Best 1-Year CD Rates for June 2023

Happy senior businesswoman working on her laptop in the office.
skynesher / Getty Images

A one-year CD might be the perfect place to stash your savings. Although the funds will be locked up for a full year, you will have the chance to earn a worthwhile amount of interest on your savings. After a busy year of rate hikes from the Federal Reserve, interest rates on CDs are relatively high through some banks. In fact, it’s possible to find one-year CDs offering APYs over 4.00%.

Keep reading to learn about some of the best one-year CD rates along with the account minimums for June 2023.

Best 1-Year CD Rates

Here is a glance at some of the best one-year CD rates:

  • BMO Harris Bank: APY
  • Bread Savings: APY
  • First Internet Bank: APY
  • North American Savings Bank: APY for a 13-month CD
  • Popular Direct: APY
  • Bask Bank: APY
  • Live Oak Bank: APY
  • Capital One: APY

BMO Harris Bank

  • APY
  • Term: 12 months
  • Account minimum: $1,000

BMO Harris Bank offers CD term lengths that range from three to 60 months. If opting for the 12-month CD, you’ll currently find a APY. You’ll need a minimum deposit of $1,000 to lock in the high rate for the 12-month CD. If you have another month to spare, be sure to check out their 13-month CD special as well. The 13-month CD special also currently earns APY. 

More from Your Money

Bread Savings

  • APY
  • Term: 12 months
  • Account minimum: $1,500

Bread Savings, formerly known as Comenity Direct, offers 12-month CDs with a APY. They have multiple CD term lengths to choose from, ranging from one to five years. You’ll need to deposit at least $1,500 into each account to get started.

First Internet Bank

  • APY
  • Term: 12 months
  • Account minimum: $1,000

First Internet Bank offers one of the top APY options on this list. The bank offers CD term lengths ranging from three months to 60 months. But the higher APY offered is through its 12-month CD option. If you want to work with this bank, you’ll need to be comfortable opening your CD online.

North American Savings Bank

  • APY
  • Term: 13 months
  • Account minimum: $5,000

North American Savings Bank offers CD term lengths of seven, 13 and 24 months. You’ll need at least $5,000 to open a CD through this bank. If you live in Missouri, you might find a branch nearby. Otherwise, you can open this CD online.

Popular Direct

  • APY
  • Term: 12 months
  • Account minimum: $10,000

Popular Direct offers CD term lengths ranging from three months to 60 months. The 12-month CD comes with the highest APY offering of . However, the minimum deposit requirement is relatively high. You’ll need to deposit at least $10,000 to lock in this attractive APY.

More from Your Money

Bask Bank

  • APY
  • Term: 12 months
  • Account minimum: $1,000

Bask Bank offers four CD term lengths that range from six to 24 months. In order to open a CD through Bask Bank, you’ll need a minimum deposit of $1,000.

Live Oak Bank

  • APY
  • Term: 12 months
  • Account minimum: $2,500

Live Oak Bank offers seven different CD term lengths, ranging from six months to five years. The highest APY available is , tied to the 12-month CD option. You’ll need to deposit $2,500 to open a CD through Live Oak Bank.

Capital One

  • APY
  • Term: 12 months
  • Account minimum: None

Capital One offers a 12-month CD with a APY. As a saver, the lack of a minimum deposit requirement is especially enticing. You can start building your savings through a CD, even if you don’t have thousands of dollars to tuck into it.

Final Take

The rising interest rate environment has pushed CD rates higher. If you are looking for a CD now, take the time to shop around. Doing research can lead you to much higher CD rates. If you prefer more flexibility than a CD can offer, consider opening a high-yield savings account instead.

More from Your Money

Compare CD Rates

GOBankingRates’ Best Banks 2023

Cynthia Measom contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 23, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

More from Your Money

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

More from Your Money

About the Author

Sarah Sharkey is a personal finance writer with a desire to help readers improve their own financial balance sheets. After earning a bachelor’s degree in biology, she went on to business school. With a master’s degree in Management from the Hough School of Business at the University of Florida, she loves diving into the details of personal finance. With years of experience as a personal finance writer, she helps readers grasp the concept and take control by breaking down complex topics filled with jargon down to their basic components. After all, a little bit of knowledge can go a long way in the world of personal finance.

Learn More

BEFORE YOU GO

See Today's Best
Banking Offers

1pximage