Meeting savings goals can be challenging. And having easy access to funds in a money market or savings account probably doesn’t help.

If you struggle to keep your hands off your savings, a 9-month CD may offer the perfect solution.

As with other CDs, there’s an early withdrawal penalty. That may be enough to keep you from touching your deposits before your maturity date.

With a 9-month CD, you’ll avoid tying up your funds for an extended period of time. What’s more, you’ll earn a higher rate of return than you would through most savings accounts or a CD with a shorter term. Calculate how much interest you could potentially earn when your CD matures.

The best 9-month CDs pay nearly three-tenths of a percentage point more than the national average of 1.01 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.

Today’s top nationally available 9-month CDs pay 1.30 percent APY. This may be a good place to invest for short-term financial obligations, like replacing a major home appliance.

The interest rates associated with short-term CDs aren’t as good as the ones for CDs that mature in a few years or more. To earn as much interest as possible, compare the best 9-month CD rates offered by institutions online.

Here are the top nationally available rates for 9-month CDs.

Best 9-month CD rates
Institution APY Minimum deposit
Luana Savings Bank 1.30% $5,000 1.20% $10,000
TAB Bank 1.16% $1,000
VirtualBank 1.16% $10,000
EverBank 0.98% $5,000

Top account details

  • Luana Savings Bank is based in Luana, Iowa. Founded in August 1908, it’s now Iowa’s 16th largest bank. It’s also a major consumer and agricultural lender. The bank earned four out of five stars on Bankrate’s latest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the United States.
  • was recently founded as the online division of TBK Bank, headquartered in Dallas. The bank offers CDs with term lengths ranging from three months to five years. TBK Bank earned four out of five stars from Safe & Sound.
  • TAB Bank was launched in 1998 as Transportation Alliance Bank, Inc., a financial instruction supporting the trucking industry. Over time, the bank began serving businesses in various fields. Based in Ogden, Utah, TAB Bank earned four out of five stars from Safe & Sound.
  • VirtualBank is an online bank based in Miami. It’s a division of Sabadell United Bank, an FDIC-insured institution that earned four out of five stars from Safe & Sound.
  • EverBank is a division of TIAA and provides multiple financial services including banking and investment products. Headquartered in Jacksonville, Florida, the bank operates online and has 10 branches. EverBank earned three out of five stars from Safe & Sound.
  • Based in Beverly Hills, California, EH National Bank serves customers across the country. Originally founded as Excel National Bank, it changed its name in 2011. EH National Bank earned two out of five stars from Safe & Sound.

Protect your savings

Investing in CDs isn’t as risky as playing the stock market. As long as you choose a certificate of deposit that’s federally insured, you can be certain you’ll receive a specific amount of interest at the end of your term.

Look for accounts with savings protected by the Federal Deposit Insurance Corp. or the National Credit Union Association.

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