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Best 12 Month CD Rates Today: Top Offers for March 2025

Certificates of Deposit (CDs) are time-bound savings accounts that offer fixed interest rates for a specified term. A 12-month CD is a short-term investment option that balances higher interest rates with relatively quick access to funds. Unlike regular savings accounts, CDs require you to lock in your money for the agreed term, but in return, they provide better yields. This makes them ideal for individuals with a clear savings goal or those who want to park their funds securely while earning interest.

When selecting a 12-month CD, it is essential to consider factors such as the annual percentage yield (APY), minimum deposit requirements, early withdrawal penalties, and the financial institution’s reputation. The APY is particularly important as it reflects the actual return on your investment, accounting for compound interest. Additionally, some banks offer promotional rates or special terms for new customers, so it pays to shop around.

Top 12-Month CD Rates for March 2025

Below is a comparison of the best one-year CD rates available from leading US financial institutions as of March 2025. These rates are subject to change, so it is advisable to verify them directly with the banks or credit unions before opening an account.

Financial Institution	APY	Minimum Deposit	Early Withdrawal Penalty
Ally Bank	5.25%	$0	60 days of interest
Marcus by Goldman Sachs	5.20%	$500	90 days of interest
Synchrony Bank	5.15%	$2,000	90 days of interest
Discover Bank	5.10%	$2,500	90 days of interest
Capital One	5.05%	$0	90 days of interest

Factors to Consider When Choosing a 12-Month CD

While the interest rate is a critical factor, other considerations can influence your decision. Here are some key points to keep in mind:

Liquidity Needs: If you anticipate needing access to your funds before the CD matures, check the early withdrawal penalty terms. Some banks charge a flat fee, while others deduct a portion of the earned interest.
Minimum Deposit Requirements: Some institutions require a higher initial deposit to qualify for their best rates. Ensure the minimum deposit aligns with your budget.
Bank Reputation: Opt for well-established banks or credit unions with strong customer reviews and FDIC or NCUA insurance to protect your funds.

How to Open a 12-Month CD

Opening a CD is a straightforward process. Most banks allow you to apply online, though some may require an in-person visit. Here are the general steps:

Compare rates and terms from multiple institutions.
Gather the required documents, such as identification and funding source details.
Complete the application, either online or in person.
Fund the account with the minimum deposit.
Monitor the CD until maturity or set up automatic renewal if desired.

For further information, visit the official websites of the banks mentioned above or consult financial advisors to tailor the best CD strategy for your needs.

References:
Ally Bank
Marcus by Goldman Sachs
Synchrony Bank
Discover Bank
Capital One

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