• Compare our recommended short term CD & rates from our partners
  • Independent CD ratings & reviews
  • National Savings Rate Average*: 0.47%
  • See 10x & higher rates from our partners

Open your new CD with confidence. Each of our recommendations is federally insured up to $250,000 per depositor.

Fund your short term CD as soon as possible & take advantage of the power of compound interest today!

 

Discover Bank Logo

Rating:

APY

4.70%

12 Month CD

  • High Yield CD
  • Term: 12 Months
  • Min. Initial Deposit: $2,500
  • 4.70% 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

Wells Fargo Logo

Rating:

APY

1.50%

12 Month Term

Wells Fargo Details

  • Certificate of Deposit
  • Term: 12 Months
  • Minimum Opening Deposit: $2,500
  • 1.50% 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.

 

Western Alliance Bank Powered by Raisin

Rating:

APY

5.05%

12 Month Term

  • High-Yield CD
  • Min. initial deposit: $1
  • Term: 12 Months
  • 5.05% 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
  • 2.6x the National Avg. APY
  • See Site for Details

On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured

Cit Bank Logo

Rating:

APY

3.50%

13 Month Term

CIT Bank® CD Details

  • High Yield CD
  • Term: 13 Months
  • 3.50% APY
  • Min. initial deposit: $1,000
  • No Maintenance Fees
  • Interest Compounded Daily
  • FDIC Insured up to $250,000
  • Sign up in under 5 Minutes
  • See Site for Details

On CIT Bank's Secure Site, Member FDIC

 No Penalty CD  

Blue Credit Union Logo Powered By Raisin

Rating:

APY

5.10%

 9 Month Term 

  • No Penalty High Yield Certificate of Deposit
  • Term: 9 Months
  • 5.10% APY
  • Min. initial deposit: $1
  • Blue FCU is Federally Insured by NCUA, the National Credit Union Administration
  • NCUA Insured up to $250,000
  • No Monthly Fees
  • 24 /7 Online Access to Funds
  • 5.1x National Avg. APY
  • Interest Compounded Daily
  • You can Elect to Pay-Out & Close Your Certificate Prior to the Maturity Date without Penalty Fees
  • See Site for Details

On Raisin's Secure Site for​ Blue FCU, NCUA Insured

 Compare With

Bank of America Logo

Rating:

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.

 

Discover Bank Logo

Rating:

APY

4.25%

9 Month CD

  • High Yield CD
  • Term: 9 Months
  • Min. Initial Deposit: $2,500
  • 4.25% 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

 

Western Alliance Bank Powered by Raisin

Rating:

APY

5.23%

6 Month Term

  • High-Yield CD
  • Min. initial deposit: $1
  • Term: 6 Months
  • 5.23% 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
  • 3.4x the National Avg. APY
  • See Site for Details

On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured

Banc of California Powered By Raisin

Rating:

APY

5.18%

3 Month Term

  • High-Yield CD
  • Min. initial deposit: $1
  • Term: 3 Months
  • 5.18% APY
  • FDIC Insured up to $250,000
  • No Monthly Fees
  • Interest Compounded Daily
  • Named by Newsweek as One of America’s Greatest Workplaces for Women 2024
  • 3rd Largest Bank Headquartered in California with almost $40 Billion in Total Assets
  • Exclusive Offer Powered by The Raisin Platform
  • See Site for Details

On Raisin's Secure Site
for Banc of California,
FDIC Insured

Western Alliance Bank Powered by Raisin

Rating:

APY

5.26%

3 Month Term

  • High-Yield CD
  • Min. initial deposit: $1
  • Term: 3 Months
  • 5.26% 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
  • 3.2x the National Avg. APY
  • See Site for Details

On Raisin's Secure Site for Western Alliance Bank,
FDIC Insured

 Compare With

Chase Bank Logo

Rating:

APY

0.05%

6 Month Term

Chase Bank Details

  • Certificate of Deposit
  • Term: 6 Months
  • Minimum Opening Deposit: $10,000 for APY
  • 0.05% APY
  • Offers lower minimum deposit of $1,000 for 0.02% APY
  • Must have a linked Chase personal checking account to receive these rates. Otherwise, you'll receive 0.01% APY

Not Recommended.
Shown For Comparison Purposes Only.

 

 No Penalty CD 

Cit Bank Logo

Rating:

APY

3.50%

11 Month Term

  • High Yield No Penalty CD
  • Term: 11 Months
  • 3.50% 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
  • See Site for Details

On CIT Bank's Secure Site, Member FDIC

Discover Bank Logo

Rating:

APY

4.00%

24 Month CD

  • High Yield CD
  • Term: 24 Months
  • Min. Initial Deposit: $2,500
  • 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

 

To recap our recommendations.

Best Certificate of Deposits According To CompareAccounts™

Western Alliance Bank® High-Yield CD: 5.05% APY - 12 Month Term

Western Alliance Bank® High-Yield CD: 5.23% APY - 6 Month Term

Western Alliance Bank® High-Yield CD: 5.26% APY - 3 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

American Express High Yield Savings Account Logo

Annual Percentage Yield (APY)

4.25% APY

APY as of May 17, 2024

Rating:

 On American Express National Bank's
Secure Site, Member FDIC

Best For: Competitive APY From An Online Bank

American Express is best known for their suite of incredibly rewarding credit cards. They also offer a high yield savings account with a competitive Annual Percentage Yield (APY) of 4.25% as of May 17, 2024.

Your interest compounds daily and is deposited in your account monthly.

Other benefits of this account include $0 monthly fees, 24/7 Customer Service, FDIC insurance up to $250,000 per depositor and the fact it's backed by the service & reliability of American Express, it's a no brainer as to why so many people are signing up.

To top it off, you can easily check balance and transaction history, deposit funds, and more within the American Express® App.

See American Express National Bank's Secure Site For More Details.

 High APY 

NexBank Powered By Raisin

5.26% APY

Rating:

On Raisin's Secure Site
for NexBankTM, Member FDIC

Best For: High APY From a Top Texas Bank

NexBankTM was first chartered in 1922 and has grown to be the largest privately-held bank in Texas with assets totaling $16 billion.

Exclusively through the Raisin Platform, their high-yield savings account offers 5.26% APY.

New bonus offer: Earn up to $2,000 in referral bonuses when you refer a friend who makes a qualifying deposit. See site for details.

Interest compounds daily and is posted to your account monthly.

In addition to this high APY, NexBank offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.

Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.

NexBankTM has been a trusted banking partner for more than 100 years and is focused on helping its customers grow and protect their savings for future generations.

See Raisin's Secure Site for NexBankTM For More Details.

Discover Bank Logo

4.25% APY

Rating:

On Discover Bank's Secure Site,
Member FDIC

Best For: Online Banking Experience + No Fees

Discover Bank offers 4.25% APY with no monthly fees and $0 initial deposit.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Whereas other banks may charge you a fee for certain services, Discover won't charge you a fee on any of the following items: monthly maintenance, official bank check, expedited delivery for official bank checks, deposited item returned, stop payment order, insufficient funds, or for closing your account.

If you're looking for a competitive APY with "No. Fees. Period." this account is for you.

See Discover Bank's Secure Site For More Details.

Cit Bank Logo

 

5.00% APY

Rating:

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.

They currently offer 5.00% APY on their high yield 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.

See CIT Bank's Secure Site For More Details.

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:

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