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Best 1-Year CD Rates September 2019

Spencer TierneySeptember 1, 2019

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Summary of Best 1-Year CD Rates September 2019

BankAPYMinimum DepositLearn More
Capital One

Capital One

at Capital One,

Member, FDIC

2.30%

$0

at Capital One,

Member, FDIC

Goldman Sachs Bank USA

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

2.25%

$500

at Goldman Sachs Bank USA,

Member, FDIC

Discover

Discover

at Discover,

Member, FDIC

2.40%

$2,500

at Discover,

Member, FDIC

Popular Direct

Popular Direct

2.20%

$10,000

Bank5 Connect

Bank5 Connect

2.00%

$500

Alliant Credit Union

Alliant Credit Union

2.35%

$1,000

Citizens Access

Citizens Access

2.25%

$5,000

Sallie Mae Bank

Sallie Mae Bank

2.45%

$2,500

Synchrony Bank

Synchrony Bank

2.35%

$2,000

Ally Bank

Ally Bank

2.35%

$0

TIAA Bank

TIAA Bank

2.35%

$5,000

Barclays

Barclays

2.40%

$0

PurePoint® Financial

PurePoint® Financial

2.25%

$10,000

BankAPYMinimum DepositLearn More
Capital One

Capital One

at Capital One,

Member, FDIC

2.30%

$0

at Capital One,

Member, FDIC

Goldman Sachs Bank USA

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

2.25%

$500

at Goldman Sachs Bank USA,

Member, FDIC

Discover

Discover

at Discover,

Member, FDIC

2.40%

$2,500

at Discover,

Member, FDIC

Popular Direct

Popular Direct

2.20%

$10,000

Bank5 Connect

Bank5 Connect

2.00%

$500

Alliant Credit Union

Alliant Credit Union

2.35%

$1,000

Citizens Access

Citizens Access

2.25%

$5,000

Sallie Mae Bank

Sallie Mae Bank

2.45%

$2,500

Synchrony Bank

Synchrony Bank

2.35%

$2,000

Ally Bank

Ally Bank

2.35%

$0

TIAA Bank

TIAA Bank

2.35%

$5,000

Barclays

Barclays

2.40%

$0

PurePoint® Financial

PurePoint® Financial

2.25%

$10,000

Capital One

at Capital One,

Member, FDIC

at Capital One,

Member, FDIC

APY

2.30%

Minimum Deposit

$0

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.25%

Minimum Deposit

$500

Discover

at Discover,

Member, FDIC

at Discover,

Member, FDIC

APY

2.40%

Minimum Deposit

$2,500

APY

2.20%

Minimum Deposit

$10,000

APY

2.00%

Minimum Deposit

$500

APY

2.35%

Minimum Deposit

$1,000

APY

2.25%

Minimum Deposit

$5,000

APY

2.45%

Minimum Deposit

$2,500

APY

2.35%

Minimum Deposit

$2,000

APY

2.35%

Minimum Deposit

$0

APY

2.35%

Minimum Deposit

$5,000

APY

2.40%

Minimum Deposit

$0

APY

2.25%

Minimum Deposit

$10,000

What is a CD?

A CD, or certificate of deposit, is a type of savings account that keeps money locked up for a set period or term, generally three months to five years. The longer the CD term, the higher the rate.

» Want to see more options? Check out our list of the best CD rates overall

How do CD rates work?

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

When should you get a CD?

You should only get a CD if you know you won’t need those funds during its term. 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. (You can find even shorter terms such as six-month CDs too.)

» Thinking of a longer term for higher yields? Check out the best three-year CD rates

What's better: CDs or high-yield savings accounts?

It depends on what's more important to you: rates or access to your money. 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.

What's better: CDs or investment 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.

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:

Last updated on September 1, 2019

Methodology

We featured easy-to-join financial institutions that we've reviewed with the highest CD rates currently listed in NerdWallet's CD rates tool for one-year CDs. For the ZIP code and minimum deposit requirement, we used 94103 and $5,000, respectively. We also included select, standout rates from other trusted online financial institutions that we have reviewed. Higher rates might be available elsewhere.

To recap our selections...

NerdWallet's Best 1-Year CD Rates September 2019