Best of

14 Best 1-Year CD Rates March 2020

Spencer TierneyMarch 2, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Summary of Best 1-Year CD Rates March 2020

BankAPYMinimum DepositLearn More
Marcus by Goldman Sachs CD

Marcus by Goldman Sachs CD

at Marcus by Goldman Sachs,

Member, FDIC

1.85%

$500

at Marcus by Goldman Sachs,

Member, FDIC

CIT Bank CD

CIT Bank CD

1.86%

$1,000

Read review
Discover Bank CD

Discover Bank CD

at Discover Bank,

Member, FDIC

1.75%

$2,500

at Discover Bank,

Member, FDIC

Citizens Access CD

Citizens Access CD

1.50%

$5,000

Read review
Barclays CD

Barclays CD

1.85%

$0

Read review
Capital One CD

Capital One CD

1.00%

$0

Read review
Ally Bank CD

Ally Bank CD

1.50%

$0

Read review
Connexus Credit Union CD

Connexus Credit Union CD

1.01%

$5,000

Read review
Synchrony Bank CD

Synchrony Bank CD

1.50%

$2,000

Read review
TIAA Bank CD

TIAA Bank CD

1.75%

$5,000

Read review
Alliant Credit Union CD

Alliant Credit Union CD

1.40%

$1,000

Read review
Sallie Mae Bank CD

Sallie Mae Bank CD

1.50%

$2,500

Read review
PurePoint® Financial CD

PurePoint® Financial CD

1.10%

$10,000

Read review
Bank5 Connect CD

Bank5 Connect CD

1.30%

$500

Read review
Marcus by Goldman Sachs CD

at Marcus by Goldman Sachs,

Member, FDIC

Marcus by Goldman Sachs CD

Marcus by Goldman Sachs CD

APY

1.85%

With $500 minimum balance

Minimum Balance

$500

Member, FDIC

at Marcus by Goldman Sachs,

Member, FDIC


Why we like it

The Wall Street firm's online bank offers a 12-month CD term with a low minimum requirement.

Read Full Review

CIT Bank CD

CIT Bank CD

APY

1.86%

With $1000 minimum balance

Minimum Balance

$1,000

Member, FDIC


Why we like it

The online bank CIT offers a relatively low opening minimum of $1,000.

Read Full Review
Discover Bank CD

at Discover Bank,

Member, FDIC

Discover Bank CD

Discover Bank CD

APY

1.75%

With $2500 minimum balance

Minimum Balance

$2,500

Member, FDIC

at Discover Bank,

Member, FDIC


Why we like it

Discover's deposit requirement is somewhat higher than at some banks, but not as high as at others.

Read Full Review

Citizens Access CD

Citizens Access CD

APY

1.50%

With $5000 minimum balance

Minimum Balance

$5,000

Member, FDIC


Why we like it

Citizens Access, Citizens Bank's new online division, offers savings accounts and CDs. The minimum amount to open is hefty for both, though.

Read Full Review

Barclays CD

Barclays CD

APY

1.85%

With $0 minimum balance

Minimum Balance

$0

Member, FDIC


Why we like it

The online bank offers no minimum on its CDs.

Read Full Review

Capital One CD

Capital One CD

APY

1.00%

With $0 minimum balance

Minimum Balance

$0

Member, FDIC


Why we like it

Capital One has a wide array of CDs and there's no minimum to open.

Read Full Review

Ally Bank CD

Ally Bank CD

APY

1.50%

With $0 minimum balance

Minimum Balance

$0

Member, FDIC


Why we like it

Ally lets you open and receive its rate with any amount.

Read Full Review

Connexus Credit Union CD

Connexus Credit Union CD

APY

1.01%

With $5000 minimum balance

Minimum Balance

$5,000

Member, NCUA


Why we like it

Connexus Credit Union offers a 12-month rate with a minimum that's higher than some other online banks. Anyone can join with a one-time $5 donation to its partner nonprofit, Connexus Association.

Read Full Review

Synchrony Bank CD

Synchrony Bank CD

APY

1.50%

With $2000 minimum balance

Minimum Balance

$2,000

Member, FDIC


Why we like it

Synchrony requires a high minimum, but makes up for it with its yield.

Read Full Review

TIAA Bank CD

TIAA Bank CD

APY

1.75%

With $5000 minimum balance

Minimum Balance

$5,000

Member, FDIC


Why we like it

The online bank has wide range of CDs, though it requires a high opening minimum.

Read Full Review

Alliant Credit Union CD

Alliant Credit Union CD

APY

1.40%

With $1000 minimum balance

Minimum Balance

$1,000

Member, NCUA


Why we like it

The online-focused credit union has a lower opening minimum than some competitors.

Read Full Review

Sallie Mae Bank CD

Sallie Mae Bank CD

APY

1.50%

With $2500 minimum balance

Minimum Balance

$2,500

Member, FDIC


Why we like it

Student loan provider Sallie Mae's one-year CDs have higher minimums than some online banks'.

Read Full Review

PurePoint® Financial CD

PurePoint® Financial CD

APY

1.10%

With $10000 minimum balance

Minimum Balance

$10,000

Member, FDIC


Why we like it

PurePoint, online division of Union Bank, has one of the highest minimums.

Read Full Review

Bank5 Connect CD

Bank5 Connect CD

APY

1.30%

With $500 minimum balance

Minimum Balance

$500

Member, FDIC


Why we like it

Bank5 Connect, an online bank division of Massachusetts-based BankFive, has a low minimum to open its one-year CD.

Read Full Review

» 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:

Here are the best 1-year CD rates for March 2020:

  • CIT Bank: 1.86% APY.
  • Marcus by Goldman Sachs: 1.85% APY.
  • Barclays: 1.85% APY.
  • Ally Bank: 1.50% APY.
  • Synchrony: 1.50% APY.
  • Discover: 1.75% APY.
  • Capital One: 1.00% APY.
  • Sallie Mae Bank: 1.50% APY.
  • Alliant Credit Union: 1.40% APY.
  • TIAA Bank: 1.75% APY.
  • Bank5 Connect: 1.30% APY.
  • Connexus Credit Union: 1.01% APY.
  • Citizens Access: 1.50% APY.
  • PurePoint Financial: 1.10% APY.

Last updated on March 2, 2020

Methodology

We took a close look at over 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, internet search traffic and other factors; the nation’s largest credit unions, based on deposits as well as broad-based membership requirements; 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; we favored those with the highest CD rates. We excluded banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere. Financial institutions surveyed include: Alaska USA Federal Credit UnionAlliant Credit UnionAlly BankAmerica First Credit UnionAmerican ExpressAspirationAssociated BankAxos BankBank5 Connect, Bank7, Bank of AmericaBank of the WestBarclays, BB&T, BBVABoeing Employees Credit Union, BMO HarrisCapital One 360Charles Schwab BankChaseChimeCIBC U.S., CITCitibankCitizens AccessCitizens Bank, Comerica Bank, Commerce BankConnexus Credit UnionConsumers Credit UnionDiscover Bank, E-Trade, FidelityFifth Third BankFirst National BankFirst Tech Federal Credit UnionGoBankGolden 1 Credit UnionGS BankHSBC Bank USAHuntington BankKeyBankM&T BankMovenNavy Federal Credit UnionPentagon Federal Credit UnionPNC, Popular DirectPurePoint FinancialRadius Bank, Redneck Bank, Regions BankSallie Mae BankSantander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit UnionSimpleState Employees’ Credit Union of North CarolinaState Farm BankSuncoast Credit Union, SunTrust Bank, Synchrony BankTCF BankTD BankTIAA BankUnion BankUFB DirectUSAAU.S. BankVaro, Vio BankWells Fargo and Zions Bank.

To recap our selections...

NerdWallet's Best 1-Year CD Rates March 2020

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.

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.

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

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.