BEST OF

16 Best 1-Year CD Rates for August 2022

Aug 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 0.31% 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

Best 1-Year CD Rates

Discover Bank CD
Learn more

at Discover Bank, Member FDIC

Discover Bank CD

5.0

NerdWallet rating 
Discover Bank CD

Minimum deposit

$2,500

Member FDIC

APY

2.30%
Learn more

at Discover Bank, Member FDIC


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.

Read Full Review
Barclays Online CD
Learn more

at Barclays, Member FDIC

Barclays Online CD

5.0

NerdWallet rating 
Barclays Online CD

Minimum deposit

$0

Member FDIC

APY

2.30%
Learn more

at Barclays, Member FDIC


Why we like it

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

Read Full Review
Marcus by Goldman Sachs High-Yield CD
Learn more

at Marcus by Goldman Sachs, Member FDIC

Marcus by Goldman Sachs High-Yield CD

4.5

NerdWallet rating 
Marcus by Goldman Sachs High-Yield CD

Minimum deposit

$500

Member FDIC

APY

2.40%
Learn more

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

TIAA Bank Basic CD

4.0

NerdWallet rating 
TIAA Bank Basic CD

Minimum deposit

$1,000

Member FDIC

APY

2.30%

Why we like it

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

Read Full Review

LendingClub CD

5.0

NerdWallet rating 
LendingClub CD

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.

Read Full Review

Alliant Credit Union CD

4.5

NerdWallet rating 
Alliant Credit Union CD

Minimum deposit

$1,000

Federally insured by NCUA

APY

2.40%

Why we like it

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

Read Full Review

Vio Bank CD

4.0

NerdWallet rating 
Vio Bank CD

Minimum deposit

$500

Member FDIC

APY

2.00%

Why we like it

Vio Bank, the online bank division of MidFirst Bank, has high-yield CDs with competitive rates and a low opening minimum of $500.

Read Full Review

American Express® CD

3.5

NerdWallet rating 
American Express® CD

Minimum deposit

$0

Member FDIC

APY

2.25%

Why we like it

American Express's CDs have no minimum opening requirements.

Read Full Review

PenFed Credit Union Money Market Certificate

4.5

NerdWallet rating 
PenFed Credit Union Money Market Certificate

Minimum deposit

$1,000

Federally insured by NCUA

APY

2.30%

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.

Read Full Review

Capital One 360 CD

4.0

NerdWallet rating 
Capital One 360 CD

Minimum deposit

$0

Member FDIC

APY

2.30%

Why we like it

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

Read Full Review

Live Oak Bank CD

4.0

NerdWallet rating 
Live Oak Bank CD

Minimum deposit

$2,500

Member FDIC

APY

2.50%

Why we like it

Live Oak Bank offers online CDs with strong rates, though there's a hefty minimum requirement of $2,500.

Read Full Review

Synchrony Bank CD

5.0

NerdWallet rating 
Synchrony Bank CD

Minimum deposit

$0

Member FDIC

APY

2.30%

Why we like it

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

Read Full Review

Sallie Mae Bank CD

5.0

NerdWallet rating 
Sallie Mae Bank CD

Minimum deposit

$2,500

Member FDIC

APY

2.50%

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.

Read Full Review

Popular Direct CD

4.5

NerdWallet rating 
Popular Direct CD

Minimum deposit

$10,000

Member FDIC

APY

2.60%

Why we like it

Popular Direct has a hefty opening minimum of $10,000, but its one-year rate may be worthwhile.

Read Full Review

TAB Bank CD

4.5

NerdWallet rating 
TAB Bank CD

Minimum deposit

$1,000

Member FDIC

APY

2.35%

Why we like it

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

Read Full Review

Bread Savings™️ CD

5.0

NerdWallet rating 
Bread Savings™️ CD

Minimum deposit

$1,500

Member FDIC

APY

3.00%

Why we like it

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

Read Full Review

» 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 August 2022

  • Bread Savings: 3.00% APY, $1,500 minimum to open.

  • TAB Bank: 2.35% APY, $1,000 minimum to open.

  • Popular Direct: 2.60% APY, $10,000 minimum to open.

  • Barclays: 2.30% APY, no minimum to open.

  • Synchrony: 2.30% APY, no minimum to open.

  • Marcus by Goldman Sachs: 2.40% APY, $500 minimum to open.

  • Discover Bank: 2.30% APY, $2,500 minimum to open.

  • Capital One: 2.30% APY, no minimum to open.

  • Live Oak Bank: 2.50% APY, $2,500 minimum to open.

  • Alliant Credit Union: 2.40% APY, $1,000 minimum to open.

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

  • American Express: 2.25% APY, no minimum to open.

  • Vio Bank: 2.00% APY, $500 minimum to open.

  • TIAA Bank: 2.30% APY, $1,000 minimum to open.

  • PenFed: 2.30% APY, $1,000 minimum to open.

  • Sallie Mae Bank: 2.50% 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 August 1, 2022

You may also like these

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

Discover Bank Online Savings

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.60%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

Marcus by Goldman Sachs Online Savings Account

4.5

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

1.70%

With $0 min. balance for APY

at Marcus by Goldman Sachs, Member FDIC

Synchrony Bank High Yield Savings

4.5

NerdWallet rating 
Synchrony Bank High Yield Savings

APY

1.65%

With $0 min. balance for APY

at Synchrony 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 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 August 2022

Frequently asked questions