17 Best 1-Year CD Rates for December 2023 (Up to 5.67%)
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ALSO CONSIDER: Best online savings || Best checking || Best high-interest accounts
The best one-year CD rates can help boost some of your short-term savings.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
Rates featured on this page are far above the national average of 1.85% APY for one-year CDs. These rates apply to 12-month CDs starting when you open and fund them. Here's a list of our picks.
» Want to see a wider pool of high rates? See our list of the best high-interest accounts
APYs shown are current as of Dec. 11, 2023. All other information is current as of Dec. 1, 2023.
ALSO CONSIDER: Best online savings || Best checking || Best high-interest accounts
The best one-year CD rates can help boost some of your short-term savings.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
Rates featured on this page are far above the national average of 1.85% APY for one-year CDs. These rates apply to 12-month CDs starting when you open and fund them. Here's a list of our picks.
» Want to see a wider pool of high rates? See our list of the best high-interest accounts
APYs shown are current as of Dec. 11, 2023. All other information is current as of Dec. 1, 2023.
The Federal Reserve raised rates to the highest levels in more than two decades, which is good news for your bank accounts. Take advantage of today’s high rates by opening a federally insured certificate of deposit.
Best 1-Year CD Rates for December 2023 (Up to 5.67%)
| Bank/institution | NerdWallet rating | Minimum deposit | APY | Learn more |
|---|---|---|---|---|
 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 5.25% | Learn more at Alliant Credit Union, Federally insured by NCUA |
 LendingClub CD Learn more at LendingClub Bank, Member FDIC | Best for 1-Year CD Rates | $2,500 Member FDIC | APY 5.55% | Learn more at LendingClub Bank, Member FDIC |
 Bread Savings™️ CD | Best for 1-Year CD Rates | $1,500 Member FDIC | APY 5.50% | Read review |
 Popular Direct CD | Best for 1-Year CD Rates | $10,000 Member FDIC | APY 5.67% | Read review |
 BMO Alto Certificate of Deposit | Best for 1-Year CD Rates | $0 Deposits are FDIC Insured | APY 5.65% | Read review |
 CIBC Agility™ Online CD | Best for 1-Year CD Rates | $1,000 Member FDIC | APY 5.66% | Read review |
 Bask Bank CD | Best for 1-Year CD Rates | $1,000 Member FDIC | APY 5.40% | Read review |
 Quontic Bank CD | Best for 1-Year CD Rates | $500 Member FDIC | APY 5.30% | Read review |
 TAB Bank CD | Best for 1-Year CD Rates | $1,000 Member FDIC | APY 5.27% | Read review |
 Citizens Online CD | Best for 1-Year CD Rates | $5,000 Member FDIC | APY 5.50% | Read review |
 Live Oak Bank CD | Best for 1-Year CD Rates | $2,500 Member FDIC | APY 5.40% | Read review |
 Vio Bank CD | Best for 1-Year CD Rates | $500 Member FDIC | APY 5.25% | Read review |
 PenFed Credit Union Money Market Certificate | Best for 1-Year CD Rates | $1,000 Federally insured by NCUA | APY 5.25% | Read review |
 Marcus by Goldman Sachs High-Yield CD Learn more at Marcus by Goldman Sachs, Member FDIC | Best for 1-Year CD Rates | $500 Member FDIC | APY 5.30% | Learn more at Marcus by Goldman Sachs, Member FDIC |
 Sallie Mae Bank CD | Best for 1-Year CD Rates | $2,500 Member FDIC | APY 5.50% | Read review |
 BrioDirect High-Yield CD | Best for 1-Year CD Rates | $500 Deposits are FDIC Insured | APY 5.35% | Read review |
 Synchrony Bank CD | Best for 1-Year CD Rates | $0 Member FDIC | APY 5.30% | Read review |
Our pick for
1-Year CD Rates
$1,000
5.25%
Why We Like It
The online-focused Alliant Credit Union has strong rates and a lower opening minimum than some competitors.
$2,500
5.55%
Why We Like It
LendingClub Bank is an online financial institution with a competitive rate and a somewhat high opening minimum of $2,500 on its one-year CD.
$1,500
5.50%
Why We Like It
Bread Savings offers CDs with a somewhat high minimum of $1,500.
$0
5.65%
Why We Like It
BMO Alto is the online-only division of BMO with a competitive one-year CD rate and no minimum deposit requirement.
$1,000
5.66%
Why We Like It
CIBC U.S. is the online U.S. banking division of CIBC, the Canadian Imperial Bank of Commerce. Its competitive one-year CD has two tiers: 5.66% APY for a deposit under $25,000 and 5.66% APY for a higher deposit. The minimum deposit of $1,000 is somewhat low.
$1,000
5.40%
Why We Like It
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.
$500
5.30%
Why We Like It
Quontic Bank is a digital bank with a low minimum of $500 and a competitive rate on its one-year CD.
$1,000
5.27%
Why We Like It
TAB Bank offers a competitive yield on its one-year CD and a somewhat low minimum of $1,000 to open.
$5,000
5.50%
Why We Like It
Citizens, Citizens Bank's online division, offers relatively high-yield CDs, but the minimum amount to open is hefty.
$2,500
5.40%
Why We Like It
Live Oak Bank offers online CDs with strong rates, though there's a somewhat high minimum requirement of $2,500.
$500
5.25%
Why We Like It
Vio Bank, the online bank division of MidFirst Bank, has high-yield CDs with competitive rates and a low opening minimum of $500.
$1,000
5.25%
Why We Like It
Pentagon Federal Credit Union offers nationwide membership, and its money market certificates, its CD equivalent, have solid rates and a relatively low minimum. Federally insured by NCUA.
$500
5.30%
Why We Like It
The online-only bank Marcus by Goldman Sachs has a competitive one-year APY and a low minimum opening requirement of $500.
$2,500
5.50%
Why We Like It
Student loan provider Sallie Mae Bank offers a solid rate on its one-year CDs. There's a higher opening minimum than at some online banks.
$500
5.35%
Why We Like It
BrioDirect is the online bank division of Webster Bank, a national bank based in Connecticut. BrioDirect offers a high rate on its one-year CD term with a low minimum deposit of $500.
$0
5.30%
Why We Like It
Synchrony Bank offers a wide range of CD terms, including many around one year. Its rates can be competitive and there’s no opening minimum deposit.
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 1-year CD, or certificate of deposit, is a type of savings account that keeps money locked up for 12 months at a fixed rate. (You can find even shorter terms, such as six-month CDs.)
Best 1-year CD rates for December 2023
BMO Alto: 5.65% APY, no minimum to open.
Bread Savings: 5.50% APY, $1,500 minimum to open.
Popular Direct: 5.67% 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: 5.50% 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.
Vio Bank: 5.25% APY, $500 minimum to open.
Alliant Credit Union: 5.25% APY, $1,000 minimum to open.
Pentagon Federal Credit Union: 5.25% APY, $1,000 minimum to open.
Marcus by Goldman Sachs: 5.30% APY, $500 minimum to open.
Sallie Mae Bank: 5.50% APY, $2,500 minimum deposit.
BrioDirect: 5.35% APY, $500 minimum deposit.
Synchrony: 5.30% APY, no minimum deposit.
» Thinking of a longer term for higher yields? Check out the best three-year CD rates
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. 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:
Marcus by Goldman Sachs Bank (read NerdWallet's full review).
CIT Bank (read NerdWallet's full review).
Ally Bank (read NerdWallet's full review).
Synchrony Bank (read NerdWallet's full review).
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.
For choosing CDs:
Last updated on December 11, 2023
Methodology
On a monthly basis, we compare rates at over 30 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, 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.
To recap our selections...
NerdWallet's Best 1-Year CD Rates for December 2023 (Up to 5.67%)
- Alliant Credit Union Certificate: Best for 1-Year CD Rates, 5.25% APY
- LendingClub CD: Best for 1-Year CD Rates, 5.55% APY
- Bread Savings™️ CD: Best for 1-Year CD Rates, 5.50% APY
- Popular Direct CD: Best for 1-Year CD Rates, 5.67% APY
- BMO Alto Certificate of Deposit: Best for 1-Year CD Rates, 5.65% APY
- CIBC Agility™ Online CD: Best for 1-Year CD Rates, 5.66% APY
- Bask Bank CD: Best for 1-Year CD Rates, 5.40% APY
- Quontic Bank CD: Best for 1-Year CD Rates, 5.30% APY
- TAB Bank CD: Best for 1-Year CD Rates, 5.27% APY
- Citizens Online CD: Best for 1-Year CD Rates, 5.50% APY
- Live Oak Bank CD: Best for 1-Year CD Rates, 5.40% APY
- Vio Bank CD: Best for 1-Year CD Rates, 5.25% APY
- PenFed Credit Union Money Market Certificate: Best for 1-Year CD Rates, 5.25% APY
- Marcus by Goldman Sachs High-Yield CD: Best for 1-Year CD Rates, 5.30% APY
- Sallie Mae Bank CD: Best for 1-Year CD Rates, 5.50% APY
- BrioDirect High-Yield CD: Best for 1-Year CD Rates, 5.35% APY
- Synchrony Bank CD: Best for 1-Year CD Rates, 5.30% 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.
Yes. The Federal Reserve has raised its rate multiple times since March 2022, which encourages banks and credit unions to raise their CD rates. Learn more about Fed rate increases or, if you want a broader financial picture, see our explainer on historical CD rates.
