Best 12-Month CD Rates of 2023 (We Track 134 1-Year CDs)

If you’re looking for a simple way to grow your savings, 1-year CDs are a great option. In this article, we’ve rounded up some of the best 12-month CD rates out there. We’ve focused on banks and credit unions that have low minimum deposit requirements, no extra fees, and are available nationwide. We’ve also included CDs with terms of around one year, like 9-month and 13-month CDs.

Featured 1-Year CDs

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Best 1-Year CD Rates

Here are the 1-year CDs from our database, listed from highest to lowest APY:

129 Results

12-Month CD Details

1. Blue Federal Credit Union 15-Month CD (5.25% APY)

The Blue Federal Credit Union’s 15-month CD is also offered by SaveBetter. The minimum deposit is just $1. Interest is compounded daily and credited to the account monthly. The current APY is 5.25%.

2. Discover Bank 12-Month CD (5.00% APY)

Discover Bank currently offers one one-year CD term that pays an APY of 5.00%. Discover Bank offers CD terms ranging from 3 months to 10 years. The minimum deposit to open a CD with Discover is $2,500.

Discover Bank also launched an online checking account with cash back. All account holders can earn 1% cash back on up to $3,000 in debit card purchases each month. This means the potential for $360 a year in cashback. If you’re gun-shy about owning a credit card and taking advantage of rewards programs, this kind of account is a perfect match.

3. CIT Bank 13-Month CD (4.65% APY)

CIT’s best CD offering actually happens to be the 13-month CD. The current APY is 4.65%. The interest rate is slightly higher than some of the other 12 month CDs you’ll find on the list so why not tuck your money away here to earn a little extra each month?! CIT Bank also has a terrific interest rate on its Savings Connect account (currently 4.65% APY), which is another great way to earn a high rate of interest without the fear of early withdrawal penalties.

The minimum deposit amount for a CIT CD is $1,000, and they offer terms from six months all the way up to 60 months.

4. Synchrony Bank 1-Year CD (5.10% APY)

Synchrony Bank, formerly known as GE Capital, offers a high interest rate for a 12 month CD (currently 5.10% APY. Synchrony Bank offers a range of CDs from three-month terms to five-year terms, and the minimum deposit required is $2,000.

The Synchrony also offers a competitive rate for their online savings accounts and with no minimum deposit required. If you’re looking to invest for retirement, you can also open up a traditional or Roth IRA CD. The interest rates are identical to that of high yield CDs but with tax benefits.

5. Marcus 12-Month CD (5.10% APY)

Offering a competitive rate on a one-year CD, Marcus currently pays (5.10% APY). There is a $500 minimum deposit required to open a CD account, and early withdrawal penalties do apply.

Marcus savings account also has a high interest rate and was rated by MONEY magazine as the best standalone account for savings in 2016. Unlike some of the other banks, however, Marcus is a little light on their other product offerings. CDs and online savings are currently their only online deposit accounts.

6. Ally Bank 1-Year CD (4.85% APY)

Ally Bank‘s 1-year CD is currently paying 4.85% APY. There is no minimum deposit to open an account.

Ally Bank offers more than just CDs too. They offer a high-yield savings account, a cash rewards credit card, an online checking account, and one of the best cash back rewards credit cards available on the market today. With IRAs, Money Markets, and even an online discount broker, Ally Bank has transformed from a now-defunct mortgage lender (GMAC) into a one-stop shop for just about any quality deposit account.

12 Month CD vs High Yield Savings Account

When you look at the interest rates on this page, you may be asking “Why not just keep my money in an online savings account?” High yield savings accounts have almost identical interest rates as 12-month CD rates. Is there a benefit to locking your money away for one year vs. earning the same interest in a liquid account?

The primary benefit of the one-year CD is in fact, locking your money away. Interest rates are not guaranteed with an online savings account. The money you have saved can be earning 1.30% APY today, and 1.15% APY tomorrow. Locking in a rate means for one full year, you know exactly what you’re getting. For the same reason I pre-pay for my heating oil every year, I also tuck away money in CDs.

Editor’s Note: Make sure to check your local banks for the best 12-month CD rates as well. Sometimes the national brands can’t match what your bank down the street can provide.