Best one-year CD rates for June 2024 (2024)

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Putting your money in a certificate of deposit (CD) can be one way to take advantage of a guaranteed yield for a set period of time. However, you might need to leave your money in the account if you want the largest benefit.

A one-year CD can provide you with a high yield but not force you to “lock up” your money for too long a time period. Here are some of the best 12-month CD rates.

Our top recommendations

Depending on your financial goals and preferences, there are a variety of one-year CDs with competitive rates. Here are some of our recommendations.

NameAPY*Min. deposit

CIBC

5.36%

$1,000

Bread Savings

5.50%

$1,500

Marcus by Goldman Sachs

4.90%

$500

Barclays

5.00%

$0

My eBanc

5.30%

$5,000

Quontic

4.50%

$500

Forbright

5.10%

$1,000

Synchrony Bank

5.00%

$0

Discover

4.70%

$2,500

Penfed

4.65%

$1,000

CIBC: Best for smaller CD early withdrawal penalty

Best one-year CD rates for June 2024 (1)

Best one-year CD rates for June 2024 (2)

CIBC Agility 13 Month CD

CIBC Agility 13 Month CD

APY*

5.36%

Term

13 months

Min. deposit

$1,000

CIBC was founded in Canada in 1867, but it is a global institution that has banking centers across the U.S. and more than $975 billion in assets.

CIBC’s Agility CD product allows you to withdraw money from your account with a smaller early withdrawal penalty than you normally see. Many banks charge a penalty of 90 or 180 days, but CIBC’s penalty is 30 days. CIBC CDs are FDIC insured.

Bread Savings: Best for savers who want to auto-renew

Best one-year CD rates for June 2024 (3)

Best one-year CD rates for June 2024 (4)

Bread Savings 1 year CD

Bread Savings 1 year CD

APY*

5.50%

Term

12 months

Min. deposit

$1,500

Bread Financial, formerly known as Comenity and Alliance Data, considers itself a tech-forward company that specializes in offering savings products designed for those who want higher yields. The company focuses on online banking products, so has it has no physical presence to speak of, but it does have $21.60 billion in assets as of late 2023. Bread’s great one-year CD rate does come with a penalty for early withdrawal: An amount equal to 180 days of simple interest for CD terms of one to three years.

Bread Savings offers a slightly higher yield when you auto-renew. If you’re interested in automatically renewing your one-year CD, Bread Savings makes it easy. Bread’s CD are also FDIC insured.

Marcus by Goldman Sachs: Best for a guaranteed rate

Marcus is owned by the well-known bank Goldman Sachs and offers a variety of retail banking products, especially high-yield savings products. Marcus’s parent bank Goldman Sachs is a global investment bank that has more than $1.5 trillion in assets (with a “T”) and offices around the world.

Marcus offers a 10-day guaranteed rate for its CD, meaning that if rates head higher during the first 10 days and you’ve deposited your $500 minimum, your rate will bump up too. The penalties for early withdrawal from their one-year CD is an amount equal to 180 days of interest. Marcus’s CDs are FDIC insured.

Barclays: Best for beginning savers

Best one-year CD rates for June 2024 (7)

Best one-year CD rates for June 2024 (8)

Barclays 12 Month CD

Barclays 12 Month CD

APY*

5.00%

Term

12 months

Min. deposit

$0

Barclays, based in Great Britain, is one of the most well-known banks in the world although it also has a division in the United States. As a global bank, it has a global footprint and total assets of more than $1.9 trillion. It also offers a full suite of banking products in addition to CDs.

Barclays has no minimum deposit requirement. As a result, those who haven’t started saving yet, or who have a small amount can open a CD and get started. The penalty for early withdrawal for a CD with a term of less than two years is an amount equal to 90 days of interest.

CDs from Barclays are FDIC insured.

My eBanc: Best for those with more to save

Best one-year CD rates for June 2024 (9)

Best one-year CD rates for June 2024 (10)

My eBanc CD

My eBanc CD

APY*

5.30%

Term

12 months

Min. deposit

$5,000

My eBanc is a division of the Latin American Bradesco Bank, headquartered in Florida. My eBanc focuses mostly on savings products, like CDs. Bradesco Bank has offices around the world, and is considered one of Latin America’s largest financial institutions with nearly $3.75 billion in assets.

If you have more to save, you can open an account and get a competitive rate as long as you have at least $5,000. My eBanc also offers jumbo CDs. The penalty for early withdrawal is an amount equal to three months of interest on the withdrawn principal. My eBanc CDs are FDIC insured.

Quontic Best for easy account management

Quontic 1 year CD

APY*

4.50%

Term

1 years

Min. deposit

$500

Quontic Bank started in New York as a community bank and is a designated Community Development Financial Institution. While physical branch locations are very limited, Quontic is accessible online from anywhere. Quontic has a little more than $561 million in assets.

Quontic makes it a point to offer online tools for easy account management. You can open an account quickly, and the bank offers live chat and other support options. Unfortunately, the information on penalties for early withdrawal was difficult to find online, including in fee schedules, but Quontic says there are penalties for early withdrawal. Quontic CDs are FDIC insured.

Forbright Bank: Best for those interested in sustainability

Best one-year CD rates for June 2024 (13)

Best one-year CD rates for June 2024 (14)

Forbright 12-Month CD

Forbright 12-Month CD

APY*

5.10%

Term

12 months

Min. deposit

$1,000

Forbright Bank focuses on sustainability as part of its portfolio and provides online access to a full suite of banking products. It features brick-and-mortar locations in Virginia and Maryland, that focus on the Washington, D.C., area. The bank has more than $6.5 billion in assets.

For those interested in sustainability, Forbright offers a chance to save with a bank that is working to divest itself of fossil fuels, while still offering competitive yields. Penalties for early withdrawal of the Fortbright CD are an amount equal to three months of interest on the withdrawn principal. Forthright CDs are FDIC insured.

Synchrony Bank: Best for IRA CDs

Best one-year CD rates for June 2024 (15)

Best one-year CD rates for June 2024 (16)

Synchrony 12-Month CD

Synchrony 12-Month CD

APY*

5.00%

Term

12 months

Min. deposit

$0

Synchrony is an online bank that focuses on high-yield savings products and credit cards.

Synchrony has a small physical footprint due to its online focus; however, the bank has nearly $113 billion in total assets.

Synchrony allows you to easily open an IRA CD so your earnings from your yield are tax-advantaged. It’s possible to earn that yield in an IRA CD with no minimum balance, although Synchrony recommends at least $5,000. For IRA CDs, you’ll be subject to IRA rules if you withdraw early, which are any earnings being taxed as regular income and a 10% penalty if you’re under 59.5 years-old (unless you are exempt according to the IRS). Synchrony CDs are FDIC insured.

Discover Bank: Best for those who want to create a CD ladder

Best one-year CD rates for June 2024 (17)

Best one-year CD rates for June 2024 (18)

Discover 12-Month CD

Discover 12-Month CD

APY*

4.70%

Term

12 months

Min. deposit

$2,500

Discover offers a wide variety of banking products, including credit cards and loans, in addition to high-yield savings products. Discover has some branches, but you can also bank at one of 60,000 ATM locations. Discover has a little more than $143 billion in total assets.

Discover offers a competitive rate for CDs, and the $2,500 minimum makes it a decent choice for setting up a ladder, if you have plans to take advantage of different maturities and access. The penalty for early withdrawal is an amount equal to six months of interest on the withdrawn principal for terms of one to four years. Discover’s CDs are FDIC insured.

PenFed Credit Union—Best for: Those who prefer a credit union

Best one-year CD rates for June 2024 (19)

Best one-year CD rates for June 2024 (20)

PenFed 1 Year CD

PenFed 1 Year CD

APY*

4.65%

Term

1 year

Min. deposit

$1,000

PenFed offers a full suite of banking and insurance products. It originally opened to serve the Pentagon, but is now available to everyone online. It has 2.9 million members and $35.4 billion in assets.

PenFed offers competitive rates for those interested in using a credit union rather than a bank. Membership requirements are relatively easy to meet, with anyone qualifying. The penalty for early withdrawal is the last 365 days of dividends earned. (Credit unions pay dividends instead of interest.) PenFed CDs are FDIC insured.

How we chose the best CD rates

We compared certificates of deposit based on the following criteria: APY, term, minimum deposit, fees and penalties for early withdrawal. We also took the search volume on the brand name or bank name, and the ease of getting the CD.

Ultimately, we looked for CDs that offer the most value to customers.

Choosing the best one-year CD: Where to begin

When choosing the best 12-month CD, start with your own goals and preferences. Consider what matters most to you, as well as compare yields. Some banks and credit unions offer different yields based on savings tiers, so make sure you qualify for the best-advertised rate.

One-year CDs have high yields right now and can help you get a better return on your cash. CDs are also safe places to keep your money: They are usually protected by FDIC or NCUA insurance, so you’re protected if the bank or credit union fails. And be sure to read the fine print: You might be subject to a penalty if you withdraw money early from a CD.

Learn more about CDs:

  • What is a CD (certificate of deposit)?
  • Are CDs worth it?

Pros and Cons of one-year CDs

Pros:

  • Lock in a rate that won’t change for the term.
  • Can sometimes find a higher rate than a traditional savings account.
  • Might be able to renew the CD if you want to keep saving at a higher rate.

Cons:

  • Penalties apply if you withdraw money before maturity.
  • You might be subject to higher minimum deposits.
  • In some cases, you’re only eligible for the highest advertised rate when you have a higher deposit.

Alternatives to a one-year CD

In some cases, a 12-month CD might not meet your needs. Here are some alternatives to consider:

  • Different-term CDs: Many banks and credit unions offer terms ranging from three months to five years. If you want quicker access to your money, a shorter term might work better. You can also get a longer term if you think you can get a better return over time.
  • High-yield savings account: Some banks and credit unions offer competitive online high-yield savings accounts. These might have rates similar to a one-year CD, without the penalties. Rates are variable, not fixed, though, and could drop lower at any time.
  • Money market account: You can also get liquidity with a money market account, which might offer competitive rates. However, to get the best rates you might need a higher minimum deposit.

Frequently asked questions (FAQs)

What is the #1 bank in America?

The answer to this question depends on different measures. The #1 largest commercial bank by assets in the United States is JPMorgan Chase. However, Capital One has the highest score from J.D. Power for overall customer satisfaction.

Which bank has the best benefits?

Every bank offers different perks and you might look for something different than someone else might. Consider comparing several banks for perks including low or no fees, as well as competitive rates on deposit and loan products.

Which bank has the most complaints?

Using information from the FDIC, CFPB and Better Business Bureau, The Penny Hoarder found that Wells Fargo and Citibank had a large number of complaints against them. For overall customer satisfaction, J.D. Power ranked Truist and Wells Fargo near the bottom.

AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.

Best one-year CD rates for June 2024 (2024)

FAQs

Best one-year CD rates for June 2024? ›

Overall, experts predict CD rates to fall from their recent peak later in 2024 alongside anticipated rate cuts by the Fed.

Who has the highest 12 month CD rate today? ›

Best 1-Year CD Rates
  • Nuvision Credit Union – 6.00% APY*
  • NexBank – 5.40% APY.
  • CIBC Agility – 5.36% APY.
  • TotalDirectBank – 5.35% APY.
  • CFG Bank – 5.31% APY.
  • Northpointe Bank – 5.30% APY.
  • Prime Alliance Bank – 5.30% APY.
  • Bask Bank – 5.30% APY.

Are CD rates going up in 2024? ›

Overall, experts predict CD rates to fall from their recent peak later in 2024 alongside anticipated rate cuts by the Fed.

What bank is paying 5% on CDs? ›

Highest current CD rates (overall)
Institution nameAPYMinimum opening deposit
Morgan Stanley5.05%$5,000
LendingClub Bank5.00%Contact institution for details
Newtek Bank5.00%$2,500
My eBanc5.00%$5,000
31 more rows

Where can I get 7% interest on my money? ›

Why Trust Us? As of June 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

What is the CD rate for bank of Hope 2024? ›

*Promo Plus Certificate of Deposit: The Promotional APY (Annual Percentage Yield) of 5.35% for a term of 6 months, 5.25% for a term of 12 months are accurate as of 5/6/2024.

What is the best CD rate for $100,000 today? ›

Compare the Best Jumbo CD Rates
InstitutionRate (APY)Minimum Deposit
Third Federal Savings & Loan5.25%$100,000
CD Bank5.25%$100,000
Affinity Federal Credit Union5.25%$50,000
Justice Federal Credit Union5.25%$100,000
12 more rows

Can you get 6% on a CD? ›

It's possible to get a 6% certificate of deposit, but currently, they're only offered by credit unions, not banks. Pros of a 6% CD include locked-in interest rates and a relatively high rate of return.

Should I lock in a CD now or wait? ›

Unlike traditional or high-yield savings accounts, which have variable APYs, most CDs lock your money into a fixed interest rate the day you open the account. That's why if you suspect that interest rates will soon drop, it can be a good idea to put money in a CD to preserve the high APY you would earn.

How high will interest rates go in 2024? ›

The National Association of Realtors expects mortgage rates will average 6.8% in the first quarter of 2024, rising to 7.1% in the second quarter, according to its latest Quarterly U.S. Economic Forecast.

How to avoid tax on CD interest? ›

If the CD is placed in a tax-deferred 401(k) or individual retirement account (IRA), any interest earned on the CD may be exempt from paying taxes in the year it was earned. 2 Instead, you will pay taxes on that money when it is withdrawn from the 401(k) or IRA after you retire.

What will CD rates be in 2025 in the USA? ›

Similarly, the Fed's interest rate cuts are not expected to be overly drastic, but rather, gradual. What this means is that come this time next year, you may not be able to sign a 1-year CD at 5% (or slightly more) like you can today. But it's possible that you'll be able to lock in a 1-year CD at 4.5%, or 4.25%.

What is the bank of America 1 year CD rate? ›

Bank of America's current CD rates range from 0.03% APY for most fixed-term CDs to 4.75% APY for its seven-month featured CD. The bank also offers a one-year flexible CD with penalty-free access to your money at 4.00% APY.

Who has the highest paying CD right now? ›

State Bank of Texas currently has the highest rate on a 1-year CD. The CD charges low early withdrawal penalties. The bank also offers personal checking and money market accounts, so if you're interested in opening all of those types of accounts with one bank, the State Bank of Texas might be a good choice for you.

How many CDs can you have at one bank? ›

There's no limit on the number of CDs you can have, and it's possible to have multiple CDs at the same bank or different financial institutions.

Where to put $10,000 for best interest? ›

Many investment experts recommend a 60/40 mix. That is an investment portfolio invested 60% in equities (company shares) and 40% in bonds. For higher returns, an attractive investment for £10,000 could be shares or equity funds (which are made up of shares).

Which bank gives 8% interest? ›

Top 20 Scheduled Banks offering Best FD Rates
BanksHighest FD rate (% p.a.)Additional interest rate for senior citizens (% p.a.)
RBL Bank8.000.50
AU Small Finance Bank8.000.50
Induslnd Bank7.990.26-0.50
IDFC First Bank7.900.50
16 more rows

Where can I make 10% interest on my money? ›

Where can I get 10 percent return on investment?
  • Invest in stocks for the short term. ...
  • Real estate. ...
  • Investing in fine art. ...
  • Starting your own business. ...
  • Investing in wine. ...
  • Peer-to-peer lending. ...
  • Invest in REITs. ...
  • Invest in gold, silver, and other precious metals.

Will CD rates remain high in 2024? ›

CD Rates Forecast 2024

The CME FedWatch Tool, which measures market expectations for federal funds rate changes, shows that most experts expect rates to sit between 4.50% and 5.25% by December 2024. At its 2024 meetings, the FOMC held the federal funds rate steady at a target range of 5.25% and 5.50%.

What is the current CD rate at Chase bank? ›

Chase CD Rates
Chase CDStandard APY*Relationship APY*
12 months0.01%2.00%
15 months0.01%2.50%
18 months0.01%2.50%
21 months0.01%2.50%
10 more rows
Jun 4, 2024

What is the interest rate on CDs at Wells Fargo? ›

What is the interest rate on Wells Fargo CDs? Interest rates on standard Wells Fargo CDs range from around 1.50% to 4.50% APY. Special CD rates may be higher. Annual percentage yields, or APYs, assume you allow your interest to compound for a year for maximum earning potential.

Where can I earn 5% on a CD? ›

Best CD rates of June 2024
  • Alliant Credit Union: Earn up to 5.20% APY.
  • Ally Bank®: Earn up to 4.50% APY.
  • Barclays®: Earn up to 5.00% APY.
  • BMO Alto: Earn up to 5.15% APY.
  • Bread Savings™ (formerly Comenity Direct): Earn up to 5.25% APY.
  • LendingClub: Earn up to 5.15% APY.
  • Marcus by Goldman Sachs®: Earn up to 5.10% APY.
Jun 1, 2024

What is the highest interest rate on a one year CD? ›

The best one-year certificate of deposit (CD) rate is currently 5.92% annual percentage yield (APY), which is more than triple the national average interest rate of 1.80%. With rates expected to fall later in the year, the experts we interviewed said now is the time to lock in high yields on CDs.

Are higher CD rates coming? ›

Projections suggest that we may see no rate increases in 2024, and that the Fed might start dropping its rate later this year, according to the CME FedWatch Tool on April 30. If the Fed rate drops, CD rates will likely follow suit, though it's up to each bank and credit union if and when that occurs.

What is the best CD rate for $50,000? ›

The top rate on a jumbo CD is 5.77%, offered for either 6 or 12 months with a deposit of at least $50,000.

What is the best rate on a CD right now? ›

Best CD Rates Today by Term
TermAPYAccount Name
No Penalty CD (6 Months)5.34% APYClimate First Bank 6 Month No Penalty CD
3 Month5.51% APYTotalDirectBank 3 Month CD
6 Month5.51% APYTotalDirectBank 6 Month CD
1 Year5.40% APYState Bank of Texas 1 Year CD Special
5 more rows
6 days ago

Who has the highest paying 2 year CD right now? ›

Best 2-Year CD Rates
  • Credit Human – 5.15% APY.
  • Heartland Credit Union – 5.00% APY.
  • Crescent Bank – 5.00% APY.
  • West Town Bank & Trust – 5.00% APY.
  • ableBanking – 4.95% APY.
  • MYSB Direct – 4.90% APY.
  • Department of Commerce Federal Credit Union – 4.86% APY.
  • Pelican State Credit Union – 4.86% APY.

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