Best 1-month CD rates for July 2024

Written by

Matthew Goldberg

Edited by

Marc Wojno

Reviewed by

Robert R. Johnson

Best available rates across different account types for Wednesday, July 10, 2024

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What To Know First

A one-month certificate of deposit (CD) 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
Huntington National Bank: 0.50% APY; $1,000 minimum deposit
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
KeyBank: 0.05% APY; $2,500 minimum deposit

Note: Annual percentage yields (APYs) shown are as of June 10. 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.

Bankrate’s picks for the top 1-month CD rates

Note: Annual percentage yields (APYs) shown are as of June 10. 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 five rate tiers: $500, $20,000, $50,000, $100,000 and $250,000.

Huntington National Bank: 0.50% 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.

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 physically opening an account 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 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.

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.

When should you get a 1-month CD?

A one-month CD is worth considering if you have a lump sum of money that you'd like to save, untouched, over a short period of time -- typically four weeks -- while earning a fixed rate of interest during that term. A one-month CD isn’t ideal if you need to access the money immediately as you’ll likely be penalized financially for withdrawing the funds before the end of the one-month term, usually losing the interest you accrue. It’s worth noting that such short-terms CDs tend to offer lower APYs. Other terms of CDs at competitive banks and credit unions generally offer higher yields and longer options to lock in your APY.

Pros and cons of a 1-month CD

Pros

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

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

A one-month CD, also known as a 30-day CD, offers a fixed rate of return and can be a solid option for consumers who value safety and don’t want surprises, unlike money invested in stocks, which is subject to market volatility and possible loss of principal. Your CD is protected if it’s with an FDIC-insured bank or an NCUA credit union, which are both backed by the full faith and credit of the U.S. government.

But there are limits to the amount of insurance. Each depositor at an FDIC bank is insured up to $250,000 per depositor, insured bank, per account category. The standard share insurance amount at an NCUA credit union is $250,000 per share owner, per insured credit union, for each ownership category.
Withdrawing money prematurely from a one-month CD could result in the loss of any accrued interest and possibly a portion of the amount deposited, in the form of an early withdrawal penalty. It’s also possible to lose money if the bank holding the funds has failed and the total amount you have on account with the bank exceeds Federal Deposit Insurance Corp. (FDIC) limits or guidelines.
If you don’t want to tuck away your money for a month, here are some alternatives to consider:

Consider a savings account or money market account

A money market account or a high-yield online savings account may offer higher interest rates than a one-month CD. Additionally, you’ll be able to access your money quickly with no penalty. Money market and high-yield savings accounts, however, typically require higher balances and may restrict your access to the money.

Choose a CD with a longer term

Generally, savers who tuck away their money in longer-term CDs can snag higher interest rates. For example, the average five-year CD rate is 1.40 percent APY. But in this current rate environment, the average one-year CD yield is actually 1.77 percent APY – higher than the five-year CD average.

Research methodology

Bankrate’s editorial team is made up of seven banking experts. These experts have researched numerous banks and at least twice a month review bank websites to make sure readers stay up to date on the latest rates and bank products.

The banks and credit unions on this page are selected based on popularity, Bankrate’s review score and CD APYs. The listings are ordered based on Bankrate’s scoring system, and ties are broken through minimum balance requirements and then alphabetical order.

These financial institutions are featured in our CD rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Huntington National Bank, KeyBank, Limelight Bank, Live Oak Bank, Marcus by Goldman Sachs, M&T Bank, Morgan Stanley Private Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, Truist Bank, UFB Direct, U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.

Best 1-month CD rates for July 2024

What To Know First

Bankrate’s picks for the top 1-month CD rates

On This Page

Bankrate’s picks for the top 1-month CD rates

SchoolsFirst Federal Credit Union: 3.00% APY; $20,000 minimum deposit to earn APY

Huntington National Bank: 0.50% APY; $1,000 minimum deposit

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

KeyBank: 0.05% APY; $2,500 minimum deposit

When should you get a 1-month CD?

Pros and cons of a 1-month CD

Pros

Cons

1-month CD FAQs

How does a 1-month CD work?

Can you lose money with a 1-month CD?

What are the alternatives to 1-month CDs?

Consider a savings account or money market account

Choose a CD with a longer term

Research methodology

Banks we monitor