Highest 1 Year Bank Certificate of Deposit Rate Increased to 1.20% APY

Synchrony Bank is the latest bank to increase certificate of deposit rates before the expected 2015 fed funds rate increase by the Federal Reserve. Synchrony Bank has increased their 1 year CD rate to 1.19 percent with an APY of 1.20 percent. This rate is now the highest 1 year rate from a bank in our database.

You can find a list of 1 year rates here: Best CD Rates

Bank Direct had the top 1 year rate for over a month at 1.16 percent with an APY of 1.17 percent. The highest 1 year rate in our database offered by a credit union is even higher at 1.30 percent with an APY of 1.30 percent. Connexus Credit Union is offering that top overall 1 year rate.

The best 2 year rate in our database remains the same this week at 1.34 percent with an APY of 1.35 percent. CIT Bank and Synchrony Bank are both offering 2 year CD rates at that rate and yield. The highest 2 year credit union CD rate is from HeritageWest Credit Union at 1.20 percent with an APY of 1.21 percent.

The best overall 3 year CD rate is higher this week. Synchrony Bank also increased their 3 year rates to 1.49 percent with an APY of 1.50 percent. The top 3 year rate in our database from a credit union is from Pentagon Federal Credit Union at 1.30 percent with an APY of 1.31 percent.

The top 5 year rate remained unchanged this week at 2.23 percent with an APY of 2.25 percent. Synchrony Bank, Barclays Bank, GE Capital Bank, and Nationwide Bank are all offering 5 year rates at 2.23 percent with an APY of 2.25 percent.