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Best 1-year CD rates of September 2022
Earn more interest with the highest 12-month CD rates.
Compare 1-year CD rates
Use the table to compare 1-year CDs by rates and minimum opening deposits. Want to compare features side-by-side? Click the Compare box next to your top choices to view multiple accounts at once.
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Best 1-year CDs
We’ve researched over 65 CDs to find the best CDs that rise above the rest.
1. SkyOne CD
SkyOne CD
SkyOne Federal Credit Union offers a strong 2.85% APY, and you only need $1 to get started. But to earn this rate, you must open your account through SaveBetter, a platform that lets you open competitive savings products from multiple banks and credit unions from one account.
| 1-year APY | 2.85% |
|---|---|
| 3-year APY | N/A |
| 5-year APY | N/A |
| Minimum deposit to open | $1 |
2. Quontic Bank CD
Quontic Bank CD
Finder rating 5 / 5 ★★★★★
Quontic Bank CD has a strong interest rate of 2.5% APY. And while most CDs have opening deposits of $1,000 or more, you only need $500 to open a CD. But you'll pay a hefty penalty equivalent to one year's worth of interest if you need to access your money before the CD's term is up.
| 1-year APY | 2.50% |
|---|---|
| 3-year APY | 3.00% |
| 5-year APY | 3.20% |
| Minimum deposit to open | $500 |
3. Barclays Online CDs
Barclays Online CDs
Finder rating 4.5 / 5 ★★★★★
The Barclays 12-month CDs earn an impressive 3.05% APY when you agree to lock away your savings for a year. There are no requirements on how much money you need to open an account.
But where Barclays edges out the competition is its kinder early withdrawal penalty of 90 days' worth of interest, which is head-and-shoulders lower than its competitors that charge up to one year's worth of interest. And although you'll still pay an early withdrawal fee on the amount you cash out, unlike most banks, Barclays allows partial withdrawals and won't close your CD.
| 1-year APY | 3.05% |
|---|---|
| 3-year APY | 3.20% |
| 5-year APY | 3.50% |
| Minimum deposit to open | $0 |
4. American Express CD
American Express CD
Finder rating 4.3 / 5 ★★★★★
A 1-year American Express CD earns a solid 2.85% APY. Although you can't make partial withdrawals, and you can fund the account with any amount. But its early withdrawal penalties are harsher than its competitors. Expect to pay 270 days' worth of interest to access your cash before your CD is mature.
| 1-year APY | 2.85% |
|---|---|
| 3-year APY | 1.15% |
| 5-year APY | 3.10% |
| Minimum deposit to open | $1 |
5. First Internet Bank CDs
First Internet Bank CDs
Finder rating 4.9 / 5 ★★★★★
First Internet Bank CDs can hold its own against competitors with its 2.99% APY on a 1-year CD — one of the highest we've seen so far. But you'll need to part with at least $1,000 to get started. And you'll pay around 180 days' of interest if you withdraw some or all of your money from the account early.
| 1-year APY | 2.99% |
|---|---|
| 3-year APY | 3.04% |
| 5-year APY | 3.25% |
| Minimum deposit to open | $1,000 |
6. Capital One 360 CD
Capital One 360 CD
Finder rating 5 / 5 ★★★★★
Capital One competes with the best by offering a competitive 2.7% APY on its 360 CDs. There's no required minimum deposit to open the account, though the more you put in, the more you earn.
And with Capital One's rate lock guarantee, if you open and fund your CD within 10 days of opening the account, you'll get the higher APY if the rate goes up during that time. And if you need to access your cash before your CD is mature, your early withdrawal penalty is 90 days' worth of interest.
| 1-year APY | 2.70% |
|---|---|
| 3-year APY | 3.10% |
| 5-year APY | 3.25% |
| Minimum deposit to open | $0 |
7. Alliant Credit Union CD
Alliant Credit Union CD
Finder rating 4.8 / 5 ★★★★★
Alliant CDs let you deposit as much as you want in this CD, unlike other banks that limit how much you can earn.
Plus, Alliant's early withdrawal penalties are a bit different than other CDs. Your fee is equivalent to the number of days your CD is open, up to 90 days. For example, if you need to withdraw your principal after 30 days, you'll only pay 30 days' worth of interest to get your money out. Compared to most banks and credit unions that generally charge a flat penalty equivalent to 180 days or up to one year's worth of simple interest, Alliant's early withdrawal fee is kinder and more flexible.
But you'll need to be a member of the Alliant Credit Union and have at least $1,000 to open an account.
| 1-year APY | 2.90% |
|---|---|
| 3-year APY | 3.15% |
| 5-year APY | 3.35% |
| Minimum deposit to open | $1,000 |
8. Synchrony Bank CDs
Synchrony Bank CDs
Finder rating 5 / 5 ★★★★★
Synchrony Bank pulls out all the stops with its CDs. You'll earn a competitive 2.75% APY, which comes with a 15-day better rate guarantee. You can also start earning interest on balances as low as $0.01. And while some competitors impose early withdrawal penalties equivalent to six months to one year's worth of interest, Synchrony Bank only charges 90 days of interest on the amount you withdraw before your CD is mature.
| 1-year APY | 2.75% |
|---|---|
| 3-year APY | 3.10% |
| 5-year APY | 3.50% |
| Minimum deposit to open | $0 |
9. Citi CD
Citi CD
Finder rating 4.6 / 5 ★★★★★
Citi offers some of the highest interest rates on short-term CDs, helping you earn the most without locking away your savings for a long time. Its 12-month CD earns 2.75% APY and charges a low early withdrawal penalty equal to 90 days' worth of interest if you withdraw part of your principal early. You also only need $500 to get started, which is lower than the average.
| 1-year APY | 2.75% |
|---|---|
| 3-year APY | 2.00% |
| 5-year APY | 2.00% |
| Minimum deposit to open | $500 |
10. Marcus by Goldman Sachs High-yield CDs
Marcus by Goldman Sachs High-yield CDs
Finder rating 4.5 / 5 ★★★★★
A Marcus High-Yield CD encourages you to open and fund your account within 10 days by offering to bump your interest rate if APYs increase during that time. And at $500, its opening deposit is lower than most CDs on the market.
But you won't be able to access part of your money in your CD. If you initiate a withdrawal, you're subject to a penalty and Marcus by Goldman Sachs will close your CD.
| 1-year APY | 3.00% |
|---|---|
| 3-year APY | 3.15% |
| 5-year APY | 3.30% |
| Minimum deposit to open | $500 |
11. Ally High Yield CDs
Ally High Yield CDs
Finder rating 4 / 5 ★★★★★
Ally Bank offers a solid 3% APY on its 12-month CD. Backed by its 10-day best rate guarantee and no minimum deposit, an Ally High Yield CD is a competitive CD on multiple fronts. Plus, Ally offers an APY boost of 0.05% if you renew your CD.
Ally Bank's early withdrawal policy is a double-edged sword. While its penalty of 60 days' interest is the lowest early withdrawal penalty we've seen so far for 1-year CDs, the fee comes out of your principal since interest isn't credited until your CD is mature.
| 1-year APY | 3.00% |
|---|---|
| 3-year APY | 3.10% |
| 5-year APY | 3.15% |
| Minimum deposit to open | $0 |
12. First National Bank of America Online CD
First National Bank of America Online CD
Finder rating 4.5 / 5 ★★★★★
First National Bank of America offers an attractive 3.25% APY on its 1-year CDs. Although you can withdraw part of your balance whenever you need, you need to pay its reasonable early withdrawal penalty equivalent to 180 days' interest on the amount you take out.
| 1-year APY | 3.25% |
|---|---|
| 3-year APY | 3.40% |
| 5-year APY | 3.55% |
| Minimum deposit to open | $1,000 |
13. Bethpage Federal Credit Union CD
Bethpage Federal Credit Union CD
Finder rating 5 / 5 ★★★★★
While many banks require an initial deposit of $500 or more, you can open a Bethpage Federal Credit Union CD with as little as $50. And if you need access to cash before your CD term is up, Bethpage Federal Credit Union only charges a fee of 90 days' worth of interest on the amount you withdraw.
But since this CD is only available to Bethpage Federal Credit Union members, you'll need to open a savings account and deposit at least $5 before qualifying for a CD.
| 1-year APY | 2.75% |
|---|---|
| 3-year APY | 3.15% |
| 5-year APY | 3.25% |
| Minimum deposit to open | $50 |
14. TIAA Bank Basic CD
TIAA Bank Basic CD
Finder rating 4.9 / 5 ★★★★★
At 2.75% APY, TIAA Bank has one of the strongest rates in the market for its 1-year CD. You'll also enjoy a more lenient early withdrawal penalty of 91 days' worth of interest. But you need to fund your CD with at least $1,000.
| 1-year APY | 2.75% |
|---|---|
| 3-year APY | 3.10% |
| 5-year APY | 3.25% |
| Minimum deposit to open | $1,000 |
How we chose the best 1-year CDs
Our experts chose the top 1-year CDs out of 65 CD options on the market. First, we considered CDs with the strongest interest rates, typically above 2.00% APY for most CDs on our best list. Then, we considered accounts with a minimum opening deposit under $1,200. The absolute best accounts offer no minimum deposit or keep the initial deposit well under $1,000.
Finally, we considered eligibility requirements, such as whether you need to become a member of a credit union before applying. We chose the accounts that offer the best balance between high APY, low opening deposits and few eligibility requirements.
What’s changed in 2022?
We scoured the CD market to update our best 1-year CDs list. We added Alliant, American Express, Barclays, Bethpage Federal, Capital One, Citi, SkyOne, and TIAA Bank.
We also removed Limelight Bank, Rising Bank and Hiway Federal Credit Union due to interest rates not being as strong as competitors or high eligibility requirements and moved Discover from our list to an honorable mention.
Honorable mentions
These CDs offer some of the best interest rates in the market, despite their steep eligibility requirements or initial deposit.
Discover CDs
Finder rating 3.8 / 5 ★★★★★
Earn an impressive 3% APY, which is well above the national standard for 1-year CDs. But you'll need to meet its steep minimum requirement of $2,500 to open.
| 1-year APY | 3.00% |
|---|---|
| 3-year APY | 3.15% |
| 5-year APY | 3.30% |
| Minimum deposit to open | $2,500 |
State Exchange Bank CD
Finder rating 1.5 / 5 ★★★★★
While State Exchange doesn't have a 12-month CD, you can open its 13-month CD for a high 3% APY. If you open this CD through SaveBetter, you can also avoid its $1,000 opening deposit and open it for $1 instead.
| 1-year APY | N/A |
|---|---|
| 3-year APY | 1.51% |
| 5-year APY | 1.71% |
| Minimum deposit to open | $1 |
Bread Savings CDs
Finder rating 3.8 / 5 ★★★★★
Bread Savings offers a strong 3.6% APY on its 1-year CD. While you stand to make more in interest, Bread Savings CDss come with a high opening balance of $1,500 — much higher than what you'll find at other banks that offer opening deposits as low as $0 to $500
| 1-year APY | 3.60% |
|---|---|
| 3-year APY | 4.00% |
| 5-year APY | 4.25% |
| Minimum deposit to open | $1,500 |
Sallie Mae CD
Finder rating 4.6 / 5 ★★★★★
Sallie Mae CD offsets its generous 3.05% APY on its 12-month CD with a high $2,500 opening deposit. But it has an early withdrawal penalty equal to 90 days' interest, which is lower than most of its competitors.
| 1-year APY | 3.05% |
|---|---|
| 3-year APY | 3.30% |
| 5-year APY | 3.35% |
| Minimum deposit to open | $2,500 |
How to pick the best 1-year CDs
Here’s a few important factors to consider when you compare certificates of deposit:
- The interest rate. The amount of interest applied to your CD will differ between various banks, and the difference can be substantial — shop around at a few different banks to find the best rate.
- Interest payment frequency. Compare one-year CDs by how often interest earned is paid to you. For example interest can get paid monthly, semi-annually or when it matures.
- Few or no fees. With the exception of the penalty charge for an early withdrawal, there should be no other fees applied.
- Minimum deposit requirement. CDs have balance requirements that differ depending on the financial institution. Some only cater to higher deposits of $2,500 or more, while other banks allow for an account with a minimum balance of just $500.
Are 1-year CDs worth it?
Investing in a one-year CD can be worth locking away your savings if you find the highest APYs on the market. You might also benefit from this term length if you want to lock away savings for a short term, but you’re nervous about putting money in a multi-year CD.
Since the interest compounds on itself during the term, you’ll get the most benefit if you don’t withdraw funds before it matures. You’ll gain even more if you renew the CD for multiple years with both the principal and interest included in your renewal. But be sure to check the interest rate before you let it renew, as the rates could have dropped.
Alternatives to 1-year CDs
If you like the idea of earning a high APY over a relatively short amount of time but you don’t want to risk facing an early withdrawal penalty, here are three alternatives to consider.
- Shorter-term CDs. Some banks and credit unions offer CDs with terms as short as 6 months. And while these CDs give you earlier access to your funds, the APYs are often significantly lower than certificates with longer terms.
- High-yield savings accounts. CDs generally offer better interest rates than high-yield savings accounts. But there are strong high-yield savings accounts as high as 2% APY.
- No-penalty CDs. Although most banks will penalize you if you withdraw funds from your CD before its maturity date, this isn’t always the case. Several banks offer no-penalty CDs that give you access to your money at any time without assessing an early withdrawal fee.
Bottom line
If you’re looking for a secure way to store your money and earn interest over the course of a year, a CD is a useful savings option. If you want to find top CD rates on average across terms, look at our list of best cd rates.
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