Best One-Year CD Rates for January 2023

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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%.

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

  • North American Savings Bank: APY
  • First Internet Bank of Indiana: APY
  • Popular Direct: APY
  • Live Oak Bank: APY
  • Bread Savings: APY
  • Bask Bank: APY
  • Capital One: APY
  • BMO Harris Bank: APY

Best One-Year CD Rates

Take a closer look at some of the best one-year CD rates along with the account minimums for January 2023.

North American Savings Bank

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

North American Savings Bank offers three different CD term lengths: 7, 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.

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First Internet Bank of Indiana

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

First Internet Bank of Indiana offers one of the top APY options on this list. The bank offers CD term lengths ranging from 3 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.

Popular Direct

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

Popular Direct offers three CD term lengths, ranging from 12 months to 60 months. The 12-month CD comes with the highest APY offering of 4.75% APY. However, the minimum deposit requirement is relatively high. You’ll need to deposit at least $10,000 to lock in this attractive APY.

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 APY, tied to the 12-month CD option. You’ll need to deposit $2,500 to open a CD through Live Oak Bank.

Bread Savings

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

Bread Savings, formerly known as Comenity Direct, offers 12-month CDs with a 4.50% APY. But you can lock in the same APY for CDs with term lengths ranging from one to five years. With consistent rates across multiple term lengths, Bread Savings might be a good fit for savers looking to build a CD ladder. But you’ll need to deposit at least $1,500 into each account to get started.

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Bask Bank

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

Bask Bank offers four CD term lengths that range from 6 to 24 months. You’ll lock in the highest yield through Bask Bank’s 12-month CD. In order to open a CD through Bask Bank, you’ll need a minimum deposit of $1,000.

Capital One

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

Capital One Bank offers a 12-month CD with a 4.15% 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.

BMO Harris Bank

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

BMO Harris Bank offers five CD term lengths that range from 13 to 59 months. If opting for the 13-month CD, you’ll currently find a 4.00% APY. You’ll need a minimum deposit of $5,000 to lock in the relatively high rates. BMO Harris also offers CDs with minimum deposit requirements of $1,000. But the rates are much lower.

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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.

Compare CD Rates

GOBankingRates’ Best Banks 2023


  • Who has the highest 12-month CD rate?
    • As of Jan. 2, 2023, Bask Bank offers one of the highest rates for a 12-month CD at 4.45% APY. If you are willing to opt for a 13-month CD, you can score a higher APY through North American Savings Bank.
  • Who pays the highest one-year CD rate?
    • As of Jan. 2, 2023, Bask Bank offers one of the highest rates for a 12-month CD at 4.45% APY. However, interest rates change on a regular basis. Before moving forward with a CD, make sure to shop around.
  • Which bank gives 7.00% interest on savings accounts?
    • As of Jan. 2, 2023, there are no financial institutions offering 7.00% interest on a savings account. However, interest rates are changing on a regular basis. If interest rates continue to rise, there may be the potential for interest rates to hit the 7.00% APY mark.
  • What is the best CD rate for $100,000?
    • The best CD rate for $100,000 varies based on the term length you are comfortable with. In general, a longer CD term translates into a higher APY. With that, you can likely lock in the best rates by opting for a longer CD term at a financial institution known for offering competitive rates.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 2, 2023. 

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

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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.

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