Best 1-Year Credit Union CD Rates (Share Certificates)
Rates are close to 5% for some credit unions, but you’ll need to meet membership requirements first.
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Toni Husbands
Staff Writer
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards, banking and consumer spending. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Marc is senior editor at CNET Money, overseeing such topics as banking and home equity. He’s been a writer and editor in the financial field for more than two decades, including for such media organizations as The Kiplinger Washington Editors, U.S. News & World Report, Bankrate and Dow Jones. Before joining CNET Money, Wojno was Senior Editor of Finance for ZDNet, writing on blockchain, cryptocurrency, finserv, investing and taxes. Outside the digital world, Marc can be found spinning vinyl, threading reel-to-reel tapes, shooting film with his Bolex and hosting an occasional pub quiz.
Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
Certified financial planner and director of Re-Envision Wealth
Anna N’Jie-Konte is the president and director of financial planning for Re-Envision Wealth, one of the few black-owned advisory firms in the country. She is among a small group of BIPOC (Black, Indigenous and People of Color) certified financial planners to give comprehensive, holistic financial advice. She currently serves as a financial adviser and investment consultant to individuals and institutions hoping to build wealth in an intentional and values-aligned fashion.
A proud first-generation American with roots in Puerto Rico and Gambia, N’Jie-Konte is committed to the economic liberation of Black and brown communities. She spent nearly a decade advising ultrahigh net-worth families ($5 million and above) to grow and secure their wealth for future generations. She left the corporate world in the hopes of giving women like her -- Black women, Latinas, daughters of immigrants -- the blueprint for leveraging their incomes to build and protect their wealth.
N’Jie-Konte also sits on the board of the Finserv Foundation, has been named three times to the Investment News’ list of Top 100 Influential Financial Advisors, and has been featured in well-known publications.
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards, banking and consumer spending. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Marc is senior editor at CNET Money, overseeing such topics as banking and home equity. He’s been a writer and editor in the financial field for more than two decades, including for such media organizations as The Kiplinger Washington Editors, U.S. News & World Report, Bankrate and Dow Jones. Before joining CNET Money, Wojno was Senior Editor of Finance for ZDNet, writing on blockchain, cryptocurrency, finserv, investing and taxes. Outside the digital world, Marc can be found spinning vinyl, threading reel-to-reel tapes, shooting film with his Bolex and hosting an occasional pub quiz.
Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
Certified financial planner and director of Re-Envision Wealth
Anna N’Jie-Konte is the president and director of financial planning for Re-Envision Wealth, one of the few black-owned advisory firms in the country. She is among a small group of BIPOC (Black, Indigenous and People of Color) certified financial planners to give comprehensive, holistic financial advice. She currently serves as a financial adviser and investment consultant to individuals and institutions hoping to build wealth in an intentional and values-aligned fashion.
A proud first-generation American with roots in Puerto Rico and Gambia, N’Jie-Konte is committed to the economic liberation of Black and brown communities. She spent nearly a decade advising ultrahigh net-worth families ($5 million and above) to grow and secure their wealth for future generations. She left the corporate world in the hopes of giving women like her -- Black women, Latinas, daughters of immigrants -- the blueprint for leveraging their incomes to build and protect their wealth.
N’Jie-Konte also sits on the board of the Finserv Foundation, has been named three times to the Investment News’ list of Top 100 Influential Financial Advisors, and has been featured in well-known publications.
A certificate of deposit lets you earn interest on a sum of money with a fixed annual percentage yield, or APY, over a fixed period of time, or term. CDs are a good savings option to park money for a few months or years with minimal risk of losing your earnings.
If you need to access the money before it fully matures, you’ll often pay an early withdrawal penalty that can reduce your interest earnings. Most CD options require a single deposit and don’t allow additional deposits, so you’ll need to gather your funds before opening an account. When you’re ready to open a CD, compare the best terms and rates among local credit unions and banks to find the right fit for your savings.
PenFed Credit Union
4.80% APY, $1,000 Min. deposit to open, 1-year Term
Helpful Definitions
Certificate of deposit (CD)
A type of savings account in which a lump-sum deposit accrues interest at a fixed rate for a fixed term, usually with an early withdrawal penalty.
Annual percentage yield (APY)
A CD’s interest rate that represents the return from the compounded interest you’ll earn in 12 months on your deposit. The higher the APY, the faster your money grows.
CD term
The fixed period in which your deposit earns interest. The maturity date is the end of the term, which can range from one month to 10 years or more.
Early withdrawal penalty
The fee for withdrawing your CD funds before maturity, often equalling a period's worth of interest, which varies by institution and length of CD term.
Share certificate
Similar to a CD, but issued by a credit union, in which a credit union member deposits a lump sum that accrues interest for a fixed term.
Our Experts
Written by
Toni Husbands
Staff Writer
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards, banking and consumer spending. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
Marc is senior editor at CNET Money, overseeing such topics as banking and home equity. He’s been a writer and editor in the financial field for more than two decades, including for such media organizations as The Kiplinger Washington Editors, U.S. News & World Report, Bankrate and Dow Jones. Before joining CNET Money, Wojno was Senior Editor of Finance for ZDNet, writing on blockchain, cryptocurrency, finserv, investing and taxes. Outside the digital world, Marc can be found spinning vinyl, threading reel-to-reel tapes, shooting film with his Bolex and hosting an occasional pub quiz.
Kelly is an editor for CNET Money focusing on banking. She has over 10 years of experience in personal finance and previously wrote for CBS MoneyWatch covering banking, investing, insurance and home equity products. She is passionate about arming consumers with the tools they need to take control of their financial lives. In her free time, she enjoys binging podcasts, scouring thrift stores for unique home décor and spoiling the heck out of her dogs.
Certified financial planner and director of Re-Envision Wealth
Anna N’Jie-Konte is the president and director of financial planning for Re-Envision Wealth, one of the few black-owned advisory firms in the country. She is among a small group of BIPOC (Black, Indigenous and People of Color) certified financial planners to give comprehensive, holistic financial advice. She currently serves as a financial adviser and investment consultant to individuals and institutions hoping to build wealth in an intentional and values-aligned fashion.
A proud first-generation American with roots in Puerto Rico and Gambia, N’Jie-Konte is committed to the economic liberation of Black and brown communities. She spent nearly a decade advising ultrahigh net-worth families ($5 million and above) to grow and secure their wealth for future generations. She left the corporate world in the hopes of giving women like her -- Black women, Latinas, daughters of immigrants -- the blueprint for leveraging their incomes to build and protect their wealth.
N’Jie-Konte also sits on the board of the Finserv Foundation, has been named three times to the Investment News’ list of Top 100 Influential Financial Advisors, and has been featured in well-known publications.
Toni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.
Dashia is a staff editor for CNET Money who covers all angles of personal finance, including credit cards, banking and consumer spending. From reviews to news coverage, she aims to help readers make more informed decisions about their money. Dashia was previously a staff writer at NextAdvisor, where she covered credit cards, taxes, banking B2B payments. She has also written about safety, home automation, technology and fintech.
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