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Mar 01, 2021 If you’re looking for the Best 24-Month CD Rates to invest your funds in, you’re in the right spot. Below is our guide to help you find the Best 24-Month CD Rates. Certificate of deposits, otherwise known as CDs, will offer you one of the best & secure way to get a return on your money when you invest it with your bank/credit union of choice. Find the best CD rates by comparing national and local rates. A Certificate of Deposit is a type of savings account that has a set interest rate and withdrawal date. Typically, CD interest rates.

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Below are the best one-year CD Rates from banks in Pennsylvania. One-year CDs are usually the most popular term and offer a decent yield without having to lock-up money for an extended period of time. One year CD Rates are generally comparable to or a little higher than their savings and money market counterparts. PA - March 3, 2021.

Looking for the best CD player that your money can buy? You've come to the right place. Welcome to What Hi-Fi?'s round-up of the best CD players and transports for every budget, whether at the cheap end or the premium.

There's nothing quite like the experience of an album and a CD player still delivers a higher quality audio hit than most other new-fangled streamed music services.

It doesn't matter if you want your disc-spinner to function purely as a transport, as a disc-player/streamer or as a multi-format do-it-all with a built-in DAC, there's a machine here to suit your needs.

From clever slot loaders to more traditional machines, there are CD player options galore. It's worth taking into account factors like DAC functionality, ease of use, controls and of course performance when making your choice. If you're not sure about all of that, then stay close and we'll guide you through.

The CD players below are a comprehensive list of those we consider the very best. The nearer the top it is, the more we like it, but rest assured that all of them below are five-star winners.

1. Marantz CD6006 UK Edition

With a ton of detail, lots of dynamics and a beautifully clear sound, this is the best CD player available at anywhere close to this money.

Type: Integrated Outputs: Optical and coaxial digital, RCA Dimensions: 10.5 x 44 x 34 cm Weight: 6.5kg

It's fair to say the Marantz CD6006 UK Edition dominates the entry-level end of the market. The production is demo-like and not only offers huge detail but also a tight, powerful punch. The solid build, precise controls and quality finish all make this look and sound like a CD player priced far higher than this is.

The UK Edition is a specially tweaked version of the CD6006 for this country, and it replaces the original in the UK (though the standard CD6006 continues in the rest of Europe). Marantz has a similar upgrade for the partnering PM6006 amplifier.

Not for nothing has it been a multiple What Hi-Fi Award winner. To sum up, we think this is a great player with the bonus of a USB input, which allows the connection of Apple products and USB memory devices. In our experience you need to move up to the likes of Cyrus’s CDi or Naim’s CD5si to get a proper jump in sonic performance. A bargain? Without a doubt.

Read the full review: Marantz CD6006 UK Edition

2. Cyrus CD i

Cyrus's best-sounding CD player to date sets a new standard for sound quality at this price.

Type: Integrated Outputs: Optical digtial, coaxial digital, preout x2 Dimensions: 8.5 x 22 x 39cm Weight: 5.72kg

Cyrus hasn’t put a foot wrong with its CD players for as long as we can remember; it would be fair to say that its track record has been phenomenal. So it’s no surprise that the Cyrus CD i is another gleaming example of the company treading the right path.

The long, narrow aluminium chassis isn’t exactly a bolt from the blue, but underneath lies one of the best-sounding CD players we've heard at the money. We like the fuss-free design, easy to read display and high-quality remote (earlier SE models came with a rather plasticky affair). The slot-loading CD transport is a touch noisy when loading a disc, though as silent as you’d hope it would be during playback.

As for the calibre of sound, it's truly impressive for the money, offering buckets of detail and rhythmic precision. Pace and momentum is exercised with articulation and vibrancy. You'll have to spend closer to £1500 to hear anything better.

Read the full review: Cyrus CD i

3. Roksan Caspian M2 CD

This Roksan player boasts excellent timing and dynamics, making it one of our favourites.

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Type: Integrated Outputs: Optical digital, coaxial digital, AES/EBU digital, RAC, Balanced XLR Dimensions: 43.2 x 33 x 8cm Weight: 10kg

Five years down the line and counting, the Roksan Caspian M2 CD is still going strong, and it's still the player to beat around the £2k mark. The M2 CD has an immensely solid, well-damped feel that suggests it will be working for years to come. The softly suspended CD transport is an unusual touch, but it minimises the amount of vibration fed in to and out of the mechanism to the benefit of performance.

Speaking of which, the Roksan prefers a slightly smooth and full-bodied balance which helps give one of the friendliest and most likeable presentations we’ve heard at this price. Yes, this Roksan will resolve the tiniest detail. Yes, it will communicate the music’s message beautifully. But what makes it great is that it will make the best of any disc you feed it. Take the most compressed and hard-sounding recording you have, and the Roksan will reveal all that’s good about it.

It lacks digital inputs and there's no streaming capabilities, but what it does do is play CDs better than similarly-priced rivals. A What Hi-Fi Award-winner in 2014 and still a terrific buy.

Read the full review: Roksan Caspian M2 CD

4. Quad Artera Play+

Not just a great CD player, but a hub for your system.

Type: Integrated Outputs: 2 x balanced XLR, coax, RCA Inputs: 2 x RCA, 2 x coax, USB, aptX Bluetooth Dimensions (hwd): 10.5 x 32 x 32cm Weight: 9kg

To call Quad’s Artera Play+ a CD player is to undersell its true capabilities. Think of this not just as a disc source for your system but also its hub. With analogue, digital and aptX Bluetooth inputs also included, this is a component of considerable versatility. Just add a power amplifier and speakers to complete the system.

It's a smart looking unit that's feels classy and superbly-made. Inside, you'll find the highly-rated ESS Sabre ES9018 DAC. This chip allows the unit to handle pretty much any file format out there from 32-bit/384kHz PCM all the way up to DSD 256. Sound is detailed and energetic, yet presented in an unforced and refined manner.

If all you're after is a CD player, then you might be best to choose something higher up this list that puts all its eggs in the audio basket. But if versatility is required and you want to stream your services over Bluetooth as well - and why not - then you'll find nothing else around that comes close.

Read the full review: Quad Artera Play+

5. Musical Fidelity M2sCD

An agile and refined-sounding CD player

Type: Integrated Outputs: Coaxial, optical, RCA Dimensions: 10 x 44 x 37.5cm Weight: 6.65kg

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The M2sCD is the firm’s most affordable CD player, sitting below the M3 and M6 models. Although initially launched at £799, some retailers are now offering the player for less and that puts it in a clever spot with the Marantz on one side and the likes of the Cyrus CDi and the Quad on the other.

There are no complicated features. It has a sleek, fuss-free design with RCA and coax outputs and no digital ins to think about. It's a player with a 24-bit Delta-Sigma dual differential DAC built in and nothing more.

Instead, your money goes towards a musical presentation that's refined and enjoyable to listen to. For those who like a smooth, musical, elegant and highly listenable sound, it’s a fine proposition – easily beating less expensive models for both breadth and clarity.

Read the full review:Musical Fidelity M2sCD

6. Technics SL-G700

A high-quality digital source that covers all bases and sings like a bird too.

Type: Integrated Outputs: Coaxial, optical, 6.3mm headphones, RCA, XLR Inputs: Coaxial, optical, 2x USB-A Dimensions (hwd): 9.8 x 43 x 40.7cm Weight: 12.2kg

CDs, SACDs, Bluetooth and music streamed over a network - this is a player for the 21st century. It's both Chromecast and AirPlay-enabled for easy connectivity and goes high quality on the wireless too thanks to MQA support.

Ergonomically, you can't argue with it. The precision controls and the silky smooth disc drawer feel top notch, even if it's a little squished up to one side for aesthetics. Likewise, the software for the streaming control isn't the best we've seen but it definitely gets the job done.

Fortunately, the functionality is rock solid whether from a disc or over the air and its sound is superb. It's nuanced enough to deliver the full emotional impact of vocals snd strings, and comes with enough weight in the bass to keep your tracks feeling big.

Punchy and tuneful, feature-packed and fun: if you’re looking to buy a high-quality digital source that covers all bases, the Technics SL-G700 is a brilliant option.

Read the full review: Technics SL-G700

7. Audio Research Reference CD9 SE

Range-topping CD player with a valve-powered output stage.

Type: Integrated Outputs: Balanced XLR, RCA, BNC (coax), AES/EBU Dimensions: 13.4 x 48 x 39cm Weight: 15kg

Is there still a place for a truly high-end CD player this far into the age of streaming? Apparently so. With its top-loading design, valve-powered output stage and hefty price tag, the Reference CD9 SE is quite some statement.

Inputs are limited to 24-bit/192kHz at best and DSD isn’t even on the menu but, for CD sound, this is a hugely accomplished performer that sets sky-high standards for one-box spinners.

You'll of course need a top class system to truly appreciate its talents but stereo imaging is excellent, with enough spatial information to give an appropriate sense of scale to recordings. There’s just so much detail here and a nicely judged tonal balance, both of which help to create a top-class, highly transparent sound. It's a strong choice high-end choice for those who still love the humble compact disc.

Read the full review: Audio Research Reference CD9 SE

8. Marantz SA-10

Not outrageous money by high-end standards, but as accomplished a no-compromise CD player as we've heard.

Type: Transport Outputs: Digital coaxial and optical Inputs: Digital coaxial and optical, USB Dimensions (hwd): 12.7 x 44 x 41.9cm Weight: 18.4kg

If price isn't an issue and pure sound-quality is your focus, then the Marantz SA-10 could be the CD player for you. This impressive-looking box can handle pretty much anything you care to throw in its direction. That includes SACDs and FLAC, DSD128, ALAC, AIFF and MP3 files fed into the player via USB.

Playback is aided by Marantz's custom-built SACD-M3 transport and a brand new signal path and digital-to-analogue section called Marantz Music Mastering. The result is breathtaking sound quality with amazing attention to detail. We’re struck by the way the Marantz renders the instrumental texture and the subtlety with which it tracks small-scale dynamic changes.

The remote control feels more luxurious than most supplied with high-end players, and we're impressed by this CD player's casework – it’s immensely rigid and well damped. If it's within budget, the Marantz SA-10 is a brilliant choice and one of the finest disc players you'll probably ever come across.

Read the full review: Marantz SA-10

9. Cambridge Audio CXC

If you already own a DAC, you can buy this CD transport instead of a standalone player. Trust us, its sound will impress.

Type: Transport Outputs: TOSLINK optical and S/PDIF coaxial Dimensions: 8.5 x 43 x 31.5cm Weight: 4.7kg

The Cambridge Audio CXC transport is an affordable way to listen to your CDs with precision quality that takes full advantage of an external digital-to-analogue converter. Yup, you'll need your own DAC, but that's why you get this attractive CD transport, which simply reads the data using its single-speed transport and S3 Servo, for under £500 / $650 / AU$1000.

Using this separate bit of kit to do one specific job makes for better sound quality. There’s a real musicality here that can get lost on lesser players, with organic, fluid interplay between instruments. Although the CXC is restricted to doing one thing – it only reads CDs, not SACDs or MP3 CDs – it does that one thing very well.

It's a nicely made bit of kit too, with a machined -metal chassis that feels solid and a design than matches the rest of Cambridge's impressive CX range, including a streamer and integrated stereo amplifier.

If you already own an external DAC, we would not hesitate to recommend the Cambridge CXC over a standalone CD player. You’ll have to spend a good deal more than £300 to match the sound quality it offers.

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Read the full review: Cambridge Audio CXC

10. Cyrus CD t

This Cyrus CD transport delivers tremendous bang for your buck.

Type: Transport Outputs: digital optical, digital coaxial Dimensions (hwd): 7.3 x 21.5 x 36cm Weight: 4.7kg

The Cyrus CD t is one of the best CD transports you can get, regardless of price. It's a CD transport, rather than a CD player, meaning it will simply read the data on the disc. You'll need a standalone DAC to handle all the digital-to-analogue conversion.

Cyrus's Servo Evolution disc-reading software, plucked from its £1750 CD xt Signature (below), combined with enhanced internal circuitry, creates a performance that's difficult to criticise. Sound is nuanced and subtly dynamic while offering deep bass with varied textures and precision throughout.

The die-cast aluminium chassis design is solid and the backlit remote offers a great way to enjoy everything from a comfy chair. Connectivity is best described as 'minimal', with two digital outputs – optical and coaxial – and the standard MC-BUS control connections.

Provided you own, or are willing to invest in, a good DAC, the CD t is an exceptionally talented transport for the money. Clarity and insight are unrivalled at this price.

Read the full review: Cyrus CD t

11. Cyrus CD Xt Signature

The Xt Signature transport sounds cleaner, crisper, and more dynamic than anything at the same price.

Type: Transport Outputs: Digital optical, digital coaxial Dimensions (hwd): 7.3 x 21.5 x 36cm

At this price you get what you'd expect from the Cyrus CD Xt Signature and that's pure, clean and crisp quality audio. Improvements to the power supply, electrical noise levels and servo control software all make this a refined CD transport. Indeed, Cyrus claims its software offers 20 per cent fewer errors in disc-reading when compared with the best OEM alternative.

The design is solid and the design crisply rendered, although it doesn't quite feel as premium as you'd expect for this kind of money. It's also worth noting that it's fussy about disc quality and the slot-loading transport rumbles a bit (though it's silent during playback).

Neither of those things really matter when you consider the astounding sound quality. The level of detail and razor-sharp precision, where every subtly is revealed, is hugely impressive. The Signature sounds cleaner, crisper and even more dynamic than its predecessor.

Offering the kind of performance we'd expect for double the money, the CD Xt Signature is a class-leader. If you want to hear how good your CDs can sound, and are happy to supply your own DAC, it's a terrific buy .

Read the full review: Cyrus CD Xt Signature

12. Chord Blu MkII

Chord's upscaling CD transport doesn't come cheap, but it sounds fabulous with the right DAC.

Type: Transport Outputs: AES, BNC S/PDIF Dimensions: 9.85 x 33.35 x 14.2cm Weight: 7kg

If you demand nothing but the best, the Chord Blu MkII CD transport could be just the ticket. The design and build are stunning thanks in part to the brushed-metallic finish. The level of quality matches the unit's impressive capabilities, including extreme upscaling. When playing CDs, the Blu will scale to 705.6kHz - but feed in a 48kHz signal from an external source and it hits the 768kHz limit. While upscaling CDs is nothing news, the Blu MkII does it delicately, without dulling any of the track's rhythmic drive or dynamic expression.

Partnered with a suitable DAC, such as the company's brilliant DAVE DAC, the Blu MkII delivers a beautifully balanced and textured sound. Vocals have a wonderful combination of weight, warmth and, when required, power. Individual strands of songs are rendered convincingly with a huge sense of scale and an expansive soundstage.

Quality costs, but those who think all CD transports sound the same are in for a shock. The Blu MkII delivers the most informative and enjoyable sound we’ve heard from the CD format.

Read the full review: Chord Blu MkII

13. Cambridge Audio AXC35

Slimline, no-frills CD player, a capable contender

Type: Integrated Outputs: Coaxial, RCA Dimensions: 7.5 x 43 x 30.5cm Weight: 4.3kg

With an asking price just shy of £300, the AXC35 CD player is actually the pricier of two compact disc spinners in this affordable Cambridge range. The inclusion of coax is the main difference but there's no optical out and no USB (for the connection of Apple products or USB memory devices).

Nonetheless, the sound is good. It offers plenty of scale, lots of subtlety and a good degree of dynamic fluidity too. The minimal design is slim and stylish, and you get a functional remote with a basic dot matrix display.

In summary, this fuss-free CD player serves up enough detail and clarity to justify its entry into our rundown of the Best CD Players. However, it's up against the truly brilliant Marantz CD6006 UK Edition, which sounds better across the board and has the added bonus of a USB input. Still, if you prefer the AXC35 CD's slim and stylish form factor, this unit is a very worthy proposition.

Read the full review: Cambridge Audio AXC35

14. NAD C 538

A solid CD player worthy of serious consideration.

Type: Integrated Outputs: Coaxial, optical, RCA Dimensions: 7 x 44 x 25cm Weight: 3kg

It's the only non-five-star CD player on the list but, at £249 / $349 / AU$549, it's one of the most affordable and appealing. NAD seems to have followed the same style notes for decades, and the C 538 bears many similarities to its forebears. The transport mechanism works well with minimum fuss and not much noise.

Once properly warmed up, the C 538 is a good, solid performer. It doesn’t set new standards for budget CD players, but it does deliver enough in the way of detail and clarity to keep most people happy. Stereo imaging is convincing too and the player’s soundstage remains solid throughout with instruments located with a good amount of stability.

Round the back, there’s the standard stereo RCA analogue outputs augmented by coax and optical digital connections – the latter being essential if you want to use this player as a transport.

A likeable all-round performer that isn't a class-leader, but for those who are keen on the NAD sound, the C 538 is definitely worth considering at this price.

Read the full review: NAD C 538

15. Onkyo C-N7050

This Onkyo has a foot in both camps, being both a CD player and music streamer. A truly versatile bit of kit.

Type: Integrated Outputs: Digital optical, digital coaxial, RCA Dimensions: 10.2 x 43.5 x 30.2cm Weight: 6.4kg

The Onkyo C-N7050 undoubtedly has a wide appeal. There aren’t many products that can spin CDs and stream files from one box, and not for such an affordable price either. Our usual starting price for individual CD players and streamers is £300 each, which makes this two-in-one machine better value than it might seem and a very good buy - so long as you can find one.

Plug the Onkyo into your home network using the ethernet port. It connects instantly, and recognises all devices on the network without a hitch.

The Onkyo’s file compatibility is extensive. From MP3 and AAC to high-resolution 24-bit/192kHz FLAC and WAV (and 96kHz ALAC), the C-N7050 will play all popular music formats. It supports DSD files, too. The C-N7050’s sonic presentation is upbeat and smooth, but edges aren’t soft. It doesn’t make a fuss with file types, either, having a forgiving balance that makes the most of low bit-rate MP3s while still retaining enough transparency to make listening to 24-bit/192kHz FLAC files a worthwhile experience.

Read the full review: Onkyo C-N7050

Certificates of deposits (CDs) are safe vehicles for investors hoping to avoid taking on too much risk. If you keep your funds locked up in the bank for an entire term (such as three months or one year), you can expect to end up with your initial deposit plus interest.

A 12-month CD won't pay the highest CD rates in the market. But right now, there isn't much of a difference between the annual percentage yields (APYs) on many one-year CDs and five-year CDs. The benefit to a short-term CD, such as a one-year CD is when your account comes due, you'll have an opportunity to see if a higher-yielding option is available.

Calculate how much interest you can earn using Bankrate's calculator, and use that information to compare offers to see what works best for you.

Summary of Best 1-year CD rates for March 2021

• Quontic Bank CD: 0.65% APY
• Live Oak Bank CD: 0.65% APY
• Comenity Direct CD: 0.63% APY
• Ally Bank CD: 0.60% APY
• BrioDirect CD: 0.60% APY
• First Internet Bank of Indiana CD: 0.60% APY
• Limelight Bank CD: 0.60% APY
• Amerant Bank CD: 0.60% APY
• Synchrony Bank CD: 0.55% APY
• Marcus by Goldman Sachs CD: 0.55% APY
• Radius Bank CD: 0.50% APY
• TIAA Bank CD: 0.50% APY
• Discover Bank CD: 0.50% APY

Note: The APYs (Annual Percentage Yields) shown are as of Feb. 26, 2021. Bankrate's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated. The rates for some products may vary by region.

Bankrate’s guide to choosing the right cd rate

Why you can trust Bankrate

Bankrate has more than four decades of experience in financial publishing, so you know you're getting information you can trust. Bankrate was born in 1976 as 'Bank Rate Monitor,' a print publisher for the banking industry and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.

Methodology for Bankrate’s 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: 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 Federal Deposit Insurance Corp. (FDIC) banks or by the National Credit Union Share Insurance Fund (NCUA) at National Credit Union Administration (NCUA) credit unions.

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.

Top banks offering 12-month CD rates for March 2021

Quontic Bank: 0.65% APY, $500 minimum deposit

Quontic Bank was established in 2005 and has its headquarters in New York. Quontic Bank calls itself the Adaptive Digital Bank.

You only need $500 to open a Quontic Bank CD. Quontic Bank offers five terms of CDs, ranging from one year to five years.

In addition to its CDs, Quontic Bank also has a money market account, a high-yield savings account and two checking accounts.

Considering the yield and minimum deposit, Quontic Bank’s one-year CD is one of the best offers available for this CD term.

Live Oak Bank: 0.65% APY, $2,500 minimum deposit

Live Oak Bank offers six terms of CDs. The shortest-term CD is the six-month CD and the longest-term CD is a five-year CD.

These CDs all have a $2,500 minimum deposit requirement. The bank also offers an online savings account, which doesn't have a minimum balance requirement.

Comenity Direct: 0.63% APY, $1,500 minimum deposit

Comenity Direct launched in April 2019. It's an online-only bank that offers high-yield savings products and CDs. Comenity Direct offers five terms of CDs.

Comenity Direct is a brand of Comenity Capital Bank. Comenity Capital Bank is a brand that's existed for around 30 years. Comenity is the bank behind many popular branded credit cards.

Ally Bank: 0.60% APY, $0 minimum deposit

Ally Bank is an online-only bank that has been around for a little more than 10 years. Its CDs have competitive APYs and few require a minimum deposit.

The bank offers several different types of CDs. In addition to its standard CDs, it has a raise your rate CD and a no-penalty CD. The raise your rate CD allows the interest rate to increase once with the two-year CD or twice with the four-year CD if the balance tier increases on your CD.

Ally Bank's early withdrawal penalties are less harsh than those that apply at most other banks. For example, the penalty applying to CDs maturing in five years is 150 days of interest (usually it's equal to at least 180 days of interest).

BrioDirect: 0.60% APY, $500 minimum deposit

BrioDirect is Sterling National Bank's online brand. All BrioDirect savings deposit products are provided by Sterling National Bank, which was founded in 1888.

BrioDirect only offers CDs and a high-yield savings account. Both of these savings products offer a competitive yield.

BrioDirect gives customers a variety of CDs to choose from since it offers 13 different terms - starting with 30 days and going out to five years. Even with this range of terms, the one-year CD is one of the best deals and has the highest APY for a CD at BrioDirect.

First Internet Bank of Indiana: 0.60% APY, $1,000 minimum deposit

First Internet Bank of Indiana was the first FDIC-insured financial institution to operate entirely online, according to the bank's website. First Internet Bank of Indiana opened in 1999 and is available in all 50 states.

First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.

Limelight Bank: 0.60% APY, $1,000 minimum deposit

Limelight Bank is a division of Capital Community Bank, with headquarters in Provo, Utah. Limelight Bank calls itself a conscientious bank that actively ties its business to eco-friendly initiatives. Savings deposits at Limelight Bank turn into loans for solar projects, according to its website.

Limelight Bank only offers CDs on its website.

Amerant Bank: 0.60% APY, $10,000 minimum deposit

Amerant Bank offers a competitive yield on its one-year CD. Amerant Bank has 26 banking centers - 18 in South Florida and eight in Houston.

However, the Amerant Bank CD yield mentioned here isn’t available in Florida and Texas. Plus, the high minimum amount to get that APY is $10,000, which may be a tough requirement for some savers to meet.

Synchrony Bank: 0.55% APY, $0 minimum deposit

Synchrony Bank has many CD terms to choose from. Synchrony Bank's 12 terms of CDs range from a three-month CD to a five-year CD.

Unlike the CDs, which have a $2,000 minimum deposit requirement, Synchrony Bank's high-yield savings account and money market account don't require a minimum balance.

Marcus by Goldman Sachs: 0.55% APY, $500 minimum deposit

Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA. Marcus offers nine terms of CDs, three no-penalty CD terms and a savings account.

The CDs require a $500 minimum to open one, but Marcus' savings account doesn't require a minimum deposit.

Radius Bank: 0.50% APY, $500 minimum deposit

Radius Bank is a digital bank that offers nine terms of CDs. But currently, only the one-year CD, 18-month CD and the three-year CD are available online.

It also offers checking accounts and savings accounts.

TIAA Bank: 0.50% APY, $1,000 minimum deposit

TIAA Bank Basic CDs give you an alert 20 days before the CD matures. They range in terms from three months to five years and require a $1,000 minimum deposit to open one.

TIAA Bank is a division of TIAA, FSB. TIAA Bank had 10 financial centers as of March 2020, all located in Florida.

Discover Bank: 0.50% APY, $2,500 minimum deposit

Discover Bank may be known for its credit cards. But it also offers a wide selection of banking products. It has been offering deposit products online since 2007.

Discover Bank offers CDs ranging in terms as short as three months to 10 years. It also offers a checking account, money market account and a savings account.

Compare no-penalty CDs

Traditional CDs typically come with early withdrawal penalties that can significantly reduce your earnings. To avoid forfeiting interest for closing out your account before the term officially ends, consider looking for liquid or no-penalty CDs. A no-penalty CD might be a good option during uncertain times. This applies to both the uncertainty of the economy due to coronavirus and the uncertainty of future rates.

Just keep in mind that the yields associated with no-penalty CDs tend to be lower than the rates tied to traditional CDs.

The following four banks offer no-penalty CDs:

• Ally Bank: 11 months; 0.50% APY, $0 deposit to earn top APY
• Marcus by Goldman Sachs: 7-13 months; 0.25% APY - 0.45% APY, $500 minimum deposit (7-month CD is 0.45% APY.)
• CIT Bank: 11 months; 0.30% APY, $1,000 minimum deposit
• PurePoint Financial: 11-14 months; 0.10% APY - 0.15% APY, $10,000 minimum deposit (11-month CD is 0.15% APY.)

Coronavirus and Your Money

The COVID-19 pandemic is deepening financial hardships for millions of Americans.

While CD rates are not likely to rise in this environment, their stability can offer some comfort to those who still have extra cash on hand. The rate on a CD stays the same during the deposit term and the account holder knows exactly when that term will end. With their locked-in interest rates, CDs are also a great choice to avoid the stock market's ups and downs.

1-year CD FAQs

What is a 1-year CD?

Having a 1-year CD means that your savings will be tied up for 12 months. Generally, you won't be able to access your funds during that period of time (unless you don't mind getting hit with an early withdrawal penalty). In exchange, you'll earn a higher yield than you would from a standard savings account or money market account.

Who should open a 1-year CD?

If you're not planning to touch your money for a year and believe the benefits of a 1-year CD are more attractive than the yield associated with a liquid savings account, then it's a good time to consider getting a 1-year CD. And if you're constantly dipping into your savings, a 1-year CD could help you save more money.

Today's top nationally widely available 1-year CD pays 0.65 percent APY. That's not enough to retire on, but it's a good vehicle to meet short-term financial obligations (like saving for a down payment on a mortgage) that can let your money grow near the rate of inflation without having to worry about missing out on better deals that arrive after you invest.

How CD rates work

Banks and credit unions set their own CD rates based on multiple factors, including inflation, and the rates set by competitors. Changes in treasury yields and Federal Reserve interest rate decisions are taken into account as well.

Some banks have a 10-day best rate guarantee, meaning you could end up with a better rate if the bank raises theirs within days of your decision to open and fund your account. But generally, once you open and fund a fixed-rate CD, you're stuck with that APY until your term ends. Over time, the bank may raise or lower the advertised rate for new account holders, but your rate will remain the same.

If you do your research, you'll find that some institutions offer bump-up or step-up CDs that allow rates to change either upon request or at certain intervals during the term. Rates for these CDs, however, tend to be lower than those tied to fixed-rate CDs.

When reviewing CD rates, pay close attention to the APY. The APY includes the effects of compounding. Compound interest is the interest you earn on interest.

Calculate how much interest you'll earn as you compare APYs.

Right now, average CD rates remain at historic lows. However, if you shop around, you can find better deals than what's offered by the primary bank managing your checking account. Researching rates at several local banks, as well as reputable online banks, will usually yield the best rate.

Can you lose money with a 1-year CD?

As long as you choose a 1-year CD with a fixed rate - and keep the funds in the CD for the duration of the term - you won't lose money. If you withdraw before the term of the CD allows, you may be subject to an early withdrawal penalty.

Also, each depositor at a Federal Deposit Insurance Corp. (FDIC) bank is insured to at least $250,000 per FDIC-insured bank. According to FDIC.gov, no depositor has lost a single cent on FDIC-insured funds as a result of a bank failure. If you're concerned about your FDIC insurance eligibility, you can use the FDIC's Electronic Deposit Insurance Estimator.

The standard share insurance amount is $250,000 per share owner, per insured credit union, for each ownership category at National Credit Union Administration (NCUA) institutions.

It's also important to factor in inflation. If the rate of inflation is higher than your CD yield, your purchasing power goes down.

1-year CD vs. other investment accounts

Before you buy a 1-year CD, it's important to find out how it stacks up against other types of investment vehicles. Read on to find out how 1-year CDs compare to more liquid accounts, like savings accounts and money market accounts.

1-year CD vs. savings account

CDs with terms lasting for one year often pay more interest than traditional savings accounts. Here's why: You're rewarded with a higher yield in exchange for agreeing to leave your money tied up for a set period of time.

What's more, if you keep money locked up in a CD, it's harder to access those savings. With a liquid savings account, there is usually no consequence for withdrawing funds (unless you make more than six withdrawals or transfers per statement cycle). Since your CD may have an early withdrawal penalty, you'll probably think twice about raiding your savings.

Another benefit 1-year CDs have over savings accounts is the guaranteed rate that applies for the full term. Savings account rates can change at any time as a result of changes in an interest rate environment or a bank's priorities. That means over time, your rate of return could decline.

Note that there are downsides to choosing a 1-year CD over a savings account. Because CDs traditionally are not liquid accounts, it's best to keep your emergency fund in a savings account. That way, you can easily access the funds you need to cover an unexpected expense without paying a penalty. Additionally, just as savings account interest rates can go down, they can also go up. By locking your money up in a CD, you could miss out on an opportunity to earn more interest.

1-year CD vs. money market account

Another option is parking your cash in a money market account. At some banks, the money market account requires a higher minimum deposit and pays more interest than the institution's savings account.

Compared to money market account rates, however, 1-year CD rates tend to be higher. In many cases, you can qualify for one of the top 12-month CD deals without having to fork over a large amount of cash. At banks with a tiered interest rate structure, you may have to deposit more money to earn the top money market account rate.

Like savings accounts, money market accounts are worth considering if you're not interested in tying up money for months or years at a time. You can easily withdraw your savings at any time without penalty, and at some banks, you'll have access to a debit card. Keep in mind that money market accounts are usually limited to a maximum of six convenient transfers or withdrawals per month or per statement cycle because of Regulation D. There may be a fee for exceeding this limit.

1-year CD vs. a 5-year CD

While a 5-year CD might have a higher APY, a shorter-term CD can be a better option. CD rates could change significantly in a year and you might not want to miss out on a good deal. Given the current interest rate environment, however, going with a long-term CD like a 4-year or 5-year CD doesn't make sense for many people.

Carefully weigh the pros and cons, and consider using a CD laddering strategy to take advantage of different CD term lengths.

Here are the best 1-year CD rates for March 2021

Learn more about other CD terms:

Banks usually offer CDs across multiple terms. Depending on the institution, you may have the option of choosing an account maturing in less than a year. There are also CDs that mature in as many as 10 years.

Carefully consider your financial goals and needs. Weigh your options and make an informed decision about what CD is right for you. You might be perfectly fine with a short-term, 1-year CD. Or you may find that you're better off opting for an account with a longer term.