Written by Karen Bennett Karen Bennett
Edited by Marc Wojno Marc Wojno
Reviewed by Robert R. Johnson Robert R. Johnson
Best available rates across different account types for Friday, January 12, 2024
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What To Know First
A one-month certificate of deposit matures in the quick span of just four weeks. Interest rates on these CDs typically are low, mostly because banks want account holders to lock their money up for longer periods. But you may prefer a one-month CD if you need to protect some cash for a very short term and intend to spend it immediately.
Many savings accounts and money market accounts, however, offer higher annual percentage yields (APYs) than one-month CDs. But savings deposit accounts usually have variable APYs while term CDs generally have fixed APYs for the term.
Though one-month CD rates are typically low, you may be able to find accounts offering competitive yields. Here are the best one-month CDs, providing the highest possible fixed return for this term.
Bankrate’s picks for the top 1-month CD rates
- SchoolsFirst Federal Credit Union: 3.00% APY; $20,000 minimum deposit to earn APY
- Zions Bank: 0.30% APY; $1,000 minimum deposit*
- BrioDirect: 0.05% APY; $500 minimum deposit
- U.S. Bank: 0.05% APY; $500 minimum deposit
- Huntington National Bank: 0.05% APY; $1,000 minimum deposit
- KeyBank: 0.05% APY; $2,500 minimum deposit
Note: Annual percentage yields (APYs) shown are as of Nov. 29, 2023. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
*CDs can only be opened in person at branches, which are located in Utah and Idaho.
On This Page
- Bankrate's picks for the top 1-month CD rates
- How to find the best 1-month CD rates
- Pros and cons of 1-month CDs
- 1-month CD FAQs
- Research methodology
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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Current savings trends
Bankrate Partner average
4.67% APY
National average
0.57% APY
The "Bankrate Partner average" is calculated from the average of the top savings account offers from the institutions we track, included on this page as of 1/12/2024. "National average" is determined by Bankrate's comprehensive national survey of savings accounts and CDs.
On This Page
On This Page
- Bankrate’s picks for the top 1-month CD rates
- How to find the best 1-month CD rates
- Pros and cons of 1-month CDs
- 1-month CD FAQs
- Research methodology
Bankrate’s picks for the top 1-month CD rates
Note: Annual percentage yields (APYs) shown are as of Nov. 29, 2023. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
SchoolsFirst Federal Credit Union: 3.00% APY; $20,000 minimum deposit to earn APY
SchoolsFirst serves the education community in California. Certain school employees, certain retired school employees and immediate family members of SchoolsFirst Federal Credit Union members are eligible to join.
SchoolsFirst offers CDs ranging from 30 days to five years. To open a CD, a $500 minimum deposit is required. If you put in more money you may be rewarded with a higher APY, as SchoolsFirst has four rate tiers: $500, $20,000, $50,000 and $100,000.
Zions Bank: 0.30% APY; $1,000 minimum deposit
Zions Bank has 121 full-service branches in Utah, Idaho and Wyoming. The bank offers 10 terms of CDs ranging from one month to five years. CDs are only available for those in Utah or Idaho.
Zions Bank also offers checking, savings and money market accounts, personal loans, mortgages and credit cards. It features mobile and online banking.
BrioDirect: 0.05% APY; $500 minimum deposit
BrioDirect is the online division of Webster Bank. Its CDs, savings account and money market account earn competitive yields.
BrioDirect offers 11 terms of CDs, ranging from one month to five years. A $500 deposit is required to open a CD. BrioDirect’s offers its highest APY on a promotional one-year CD.
U.S. Bank: 0.05% APY; $500 minimum deposit
U.S. Bank is one of the 10 largest commercial banks in the U.S.
It offers 11 terms of CDs, ranging from one month to five years. U.S. Bank also offers a Step Up CD and a Trade Up CD. To open any of the standard CDs, a minimum deposit of $500 is required, but you can’t deposit more than $250,000.
Huntington National Bank: 0.05% APY; $1,000 minimum deposit
Huntington National Bank maintains more than 1,200 branches, which are located mostly in the Midwest and South. The bank offers CD terms ranging from one month to six years. The minimum amount required to open a CD is $1,000.
KeyBank: 0.05% APY; $2,500 minimum deposit
KeyBank has a network of over 1,000 branches and more than 40,00 ATMs. KeyBank has CDs with terms ranging from seven days to 10 years. KeyBank CDs are available to consumers and businesses in 15 states.
How to find the best 1-month CD rates
Comparison shopping is key when you’re looking for the best one-month CD rates. There aremultiple types of CDs, including bump-up CDs and liquid CDs. But the top one-month CD rates are usually found with traditional CDs.
Check out the best one-month CDs offered by banks and credit unions and weigh the pros and cons of going with a short-term certificate of deposit over an account that’s more liquid. Don’t forget to crunch the numbers andcalculate how much interest you could earnby the end of your term.
Pros and cons of a 1-month CD
Pros of a one-month CD
Your money isn’t locked away for long.
It gives you the flexibility to either keep your money in the CD for another term when it matures or withdraw it when the term ends.
Generally, a term CD will give you a fixed APY during the CD’s term.
Cons of a one-month CD
Unlike a savings account, a one-month CD may incur an early withdrawal penalty if you take money out before the term ends.
A savings account or a no-penalty CD may earn a higher APY than a one-month CD.
The APYs might not be competitive compared with other, longer-term CDs.
1-month CD FAQs
Research methodology
At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.
Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.
To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield (APY), the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.
When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.
