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Best 1-year credit union CD rates — September 2022

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Returns on savings are on the rise, so to find the best rate it pays to shop around and compare yields tied to share certificates offered by credit unions.

What is a 1-year credit union CD?

Credit union share certificates are similar to certificates of deposit (CDs) offered by banks. For that reason, “share certificate” and “credit union CD” are often used interchangeably. Also, whereas CDs earn interest, share certificates earn dividends, but the effect for the saver is the same. By looking at annual percentage yields (APYs), consumers can compare interest and dividends on an apples-to-apples basis.

The average one-year CD yield was 0.65 percent APY, according to Bankrate’s weekly survey of institutions on Aug. 31, 2022.

Bankrate’s picks for the top 1-year credit union CD rates

Here are some credit unions offering today’s best widely available one-year CD rates:

Note: Annual percentage yields (APYs) shown are as of Aug. 31, 2022, and may have changed since they were last updated. Bankrate’s editorial team updates this information regularly, typically monthly.

A closer look at the top 1-year credit union CD rates

Bethpage Federal Credit Union: 2.50% APY, $50 minimum deposit

Bethpage offers nine terms of CDs, ranging from three months to five years, and a 39-month bump-up CD. Anyone who opens a $5 savings account can become a member.

  • Membership restrictions: Bethpage FCU membership is open to anyone who opens a savings account with $5.
  • Early withdrawal penalty: 180 days of dividends

Alliant Credit Union: 2.50% APY, $1,000 minimum deposit

Alliant offers competitive APYs with low minimum balance requirements for CDs. It also has traditional individual retirement account CDs, Roth IRA CDs and SEP IRA CDs.

  • Membership restrictions: Current or retired employees from a business that partners with Alliant Credit Union may be eligible to join. You may also be able to join by belonging to an organization that Alliant Credit Union partners with. You can also qualify to join Alliant Credit Union if you live or are employed in a community near its Chicago headquarters. If those circumstances don’t apply to you, you can make a one-time $5 payment and Alliant Credit Union will donate that money to Foster Care to Success so you can become an Alliant Credit Union member.
  • Early withdrawal penalty: Dividends on the number of days the CD is open, up to 90 days. (For example, if funds are withdrawn after 180 days, the penalty is 90 days of dividends; if funds are withdrawn after 20 days, the penalty is 20 days of dividends.)

Navy Federal Credit Union is the world’s largest credit union with over 11 million members. In addition to CDs, Navy Federal Credit Union also offers checking and savings accounts, loans and credit cards.

  • Membership restrictions: Membership at Navy Federal Credit Union is open to all Department of Defense and Coast Guard Active Duty, civilian, contract personnel, veterans and their families.
  • Early withdrawal penalty: The lesser of all dividends for 90 days on the amount that you withdraw or all of the dividends withdrawn since the certificate was issued or renewed.

Pentagon Federal Credit Union: 2.30% APY, $1,000 minimum deposit

PenFed has nine terms of CDs, ranging from six months to seven years.

  • Membership restrictions: Anyone is eligible to apply for PenFed membership. All that is needed is to open and maintain a savings account with at least $5. Some products may require military affiliation to receive certain benefits of the product.
  • Early withdrawal penalty: All dividends.

Randolph-Brooks Federal Credit Union: 2.22% APY, $1,000 minimum deposit

In addition to CDs, Randolph-Brooks Federal Credit Union offers a Really Free Checking account that requires no minimum balance and charges no monthly fee.

  • Membership restrictions: Where you live, attend school, work or worship are some of the more than 3,000 ways to become a member at Randolph-Brooks Federal Credit Union.
  • Early withdrawal penalty: 60 days

Security Service Federal Credit Union: 1.70% APY, $25,000 minimum deposit

Security Service Federal Credit Union serves members and families of the U.S. Air Force Security Service Command. It offers a full slate of consumer banking products, such as checking and savings accounts, mortgages, auto loans and credit cards.

  • Membership restrictions: Those who live, work, worship, attend school, volunteer or have a business in Colorado, Texas or Utah are eligible to join, as are members of select military branches or units and Department of Defense employees at military bases within the credit union’s service area. Members’ families and household members also can join.
  • Early withdrawal penalty: Forfeit all dividends earned, not to exceed 90 days of dividends, with minimum of 30 days of dividends.

SchoolsFirst Federal Credit Union: 1.50% APY, $20,000 minimum deposit

SchoolsFirst offers low minimum balances and CD terms from as short as 30 days to as long as five years. The more money you put in your CD, the higher the APY. CDs at this credit union have four balance tiers: $500, $20,000, $50,000 or $100,000.

  • Membership restrictions: SchoolsFirst FCU serves the California educational community. Certain school employees, certain retired school employees and immediate family members of existing SchoolsFirst FCU members may be able to join.
  • Early withdrawal penalty: 90 days of dividends

America First Credit Union: 1.35% APY, $500 minimum deposit

America First Credit Union offers regular CDs, individual retirement account (IRA) CDs and bump-rate CDs.

  • Membership restrictions: America First serves people who live, work, worship, volunteer or attend school in select counties in Utah, Washington, Nevada, Arizona, Idaho, Oregon and New Mexico.
  • Early withdrawal penalty: 60 days of dividends, with minimum fee of $5

First Technology Federal Credit Union: 1.30% APY; $500 minimum deposit

First Technology FCU’s CDs come in terms ranging from six months to five year. The minimum deposit is a reasonable $500.

  • Membership restrictions: Membership at First Technology FCU is open to those who live or work in Lane County, Oregon; those who work for the State of Oregon or for a company on the credit union’s partner list; members of the Computer History Museum or the Financial Fitness Association; and those with a family member or household member who is already a First Tech member.
  • Early withdrawal penalty: 180 days of simple dividends

VyStar Credit Union: 1.25% APY, $500 minimum deposit

VyStar Credit Union, originally Jax Navy Federal Credit Union, offers 10 CD terms ranging from three months to five years. It also offers a one-year CD for Kid’s, VyTeen, Bravo and Achieve members only

  • Membership restrictions: Membership at VyStar Credit Union is open to anyone who works or lives in the 49 Florida counties or the four Georgia counties listed on its website.
  • Early withdrawal penalty: 180 days of dividends

How to find the best 1-year credit union CD rates

Brick-and-mortar banks can be pretty stingy when it comes to paying interest on deposits accounts. But finding a credit union offering competitive rates on CDs is fairly easy. As member-owned institutions, credit unions operate for the benefit of their customers.

The drawback? You may not have access to a credit union share certificate if you cannot qualify for membership. Many credit unions are easy to join, but there are still institutions that have restrictions based on where you live or work or the group you’re affiliated with.

Like certificates of deposit at banks, credit union share certificates may also automatically renew after the term expires. For that reason, it’s important to keep track of your investments. Should the need arise to use the funds before the certificate has matured, the result would likely be an early withdrawal penalty.

When choosing a one-year credit union CD, consider the interest rate you’re getting, how often the interest compounds, the minimum deposit, and your eligibility to join the credit union.

1-year credit union CD FAQs

Bankrate’s methodology for choosing the best CD rates

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.

Banks we monitor

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, Bank 5 Connect, Bank of America, Bank of the West, Barclays, Bask Bank, BB&T, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens Access, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, E-Trade Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, LegacyTexas Bank, Limelight Bank, Live Oak Bank, M&T Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, Purepoint Financial, 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, Suntrust Bank, Synchrony Bank, TD Bank, TIAA Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.

Written by
Matthew Goldberg
Consumer banking reporter
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance.
Edited by
Managing editor
Reviewed by
Head of investor relations, Gateway Partners