BEST OF

19 Best 1-Year CD Rates for December 2022

Dec 5, 2022

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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

🤓Nerdy Tip

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

Marcus by Goldman Sachs High-Yield CD
Learn more

at Marcus by Goldman Sachs, Member FDIC

Marcus by Goldman Sachs High-Yield CD

5.0

NerdWallet rating 
Learn more

at Marcus by Goldman Sachs, Member FDIC

Minimum deposit

$500

Member FDIC

APY

4.15%

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

Read full review

Capital One 360 CD

5.0

NerdWallet rating 
Minimum deposit

$0

Member FDIC

APY

4.00%

Capital One has a competitive one-year CD rate and no minimum to open.

Read full review
Citi® CD
Learn more

at Citibank, N.A.

Citi® CD

4.5

NerdWallet rating 
Learn more

at Citibank, N.A.

Minimum deposit

$500

APY

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.

Read full review

Synchrony Bank CD

5.0

NerdWallet rating 
Minimum deposit

$0

Member FDIC

APY

4.15%

Synchrony Bank offers a wide range of CD terms, including many around one year. Its rates can be competitive.

Read full review

LendingClub CD

5.0

NerdWallet rating 
Minimum deposit

$2,500

Member FDIC

APY

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.

Read full review

Bread Savings™️ CD

5.0

NerdWallet rating 
Minimum deposit

$1,500

Member FDIC

APY

4.50%

Bread Savings offers CDs with a somewhat high minimum of $1,500.

Read full review

PenFed Credit Union Money Market Certificate

5.0

NerdWallet rating 
Minimum deposit

$1,000

Federally insured by NCUA

APY

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.

Read full review

TIAA Bank Basic CD

5.0

NerdWallet rating 
Minimum deposit

$1,000

Member FDIC

APY

4.15%

The online-based TIAA Bank has wide range of CDs and a somewhat low opening minimum of $1,000.

Read full review

Bask Bank CD

2.5

NerdWallet rating 
Minimum deposit

$1,000

Deposits are FDIC Insured

APY

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.

Read full review
Barclays Online CD
Learn more

at Barclays, Member FDIC

Barclays Online CD

5.0

NerdWallet rating 
Learn more

at Barclays, Member FDIC

Minimum deposit

$0

Member FDIC

APY

4.00%

Barclays offers solid online CD rates for one-year terms and longer, with no opening minimum requirement.

Read full review

American Express® CD

4.0

NerdWallet rating 
Minimum deposit

$0

Member FDIC

APY

4.00%

American Express's CDs have no minimum opening requirements.

Read full review

Quontic Bank CD

5.0

NerdWallet rating 
Minimum deposit

$500

Member FDIC

APY

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.

Read full review

TAB Bank CD

5.0

NerdWallet rating 
Minimum deposit

$1,000

Member FDIC

APY

4.00%

TAB Bank offers a competitive yield on its one-year CD and a somewhat low minimum to open.

Read full review
Discover Bank CD
Learn more

at Discover Bank, Member FDIC

Discover Bank CD

5.0

NerdWallet rating 
Learn more

at Discover Bank, Member FDIC

Minimum deposit

$2,500

Member FDIC

APY

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.

Read full review

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:

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

You may also like these

People often identify opening a savings account as their next money move.

Marcus by Goldman Sachs Online Savings Account

5.0

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

3.00%

With $0 min. balance for APY

at Marcus by Goldman Sachs, Member FDIC

LendingClub High-Yield Savings

4.5

NerdWallet rating 
LendingClub High-Yield Savings

APY

3.25%

With $0 min. balance for APY

at LendingClub Bank, Member FDIC

CIT Bank Savings Connect

4.5

NerdWallet rating 
CIT Bank Savings Connect

APY

3.60%

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

Frequently asked questions