Best 1 Month CD Rates for November 2022
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The short-term CDs allow you to take advantage of rising interest rates, while the long-term CDs typically come with higher rates. As an example, you may decide to use a one-month CD as your shortest rung, plus a six-month CD, one-year CD and three-year CD. Keep your money invested in the long-term CDs, and as the short-term CDs mature, you can decide whether to use the money or reinvest it into a higher-rate CD.
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0 45% APY $20 000 minimum deposit to earn APY 0 10% APY $1 000 minimum deposit 0 05% APY $500 minimum deposit 0 05% APY $500 minimum deposit 0 05% APY $1 000 minimum deposit 0 05% APY $2 500 minimum deposit 0 05% APY $2 500 minimum deposit Note: Annual percentage yields (APYs) shown are as of Oct. 31, 2022. Bankrate’s editorial team updates this information regularly, typically biweekly. APYs may have changed since the last update and may vary by region for some products.A closer look at the top 1-month CD rates
0 45% APY $20 000 minimum deposit to earn APY
SchoolsFirst serves the education community in California. Certain school employees, certain retired school employees and immediate family members of SchoolsFirst Federal Credit Union members are eligible to join. SchoolsFirst offers CDs ranging from 30 days to five years. To open a CD, a $500 minimum deposit is required. If you put in more money you may be rewarded with a higher APY, as SchoolsFirst has four rate tiers: $500, $20,000, $50,000 and $100,000.0 10% APY $1 000 minimum deposit
Zions Bank has 122 full-service branches in Utah, Idaho and Wyoming. The bank offers 10 terms of CDs ranging from one month to five years. Zions Bank also offers checking, savings and money market accounts, personal loans, mortgages and credit cards. It features mobile and online banking.0 05% APY $500 minimum deposit
BrioDirect is the online division of Webster Bank. Its CDs, savings account and money market account earn competitive yields. BrioDirect offers 11 terms of CDs, ranging from one month to five years. A $500 deposit is required to open a CD. BrioDirect’s three-year CD offers the highest APY.0 05% APY $500 minimum deposit
U.S. Bank is one of the 10 largest commercial banks in the U.S. It offers 11 terms of CDs, ranging from one month to five years. U.S. Bank also offers a Step Up CD and a Trade Up CD.0 05% APY $1 000 minimum deposit
Huntington National Bank is a regional bank based in Columbus, Ohio. It has over 1,000 branches in 11 states. The bank offers 11 terms of fixed-rate CDs ranging from one month to 72 months. The minimum deposit to open a CD is $1,000.0 05% APY $2 500 minimum deposit
KeyBank has a network of over 1,000 branches and more than 1,400 ATMs. KeyBank has CDs with terms ranging from seven days to 10 years. KeyBank CDs are available to consumers and businesses in 15 states.0 05% APY $2 500 minimum deposit
Union Bank serves retail customers with more than 350 branches along the California coast, Oregon and Washington. Union Bank is part of Mitsubishi UFJ Financial Group, or MUFG. Union Bank offers CDs in terms ranging from seven days to five years. The seven- to 31-day CDs require a $2,500 minimum deposit. All other terms require only $350 to open a CD.How to find the best 1-month CD rates
Comparison shopping is key when you’re looking for the best one-month CD rates. There are , including bump-up CDs and liquid CDs. But the top one-month CD rates are usually found with traditional CDs. Check out the best one-month CDs offered by banks and credit unions and weigh the pros and cons of going with a short-term certificate of deposit over an account that’s more liquid. Don’t forget to crunch the numbers and by the end of your term.1-month CD FAQS
How does a 1-month CD work
A one-month CD allows you to get a fixed APY for a month. Withdrawing your money from the CD before the term ends likely will result in an early withdrawal penalty.Pros and cons of a 1-month CD
Pros of a one-month CD: Your money isn’t locked away for long. It gives you the flexibility to either keep your money in the CD for another term when it matures or withdraw it when the term ends. Generally, a term CD will give you a fixed APY during the CD’s term. Cons of a one-month CD: Unlike a savings account, a one-month CD may incur an early withdrawal penalty if you take money out before the term ends. A savings account or a may earn a higher APY than a one-month CD. The APYs might not be competitive compared with other, longer-term CDs.Can you lose money with a 1-month CD
Withdrawing money prematurely from a one-month CD could result in the loss of any accrued interest and possibly a portion of the amount deposited, in the form of an early withdrawal penalty. It’s also possible to lose money if the bank holding the funds has failed and the total amount you have on account with the bank exceeds (FDIC) limits or guidelines.What are the alternatives to 1-month CDs
If you don’t want to tuck away your money for a month, here are some alternatives to consider:Consider a savings account or money market account
A or a may offer higher interest rates than a one-month CD. Additionally, you’ll be able to access your money quickly with no penalty. Money market and high-yield savings accounts, however, typically require higher balances and may restrict your access to the money.Choose a CD with a longer term
Generally, savers who tuck away their money in longer-term CDs can snag higher interest rates. For example, the average five-year CD rate is 0.70 percent APY. Still, you may find higher APYs if you shop and compare CD rates.How to use a 1-month CD in a CD ladder
A lets you take advantage of different CD maturities and interest rates. To start one, figure out how much money you can invest and how long you can put money away. Then open a few short- and long-term CDs with staggered maturity dates, and decide how much money you’ll put in each.The short-term CDs allow you to take advantage of rising interest rates, while the long-term CDs typically come with higher rates. As an example, you may decide to use a one-month CD as your shortest rung, plus a six-month CD, one-year CD and three-year CD. Keep your money invested in the long-term CDs, and as the short-term CDs mature, you can decide whether to use the money or reinvest it into a higher-rate CD.