3.0 Best for 1-Year CD Rates |
$2,500
Member FDIC
|
APY 5.40%
|
READ REVIEW
|
 Marcus by Goldman Sachs High-Yield CD |
5.0 Best for 1-Year CD Rates |
$500
Member FDIC
|
APY 5.50%
|
LEARN MORE
at Marcus by Goldman Sachs, Member FDIC |
 Sallie Mae Bank CD |
4.0 Best for 1-Year CD Rates |
$2,500
Member FDIC
|
APY 5.35%
|
READ REVIEW
|
 BrioDirect High-Yield CD |
3.0 Best for 1-Year CD Rates |
$500
Deposits are FDIC Insured
|
APY 5.35%
|
READ REVIEW
|
 Synchrony Bank CD |
5.0 Best for 1-Year CD Rates |
$0
Member FDIC
|
APY 5.30%
|
READ REVIEW
|
Our pick for
1-Year CD Rates
Barclays Online CD
5.0
at Barclays, Member FDIC
$0
5.30%
LendingClub CD
4.0
at LendingClub Bank, Member FDIC
$2,500
5.55%
Bread Savings™️ CD
5.0
$1,500
5.50%
BMO Alto Certificate of Deposit
5.0
$0
5.65%
CIBC Agility™ Online CD
2.5
$1,000
5.66%
Bask Bank CD
2.5
$1,000
5.40%
Quontic Bank CD
5.0
$500
5.30%
TAB Bank CD
4.0
$1,000
5.27%
Citizens Online CD
3.0
$5,000
5.50%
Live Oak Bank CD
$2,500
5.40%
Marcus by Goldman Sachs High-Yield CD
5.0
at Marcus by Goldman Sachs, Member FDIC
$500
5.50%
Sallie Mae Bank CD
4.0
$2,500
5.35%
BrioDirect High-Yield CD
3.0
$500
5.35%
Synchrony Bank CD
5.0
$0
5.30%
What is a 1-year CD?
A certificate of deposit, or 1-year CD, is a kind of savings account where funds are locked up for a whole year at a set rate. (Even shorter durations are available; six-month CDs, for example.)
Best 1-year CD rates for January 2024
-
BMO Alto: 5.65% APY, no minimum to open.
-
Bread Savings: 5.50% APY, $1,500 minimum to open.
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Popular Direct: 5.55% APY, $10,000 minimum to open.
-
CIBC U.S.: 5.66% APY, $1,000 minimum to open.
-
Bask Bank: 5.40% APY, $1,000 minimum to open.
-
Quontic Bank: 5.30% APY, $500 minimum to open.
-
LendingClub Bank: 5.55% APY, $2,500 minimum to open.
-
TAB Bank: 5.27% APY, $1,000 minimum to open.
-
Barclays: 5.30% APY, no minimum to open.
-
Citizens: 5.50% APY, $5,000 minimum to open.
-
Live Oak Bank: 5.40% APY, $2,500 minimum to open.
-
Marcus by Goldman Sachs: 5.50% APY, $500 minimum to open.
-
Sallie Mae Bank: 5.35% APY, $2,500 minimum deposit.
-
BrioDirect: 5.35% APY, $500 minimum deposit.
-
Synchrony: 5.30% APY, no minimum deposit.
What’s involved in opening a CD?
You’ll have to choose between opening a single or joint account, as well as the term and kind of CD to purchase. See this guide to opening a CD account to see all five steps.
Are CDs safe?
Indeed. Your money in a CD is insured by the majority of banks and credit unions up to $250,000 per person per account type, including joint and single-owned accounts. Furthermore, as long as you don’t withdraw early—in which case there can be a penalty—your returns are certain. See our article on CD safety for further information.
No-penalty CDs offer more freedom
A penalty equal to at least a few months’ worth of interest is often assessed when funds are withdrawn from a certificate of deposit before the term ends.
However, there are certain companies that don’t charge you if you take your money out before the contract ends. Remember that these no-penalty CDs may have slightly lower rates.
Three banks provide CDs with no penalties:
-
Marcus by Goldman Sachs Bank.
-
CIT Bank.
-
Ally Bank.
-
Synchrony Bank.
See CD rates by term and type
Check out the greatest deals on a range of CD terms and types:
-
How do CDs work?
Find out more about selecting CDs, knowing CD rates, and inserting and removing CDs.
For choosing CDs:
For understanding CD rates
-
For opening CDs
For closing CDs
-
See CD rates by bank
Here is a short list of CD rates from brokerages, traditional banks, and online banks:
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https://www.youtube.com/watch?v=wrStTea4KRc
Methodology
We gather rates from our whole list of over 40 financial institutions that we find to be consistently competitive and compare them on a monthly basis. We examined our whole list every quarter, leaving out banks that provided brokered CDs since those accounts function differently from regular bank CDs. There may be places where you can get better prices.
We closely examined more than ninety financial institutions and financial service providers, including the biggest banks in the United States according to assets, internet search traffic, and other metrics; the biggest credit unions in the country according to membership and assets; and other prominent and/or up-and-coming players in the market. We evaluated them based on a number of factors, such as fees, minimum balance requirements, digital experience, and annual percentage yields.
Among the financial providers and entities questioned are:
Affirm, Alaska USA Federal Credit Union, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.