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This article and the comparison table are not personal financial advice. While we provide information resources and educational pieces, the content here is not a substitute for personal financial guidance from a registered financial advisor.
Best Short-Term Certificate of Deposit Accounts
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Compare short term high yield certificate of deposit accounts with ease, find the right one for you, and open your account in minutes.
APY
3.50%
9 Month CD
- High Yield CD
- Term: 9 Months
- Min. Initial Deposit: $0
- 3.50% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
APY
3.35%
11 Month Term
- High Yield No Penalty CD
- Term: 11 Months
- 3.35% APY
- Min. initial deposit: $1,000
- No Maintenance Fees
- No Penalty to Access Funds if Needed Before Maturity
- Daily Compounding Interest to Maximize Your Earning Potential
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- Terms Applyⓘ
- See Site for Details
11 Month No Penalty CD Disclosure
APY — Annual Percentage Yield is accurate as of September 23, 2025. With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
On CIT Bank's Secure Site, Member FDIC
APY
4.00%
12 Month CD
- High Yield CD
- Term: 12 Months
- Min. Initial Deposit: $0
- 4.00% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
Compare With
APY
2.00%
12 Month Term
Wells Fargo Details
- Certificate of Deposit
- Term: 12 Months
- Minimum Opening Deposit: $2,500
- 2.00% APY
- Interest Rates Vary from State to State
- For Terms of 12 Months+, Interest May Be Paid Monthly, Quarterly, Semi-Annually, or Annually.
Not Recommended.
Shown For Comparison Purposes Only.
APY
3.87%
11 Month Term
- High Yield CD
- Min. initial deposit: $1
- Term: 11 Months
- 3.87% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Exclusive Offer Powered by The Raisin Platform
- 3.6x the National Avg. APY
- Sun Canyon BankTM is a division of Banterra® Bank, which has $3 billion in assets & is ranked in the Top 10% of U.S. Charter Banks.
- See Site for Details
On Raisin's Secure Site
for Sun Canyon Bank,
FDIC Insured
APY
3.35%
13 Month Term
- High Yield CD
- Term: 13 Months
- 3.35% APY
- APY as of October 12, 2025
- Min. initial deposit: $1,000
- No Maintenance Fees
- Interest Compounded Daily
- FDIC Insured up to $250,000
- Sign up in under 5 Minutes
- Terms Applyⓘ
- See Site for Details
13- Month CD Disclosure
APY — Annual Percentage Yield is accurate as of September 23, 2025. $1,000 minimum deposit is required to open the account. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings. Upon maturity, the 13-Month CD will be automatically renewed as a 1-Year Term CD at the then-published APY.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
On CIT Bank's Secure Site, Member FDIC
High Yield CD
APY
4.00%
12 Month Term
- High Yield CD
- Min. initial deposit: $1
- 4.00% APY
- American First is Federally Insured by NCUA, the National Credit Union Administration
- NCUA Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- American First Has Served Its Members for Over 70 Years
- Not-For-Profit Financial Institution
- See Site for Details
On American First Federal Credit Union's Secure Site, NCUA Insured
APY
3.30%
12 Month Term
- High-Yield CD
- Min. initial deposit: $1
- Term: 12 Months
- 3.30% APY
- FDIC Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Ranked #1 Top-Performing Large Bank with Assets $50 Billion and Above in 2021, 2022, & 2023 by American Banker
- Exclusive Offer Powered by The Raisin Platform
- Limited Time Offer: New customers can earn a $75 bonus for $10K, $250 bonus for $25K, $500 bonus for $50K or $1,000 bonus for $100K+ deposited.
- Use promo code EASY at sign-up.
- See Site for Details
On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured
Compare With
APY
0.03%
12 Month Term
Bank of America® Details
- Certificate of Deposit
- Term: 12 Months
- Minimum Opening Deposit: $10,000
- 0.03% APY
Not Recommended.
Shown For Comparison Purposes Only.
APY
3.60%
24 Month CD
- High Yield CD
- Term: 24 Months
- Min. Initial Deposit: $0
- 3.60% APY
- No Monthly Fees
- Lock in Your CD Rate & Earn Guaranteed Interest
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
- See Site For Details
On Discover Bank's Secure Site, Member FDIC
To recap our recommendations.
Best Certificate of Deposits According To CompareAccounts™
Discover® Bank Certificate of Deposit Account: 3.50% APY - 9 Month Term
CIT Bank® No Penalty Certificate of Deposit Account: 3.35% APY - 11 Month Term
Discover® Bank Certificate of Deposit Account: 4.00% APY - 12 Month Term
Sun Canyon BankTM High Yield Certificate of Deposit: 3.87% APY - 11 Month Term
CIT Bank® Certificate of Deposit Account: 3.35% APY - 13 Month Term
American First Federal Credit Union Certificate of Deposit: 4.00% APY - 12 Month Term
Western Alliance Bank® High-Yield CD: 3.30% APY - 12 Month Term
Discover® Bank Certificate of Deposit Account: 3.60% APY - 24 Month Term
Explore More Options:
Haven't found the right rate or term yet? We've got you covered. Raisin.com, our trusted partner, connects you to a vast network of over 60 financial institutions, each with competitive rates to suit your savings needs & offers you the opportunity to access $10 million in federal deposit insurance through its network, all from a single secure login. See more certificate of deposit offers now.
Customers Also Viewed These High Yield Accounts
Up to $300 Bonus
Annual Percentage Yield (APY)
4.50% APY
with qualifying activities
On SoFi®'s Secure Site,
Member FDIC
Best For: Bonus + Large Deposits
SoFi redefines banking with a commitment to no fees—no monthly fees, no overdraft fees, and no account minimums.
Bonus: up to $300 with direct deposit.ⓘ
In addition to the bonus, you'll enjoy up to 4.50% annual percentage yield (APY) on savings balances with qualifying activities and 0.50% APY on checking balances, fee-free overdraft coverage up to $50 and access your direct deposit funds up to two days early, giving you greater financial flexibility. Terms apply.
The current savings APY without direct deposit is 1.00%. Although this is still higher than the national average, if you don't plan on setting up direct deposit, you should look at the other offers on this list unless you want more FDIC insurance.
Your deposits are FDIC-insured up to $250,000 per depositor and you can also access up to $3,000,000 of additional FDIC insurance through a network of participating banks. Ensuring your money stays safe and secure.
Limited Time Offer: New account holders earn +0.70% boost to 4.50% on their Savings APY for up to 6 months with eligible direct deposit. Terms apply.
1. Up to $300 Bonus Tiered Disclosure
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
2. APY disclosures
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 4.50% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
3. Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
4. Additional FDIC Insurance
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks
5. ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
6. Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
7. Overdraft Coverage
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
8. 0.70% Savings APY Boost
Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Annual Percentage Yield (APY)
3.85% APY
On CIT Bank®'s Secure Site,
Member FDIC
Best For: Customer Experience + High APY Interest Rates
CIT Bank ranked #1 in the nation for humanizing the customer experience in a recent survey conducted by American Banker of more than 5,000 consumers covering 50 financial institutions.
CIT Bank has been helping customers for over 100 years. Founded in 1908, CIT Bank is now part of First Citizens BancShares, Inc.
CIT Bank offers 3.85% APY, as of October 12, 2025, on their Platinum Savings account with no monthly fees. Minimum Balance for this APY is $5,000.
You can open a CIT Bank platinum savings account in as little as 5 minutes to complete the sign-up process.
Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily. Terms Applyⓘ
See CIT Bank's Secure Site For More Details.
Platinum Savings Account Disclosure
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
- For complete list of account details and fees, see our Personal Account disclosures. please visit: https://cit-fcb-t.cit.com/cit-
bank/resources/forms
The Best 1-Year CD Rates of 2024: A Comprehensive Guide
When looking to maximize your savings with minimal risk, a 1-year Certificate of Deposit (CD) can be an excellent option. These accounts offer higher interest rates than regular savings accounts in exchange for committing your funds for a year.
Our Expertise:
To ensure our recommendations are well-founded, we’ve analyzed offerings from over 60 financial institutions, including the largest U.S. banks, top credit unions, and notable online banks. Our selections are based on annual percentage yields, minimum balances, fees, customer service and digital experiences.
What to Look for in a Certificate of Deposit Account
It’s always wise to compare your options when opening a new certificate of deposit account.
Small differences in interest rates and fees can quickly add up over time, especially if you’re keeping a large balance in the account.
Here are the top features to look for and compare:
1. Interest Rate
The interest rate of a certificate of deposit is one of its most important features. However, a very high interest rate can get completely wiped out if you have to pay a penalty fee because you need to withdrawl your funds before the term is complete.
Besides interest rate, term length is the second most important factor. Other important features of your certificate of deposit account include the required initial deposit, and minimum balance required.
2. Term Length
Most banks will charge you what’s called a “penalty fee” for withdrawing your funds before the term length has been completed.
This means, that if you open a 12-month CD, but withdraw your funds within 6 months, then you’ll pay a penalty fee.
Therefore, you need to decide when you’ll need these funds again.
For any term less than a year, we recommend a high-yield savings account.
If this is your first CD account, we recommend starting with a 12 – 15 month term.
If you’ve opened a CD account in the past, then you choose which term is right for you and your unique situation.
3. Required Initial Deposit
Initial deposit is another important factor when deciding to open up a certificate of deposit. Most banks require at least a $500 initial deposit to open a CD account.
While others require much more than $500 to open the account.
Again, because the initial deposit is in the hundreds if not thousands, we recommend you open a high-yield savings account if you need these funds within a year.
Pros & Cons of a 1-Year CD:
A certificate of deposit (CD) is a type of deposit account that is offered by banks and credit unions. It typically requires you to deposit a sum of money for a set period of time, after which you can withdraw your funds plus any interest earned. A 1-year CD is a type of CD with a term of 1 year.
Benefits of a 1-year CD:
- Low risk: CDs are considered a very low-risk investment. Your money is FDIC-insured up to $250,000 per depositor, per institution, so you can feel confident that your money is safe.
- Predictable returns: With a 1-year CD, you know exactly what your interest rate will be for the term of the CD, so you can plan accordingly.
- Flexibility: A 1-year CD may be a good option if you don’t want to commit to a longer term CD but still want to earn a higher interest rate than a savings account. You can also choose to ladder your CDs, which means you have CDs with different term lengths, so you have some that mature every year. This allows you to take advantage of potentially higher interest rates in the future.
Detriments of a 1-year CD:
- Opportunity cost: If you invest your money in a 1-year CD, you won’t be able to access it for the term of the CD without paying an early withdrawal penalty. This means that if you need to use your money before the CD matures, you’ll lose out on some of the interest you would have earned.
If you think you may need your money before 12 months, we recommend either a high yield savings account or a short term certificate of deposit.
- Limited returns: The interest rates on CDs are generally lower than other types of investments, such as stocks or mutual funds. This means that you may not earn as much on your money as you would with other types of investments.
CDs are low risk, lower reward investments. If you value a guarenteed return over a potentially higher return, they’re a good product for you.
Comparable Options
If a 1-year CD isn’t the perfect fit for your financial goals, consider these alternative accounts:
SoFi® Checking and Savings: 4.50% APY & Earn up to $300 with qualifying activities
Conclusion
Based on our extensive research and first-hand experience, the best overall 1-year CD depends on your unique circumstance but we don’t think you can go wrong with any of the options we recommend due to their high APY, reliability of trusted banks and federal insurance of up to $250,000 per depositor.
In summary, when selecting a 1-year CD, consider your financial goals, the APY, minimum deposit, and the institution’s reputation. By evaluating these factors, you can choose the best CD to maximize your savings.
*National Savings Rate Average as published by FDIC