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The 1 year CD remains the most popular deposit product on BankVibe this month. The one-year CD comes with a fixed rate and most banks will impose a hefty penalty fee for early withdrawals. If you are currently in the market for a 1 year CD and are strictly after the most lucrative rate, we suggest looking locally to your banks and credit unions as these institutions (depending where you live) can generally provide more competitive returns than the larger national banks.
Highest Yielding 1 year Certificate of Deposit Rates:
2.22% APY - Melrose Credit Union: Last time we reported on Melrose’s infamous 12 month CD it was yielding a whopping 3.08% APY when the national average was closer to 2.25% APY, they then dropped this rate to 2.27% and again to it’s current level at 2.22% APY. Keep in mind the national average for 1 year CD’s currently sits at a dismal 1.65% APY. Melrose Credit Union is headquartered in the Bronx, NY and serves the residents on that state.
2.01% APY - One West Bank (formerly IndyMac): This product was providing returns of 2.25% APY and recently dropped that rate to it’s now 2.01% level. Unlike Melrose CU, this institutions opens it’s doors to customers nationwide and frequently offers online CD specials. Currently they have an online 2 year CD yielding 2.25% APY and an online 3 year CD yielding 2.50% APY. They also offer a lucrative money market account which is providing returns of 1.75% APY, however like all MMA’s this comes with a variable interest rate which is subject to change without notice. 
2.01% APY - Franklin Synergy Bank: This is 12 month “online only” CD which can be opened by customers nationwide. It comes with a minimum deposit requirement of $1,000. They also offer an “E-Savings Account” which provides yields of 1.15% APY on balances of $0 - $24,999 and 1.55% APY on balances above $25k. The E-Savings account provides more liquidity than the fixed rate 1 year CD, however it comes with a significantly lower interest rate.