The 7 Best One-Month CDs of 2019
Explore your options for short-term savings
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Whether or not a one-month CD is right for you depends on your financial goals. Investing in a one-month CD is not a way to "get rich quick," nor is it a long-term investment strategy. Instead, this kind of CD works well if you have over $250k in the bank (the maximum amount covered by FDIC insurance) and want to keep your extra cash protected. A one-month CD may also be a good fit if you need to set aside some savings for the short term and are worried you'll be tempted to spend it — those early-withdrawal fees are a great deterrent if you have a tendency to dip into your reserves when you shouldn't.
Regardless of your reasons for wanting a one-month CD, it is important for you to know what is available so you can get the best return possible. Read on for our picks of the best options out there.
Best Overall: Colorado Federal Savings Bank
If you are looking to make money on a one-month CD, there is no better place to do so than Colorado Federal Savings Bank. They offer an APY of 0.50% with a minimum deposit of $5,000. In addition to offering the highest interest rate of any financial institution on a one-month CD, they also offer great rates on their other investment products as well.
As you might gather from the name, they are based in Colorado, but you can become a client from anywhere in the United States. The commitment is only for a month, so you will not be in a bind if you face a true emergency, but you also will remove the temptation of withdrawing from your savings account anytime you see something you want to purchase but don’t need (we have all been there). Colorado Federal Savings Bank has made it their mission to become a leading real estate oriented financial institution, so they have built a close affiliation with Provident Funding Associates, L.P. one of the largest and most highly respected non-bank mortgage originators and servicers in the nation.
Runner-Up, Best Overall: Presidential Bank, FSB
Presidential Bank offers amazing interest rates on all of their financial products, including their checking accounts, and offers one of the best values on a one-month CD. They can provide such great value by limiting the number of physical locations they own and by prioritizing quality services. Get a one-month CD with an APY of 1.00% and a minimum deposit of $1000. Presidential Bank is headquartered in Bethesda, Maryland and has branches throughout the metro DC area.
Did you know if you have more than $250,000 in your savings account, the extra is not covered by FDIC insurance? This means that if anything happens to the financial institution, you will only be able to recover $250,000. While it’s an unlikely scenario, leaving yourself potentially vulnerable is not a great idea. One way around this is to invest the remainder in a one-month CD. If you open a one-month CD at a different financial institution, you will be covered up to an additional $250,000.
Best Online-Only: VirtualBank
No need to change out of your pajamas or even leave your home to invest with VirtualBank, which, as its name implies, exists entirely online. You will need to hand over at least $10,000, so it’s not a cheap option, but it is an easy one and has a competitive interest rate for such a short-term investment. As you can imagine, they have great online and mobile banking experiences – which is good, since that is the only type of banking experience you are going to get! Expect an APY of 2.00% on a one-month CD. VirtualBank offers a handy CD calculator so you can calculate your annual percentage yield (APY) and ending balance. They also provide automatic renewal at maturity and free online and mobile banking.
Best for the Community-Minded: Citizens Trust Bank
Citizens Trust Bank is a private company that strives to be customer-centric and also fosters a sense of real community, stability, and growth for their clients. They offer a variety of financial products in addition to their CDs, and they are worth taking a look at as well. If you want to invest in a CD, just $500 will get you started, and you can choose a term as short as seven days for the same interest rate. A one-month CD is currently at an APY of 0.01%. If you are in Georgia or Alabama, you can also stop into a location for some personal banking and genuine Southern hospitality. Keep in mind if you invest just $1,000, you will likely end up earning less than a dollar from your one-month CD.
Best for Chase Customers: Chase Bank
If you already bank with Chase, you will be able to get a CD for 0.02% instead of the advertised 0.01%, which makes it a slightly better place to park your money for a month. A minimum deposit of $1,000 is required to get started. You will need to visit a Chase Bank location in-person if you would like to invest more than $100,000, but a one-month CD for any amount less than that can be quickly done online. Interest is compounded daily, so you will start earning money right away.
Want more information? Check out our full review of Chase Bank.
Best in the Midwest: Northpointe Bank
The best-kept secret of this Michigan-based bank is the amazing interest rate on their high-yield savings accounts. But they also offer a great rate on a CD lasting anywhere from 7 to 91 days. In 2017, Bankrate gave Northpointe an impressive 5-star rating for exhibiting “a superior condition, earning a full five stars for safety and soundness.” If you opt for any kind of one-month CD, not just Northpointe Bank's, you will have to decide how much money you want to invest and leave it there for the entire month or risk losing any interest you have earned (and potentially other additional fees). Northpointe Bank offers a one- month CD for an APY of 0.30% with a minimum deposit of $1,000.
You can also read through our full review of Northpointe Bank.