19 best 1-year CD rates for January 2024


Financial freedom conceptual piggy bank with gold coins still life.
Putting some of your savings into a top 1-year CD could result in hefty returns in 2024. 

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The new year is officially upon us, and if you’re like millions of other Americans, you may be looking for innovative ways to meet your 2024 money resolutions. And, if your resolutions include maximizing the returns on your savings, you have lots of smart options to consider.

That’s because the Federal Reserve’s rate hikes over the last two years have caused interest rates to climb across the board. In turn, many of the rates offered on interest-bearing accounts, like high-yield savings accounts and certificate of deposit accounts (CDs), are now higher than they’ve been in decades. So, it’s a great time to consider opening one in order to kick the new year off right.

But if you want to ensure that you’re earning the highest rate of interest, you may want to consider CDs in particular. When you open a CD, you get a fixed rate of interest for the entire CD term — meaning that future rate drops won’t affect your earnings. And, right now, shorter-term CDs are offering some of the highest rates available, so if you want an account with guaranteed returns without a long commitment, it may be worth considering one of today’s top 1-year CD options.

Explore the top CD rates you could qualify for online here.

19 best 1-year CD rates for January 2024

There are many solid 1-year CD options to consider in the first month of 2024. These include:

  • CIBC Bank USA — 5.66% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal fee is 30 days of interest
  • Lending Club — 5.55% APY: This CD has a $2,500 minimum opening deposit requirement; a penalty may be charged for early withdrawal
  • Popular Direct — 5.55% APY: This CD has a $10,000 minimum opening deposit requirement; the early withdrawal fee is 270 days of simple interest
  • BMO Alto — 5.55% APY: This CD has no minimum opening deposit requirement; the early withdrawal fee is 180 days of interest
  • Marcus by Goldman Sachs — 5.50% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal fee is 270 days of simple interest 
  • Limelight — 5.50% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal fee is 90 days of interest
  • Bread Savings — 5.50% APY: This CD has a $1,500 minimum opening deposit requirement; the early withdrawal fee is 90 days of simple interest 
  • Citizens — 5.50% APY: This CD has a $5,000 minimum opening deposit requirement; the early withdrawal fee is 90 days of interest or half of the remaining interest
  • Live Oak Bank — 5.40% APY: This CD has a $2,500 minimum opening deposit requirement; the early withdrawal fee is 90 days of interest 
  • Bask Bank — 5.40% APY: This CD has a $1,000 minimum opening deposit requirement; a penalty may be assessed for early withdrawal
  • CFG Community Bank — 5.35% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal fee is 180 days of interest
  • Sallie Mae — 5.35% APY: This CD has a $2,500 minimum opening deposit requirement; the early withdrawal fee is 90 days of interest
  • Brio Direct — 5.35% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal fee is 90 days of interest
  • First Internet Bank of Indiana — 5.35% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal fee is 180 days of interest
  • Quontic Bank — 5.30% APY: This CD has a $500 minimum opening deposit requirement; the early withdrawal penalty is one year of interest
  • Barclays — 5.30% APY: This CD has a $0 minimum opening deposit requirement; the early withdrawal fee is 90 days of interest
  • Tab Bank — 5.27% APY: This CD has a $1,000 minimum opening deposit requirement; the early withdrawal penalty is 90 days of simple interest
  • America First Credit Union — 5.25% APY: This CD has a $500 minimum deposit requirement; a penalty may be assessed for early withdrawal
  • Discover — 5.20% APY: This CD has a $2,500 minimum deposit requirement; the early withdrawal fee is six months of interest 

Learn more about today’s best CD options here.

The bottom line

There’s no reason to settle for a low rate of interest on your savings this January. Right now, there are lots of great opportunities to capitalize on the high-rate environment and 1-year CDs are one of them. With the right 1-year CD, you can ensure that you’re earning an excellent rate of interest without locking your money away for a long stint. But if you want to capitalize on today’s top CD rates, you may want to move quickly. There’s no guarantee that CD rates will stay as high as they currently are, but if you lock one in now, you’ll earn consistent returns throughout the entire CD term.



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