{"id":224309,"date":"2024-04-16T12:40:42","date_gmt":"2024-04-16T12:40:42","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/04\/16\/the-best-1-month-cd-rates-secure-short-term-interest-now\/"},"modified":"2025-06-25T17:18:33","modified_gmt":"2025-06-25T17:18:33","slug":"the-best-1-month-cd-rates-secure-short-term-interest-now","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/04\/16\/the-best-1-month-cd-rates-secure-short-term-interest-now\/","title":{"rendered":"The best 1-month CD rates: secure short-term interest now"},"content":{"rendered":"<p> [ad_1]<br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/04\/GettyImages-1163282565-e1712243156481.jpg?w=2048\" \/><\/p>\n<p>A certificate of deposit (CD) provides a great way to earn interest on your savings with fewer risks compared to investment vehicles like stocks. It provides a nominal interest rate in exchange for being able to hold your funds for a specific time period, known as the term length.\u00a0<\/p>\n<div>\n<p>If you know you\u2019ll need to spend money soon but still want to earn a great interest rate in the meantime, a 1-month CD may be a great fit. Your money only remains tied up for a month and, in turn, you earn more interest than you\u2019d receive in a standard savings account\u2014though it\u2019s still a modest amount compared to long-term CDs.<\/p>\n<h2 class=\"wp-block-heading\" id=\"1-month-rates\"><strong>The best 1-month CD rates: Our 5 top picks*<\/strong><\/h2>\n<p>*APYs are current as of April 15, 2024, and are subject to change.<\/p>\n<h2 class=\"wp-block-heading\"><strong>The 5 best 1-month CDs of April 2024<\/strong><\/h2>\n<div class=\"product-card-inline-wrapper\">\n<div class=\"card-area-1\">\n<h4 id=\"bankofamerica\" class=\"card-title\">Bank of America<\/h4>\n<section class=\"card-description\">&#13;<\/p>\n<table>&#13;<\/p>\n<tbody>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>1-month APY<\/td>\n<p>&#13;<\/p>\n<td>0.03%<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>Minimum Deposit<\/td>\n<p>&#13;<\/p>\n<td>$1,000<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>Early withdrawal penalty<\/td>\n<p>&#13;<\/p>\n<td>The greater of all interest earned or seven days\u2019 interest on the amount withdrawn<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<br \/>\n<\/tbody>\n<p>&#13;<br \/>\n<\/table>\n<p>&#13;<br \/>\n<\/section>\n<\/div>\n<\/div>\n<h4 class=\"wp-block-heading\">Why we picked it<\/h4>\n<p>Bank of America offers fixed-term CDs with $1,000 minimum opening balances. You won\u2019t pay any annual fees although, like most CDs, you will pay an early withdrawal penalty if you take your money out early.\u00a0<\/p>\n<p>You can access your account via a mobile app, where you can see the interest you\u2019ve accrued and your account balances wherever you are. If you have more than $20,000 in combined accounts at Bank of America, you can qualify for Preferred Rewards. This gives you benefits such as better rates on savings, foreign currency exchanges, and loans.\u00a0<\/p>\n<div class=\"product-card-inline-wrapper\">\n<div class=\"card-area-1\">\n<h4 id=\"briodirect\" class=\"card-title\"><a href=\"https:\/\/oc.brcclx.com\/t?lid=26723553&amp;tid=3845175\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"sc-d963e821-0 eclfSM  \">BrioDirect<\/a><\/h4>\n<section class=\"card-description\">&#13;<\/p>\n<table>&#13;<\/p>\n<tbody>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>1-month APY<\/td>\n<p>&#13;<\/p>\n<td>0.05%<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>Minimum Deposit<\/td>\n<p>&#13;<\/p>\n<td>$500<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>Early withdrawal penalty<\/td>\n<p>&#13;<\/p>\n<td>1 month of interest, even if it hasn\u2019t been earned<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<br \/>\n<\/tbody>\n<p>&#13;<br \/>\n<\/table>\n<p>&#13;<br \/>\n<\/section>\n<\/div>\n<\/div>\n<h4 class=\"wp-block-heading\">Why we picked it<\/h4>\n<p>When you get a high-yield CD from BrioDirect, your interest compounds daily and will be added at maturity. Its 1-month CD rate is 0.05%, and it has one of the lowest minimum deposits offered, at $500.\u00a0<\/p>\n<p>Even though it\u2019s an online bank, you get the same protections you\u2019d find in a brick-and-mortar bank: FDIC deposit insurance. Because BrioDirect is an online bank, you\u2019ll need a smartphone to get started. However, opening an account takes only minutes and, from there, you can fund your CD via automated clearing house (ACH), check, or wire.\u00a0<\/p>\n<div class=\"product-card-inline-wrapper\">\n<div class=\"card-area-1\">\n<h4 id=\"pnc\" class=\"card-title\">PNC<\/h4>\n<section class=\"card-description\">&#13;<\/p>\n<table>&#13;<\/p>\n<tbody>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>1-month APY<\/td>\n<p>&#13;<\/p>\n<td>0.01%<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>Minimum Deposit<\/td>\n<p>&#13;<\/p>\n<td>$1,000<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>Early withdrawal penalty<\/td>\n<p>&#13;<\/p>\n<td>Equal to the interest you would\u2019ve earned if held to term<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<br \/>\n<\/tbody>\n<p>&#13;<br \/>\n<\/table>\n<p>&#13;<br \/>\n<\/section>\n<\/div>\n<\/div>\n<h4 class=\"wp-block-heading\">Why we picked it<\/h4>\n<p>If you have a large sum to invest, consider PNC Bank as you\u2019re rewarded for having a larger sum invested. With a fixed-rate CD, there\u2019s a minimum opening deposit of $1,000. However, if you\u2019re renewing the CD, you can renew with as little as $1 to earn interest. Interest rates on renewals below $1,000 are 0.01%. For deposits of $1,000 to $24,999.99, your interest rate is 0.02%. When depositing more than $25,000, your interest rate is 0.03%.\u00a0<\/p>\n<div class=\"product-card-inline-wrapper\">\n<div class=\"card-area-1\">\n<h4 id=\"jpmorgan\" class=\"card-title\">JPMorgan Chase<\/h4>\n<section class=\"card-description\">&#13;<\/p>\n<table>&#13;<\/p>\n<tbody>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>1-month APY<\/td>\n<p>&#13;<\/p>\n<td>0.01%<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>Minimum Deposit<\/td>\n<p>&#13;<\/p>\n<td>$1,000<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>Early withdrawal penalty<\/td>\n<p>&#13;<\/p>\n<td>Interest earned during CD term (not exceeding 1 month)<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<br \/>\n<\/tbody>\n<p>&#13;<br \/>\n<\/table>\n<p>&#13;<br \/>\n<\/section>\n<\/div>\n<\/div>\n<h4 class=\"wp-block-heading\">Why we picked it<\/h4>\n<p>If you have an established relationship with JP Morgan Chase Bank, such as by having a credit card or checking account already with them, you\u2019re going to have a better rate than a nonrelationship client will have. For nonrelationship CDs, you\u2019re only earning 0.01%. If you have a relationship with JP Morgan Chase, your rate is 0.02%, no matter the amount invested.\u00a0<\/p>\n<div class=\"product-card-inline-wrapper\">\n<div class=\"card-area-1\">\n<h4 id=\"usbank\" class=\"card-title\">U.S. Bank<\/h4>\n<section class=\"card-description\">&#13;<\/p>\n<table>&#13;<\/p>\n<tbody>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>1-month APY<\/td>\n<p>&#13;<\/p>\n<td>0.05%<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>Minimum Deposit<\/td>\n<p>&#13;<\/p>\n<td>$500<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<\/p>\n<tr>&#13;<\/p>\n<td>Early withdrawal penalty<\/td>\n<p>&#13;<\/p>\n<td>Greater of full-term interest or 1% of the amount withdrawn, plus a $25 fee<\/td>\n<p>&#13;<br \/>\n<\/tr>\n<p>&#13;<br \/>\n<\/tbody>\n<p>&#13;<br \/>\n<\/table>\n<p>&#13;<br \/>\n<\/section>\n<\/div>\n<\/div>\n<h4 class=\"wp-block-heading\">Why we picked it<\/h4>\n<p>U.S. Bank\u2019s 1-month CD, requiring only a $500 minimum opening deposit, offers one of the best interest rates at 0.05%. While a 0.05% APY will only earn you $0.02 on $500 after a month, it still beats many standard checking or savings account rates you\u2019ll find. Be sure you won\u2019t touch the money during the 1-month term, as it\u2019s got a hefty $25 fee, plus 1% of the amount withdrawn.<\/p>\n<h2 class=\"wp-block-heading\" id=\"pros-and-cons\"><strong>Pros &amp; cons of a 1-month CD<\/strong><\/h2>\n<p>If you\u2019re considering a 1-month CD, you should know what you\u2019re getting into. Here are some advantages and disadvantages to consider before investing.\u00a0<\/p>\n<div class=\"pros_cons\">\n<div>\n<h3>Pros<\/h3>\n<ul>\n<li>Your money is only tied up for 30 days<\/li>\n<li>The interest you\u2019ll earn is often more than a standard checking or savings account<\/li>\n<li>It\u2019s one of the lowest-risk options available<\/li>\n<\/ul>\n<\/div>\n<div>\n<h3>Cons<\/h3>\n<ul>\n<li>Returns not as high as investing in stocks or some other asset classes<\/li>\n<li>You may have better rates and fewer restrictions by putting the money into a high-yield savings account<\/li>\n<li>Withdrawing your money before maturity often has fees or penalties<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\" id=\"how-to-choose\"><strong>How to choose the best 1-month CD<\/strong><\/h2>\n<p>Before putting your money into a 1-month CD, know what to look for. Here is a general guide to choosing the best option for you:\u00a0<\/p>\n<ul>\n<li><strong>Compare interest rates: <\/strong>Not only should you compare interest rates across available 1-month CD terms, take a look at interest rates on other products with fewer restrictions.<\/li>\n<li><strong>Check the minimum deposit requirement: <\/strong>Most deposits have a minimum requirement of $1,000, although some let you invest as little as $500.<\/li>\n<li><strong>Understand early withdrawal penalties: <\/strong>Emergencies happen, so finding a 1-month CD with a reasonable early withdrawal penalty is important. Some charge only the interest you would\u2019ve earned if kept to term, however, some charge a fee on top of that interest.<\/li>\n<li><strong>Check the bank reliability: <\/strong>Many banks and credit unions require you to have an account with them to open a CD. Check the reviews to ensure this is a financial institution you\u2019d want to do business with. This includes seeing what accessibility you have. Can you view your accounts online? What if you need to visit a branch?<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\" id=\"alternatives\"><strong>Alternatives to 1-month CDs<\/strong><\/h2>\n<p>There are several savings options available to you if you want to consider an alternative. These include:<\/p>\n<ul>\n<li><strong>Savings account:<\/strong> Generally, a standard <a href=\"https:\/\/fortune.com\/recommends\/banking\/best-savings-accounts\/\" target=\"_self\" rel=\"noopener\" class=\"sc-d963e821-0 eclfSM  \">savings account<\/a> has fewer restrictions than you\u2019d find with a 1-month CD.\u00a0<\/li>\n<li><strong>High-yield savings account: <\/strong>A <a href=\"https:\/\/fortune.com\/recommends\/banking\/best-high-yield-savings-accounts\/\" target=\"_self\" rel=\"noopener\" class=\"sc-d963e821-0 eclfSM  \">high-yield savings account<\/a> is like a supercharged standard savings account, with some of the best rates hovering around 5.00% APY.\u00a0<\/li>\n<li><strong>Money market account (MMA): <\/strong>Think of an <a href=\"https:\/\/fortune.com\/recommends\/banking\/the-best-money-market-accounts\/\" target=\"_self\" rel=\"noopener\" class=\"sc-d963e821-0 eclfSM  \">MMA<\/a> as a savings account with check-writing privileges.\u00a0<\/li>\n<\/ul>\n<h3 class=\"wp-block-heading\" id=\"rates-by-term\">Best CD rates for more terms<\/h3>\n<p>When searching for competitive CD rates beyond the 1-month term, it\u2019s important to recognize that some banks with potentially higher rates might not be available nationwide. While our focus is on widely accessible options, local or regional banks might offer attractive rates but with limited availability.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-datawrapper wp-block-embed-datawrapper\">\n<p><iframe aria-label=\"Table\" id=\"datawrapper-chart-DkC95\" frameborder=\"0\" height=\"427\" loading=\"lazy\" scrolling=\"no\" src=\"https:\/\/datawrapper.dwcdn.net\/DkC95\/6\/\" style=\"border:none\" title=\"Best CD Rates by term length\" width=\"100%\"><\/iframe><\/p>\n<\/figure>\n<h4 class=\"wp-block-heading\"><strong>More CDs to consider:<\/strong><\/h4>\n<h2 class=\"wp-block-heading\" id=\"faqs\"><strong>Frequently asked questions<\/strong><\/h2>\n<details class=\"wp-block-details\">\n<summary>\n<h2><strong>Are 1-month CDs a good idea?<\/strong><\/h2>\n<\/summary>\n<p>If you want a safe, short-term way to park your money while earning slightly more interest than you would on a savings account, a 1-month CD might be a good choice. However, what you&#8217;ll earn is modest compared to what you might get in a high-yield savings account, and you&#8217;ll have a penalty if you take your money out early.\u00a0<\/p>\n<\/details>\n<details class=\"wp-block-details\">\n<summary>\n<h2><strong>How much does a 1-month CD pay?<\/strong><\/h2>\n<\/summary>\n<p>The APY on a 1-month CD is relatively low and varies by bank and current market rates. These rates are often below 0.05% APY and will vary by the amount invested.\u00a0<\/p>\n<\/details>\n<details class=\"wp-block-details\">\n<summary>\n<h2><strong>Should I buy a CD now or wait?<\/strong><\/h2>\n<\/summary>\n<p>In a high-interest rate environment like we\u2019re in now, you\u2019ll find some of the highest rates on CDs compared to a low-interest rate environment. Whether you should <a href=\"https:\/\/fortune.com\/recommends\/banking\/should-you-open-certificate-of-deposit-now-or-wait\/\" target=\"_self\" rel=\"noopener\" class=\"sc-d963e821-0 eclfSM  \">buy a CD now or wait<\/a> depends on your individual circumstances. However, if interest rates are a main concern, now is a great time.\u00a0<\/p>\n<\/details>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/fortune.com\/recommends\/banking\/the-best-1-month-cds\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] A certificate of deposit (CD) provides a great way to earn interest on your savings with fewer risks compared to investment vehicles like stocks.<\/p>\n","protected":false},"author":1,"featured_media":224310,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[149],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/224309"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=224309"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/224309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/224310"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=224309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=224309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=224309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}