16 best 1-year CD rates for February 2024 (up to 6.17% APY)

When it comes to earning more interest on your savings, certificates of deposit (CDs) are a great option to consider right now. While the Federal Reserve paused rate hikes for the fourth consecutive time this week, the rate hikes that occurred over the last two years led to banks and financial institutions offering excellent annual percentage yields (APYs) on a wide range of interest-bearing accounts.

And that includes CDs with a variety of terms — from one month to several years or more. But while longer-term CDs have historically offered some of the highest APYs to savers, that’s not the case right now. The questions about where the rate environment may head in the future have resulted in short-term CDs offering some of the highest rates today.

In fact, it’s not unheard of to find short-term CDs offering rates of 5.5% or more right now. And, 1-year CDs in particular come with some of the best rates available today, many of which surpass what you can get with not just longer-term CDs but also many high-yield savings accounts. So, if you’re looking for a CD offering the highest potential returns, one of the 1-year CDs listed below may be worth considering. 

Compare your top CD options online here today.

16 best 1-year CD rates for February 2024 (up to 6.17% APY)

There are lots of good 1-year CD options to consider this month, including: 

• Resource One Credit Union — 6.17% APY: There is a $500 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 180 days of interest
• Lafayette Federal Credit Union — 5.56% APY: There is a $500 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 180 days of interest
• Salem Five — 5.55% APY: There is a $10,000 minimum opening deposit required to open this CD; there is no early withdrawal penalty with this CD
• CIBC Bank — 5.51% APY: There is a $1,000 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to up to 30 days of simple interest
• Colorado Federal Savings Bank — 5.50% APY: There is a $5,000 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 90 days of interest
• Alliant Credit Union — 5.40% APY: There is a $1,000 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to up to 180 days of interest
• Bask Bank — 5.40% APY: There is a $1,000 minimum opening deposit required to open this CD; there is no early withdrawal penalty with this CD
• Popular Direct — 5.37% APY: There is a $10,000 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 270 days of interest
• Bread Savings — 5.35% APY: There is a $1,500 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 180 days of interest
• Brio Direct — 5.35% APY: There is a $500 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 90 days of interest
• First Internet Bank —5.35% APY: There is a $1,000 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 180 days of interest
• Barclay’s Bank — 5.30% APY: There is a $0 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 90 days of interest
• Quontic — 5.30% APY: There is a $500 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to one year of interest
• Live Oak Bank — 5.30% APY: There is a $2,500 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 90 days of simple interest
• Marcus by Goldman Sachs — 5.25% APY: There is a $500 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 90 days of simple interest
• Sallie Mae Bank — 5.25% APY: There is a $2,500 minimum opening deposit required to open this CD; the early withdrawal penalty is equal to 90 days of simple interest

Explore your best CD account options online today.

The bottom line

Don’t miss out on your chance to capitalize on what CDs, and 1-year CDs in particular, are offering right now. Not only do these CDs offer some of the best rates available on interest-bearing accounts, but by putting your money in a CD, you’ll lock in your interest rate for the full CD term — guaranteeing your returns, provided that you leave your money in the CD until it matures.