Best 12-Month CD Rates for 2024

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Explore the highest yielding 12-month certificates of deposit with rates of up to 5.30% APY and flexible withdrawal options. Start growing your savings today!

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In a world where your hard-earned savings often lie dormant, imagine unlocking their potential with a choice as simple as selecting the right 12-month CD. You might wonder, amidst fluctuating markets and endless financial options, how to safeguard and grow your funds effectively.

This article dives into the realm of 12-month CDs, a haven for those seeking stability without compromising on growth. We'll guide you through the top options available, ensuring your financial decisions are not just safe, but also smart.

Whether you're a seasoned investor or taking your first steps in personal finance, understanding these options addresses a crucial concern: maximizing returns without risking your peace of mind. Stay tuned as we unveil the keys to turning this dream into your financial reality.

Best 12-Month CD Rates (Highest APY to Lowest)

Quontic 12-Month CD Details

Rate: 4.50% APY — best overall and highest APY currently

Quontic Bank, an online-only bank, offers different kinds of bank accounts, like checking and savings accounts, mortgage products and some of the best CD rates in the country.

If you're interested in saving money, Quontic has a Certificate of Deposit (CD) where you can earn up to 4.50% interest per year. To start, you need at least $500. Just remember, if you take out your money before the CD's term is up, there's a penalty fee. It's also really quick to open an account; it can take less than three minutes.

The CD accounts at Quontic are not only known for their good interest rates, but they are also safe because they are FDIC-insured. This means your money is protected. Quontic believes that while their rates will attract customers, the quality of their service will make them stay.

See Quontic Bank's Secure Site for more details.

Highest APY currently
Quontic 12 Month CD
4.5

Quontic Bank offers a 12-month certificate of deposit (CD) with a 4.50% annual percentage yield (APY). The minimum deposit is $500, and interest is compounded daily and credited monthly. Quontic CDs are FDIC insured and don't have fees.

Open Account

Great Lakes Credit Union 12-Month CD Details

Rate: 2.40% APY

Great Lakes Credit Union, based in northern Illinois, is offering a highly attractive 12-month CD with an interest rate of 2.40% APY, the second highest on the market. This rate being offered is exclusively through Raisin platform and is open to anyone.

As a credit union, Great Lakes is insured by the National Credit Union Administration, providing peace of mind for its members' funds. With a minimum deposit requirement of just $1 and daily compounded interest, credited at the end of each month, this CD is a great option for those looking to grow their savings.

Great Lakes Credit Union (GLCU) is a member-owned, not-for-profit financial institution that serves Northern Illinois. GLCU was founded in 1938 and has over 80,000 members and $1.3 billion in assets.

See Raisin's Secure Website for Great Lakes Credit Union to get more details.

Ally Bank 12-Month CD Details

Rate: 4.45% APY

With a 4.45% APY interest rate for a 12-month CD and no minimum deposit, it’s not hard to see why Ally Bank made our list.

This bank is online-only but serves over 8.5 million customers. Ally Bank compounds your interest daily, and there’s a bonus APY if you renew your CD once the term is up. 

There’s no minimum deposit required to open your account, and you’ll always get the best rate we offer for your CD term with the Ally Ten Day Best Rate Guarantee. Your money grows with interest compounded daily.

Highest APY currently
Quontic 12 Month CD
4.5

Quontic Bank offers a 12-month certificate of deposit (CD) with a 4.50% annual percentage yield (APY). The minimum deposit is $500, and interest is compounded daily and credited monthly. Quontic CDs are FDIC insured and don't have fees.

Open Account

Capital One 12-Month CD Details

Rate: 4.90% APY

You can earn up to 5.00% APY with no minimum deposit with Capital One. High-interest rates continue with current Capital One promotions. This bank has been public since 1994 and offers 4.90% APY on its 12-month CD.

There are no partial withdrawals. If you do pull your funds out early, you’ll pay a penalty of at least three months’ worth of dividends if your term is shorter than a year. This doubles to six months if your terms are longer.

Highest APY currently
Quontic 12 Month CD
4.5

Quontic Bank offers a 12-month certificate of deposit (CD) with a 4.50% annual percentage yield (APY). The minimum deposit is $500, and interest is compounded daily and credited monthly. Quontic CDs are FDIC insured and don't have fees.

Open Account

Discover 12-Month CD Details

Rate: 4.70% APY

To access the 4.70% APY rate from Discover, you’ll need to fund your new 12-month CD with at least $2,500 to start.

Discover also offers some of the best CD rates starting at three months and extending to 10 years, but there’s no real advantage to going with 10 years over 5 years.

With no fees and the ability to set up a CD ladder, Discover offers comparable rates to other banks and credit unions on our list.

Highest APY currently
Quontic 12 Month CD
4.5

Quontic Bank offers a 12-month certificate of deposit (CD) with a 4.50% annual percentage yield (APY). The minimum deposit is $500, and interest is compounded daily and credited monthly. Quontic CDs are FDIC insured and don't have fees.

Open Account

Western Alliance Bank 12-Month CD Details

Rate: 5.00% APY

Western Alliance Bank, headquartered in Phoenix, Arizona, is offering a remarkable 12-month CD deal through Raisin.

Currently, this deal is at the top of our list with a 5.00% APY and a minimum deposit requirement of only $1. This offer is FDIC insured, ensuring the safety of your funds.

Although Western Alliance Bank is relatively new, having been established in 1994, it has rapidly grown and now boasts assets of close to $40 billion, making it a well-established and financially sound institution.

See Raisin's Secure Website for Western Alliance Bank to get more details.

American Express National Bank 12-Month CD Details

Rate: 4.75% APY

American Express National Bank is beloved by many, especially since they’ve been operating since 1950.

American Express National Bank offers a 12-month certificate of deposit (CD) with an annual percentage yield (APY) of 4.75% and a $0 minimum deposit.

The rates will depend on which terms you choose but range from six months to five years. Interest is paid out each month but compounded daily, making a CD from AmEx National Bank a smart long-term investment strategy investment.

Highest APY currently
Quontic 12 Month CD
4.5

Quontic Bank offers a 12-month certificate of deposit (CD) with a 4.50% annual percentage yield (APY). The minimum deposit is $500, and interest is compounded daily and credited monthly. Quontic CDs are FDIC insured and don't have fees.

Open Account

SkyOne Federal Credit Union 12-Month CD Details

Rate: 4.20% APY

Founded in 1949, SkyOne Federal Credit Union is headquartered in Hawthorne, California and has a long-standing reputation for offering some of the best rates in the market. This is evident in their current 12-month CD, which boasts a 4.20% APY and is available exclusively through Raisin.

As a credit union, SkyOne is insured by the National Credit Union Administration, ensuring the safety of its members' funds. With a minimum deposit requirement of just $1 and daily compounded interest credited at the end of each month, this CD is an attractive option for those looking to grow their savings.

It is important to note that the early withdrawal penalty on this CD is 90 days of simple interest, allowing for some flexibility in the event of unexpected needs for funds. If you are in the market for a high-yielding savings option, consider SkyOne Federal Credit Union's 12-month CD through Raisin.

See Raisin's Secure Website for Sky One Federal Credit Union to get more details.

Final Words

In conclusion, certificates of deposit (CDs) are a popular savings option for those seeking stability and predictability.

The 12-month CD offered by Quontic is the best CD rates on the market, offering rates of up to 4.50% APY currently.

We can confidently recommend the Quontic 12-Month CD as our top pick — but it's important to be aware of the potential downsides, particularly the strict early withdrawal penalty and limited access to funds.

Consider your own financial needs, and if you will need this money within 12 months or if it can be safely locked away.

Highest APY currently
Quontic 12 Month CD
4.5

Quontic Bank offers a 12-month certificate of deposit (CD) with a 4.50% annual percentage yield (APY). The minimum deposit is $500, and interest is compounded daily and credited monthly. Quontic CDs are FDIC insured and don't have fees.

Open Account

About the author

Brian Meiggs
Hi, I'm Brian Meiggs! A personal finance expert, entrepreneur, and the founder of My Millennial Guide. My drive is to help others unlock the wealth of freedom and pave the path to financial success. With my bachelor's degree in finance, I help millennials follow the smart money in order to increase their earning potential and start building wealth for the future. I write regularly about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. I have been quoted in major publications including Business Insider, Yahoo Finance, NASDAQ, Discover, GoDaddy, BiggerPockets, Fox News, Debt.com, Quick Sprout, Money Geek, MSN Money and many more!