If you want to put your savings to work without taking on market risk, a 1-year certificate of deposit (CD) could be the right place for your money.
As of October 2026, the best 1-year CD accounts offer rates ranging from 3.65%-4.4% APY. The minimum deposit required to open an account ranges from $0 to $2,500. None of these accounts charge monthly fees. Read on to see our full list of the 10 best 1-year CDs available today.
Best 1-year CDs
Not sure where to start? Our team evaluated dozens of accounts to determine the 10 best 1-year CDs available today. Find out where you can earn the most on your savings with minimal fees, low deposit requirements, and excellent customer service.
| FINANCIAL INSTITUTION | APY | MINIMUM OPENING DEPOSIT |
|---|---|---|
| Ally Bank | 4.15% | $0 |
| Synchrony Bank | 4.2% | $0 |
| Marcus by Goldman Sachs | 4.4% | $500 |
| America First Credit Union | 4.05% | $500 |
| Capital One | 4% | $0 |
| American Express National Bank | 3.65% | $0 |
| Bask Bank | 4.35% | $1,000 |
| TAB Bank | 4.1% | $1,000 |
| Live Oak Bank | 4.3% | $2,500 |
| Quontic Bank | 4% | $500 |
Note that all interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.
Ally Bank
- APY: 4.15%
- Minimum opening deposit: $0
Ally Bank’s 1-year CD offers a competitive 4.15% APY and $0 minimum deposit, making it a great option for savers who are just getting started. Interest compounds daily.
The penalty for making an early withdrawal is 60 days’ interest.
Synchrony Bank
- APY: 4.2%
- Minimum opening deposit: $0
Synchrony Bank’s 1-year CD is free to open and offers a competitive 4.2% APY. Interest compounds daily. However, this account poses a stiffer penalty for early withdrawals (90 days’ simple interest at the current rate).
Synchrony Bank
- APY: 4.2%
- Minimum opening deposit: $0
Synchrony Bank’s 1-year CD is free to open and offers a competitive 4.2% APY. Interest compounds daily. However, this account poses a stiffer penalty for early withdrawals (90 days’ simple interest at the current rate).
America First Credit Union
- APY: 4.05%
- Minimum opening deposit: $500
America First Credit Union’s 1-year CD offers a competitive rate of 4.05% APY with a minimum deposit requirement of $500. Interest compounds monthly, which is less frequent than some of the other accounts on our list.
Early withdrawals from this CD incur a penalty of 60 days’ dividends.
Capital One
- APY: 4%
- Minimum opening deposit: $0
Capital One’s 1-year CD offers a competitive 4% APY. There is no minimum deposit required to open an account. However, your CD may not exceed $1,000,000.
Early withdrawal from a Capital One CD results in a penalty of three to six months’ interest, depending on the term.
Annual Percentage Yields (APY) are variable and effective as of 4/3/2026. CD rates are fixed upon opening the account. Early withdrawal penalties apply. The above terms are offered at this time and are subject to change. 360 CD accounts have no monthly cycle service charge and no minimum balance required to open or maintain the account. Compounding and crediting – interest on your account will be compounded and credited on a monthly basis. Your account will only receive an interest posting if the amount earned during the month rounds to at least $0.01.
Annual Percentage Yields (APY) are variable and effective as of 4/3/2026. CD rates are fixed upon opening the account. Early withdrawal penalties apply. The above terms are offered at this time and are subject to change. 360 CD accounts have no monthly cycle service charge and no minimum balance required to open or maintain the account. Compounding and crediting – interest on your account will be compounded and credited on a monthly basis. Your account will only receive an interest posting if the amount earned during the month rounds to at least $0.01.
Bask Bank
- APY: 4.35%
- Minimum opening deposit: $1,000
Bask Bank’s 1-year CD offers 4.35% APY, though it does require a higher minimum opening deposit of $1,000. On the plus side, it does not come with any monthly fees. Interest on this account compounds daily.
Early withdrawals result in a penalty of 90 days’ simple interest based on the principal amount withdrawn.
TAB Bank
- APY: 4.1%
- Minimum opening deposit: $1,000
TAB Bank’s 1-year CD has one of the highest minimum opening deposits on our list at $1,000. However, this account also offers a competitive 4.1% APY. Interest compounds daily.
The early withdrawal penalty for this account is equal to 90 days’ interest on the amount withdrawn.
Live Oak Bank
- APY: 4.3%
- Minimum opening deposit: $2,500
Live Oak Bank’s 1-year CD offers an impressive 4.3% APY, though the minimum opening deposit is also the highest of all banks on our list at $2,500.
The early withdrawal penalty for this 1-year CD is 90 days’ simple interest.
Quontic Bank
- APY: 4%
- Minimum opening deposit: $500
Quontic Bank rounds out our top 10 list with a 1-year CD that earns 4% APY. The minimum opening deposit is a modest $500. Interest compounds daily and is credited monthly.
For CDs with terms up to 12 months, the early withdrawal penalty is equal to the interest for the full length of the stated term.
If you withdraw your money early, you will be subject to an early withdrawal penalty. Penalty terms vary by financial institution—ranging from 60 days of interest (e.g., Ally Bank, America First Credit Union) up to the full 12 months’ worth of interest (e.g., Quontic Bank).
No. Several top-rated institutions on the list—including Ally Bank, Synchrony Bank, Capital One, and American Express—require a $0 minimum opening deposit. Other banks require modest opening deposits ranging from $500 to $2,500.
Once you open a CD account and lock in your deposit, your rate is fixed for the full 12-month term. However, the advertised APYs offered for new account openings are variable and subject to change at any time prior to account opening.
Compounding frequency depends on the institution. Most banks on this list (such as Ally Bank, Synchrony Bank, Bask Bank, and TAB Bank) compound interest daily, while others (like America First Credit Union and Capital One) compound interest monthly.
Marcus by Goldman Sachs currently offers the highest APY on the list at 4.40% APY with a $500 minimum opening deposit, closely followed by Bask Bank (4.35% APY) and Live Oak Bank (4.30% APY).
Suresh holds a Master of Commerce (M.Com) degree and is a dedicated personal finance researcher and writer. Combining his advanced academic background in commerce with deep industry research, he covers complex topics like taxation, banking systems, credit analysis, and personal finance strategies. As the founder of Tax Assistant (taxassistant.org), Suresh is committed to translating complicated financial guidelines and economic data into simple, accurate, and actionable educational resources for everyday readers.
