Credit unions are often able to offer higher CD rates than brick-and-mortar banks and online banks. These non-profit institutions are owned by their members and, in many cases, have lower operating costs than traditional banks. As such, they can pass along a better return on savings to their customers. To find the best CD rates, you should consider all of your options, including local bank and credit union CDs. Unlike traditional banks, many credit unions allow you to open a CD with as little as $500 and offer terms up to five years. You can also use CDs Credit Union CD Rates as part of a laddering strategy to earn a high rate on your money.

To find the highest CD rates, we compared 1-year CDs offered by credit unions with those offered by brick-and-mortar banks and online lenders. We took into account the amount of money you could invest, the interest rate, how often it compounds, the minimum deposit required and the early withdrawal penalty. We also reviewed the terms of each CD to make sure they matched your needs.

In general, credit unions have a more customer-friendly approach to banking than their brick-and-mortar counterparts. However, you will still find a variety of restrictions on who can join a credit union and open a share certificate. You may find restrictions based on where you live, where you work or groups you belong to. As a result, it’s important to check the requirements for each credit union before you open an account.

The top credit unions for CDs are listed below with their APYs and minimum deposit requirements. We have ordered them by the shortest term, then by the amount of the minimum deposit required and finally by which institution has the lowest early withdrawal penalties. If there is a tie, the credit union offering the shorter term has been given preference.

SchoolsFirst Federal Credit Union

If you are a teacher, school employee or retiree, you can become a member of this credit union and take advantage of their high CD rates. This California-based credit union offers CDs with terms as short as 30 days and as long as five years. You can even choose from four balance tiers, which means the more you deposit, the better your APY.

Golden 1 Credit Union

Founded in 1933, this California-based credit union has over 70 branches throughout the state. Their high-yield CDs have a minimum deposit of $500 and offer a variety of terms up to five years. The credit union is an NCUA-insured institution, meaning your investments are as safe as they would be in a regular bank account. However, you should be aware that the credit union is not FDIC-insured. You may want to consider opening a separate account with an FDIC-insured bank if you plan to hold your investments for a long period of time.