Skip to Main Content

Best 1-year credit union CD rates — June 2022

Couple using tablet at home
MoMo Productions/Getty Images
Bankrate Logo

Why you can trust Bankrate

While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

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

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 0.22 percent APY, according to Bankrate’s weekly survey of institutions on April 27, 2022.

Pros and cons of credit union CDs

Brick-and-mortar banks can be pretty stingy when it comes to paying interest on savings accounts. In many cases, their rates on CDs aren’t impressive either.

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.

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

Best 1-year credit union CD rates — June 2022

Note: Annual percentage yields (APYs) shown are as of June 2, 2022, and may have changed since they were last updated. Bankrate’s editorial team updates this information regularly, typically monthly.

Pentagon Federal Credit Union: 1.75% APY, $1,000 minimum deposit

Pentagon Federal Credit Union was established in 1935. It is based in McLean, Virginia, and has about 2.1 million members.

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

  • What a one-year CD pays: 1.75 percent APY.
  • 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.
  • Minimum deposit: $1,000.
  • Early withdrawal penalty: All dividends.

Alliant Credit Union: 1.50% APY, $1,000 minimum deposit

Alliant Credit Union was founded in 1935 as the United Airlines Employees’ Credit Union and today has about 600,000 members nationwide.

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.

  • What a one-year CD pays: 1.5 percent APY.
  • Membership restrictions: Current employees or those who are retired from a business that partners with Alliant Credit Union may be eligible to join the credit union. 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.
  • Minimum deposit: $1,000.
  • 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, the penalty is 90 days of dividends; if funds are withdrawn after 20 days, the penalty is 20 days of dividends.)

Bethpage Federal Credit Union: 1.30% APY, $50 minimum deposit

Bethpage Federal Credit Union opened in 1941 for employees of aircraft-maker Grumman. Anyone who opens a $5 savings account can become a member. It has over 400,000 members.

Bethpage offers nine terms of CDs, ranging from three months to five years, and a 39-month bump-up CD.

  • What a one-year CD pays: 1.3 percent APY.
  • Membership restrictions: Bethpage FCU membership is open to anyone who opens a savings account with $5.
  • Minimum deposit: $50.
  • Early withdrawal penalty: 180 days of dividends.

Randolph-Brooks Federal Credit Union: 1.00% APY, $1,000 minimum deposit

Randolph-Brooks Federal Credit Union was established in 1952 and is headquartered in Live Oak, Texas. It operates 61 branches and serves four major markets: Austin, Corpus Christi, Dallas-Fort Worth and San Antonio. It has about 975,000 members.

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.

  • What a one-year CD pays: 1 percent APY.
  • 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.
  • Minimum deposit: $1,000.
  • Early withdrawal penalty: 60 days.

First Technology Federal Credit Union: 0.75% APY, $500 minimum deposit

First Technology Federal Credit Union was founded in 1952 by a group of Hewlett-Packard and Tektronix employees. First Tech has branches in California, Colorado, Georgia, Idaho, Massachusetts, Oregon, Texas and Washington state. First Tech offers personal and business checking and savings accounts, individual retirement accounts (IRAs) and six terms of share certificates with minimum required deposits of $500.

  • What a one-year CD pays: 0.75 percent APY.
  • Membership restrictions: Membership is open to family members or household members of someone who is already a First Tech member. You can also join if you or a family member works either for a company on First Technology’s partner list or for the state of Oregon, if you work or live in Lane County, Oregon, or if you belong to the Computer History Museum or the Financial Fitness Association.
  • Minimum deposit: $500.
  • Early withdrawal penalty: 180 days of dividends

Security Service Federal Credit Union: 0.75% APY, $25,000 minimum deposit

Security Service Federal Credit Union was founded in 1956 to serve the needs of members and families of the U.S. Air Force Security Service Command.

Based in San Antonio, it offers a full slate of consumer banking products, such as checking and savings accounts, mortgages, auto loans and credit cards.

  • What a one-year CD pays: 0.75 percent APY.
  • 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.
  • Minimum deposit for the APY: $25,000.
  • Early withdrawal penalty: forfeit all dividends earned, not to exceed 90 days of dividends, with minimum of 30 days of dividends.

Navy Federal Credit Union: 0.70% APY, $1,000 minimum deposit

Navy Federal Credit Union has over 11 million members and is the world’s largest credit union. It has a global network of 340 branches and is headquartered in Vienna, Virginia.

In addition to CDs, Navy Federal Credit Union also offers checking and savings accounts, loans and credit cards.

  • What a one-year CD pays: 0.7 percent APY.
  • 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.
  • Minimum deposit: $1,000.
  • 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.

SchoolsFirst Federal Credit Union: 0.70% APY, $20,000 minimum deposit

SchoolsFirst Federal Credit Union was formed during the Great Depression in 1934. The credit union, created by school employees, has 50 branches.

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.

  • What a one-year CD pays: 0.7 percent APY, $20,000 minimum deposit.
  • 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.
  • Minimum deposit: $20,000 for this APY.
  • Early withdrawal penalty: 90 days of dividends.

Read the fine print

Before signing up for any bank account, it’s important to understand the terms and conditions. With share certificates — and CDs across the board — there’s typically a penalty for early withdrawal. By pulling money out of your share certificate (or CD) before it matures, you’ll likely forfeit some of the interest you’ve earned. Consequences for early withdrawals vary from one credit union to the next and sometimes vary within a single credit union for share certificates with different term lengths. Also, you may be required to ask for an early withdrawal in writing. Check with your credit union for its policy.

As long as the credit union you’ve chosen is federally insured by the National Credit Union Administration Share Insurance Fund, the money you’ve deposited in your share certificate will be safe. In the event that the credit union shuts down, you’ll still walk away with your savings. Just keep in mind that there’s a $250,000 threshold for single ownership accounts. Larger amounts won’t be automatically insured.

Recap: Best 1-year credit union CD rates – June 2022

Institution APY Minimum deposit for APY
Pentagon Federal Credit Union 1.75% $1,000
Alliant Credit Union 1.50% $1,000
Bethpage Federal Credit Union 1.30% $50
Randolph-Brooks Federal Credit Union 1.00% $1,000
First Technology Federal Credit Union 0.75% $500
Security Service Federal Credit Union 0.75% $25,000
Navy Federal Credit Union 0.70% $1,000
Schools First Federal Credit Union 0.70% $20,000

Learn more about other CD terms:

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
Wealth editor
Reviewed by
Head of investor relations, Gateway Partners