19 Best 1-Year CD Rates for December 2022
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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 0.90% 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
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 0.90% 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
The Federal Reserve raised interest rates multiple times in 2022, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.
Best 1-Year CD Rates
| Bank/institution | NerdWallet rating | Minimum deposit | APY | Learn more |
|---|---|---|---|---|
 Marcus by Goldman Sachs High-Yield CD Learn more at Marcus by Goldman Sachs, Member FDIC | $500 Member FDIC | 4.15% | Learn more at Marcus by Goldman Sachs, Member FDIC | |
 Capital One 360 CD | $0 Member FDIC | 4.00% | Read review | |
 Citi® CD Learn more at Citibank, N.A. | $500 | 4.15% | Learn more at Citibank, N.A. | |
 Synchrony Bank CD | $0 Member FDIC | 4.15% | Read review | |
 LendingClub CD | $2,500 Member FDIC | 4.00% | Read review | |
 Live Oak Bank CD | $2,500 Member FDIC | 4.50% | Read review | |
 Sallie Mae Bank CD | $2,500 Member FDIC | 4.25% | Read review | |
 Popular Direct CD | $10,000 Member FDIC | 3.55% | Read review | |
 Connexus Credit Union CD | $5,000 Federally insured by NCUA | 4.51% | Read review | |
 Ally Bank High Yield CD | $0 Member FDIC | 4.00% | Read review | |
 Bread Savings™️ CD | $1,500 Member FDIC | 4.50% | Read review | |
 PenFed Credit Union Money Market Certificate | $1,000 Federally insured by NCUA | 4.25% | Read review | |
 TIAA Bank Basic CD | $1,000 Member FDIC | 4.15% | Read review | |
 Bask Bank CD | $1,000 Deposits are FDIC Insured | 4.10% | Read review | |
 Barclays Online CD Learn more at Barclays, Member FDIC | $0 Member FDIC | 4.00% | Learn more at Barclays, Member FDIC | |
 American Express® CD | $0 Member FDIC | 4.00% | Read review | |
 Quontic Bank CD | $500 Member FDIC | 4.00% | Read review | |
 TAB Bank CD | $1,000 Member FDIC | 4.00% | Read review | |
 Discover Bank CD Learn more at Discover Bank, Member FDIC | $2,500 Member FDIC | 4.00% | Learn more at Discover Bank, Member FDIC |
at Marcus by Goldman Sachs, Member FDIC
at Marcus by Goldman Sachs, Member FDIC
$500
Member FDIC
4.15%
The Wall Street firm's online bank offers a 12-month CD term with a low minimum requirement.
The Wall Street firm's online bank offers a 12-month CD term with a low minimum requirement.
$0
Member FDIC
4.00%
Capital One has a competitive one-year CD rate and no minimum to open.
Capital One has a competitive one-year CD rate and no minimum to open.
at Citibank, N.A.
at Citibank, N.A.
$500
4.15%
Citibank is one of the largest U.S. banks. Its one-year CD has a solid rate and the opening minimum of $500 is low.
Citibank is one of the largest U.S. banks. Its one-year CD has a solid rate and the opening minimum of $500 is low.
$0
Member FDIC
4.15%
Synchrony Bank offers a wide range of CD terms, including many around one year. Its rates can be competitive.
Synchrony Bank offers a wide range of CD terms, including many around one year. Its rates can be competitive.
$2,500
Member FDIC
4.00%
LendingClub Bank, formerly Radius, is an online financial institution with a competitive rate and a somewhat high opening minimum of $2,500 on its one-year CD.
LendingClub Bank, formerly Radius, 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
Member FDIC
4.50%
Bread Savings offers CDs with a somewhat high minimum of $1,500.
Bread Savings offers CDs with a somewhat high minimum of $1,500.
$1,000
Federally insured by NCUA
4.25%
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.
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.
$1,000
Member FDIC
4.15%
The online-based TIAA Bank has wide range of CDs and a somewhat low opening minimum of $1,000.
The online-based TIAA Bank has wide range of CDs and a somewhat low opening minimum of $1,000.
$1,000
Deposits are FDIC Insured
4.10%
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.
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.
at Barclays, Member FDIC
at Barclays, Member FDIC
$0
Member FDIC
4.00%
Barclays offers solid online CD rates for one-year terms and longer, with no opening minimum requirement.
Barclays offers solid online CD rates for one-year terms and longer, with no opening minimum requirement.
$0
Member FDIC
4.00%
American Express's CDs have no minimum opening requirements.
American Express's CDs have no minimum opening requirements.
$500
Member FDIC
4.00%
Quontic Bank is a digital bank with roots as a New York-based community development financial institution. Its one-year CD has a strong rate and a low minimum.
Quontic Bank is a digital bank with roots as a New York-based community development financial institution. Its one-year CD has a strong rate and a low minimum.
$1,000
Member FDIC
4.00%
TAB Bank offers a competitive yield on its one-year CD and a somewhat low minimum to open.
TAB Bank offers a competitive yield on its one-year CD and a somewhat low minimum to open.
at Discover Bank, Member FDIC
at Discover Bank, Member FDIC
$2,500
Member FDIC
4.00%
Also known for its credit cards, Discover Bank offers solid one-year CD rate. The opening minimum of $2,500 is somewhat hefty.
Also known for its credit cards, Discover Bank offers solid one-year CD rate. The opening minimum of $2,500 is somewhat hefty.
Want to compare more options? Here are our other top picks:
APYs shown are as of December 5, 2022.
» 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 2022
Connexus Credit Union: 4.51% APY, $5,000 minimum to open.
Bread Savings: 4.50% APY, $1,500 minimum to open.
Popular Direct: 3.55% APY, $10,000 minimum to open.
Pentagon Federal Credit Union: 4.25% APY, $1,000 minimum to open.
Sallie Mae Bank: 4.25% APY, $2,500 minimum to open.
Live Oak Bank: 4.50% APY, $2,500 minimum to open.
Synchrony Bank: 4.15% APY, no minimum to open.
Citibank: 4.15% APY, $500 minimum to open.
Bask Bank: 4.10% APY, $1,000 minimum to open.
Ally Bank: 4.00% APY, no minimum to open.
American Express: 4.00% APY, no minimum to open.
Barclays: 4.00% APY, no minimum to open.
Capital One: 4.00% APY, no minimum to open.
Marcus by Goldman Sachs: 4.15% APY, $500 minimum to open.
Quontic Bank: 4.00% APY, $500 minimum to open.
TIAA Bank: 4.15% APY, $1,000 minimum to open.
TAB Bank: 4.00% APY, $1,000 minimum to open.
LendingClub Bank: 4.00% APY, $2,500 minimum to open.
Discover Bank: 4.00% APY, $2,500 minimum to open.
» 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).
How do CDs work?
Learn more about the journey of choosing, opening and closing CDs.
For choosing CDs:
For understanding CD rates:
For opening CDs:
For closing CDs:
See CD rates by term and type
Compare the best rates on certificates of deposit for various CD terms and types:
See CD rates by bank
If you want to see CD rates at specific banks, here’s a quick list of both traditional and online banks’ CDs (and one brokerage’s offering):
Last updated on December 5, 2022
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People often identify opening a savings account as their next money move.
Marcus by Goldman Sachs Online Savings Account
APY
With $0 min. balance for APY
at Marcus by Goldman Sachs, Member FDIC
LendingClub High-Yield Savings
APY
With $0 min. balance for APY
at LendingClub Bank, Member FDIC
CIT Bank Savings Connect
APY
With $0 min. balance for APY
at CIT Bank, Member FDIC
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, 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, BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Commerce Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E-Trade, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, Huntington Bank, Industrial 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, PurePoint Financial, Quontic Bank, Redneck Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA 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 2022
- Marcus by Goldman Sachs High-Yield CD: 4.15% APY
- Capital One 360 CD: 4.00% APY
- Citi® CD: 4.15% APY
- Synchrony Bank CD: 4.15% APY
- LendingClub CD: 4.00% APY
- Live Oak Bank CD: 4.50% APY
- Sallie Mae Bank CD: 4.25% APY
- Popular Direct CD: 3.55% APY
- Connexus Credit Union CD: 4.51% APY
- Ally Bank High Yield CD: 4.00% APY
- Bread Savings™️ CD: 4.50% APY
- PenFed Credit Union Money Market Certificate: 4.25% APY
- TIAA Bank Basic CD: 4.15% APY
- Bask Bank CD: 4.10% APY
- Barclays Online CD: 4.00% APY
- American Express® CD: 4.00% APY
- Quontic Bank CD: 4.00% APY
- TAB Bank CD: 4.00% APY
- Discover Bank CD: 4.00% 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, in a big way. The Federal Reserve has raised its rate multiple times in 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.
