BEST OF

17 Best 1-Year CD Rates for July 2022

Jul 1, 2022

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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 0.25% 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

Capital One 360 CD

CD

Member FDIC

4.0

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
1.75%
Learn more

at Capital One

Why we like it
Capital One has a competitive one-year CD rate and no minimum to open.
Synchrony Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
1.90%
Learn more

at Synchrony Bank

Why we like it
Synchrony Bank offers a wide range of CD terms, including many around one year. Its rates can be competitive.
Marcus by Goldman Sachs High-Yield CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
Minimum deposit
$500
Member FDIC
APY
1.90%
Learn more

at Marcus by Goldman Sachs

Why we like it
The Wall Street firm's online bank offers a 12-month CD term with a low minimum requirement.
Discover Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$2,500
Member FDIC
APY
1.90%
Learn more

at Discover Bank

Why we like it
Also known for its credit cards, Discover Bank offers solid one-year CD rate. The opening minimum of $2,500 is somewhat hefty.
Quontic Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$500
Member FDIC
APY
2.01%
Learn more

at Quontic Bank

Why we like it
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.
Bread Savings™️ CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$1,500
Member FDIC
APY
2.50%
Learn more

at Bread Savings

Why we like it
Bread Savings offers CDs with a somewhat high minimum of $1,500.
Connexus Credit Union CD

CD

Federally insured by NCUA

4.5

/5
 NerdWallet rating 
Minimum deposit
$5,000
Federally insured by NCUA
APY
1.76%
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.
Barclays Online CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
1.90%
Why we like it
Barclays offers solid online CD rates, especially for one-year terms and longer, with no opening minimum requirement.
Sallie Mae Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$2,500
Member FDIC
APY
2.00%
Why we like it
Student loan provider Sallie Mae Bank offers a solid rate on its one-year CDs. There's a higher minimum than at some online banks.
TAB Bank CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
Minimum deposit
$1,000
Member FDIC
APY
1.85%
Why we like it
TAB Bank offers a competitive yield on its one-year CD and a somewhat low minimum to open.
PenFed Credit Union Money Market Certificate

CD

Federally insured by NCUA

4.5

/5
 NerdWallet rating 
Minimum deposit
$1,000
Federally insured by NCUA
APY
1.75%
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.
Live Oak Bank CD

CD

Member FDIC

4.0

/5
 NerdWallet rating 
Minimum deposit
$2,500
Member FDIC
APY
2.00%
Why we like it
Live Oak Bank offers online CDs with strong rates, though there's a hefty minimum requirement of $2,500.
Popular Direct CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
Minimum deposit
$10,000
Member FDIC
APY
2.10%
Why we like it
Popular Direct has a hefty opening minimum of $10,000, but its one-year rate may be worthwhile.
Ally Bank High Yield CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
Minimum deposit
$0
Member FDIC
APY
1.75%
Why we like it
Online bank Ally lets you open its high-yield CD with any amount.
TIAA Bank Basic CD

CD

Member FDIC

4.0

/5
 NerdWallet rating 
Minimum deposit
$1,000
Member FDIC
APY
1.65%
Why we like it
The online-based TIAA Bank has wide range of CDs and a somewhat low opening minimum of $1,000.
Citizens Access Online CD

CD

Member FDIC

4.5

/5
 NerdWallet rating 
Minimum deposit
$5,000
Member FDIC
APY
1.75%
Why we like it
Citizens Access, Citizens Bank's online division, offers relatively high-yield savings accounts and CDs. The minimum amount to open is hefty for both, though.
LendingClub CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
Minimum deposit
$2,500
Member FDIC
APY
2.01%
Why we like it
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.

» 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.)

» 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:

Best 1-year CD rates for July 2022

  • Bread Savings: 2.50% APY, $1,500 minimum to open.

  • Popular Direct: 2.10% APY, $10,000 minimum to open.

  • Quontic Bank: 2.01% APY, $500 minimum to open.

  • LendingClub Bank: 2.01% APY, $500 minimum to open.

  • Sallie Mae Bank: 2.00% APY, $2,500 minimum to open.

  • Live Oak Bank: 2.00% APY, $2,500 minimum to open.

  • Barclays: 1.90% APY, no minimum to open.

  • Synchrony: 1.90% APY, no minimum to open.

  • Marcus by Goldman Sachs: 1.90% APY, $500 minimum to open.

  • TAB Bank: 1.85% APY, $1,000 minimum to open.

  • Connexus Credit Union: 1.76% APY, $5,000 minimum to open.

  • Capital One: 1.75% APY, no minimum to open.

  • Ally Bank: 1.75% APY, no minimum to open.

  • PenFed: 1.75% APY, $1,000 minimum to open.

  • Discover Bank: 1.90% APY, $2,500 minimum to open.

  • Citizens Access: 1.75% APY, $5,000 minimum to open.

  • TIAA Bank: 1.65% APY, $1,000 minimum to open.

Last updated on July 1, 2022

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

LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

1.26%

With $0 min. balance for APY

at LendingClub Bank, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

1.00%

With $1 min. balance for APY

at American Express National Bank, Member FDIC

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.10%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

Methodology

On a monthly basis, we compare rates at over 20 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 80 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.

To recap our selections...

NerdWallet's Best 1-Year CD Rates for July 2022

Frequently asked questions