16 best 1-year CD rates for December 2023

Borrowers are currently facing a challenging financial landscape, whether seeking mortgage loans, personal loans or credit cards. After all, the impact of inflation and successive interest rate hikes by the Federal Reserve has left borrowers grappling with increased interest payments. But despite these challenges, there is a silver lining: an opportunity to maximize your savings returns.

While the Federal Reserve's 11 rate hikes since March 2022 have caused borrowing rates to skyrocket, they have also created a favorable environment for savers. Many financial institutions, including banks and credit unions, are now enticing customers with competitive certificate of deposit (CD) rates, some exceeding the 5% mark. With a bit of diligence, it's even possible to find CD rates that surpass this threshold.

And, chances are that you can find a good CD option, no matter how much or how little you have on hand to deposit into the account. That said, finding standout CD accounts can be challenging amid the wide range of choices available. So, which CDs offer the highest APYs in December 2023? Let's take a look.

Explore the top CD rates you could qualify for here.

16 best 1-year CD rates for December 2023

If you're trying to find 1-year CDs with the best interest rates, it may benefit you to consider the following options: 

• Limelight — 5.75% APY: $1,000 minimum opening deposit requirement; early withdrawal fee is 90 days of interest
• Popular Direct — 5.67% APY: $10,000 minimum opening deposit requirement; early withdrawal fee is 270 days of simple interest
• CIBC Bank USA — 5.66% APY: $1,000 minimum opening deposit requirement; early withdrawal fee is 30 days of interest
• Synchrony — 5.65% APY: This is a 14-month CD; $0 minimum opening deposit requirement; early withdrawal fee is 90 days of simple interest at the current rate
• Bask Bank — 5.60% APY: $1,000 minimum opening deposit requirement; penalty may be assessed for early withdrawal
• Lending Club — 5.55% APY: $2,500 minimum opening deposit requirement; penalty may be assessed for early withdrawal
• Barclays — 5.50% APY: $0 minimum opening deposit requirement; early withdrawal fee is 90 days of interest
• Sallie Mae — 5.50% APY: $2,500 minimum opening deposit requirement; early withdrawal fee is 90 days of interest
• Citizens — 5.50% APY: $5,000 minimum opening deposit requirement; early withdrawal fee is 90 days of interest or half of the remaining interest
• Live Oak Bank — 5.40% APY: $2,500 minimum opening deposit requirement; early withdrawal fee is 90 days of interest 
• CFG Community Bank — 5.35% APY: $500 minimum opening deposit requirement; early withdrawal fee of 180 days of interest
• Brio Direct — 5.35% APY: $500 minimum opening deposit requirement; early withdrawal fee is 90 days of interest
• First Internet Bank of Indiana — 5.35% APY: $1,000 minimum opening deposit requirement; early withdrawal fee is 180 days of interest
• Marcus by Goldman Sachs — 5.30% APY: $500 minimum opening deposit requirement; early withdrawal fee is 270 days of simple interest 
• America First Credit Union — 5.25% APY: $500 minimum deposit requirement; penalty may be assessed for early withdrawal
• Discover — 4.10% APY: The early withdrawal fee is six months of interest 

Find your best CD options online here.

The bottom line

There's no reason to settle for a subpar APY on your savings. Today's savings rates are significantly higher than they were just a few years ago, and opening a CD today can result in some serious interest returns on your money. In turn, it's a great time to lock in an excellent rate on your money. That said, each CD comes with its own rate and minimum requirements, so make sure you're choosing a CD with a top rate and requirements that you can meet in order to maximize your potential returns.