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The best 1-year CDs have an interest rate of at least 0.55% APY. Many of our top picks also have a low minimum opening deposit.

Online banks channel their overhead cost savings into enhanced interest rates for customers. Check out GOBankingRates' picks for the Best Online Banks of 2021.

Here are all of Insider's bank reviews, split into brick-and-mortar banks, online banks, minority depository institutions, and business banking.

Best 5-year CD rates — June 2021 Bankrate 11 hrs ago © KOLOstock/Getty Images Family spending time together A certificate of deposit, or CD, is a financial product that allows you to stash away some cash and earn a fixed rate of interest on that cash for a set period of time. In exchange for handing over your money for a specified and longer term, banks are usually willing to offer you a higher interest rate. For example, a 5-year CD can earn you a higher (and guaranteed) rate than a typical savings account while still offering safety. Popular Searches Summary of best 5-year CD rates f...

Best 1-year CD rates — June 2021 Bankrate 2 hrs ago © MoMo Productions/Getty Images Mother working on laptop with daughter nearby Certificates of deposits (CDs) are safe vehicles for investors hoping to avoid taking on too much risk. If you keep your funds locked up in the bank for an entire term (such as three months or one year), you can expect to end up with your initial deposit plus interest. Popular Searches A 12-month CD won't pay the highest CD rates in the market. But right now, there isn't much of a difference between the annual percentage yields (APYs) on many one-year CDs an...