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13 Best 1-Year CD Rates October 2019

Spencer TierneyOctober 1, 2019

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Summary of Best 1-Year CD Rates October 2019

BankAPYMinimum DepositLearn More
Discover

Discover

at Discover,

Member, FDIC

2.20%

$2,500

at Discover,

Member, FDIC

Goldman Sachs Bank USA

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

2.10%

$500

at Goldman Sachs Bank USA,

Member, FDIC

CIT Bank

CIT Bank

1.90%

$1,000

Popular Direct

Popular Direct

2.10%

$10,000

Connexus Credit Union

Connexus Credit Union

2.20%

$5,000

Citizens Access

Citizens Access

2.25%

$5,000

Barclays

Barclays

2.25%

$0

Ally Bank

Ally Bank

2.15%

$0

Synchrony Bank

Synchrony Bank

2.25%

$2,000

TIAA Bank

TIAA Bank

2.25%

$5,000

Alliant Credit Union

Alliant Credit Union

2.20%

$1,000

Sallie Mae Bank

Sallie Mae Bank

2.35%

$2,500

Capital One

Capital One

2.20%

$0

BankAPYMinimum DepositLearn More
Discover

Discover

at Discover,

Member, FDIC

2.20%

$2,500

at Discover,

Member, FDIC

Goldman Sachs Bank USA

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

2.10%

$500

at Goldman Sachs Bank USA,

Member, FDIC

CIT Bank

CIT Bank

1.90%

$1,000

Popular Direct

Popular Direct

2.10%

$10,000

Connexus Credit Union

Connexus Credit Union

2.20%

$5,000

Citizens Access

Citizens Access

2.25%

$5,000

Barclays

Barclays

2.25%

$0

Ally Bank

Ally Bank

2.15%

$0

Synchrony Bank

Synchrony Bank

2.25%

$2,000

TIAA Bank

TIAA Bank

2.25%

$5,000

Alliant Credit Union

Alliant Credit Union

2.20%

$1,000

Sallie Mae Bank

Sallie Mae Bank

2.35%

$2,500

Capital One

Capital One

2.20%

$0

Discover

at Discover,

Member, FDIC

at Discover,

Member, FDIC

APY

2.20%

Minimum Deposit

$2,500

Goldman Sachs Bank USA

at Goldman Sachs Bank USA,

Member, FDIC

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.10%

Minimum Deposit

$500

APY

1.90%

Minimum Deposit

$1,000

APY

2.10%

Minimum Deposit

$10,000

APY

2.20%

Minimum Deposit

$5,000

APY

2.25%

Minimum Deposit

$5,000

APY

2.25%

Minimum Deposit

$0

APY

2.15%

Minimum Deposit

$0

APY

2.25%

Minimum Deposit

$2,000

APY

2.25%

Minimum Deposit

$5,000

APY

2.20%

Minimum Deposit

$1,000

APY

2.35%

Minimum Deposit

$2,500

APY

2.20%

Minimum Deposit

$0

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

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 October 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 October 2019

Frequently asked questions

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. See this month’s top rates.

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

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

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.

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.