17 Best 1-Year CD Rates for July 2024 (Up to 5.36%)
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Why trust NerdWallet
The best one-year CD rates can help boost some of your short-term savings. These rates tend to be more than double the national average of 1.86% for one-year certificates of deposit.
APY research methodology: Annual percentage yields, meaning the rates of return, are current on this page as of its publication date. All other information is current as of July 1, 2024.
Why trust NerdWallet
The best one-year CD rates can help boost some of your short-term savings. These rates tend to be more than double the national average of 1.86% for one-year certificates of deposit.
APY research methodology: Annual percentage yields, meaning the rates of return, are current on this page as of its publication date. All other information is current as of July 1, 2024.
Some banks have started lowering CD yields, though overall rates remain high. With a CD, you can lock in high rates while they’re still around.
Best 1-Year CD Rates for July 2024 (Up to 5.36%)
| Bank/institution | NerdWallet rating | Minimum deposit | APY | Learn more |
|---|---|---|---|---|
 Marcus by Goldman Sachs High-Yield CD Learn more at Goldman Sachs Bank USA, Member FDIC | Best for 1-Year CD Rates | $500 Member FDIC | APY 5.15% | Learn more at Goldman Sachs Bank USA, Member FDIC |
 BMO Alto Certificate of Deposit Learn more at BMO Alto, Deposits are FDIC Insured | Best for 1-Year CD Rates | $0 Deposits are FDIC Insured | APY 5.05% | Learn more at BMO Alto, Deposits are FDIC Insured |
 Alliant Credit Union Certificate Learn more at Alliant Credit Union, Federally insured by NCUA | Best for 1-Year CD Rates | $1,000 Federally insured by NCUA | APY 5.05% | Learn more at Alliant Credit Union, Federally insured by NCUA |
 Bread Savings™️ CD Learn more at Bread Savings, Member FDIC | Best for 1-Year CD Rates | $1,500 Member FDIC | APY 5.25% | Learn more at Bread Savings, Member FDIC |
 Barclays Online CD Learn more at Barclays, Member FDIC | Best for 1-Year CD Rates | $0 Member FDIC | APY 5.00% | Learn more at Barclays, Member FDIC |
 CIBC Agility™ Online CD | Best for 1-Year CD Rates | $1,000 Member FDIC | APY 5.21% | Read review |
 Popular Direct CD | Best for 1-Year CD Rates | $10,000 Member FDIC | APY 5.30% | Read review |
 Bask Bank CD | Best for 1-Year CD Rates | $1,000 Member FDIC | APY 5.30% | Read review |
 TAB Bank CD | Best for 1-Year CD Rates | $1,000 Member FDIC | APY 5.15% | Read review |
 Service Credit Union Share Certificate | Best for 1-Year CD Rates | $500 Federally insured by NCUA | APY 5.00% | Read review |
 LendingClub CD | Best for 1-Year CD Rates | $2,500 Member FDIC | APY 4.20% | Read review |
 Vio Bank CD | Best for 1-Year CD Rates | $500 Member FDIC | APY 5.00% | Read review |
 Ivy Bank CD | Best for 1-Year CD Rates | $1,000 Member FDIC | APY 5.00% | Read review |
 Andrews Federal Credit Union Fixed Rate Share Certificates | Best for 1-Year CD Rates | $1,000 Federally insured by NCUA | APY 5.00% | Read review |
 Citizens Online CD | Best for 1-Year CD Rates | $5,000 Member FDIC | APY 5.00% | Read review |
 Capital One 360 CD | Best for 1-Year CD Rates | $0 Member FDIC | APY 5.00% | Read review |
 Sallie Mae Bank CD | Best for 1-Year CD Rates | $2,500 Member FDIC | APY 5.15% | Read review |
Our pick for
1-Year CD Rates
$500
Member FDIC
5.15%
Why We Like It
The online-only bank Marcus by Goldman Sachs – begun in 2016 by the Wall Street banking giant – has a competitive one-year APY and a low minimum opening requirement of $500. Some banks have minimums of $1,000 or $10,000.
$0
Deposits are FDIC Insured
5.05%
Why We Like It
Launched in spring 2023, BMO Alto is the online-only U.S. division of the 200-year-old Canadian bank BMO. The bank has a competitive one-year CD rate and no minimum deposit requirement, which is an uncommon perk.
$1,000
Federally insured by NCUA
5.05%
Why We Like It
The online-focused Alliant Credit Union, founded in 1935, has strong rates and a lower opening minimum than some competitors. Membership is open nationwide to anyone who agrees to be an advocate of the Alliant Credit Union Foundation, which involves the credit union making a $5 contribution on your behalf. Credit unions generally must have a field of membership, and some credit unions such as Alliant allow for nationwide membership by having applicants join an affiliated organization. Although it’s an extra sign-up step compared to banks, credit unions can have a more community-driven vibe.
$1,500
Member FDIC
5.25%
Why We Like It
Bread Savings – formerly called Comenity Direct – offers CDs with a somewhat high minimum of $1,500. Despite its unusual name, the online bank has a solid combo of high-yield savings and high-yield CDs. The range of terms, however, is limited to one through five years. Many banks offer some CDs with terms shorter than one year.
$0
Member FDIC
5.00%
Why We Like It
Barclays, the U.S. online division of the major U.K. bank by the same name, offers solid online CD rates for one-year terms and longer, with no opening minimum requirement. It’s an uncommon perk for a bank to have no minimum.
$1,000
Member FDIC
5.21%
Why We Like It
Launched in 2018, CIBC U.S. is the online U.S. banking division of the 150-year-old bank CIBC, the Canadian Imperial Bank of Commerce. Its competitive one-year CD has two tiers: 5.21% APY for a deposit under $25,000 and 5.21% APY for a higher deposit. The minimum deposit of $1,000 is somewhat low. CIBC’s one-year CD rate stands out, but the bank has a limited offering of CDs without longer terms such as three or five years.
$1,000
Member FDIC
5.30%
Why We Like It
Started in 1999, Bask Bank is the online-only bank division of Texas Capital Bank. Its one-year CD has a competitive rate and a somewhat low minimum of $1,000. The range of CD terms at Bask focuses on shorter terms with the longest being two-year CDs, while many banks offer CD terms as long as five years.
$1,000
Member FDIC
5.15%
Why We Like It
TAB Bank, started in 1998, is an online bank and its name stands for Transportation Alliance Bank. TAB Bank offers a competitive yield on its one-year CD and a somewhat low minimum of $1,000 to open.
$500
Federally insured by NCUA
5.00%
Why We Like It
Established in 1957 for military members and their families in New Hampshire, Service Credit Union has since expanded and lets anyone join by becoming a member of the American Consumer Council, with a promo code to bypass the membership fee. Although it’s an extra sign-up step compared to banks, credit unions can have a more community-driven vibe. Service Credit Union provides a 12-month share certificate with a competitive rate and a low opening minimum of $500.
$2,500
Member FDIC
4.20%
Why We Like It
LendingClub Bank is an online financial institution that’s part of parent company LendingClub Corporation, started in 2007. The bank has a competitive rate and a somewhat high opening minimum of $2,500 on its one-year CD. The one-year CD stands out among an equally solid lineup of CDs with a standard range of terms from six months to five years.
$500
Member FDIC
5.00%
Why We Like It
Vio Bank is the online bank division of MidFirst Bank, which started as a mortgage company in 1954. Vio Bank has high-yield CDs with competitive rates and a low opening minimum of $500. The bank’s CD term lengths range from six months to 10 years, and its longer-term CDs have rates that aren’t as competitive as its shorter-term CDs.
$1,000
Member FDIC
5.00%
Why We Like It
Ivy Bank is the online-only banking division of Cambridge Savings Bank, which has been around since 1834. Ivy Bank has few CD terms but a competitive one-year CD and a somewhat low opening minimum of $1,000. Other banks offer a wider variety of term lengths with competitive interest rates.
$1,000
Federally insured by NCUA
5.00%
Why We Like It
Opened in 1948, Andrews Federal Credit Union offers high-yield share certificates with a somewhat low minimum deposit requirement of $1,000. It has a variety of share certificates, including jumbo certificates that have competitive rates but require $10,000 to open. Membership is available to members of the military as well as anyone who joins the nonprofit American Consumer Council.
$5,000
Member FDIC
5.00%
Why We Like It
Citizens Bank was established in 1871 and Citizens is its online division. The online bank's CDs are relatively high-yield, but the minimum amount to open is hefty. Citizens only offers terms of one through five years; other banks offer terms shorter than a year.
$0
Member FDIC
5.00%
Why We Like It
The online banking giant Capital One has a competitive one-year CD rate and no minimum to open. Its range of terms is standard: six months up to five years.
$2,500
Member FDIC
5.15%
Why We Like It
Sallie Mae was originally a government student loan servicer, but since 2014, Sallie Mae Bank has been a consumer bank and a popular student loan provider. It offers a strong rate on its one-year CDs. There's a higher opening minimum than at some online banks, but Sallie Mae offers many term options, from six months to five years.
Want to compare more options? Here are our other top picks:
» Want to see more options? Check out our list of the best CD rates overall
What is a 1-year CD?
A one-year CD is a type of savings account that keeps a fixed sum inaccessible for 12 months and locks in the APY (your rate of return). If you pull the money out early, you'll typically have to pay an early withdrawal penalty. A regular savings account, on the other hand, has a variable rate, meaning the interest rate can change over time but you can pull your money out at any time. (You can find even shorter terms, such as six-month CDs.)
Best 1-year CD rates for July 2024
BMO Alto: 5.05% APY, no minimum to open.
Bread Savings: 5.25% APY, $1,500 minimum to open.
Popular Direct: 5.30% APY, $10,000 minimum to open.
Bask Bank: 5.30% APY, $1,000 minimum to open.
TAB Bank: 5.15% APY, $1,000 minimum to open.
Barclays: 5.00% APY, no minimum to open.
Alliant Credit Union: 5.05% APY, $1,000 minimum deposit.
Service Credit Union: 5.00% APY, $500 minimum deposit.
LendingClub Bank: 4.20% APY, $500 minimum deposit.
Connexus Credit Union: 4.91% APY, $5,000 minimum deposit.
Vio Bank: 5.00% APY, $500 minimum deposit.
Ivy Bank: 5.00% APY, $1,000 minimum deposit.
Andrews Federal Credit Union: 5.00% APY, $1,000 minimum deposit.
Citizens: 5.00% APY, $5,000 minimum deposit.
CIBC U.S.: 5.21% APY, $1,000 minimum deposit.
Capital One: 5.00% APY, no minimum deposit.
Marcus by Goldman Sachs: 5.15% APY, $500 minimum deposit.
Sallie Mae Bank: 5.15% APY, $2,500 minimum deposit.
1-year CD trends
NerdWallet picks’ average:
5.11% APY
National average:
1.86%
» Thinking of a longer term for higher yields? Check out the best three-year CD rates
💬 Our Nerds say:
“One-year CDs are unusually competitive right now. Their best rates surpass three- and five-year CD rates. And, compared to high-yield savings accounts, one-year rates remain higher.
“Because of one year CDs’ popularity, you can be more choosy about the institution you want to leave your money with. Personally, I like to have a high-yield savings account at the same place I have a CD to make the maturity process easier.”
— Spencer Tierney, NerdWallet senior writer covering consumer banking
How to find the best one-year CD for you
Compare these four factors:
APY: This is the annual percentage yield, which is your rate of return that includes having interest compounded.
Minimum deposit: This is the lowest amount you need to open a CD, but you generally don’t want to use the minimum as a guide for the right amount to save in a CD. Learn more about how much money to put into CDs.
Early withdrawal penalty: It’s good to know the cost of the worst-case scenario where you break the seal on your CD early. See what typical penalties cost.
What else you want from that institution: Do you want a checking or savings account at the same place you get a CD? Not all banks offer all these types of accounts. Are you focusing on CDs where you bank or where you’re an investor? CDs at banks (and share certificates at credit unions) can be easier to manage, unless you’re familiar with the ins and outs of a brokerage account and want brokered CDs.
Why are one-year CDs so high right now?
One-year CD rates are high largely thanks to two big reasons:
The Fed rate has remained high and mostly unmoving for the past year. This rate plays a big role in how banks decide to adjust their CD rates (and how credit unions do the same for their share certificates).
CD rates can reflect banks’ attitudes about where rates are headed. In the current rate environment, one-year CD rates are generally higher than longer-term rates, such as for three or five years. This shows how banks believe rates will fall sooner than later. Learn more about the factors that impact bank account rates in mid-2024.
Alternatives to 1-year CDs
Here’s a list of other short-term savings options:
High-yield savings accounts: Solid returns above 4%, federally insured bank accounts. Rates can change at any time, though.
Other short-term high-yield CDs: The best three-month and six-month CDs have strong rates and can help you build a short CD ladder, which can be made of CDs with terms of three months, six months, nine months and one year. For this short ladder, a CD matures every three months, at which time you can either cash out or reinvest in a new one-year CD as the longest term of the ladder.
No-penalty CDs: These specialty CDs usually have terms around one year and let you withdraw the full amount early at no cost. Rates can be lower than high-yield CDs, though.
See more short-term investment options.
What's involved in opening a CD?
You'll need to decide on what term and type of CD to get and whether to open a single or joint account. To see all five steps, check out this guide to opening a CD account.
Are CDs safe?
Yes, CDs are safe as long as they're issued by institutions that have federal deposit insurance. Most banks and credit unions insure your money in a CD up to $250,000 per person, per account type — such as single-owned and joint accounts. Plus, your returns are guaranteed as long as you don’t withdraw early, in which case you may have to pay a penalty. For more details, see our article on the safety of CDs.
No-penalty CDs offer more freedom
When you withdraw your money from a CD before the term expires, you generally pay a penalty of at least several months of interest earned.
Some providers, however, allow you to withdraw your money before the term expires, with no penalty. Keep in mind that rates may be a little lower for these no-penalty CDs.
The following three banks offer no-penalty CDs (click each link to read the full review):
Ally Bank® (Member FDIC).
See CD rates by term and type
Compare the best rates for various CD terms and types:
How do CDs work?
Learn more about choosing CDs, understanding CD rates, and opening and closing CDs.
Choosing CDs:
Last updated on July 2, 2024
Methodology
On a monthly basis, we compare rates at over 40 financial institutions, pulled from our full list, that we’ve seen to be consistently competitive. On a quarterly basis, we analyzed our full list, excluding banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere.
We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, 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, 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, Customers Bank, 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, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, NASA Federal Credit Union, 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, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best 1-Year CD Rates for July 2024 (Up to 5.36%)
- Marcus by Goldman Sachs High-Yield CD: Best for 1-Year CD Rates, 5.15% APY
- BMO Alto Certificate of Deposit: Best for 1-Year CD Rates, 5.05% APY
- Alliant Credit Union Certificate: Best for 1-Year CD Rates, 5.05% APY
- Bread Savings™️ CD: Best for 1-Year CD Rates, 5.25% APY
- Barclays Online CD: Best for 1-Year CD Rates, 5.00% APY
- CIBC Agility™ Online CD: Best for 1-Year CD Rates, 5.21% APY
- Popular Direct CD: Best for 1-Year CD Rates, 5.30% APY
- Bask Bank CD: Best for 1-Year CD Rates, 5.30% APY
- TAB Bank CD: Best for 1-Year CD Rates, 5.15% APY
- Service Credit Union Share Certificate: Best for 1-Year CD Rates, 5.00% APY
- LendingClub CD: Best for 1-Year CD Rates, 4.20% APY
- Vio Bank CD: Best for 1-Year CD Rates, 5.00% APY
- Ivy Bank CD: Best for 1-Year CD Rates, 5.00% APY
- Andrews Federal Credit Union Fixed Rate Share Certificates: Best for 1-Year CD Rates, 5.00% APY
- Citizens Online CD: Best for 1-Year CD Rates, 5.00% APY
- Capital One 360 CD: Best for 1-Year CD Rates, 5.00% APY
- Sallie Mae Bank CD: Best for 1-Year CD Rates, 5.15% APY
Frequently asked questions
You should only get a 1-year CD if you know you won’t need those funds for a year. Pulling money out of a CD before its expiration date will likely result in an early withdrawal fee, which is typically a percentage of the interest earned. See this month’s top rates.
It depends on your savings goals and how sure you are that you won't need your funds before the CD term expires. Having to pay an early withdrawal penalty, generally up to one year's worth of interest, can be a blow to your savings. Common CD terms range from six months to five years; if you want to play it safe, go for a shorter CD term or a no-penalty CD.
CD rates are quoted as an annual percentage yield, or APY, which is how much the account earns in one year including compound interest. Banks generally compound interest monthly or daily.
» See what CDs can earn you with our CD calculator
It depends on what's more important to you: rates or access to your money. Some of the current CD rates tend to be higher than the best savings account rates, but you sacrifice access to money in CDs. If that doesn't work for you, check out our list of best online savings accounts.
It depends on the level of risk you want to take. Investment, or brokerage, accounts can have higher returns than CDs, but CDs guarantee returns. They're typically federally insured for up to $250,000 and offer fixed interest rates. Brokerage accounts can be riskier, since you aren’t protected against losses. See this month’s top rates for 1-year CDs.
