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Best 1-year CD rates - November 2022
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Greg McBride, CFA, is Senior Vice President, Chief Financial Analyst, for Bankrate.com. He leads a team responsible for researching financial products, providing analysis, and advice on personal finance to a vast consumer audience. Best available rates across different account types for Sunday, November 13, 2022 Book What to know first Menu List On this page Bankrate logo The Bankrate promise At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Learn more about and our promise to guide you through life's financial journey. Editorial Integrity
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Collapse Caret Up Methodology for Bankrate s Best CD Rates
At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy. Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks. To find the best CDs, our editorial team analyzes various factors, such as: APY, the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. (FDIC). When selecting the best CD for you, consider the purpose of the money and when you'll need access to these funds to help you avoid early withdrawal penalties. Best 1-year CD rates for November 2022
: 4.10% APY, $1,000 minimum deposit : 4.00% APY, $0 minimum deposit : 4.00% APY, $500 minimum deposit (formerly Comenity Direct): 4.00% APY, $1,500 minimum deposit : 4.00% APY, $2,500 minimum deposit : 3.87% APY, $1,000 minimum deposit : 3.85% APY, $10,000 minimum deposit : 3.75% APY, $500 minimum deposit : 3.75%* APY, $1,000 minimum deposit : 3.75% APY, $2,500 minimum deposit : 3.75% APY, $2,500 minimum deposit : 3.61% APY, $0 minimum deposit : 3.50% APY, $0 minimum deposit : 3.40% APY, $1,000 minimum deposit : 3.30% APY, $1,000 minimum deposit Note: Annual percentage yields (APYs) shown are as of Oct. 28, 2022. Bankrate's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.
*APY is unavailable in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. Collapse On This Page
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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We've maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we're putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most - the best banks, latest rates, different types of accounts, money-saving tips and more - so you can feel confident as you're managing your money. Show me: The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest. Certificate of Deposit CD
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply. Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply. Savings Money Market Accounts MMA
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations. Filters Reset Certificates of deposits (CDs) are safe savings vehicles for investors looking to avoid risk. If you keep your funds locked up in the bank for the entire term, whether it's three months, a year, or longer, you can expect to get back your initial deposit plus interest. A one-year CD likely won't pay the highest CD rates available in the market. But the benefit short-term CDs offer is the ability to move your money to an account with a higher yield, if one is available. The national average rate for one-year CDs is 1.05 percent according to Bankrate's Oct. 27 weekly survey of institutions. Calculate how much interest you can earn using Bankrate's , and use your findings to compare offers to see what's best for you. Top banks offering 1-year CD rates for November 2022
: 4.10% APY, $1,000 minimum deposit 3.4 Overview
Bask Bank was founded in 2020 and started offering CDs and an interest savings account in 2022. Bask Bank offers four terms of CDs ranging from six months to two years. Invest Rate 4.10% APY Loan $1,000 minimum deposit to open : 4.00% APY, $0 minimum deposit 4.6 Overview
Capital One is based in McLean, Virginia, and has both a brick-and-mortar presence and is an online bank. It offers nine terms of regular CDs. Capital One's CDs and its 360 Performance Savings account have no minimum balance requirements. Invest Rate 4.00% APY Loan $0 minimum deposit to open : 4.00% APY, $500 minimum deposit 4.2 Overview
Marcus is the online-banking unit of Goldman Sachs geared to consumers. Marcus offers nine terms of CDs, three no-penalty CD terms and a savings account. Marcus CDs require a $500 minimum to open, but its savings accounts have no minimum-deposit requirement. Invest Rate 4.00% APY Loan $500 minimum deposit to open : 4.00% APY, $1,500 minimum deposit 4.1 Overview
Bread Savings, formerly Comenity Direct, is an online bank that offers a high-yield savings account and five terms of CDs ranging from one year to five years. Bread Savings is part of Comenity Capital Bank, which is a unit of Bread Financial. Invest Rate 4.00% APY Loan $1,500 minimum deposit to open : 4.00% APY, $2,500 minimum deposit 4.4 Overview
LendingClub Bank acquired Radius Bank in early 2021. LendingClub Bank offers a high-yield savings account, five terms of CDs and checking accounts. LendingClub Bank is a subsidiary of LendingClub Corp. Invest Rate 4.00% APY Loan $2,500 minimum deposit to open : 3.87% APY, $1,000 minimum deposit 4.6 Overview
First Internet Bank of Indiana was the first FDIC-insured financial institution to operate entirely online, according to the bank's website. It launched in 1999 and its products are available in all 50 states. First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts. Invest Rate 3.87% APY Loan $1,000 minimum deposit to open : 3.85% APY, $10,000 minimum deposit 3.4 Overview
Popular Direct offers term certificates of deposit and a savings account. CDs have a $10,000 minimum deposit requirement, and the Ultimate Savings account requires a $5,000 minimum deposit. All Popular Direct deposit accounts are opened through Popular Bank. Invest Rate 3.85% APY Loan $10,000 minimum deposit to open : 3.75% APY, $500 minimum opening deposit 4.3 Overview
Citibank is one of the largest banks in the U.S. It offers fixed-rate CDs, a step-up CD and a no-penalty CD. Citi CD minimum deposits may vary based on your location. The minimum is $1,000 in California and Nevada, $2,500 in Florida, Maryland, Washington, D.C., and Virginia and $500 in all other markets. Citi also has a savings account with a competitive yield. But that account, the Citi Accelerate Savings, is only available in certain markets. Invest Rate 3.75% APY Loan $500 minimum deposit to open : 3.75%* APY, $1,000 minimum deposit 3.4 Overview
BMO Harris is a regional bank that also offers online accounts. It's based in Chicago and has more than 500 branches in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. BMO Harris offers CDs with terms ranging from one month to five years, each requiring a minimum $1,000 opening deposit. *APY is unavailable in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. Invest Rate 3.75%* APY Loan $1,000 minimum deposit to open : 3.75% APY, $2,500 minimum deposit 4.2 Overview
Live Oak Bank offers seven terms of CDs, from six months to five years. All CDs have a $2,500 minimum deposit requirement. Live Oak Bank also offers an online savings account, which doesn't have a minimum balance requirement. Invest Rate 3.75% APY Loan $2,500 minimum deposit to open : 3.75% APY, $2,500 minimum deposit 4.5 Overview
Sallie Mae Bank offers CDs, a savings account, money market account, credit cards and private student loans. Sallie Mae Bank offers a competitive yield on all of its deposit products. Invest Rate 3.75% APY Loan $2,500 minimum deposit to open : 3.61% APY, $0 minimum deposit 4.3 Overview
Synchrony Bank has 12 terms of CDs, ranging from three months to five years. Synchrony Bank's high-yield savings account and money market account also don't require a minimum balance. Invest Rate 3.61% APY Loan $0 minimum deposit to open : 3.50% APY, $0 minimum deposit 5.0 Overview
Ally Bank is an online-only bank that has no branches. The Sandy, Utah-based bank offers standard CDs in seven terms ranging from three months to five years, with no minimum deposit required to open. Ally also has a no-penalty CD and a pair of Raise Your Rate CDs. In addition, it offers checking, savings and money market accounts. Invest Rate 3.50% APY Loan $0 minimum deposit to open : 3.40% APY, $1,000 minimum deposit 2.7 Overview
Limelight Bank is a division of Capital Community Bank, with headquarters in Provo, Utah. Limelight Bank calls itself a conscientious bank that ties its business to eco-friendly initiatives. Savings deposits at Limelight Bank turn into loans for solar projects, according to its website. Limelight Bank only offers CDs on its website. Invest Rate 3.40% APY Loan $1,000 minimum deposit to open : 3.30% APY, $1,000 minimum deposit 4.8 Overview
TIAA Bank has nine financial centers, all located in Florida. Besides its Basic CDs, TIAA Bank has a Yield Pledge Checking account, a Yield Pledge Money Market and a 42-month Bump Rate CD. TIAA Bank's CDs require at least $1,000 to open one. Invest Rate 3.30% APY Loan $1,000 minimum deposit to open Compare no-penalty CDs
Traditional CDs typically come with early withdrawal penalties that can significantly reduce your earnings. To avoid forfeiting interest for closing out your account before the term officially ends, . A no-penalty CD might be a good option during uncertain economic times. Just keep in mind that the yields associated with tend to be lower than the rates tied to traditional CDs. These banks offer no-penalty CDs: : 11 months; 3.05% APY, $1,000 minimum deposit : 11 months; 2.75% APY, $0 deposit to earn top APY : 11 months: 2.60% APY, $0 minimum deposit : 7-13 months; 0.35%-3.05% APY, $500 minimum deposit (13-month CD is 3.05% APY) 1-year CD FAQs
What is a 1-year CD
Having a one-year CD means that your savings will be tied up for 12 months. Generally, you won't be able to access your funds during that period of time without incurring an early withdrawal penalty. In exchange, you'll earn a higher yield than you would from a standard savings account or money market account. Who should open a 1-year CD
If you're not planning to touch your money for a year and believe the benefits of a one-year CD are more attractive than the yield associated with a liquid savings account, then a one-year CD is worth considering. Today's top nationally widely available one-year CDs pay 2.50 percent APY. That's not enough to retire on, but it's a good vehicle to meet short-term financial obligations (like saving for a down payment on a house) that can let your money grow near the rate of inflation without having to worry about missing out on better deals that arrive after you invest. How CD rates work
Banks and credit unions set their own CD rates based on multiple factors, including inflation, and the rates set by competitors. Changes in Treasury yields and Federal Reserve interest rate decisions are taken into account as well. Some banks have a 10-day best rate guarantee, meaning you could end up with a better rate if the bank raises theirs within days of your decision to open and fund your account. But generally, once you open and fund a fixed-rate CD, you're stuck with that APY until your term ends. Over time, the bank may raise or lower the advertised rate for new account holders, but your rate will remain the same. If you do your research, you'll find that some institutions offer bump-up or step-up CDs that allow rates to change either upon request or at certain intervals during the term. Rates for these CDs, however, tend to be lower than those tied to fixed-rate CDs. When , pay close attention to the APY. The APY includes the effects of compounding. Compound interest is the interest you earn on interest. Calculate how much interest you'll earn as you compare APYs. Right now, CD rates remain at historic lows, so it pays to shop around to find the best deal. Be sure to research local banks and reputable online banks, where you may be able to find a better rate. Can you lose money with a 1-year CD
As long as you choose a one-year CD with a fixed rate - and keep the funds in the CD for the duration of the term - you won't lose money. If you withdraw before the term of the CD allows, you may be subject to an early withdrawal penalty. Also, each depositor at an FDIC-backed bank is insured for up to $250,000. No depositor has lost any money on FDIC-insured funds as a result of a bank failure, according to the FDIC website. If you're concerned about FDIC insurance eligibility, use the FDIC's Electronic Deposit Insurance Estimator. It's also important to factor in rising prices. If the rate of inflation is higher than your CD yield, your goes down. 1-year CD vs other investment accounts
Before you buy a one-year CD, it's important to find out how it stacks up against other types of investment vehicles. Read on to find out how one-year CDs compare to more liquid accounts, like savings accounts and money market accounts. 1-year CD vs savings account
CDs with terms lasting for one year often pay more interest than . Here's why: You're rewarded with a higher yield in exchange for agreeing to leave your money tied up for a set period of time. What's more, if you keep money locked up in a CD, it's harder to access those savings. With a liquid savings account, there is usually no consequence for withdrawing funds (unless you make more than six withdrawals or transfers per statement cycle). Since your CD may have an early withdrawal penalty, you'll probably think twice about raiding your savings. Another benefit one-year CDs have over savings accounts is the guaranteed rate that applies for the full term. Savings account rates can change at any time as a result of changes in an interest rate environment or a bank's priorities. That means over time, your rate of return could decline. There are downsides to choosing a one-year CD over a savings account. Because CDs traditionally are not liquid accounts, it's best to keep your emergency fund in a savings account. That way, you can easily access the funds you need to cover an unexpected expense without paying a penalty. Additionally, just as savings account interest rates can go down, they can also go up. By locking your money up in a CD, you could miss out on an opportunity to earn more interest. 1-year CD vs money market account
Another option is parking your cash in a . At some banks, the money market account requires a higher minimum deposit and pays more interest than the institution's savings account. Compared to money market account rates, however, one-year CD rates tend to be higher. In many cases, you can qualify for one of the top 1-year CD deals without having to fork over a large amount of cash. At banks with a tiered interest rate structure, you may have to deposit more money to earn the top money market account rate. Like , money market accounts are worth considering if you're not interested in tying up money for months or years at a time. You can easily withdraw your savings at any time without penalty, and at some banks, you'll have access to a debit card. Keep in mind that money market accounts are usually limited to a maximum of six convenient transfers or withdrawals per month or per statement cycle because of . There may be a fee for exceeding this limit. But these days some banks are allowing more transactions per statement cycle on savings deposit accounts. Union Bank, for instance, currently doesn't have limits on the number of checks you can write from its MoneyMarket account. 1-year CD vs a 5-year CD
While a might have a higher APY, a shorter-term CD can be a better option. CD rates could change significantly in a year and you might not want to miss out on a good deal. Given the current interest rate environment, however, going with a long-term CD like a four- or five-year CD doesn't make sense for many people. Carefully weigh the pros and cons, and to take advantage of different CD term lengths. Here are the best 1-year CD rates for November 2022
Financial Institution 1-Year APY Minimum Deposit for APY Learn More Limelight Bank 3.40% Learn more about other CD terms
Banks usually offer CDs across multiple terms. Depending on the institution, you may have the option of choosing an account maturing in less than a year. There are also CDs that mature in as many as 10 years. Carefully consider your financial goals and needs. Weigh your options and make an informed decision about what CD is right for you. You might be perfectly fine with a short-term, one-year-CD. Or you may find that you're better off opting for an account with a longer term.