As the economy continues to recover from the effects of the pandemic, many people are looking for safe and secure ways to grow their savings. One popular option is a certificate of deposit (CD), which allows individuals to earn a fixed interest rate on their investment over a set period of time. In this article, we will explore the best 1-year CD rates of June 2023, helping you make an informed decision about where to invest your hard-earned money.
1. Ally Bank: Leading the pack with an impressive 5.42% APY, Ally Bank offers one of the highest 1-year CD rates available in June 2023. Known for its online banking platform and excellent customer service, Ally Bank is a trusted name in the financial industry.
2. Discover Bank: With an APY of 4.75%, Discover Bank is another top contender. It offers a range of CD terms to suit your investment needs, and its website is user-friendly and easy to navigate. Discover Bank is also known for its competitive rates and excellent customer support.
3. Marcus by Goldman Sachs: Offering a competitive APY of 4.65%, Marcus by Goldman Sachs is a reputable online bank that consistently provides attractive CD rates. Backed by the esteemed Goldman Sachs brand, Marcus offers customers a secure and reliable way to grow their savings.
4. Barclays: With an APY of 4.50%, Barclays is another strong option for individuals seeking a high yield on their 1-year CD investment. As an international bank with a solid reputation, Barclays offers customers a range of benefits, including competitive rates and a seamless online banking experience.
5. CIT Bank: Rounding out our list is CIT Bank, which offers an APY of 4.25%. CIT Bank is known for its customer-focused approach and its commitment to providing competitive rates to its customers. It also offers a variety of CD terms, allowing you to choose the option that best fits your financial goals.
It’s important to note that CD rates are subject to change, so it’s always a good idea to check the latest rates before making a decision. Additionally, be sure to read the terms and conditions of any CD carefully, as there may be penalties for early withdrawal or other restrictions.
Investing in a 1-year CD can be a smart strategy for individuals looking for a safe and predictable return on their investment. By choosing one of the best 1-year CD rates of June 2023, such as those offered by Ally Bank, Discover Bank, Marcus by Goldman Sachs, Barclays, or CIT Bank, you can take advantage of attractive yields and grow your savings with peace of mind.