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Best 18-month CD rates – October 2022

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Deciding where to stick your savings can be tricky. Savings accounts and money market accounts are highly liquid but don’t usually offer the best rate of return.

Long-term CDs offer better rates, but your funds are locked in for years unless you’re willing to pay a big penalty to withdraw your money early.

An 18-month CD offers the best of both worlds: a higher yield than a standard savings account and a relatively brief term.

What is an 18-month CD?

With a CD, you agree to leave your money in the account for a set period of time — in this case, 18 months. In return for your commitment to leave the money alone, you receive a higher yield than you would earn in a savings account.

With an 18-month CD, your annual percentage yield (APY) is locked in, so you don’t have to worry about your bank potentially lowering the rate on your account.

An 18-month CD can be ideal for setting aside money for short-term goals, such as going on vacation or saving for a car down payment. You can also use an 18-month CD to build a CD ladder.

Here are the top widely available 18-month CD rates. Compare these offers, then calculate how much interest you would earn when your CD matures.

Bankrate’s picks for the top 18-month CD rates

Note: Annual percentage yields (APYs) shown are as of Sept. 28, 2022, and may vary by region for some products.

Today’s top, widely available 18-month CD pays 3.30 percent APY. An 18-month CD might be a suitable term for saving for a down payment on a house or a new car.

A closer look at the top 18-month CD rates

TAB Bank: 3.30% APY; $1,000 minimum deposit

TAB Bank was established in 1998 in Ogden, Utah, as a banking service inside truck stops. TAB (Transportation Alliance Bank) serves businesses and individual customers.

It offers CDs in eight terms ranging from six months to five. It also offers several checking accounts and savings accounts, including a high-yield savings account with a competitive yield.

Popular Direct CDs are for established savers, since the CDs have a $10,000 minimum deposit requirement. The CDs come in eight fixed terms, ranging from three months to five years.

Popular Direct’s High-Rise savings account offers a competitive yield and requires a $5,000 minimum deposit. All Popular Direct deposit accounts are opened through Popular Bank.

Bank5 Connect: 3.20% APY; $500 minimum deposit

Bank5 Connect is an online division of BankFive, a community bank in Massachusetts that dates to 1855.

Bank5 Connect offers six terms of CDs, a savings account and a checking account. It is a member of the Depositors Insurance Fund (DIF), which protects savers whose deposits exceed the $250,000 insurance limit of the Federal Deposit Insurance Corp. (FDIC).

LendingClub Bank: 3.15% APY, $2,500 minimum deposit

LendingClub Bank is a digital financial company that offers personal and business banking products. It acquired Radius Bank in early 2021. LendingClub Bank offers five terms of CDs, a high-yield savings account with a competitive yield and a checking account that earns cash back.

Live Oak Bank: 3.15% APY; $2,500 minimum deposit

Founded in 2007, Live Oak Bank is an online-only bank based in Wilmington, North Carolina. It offers seven CD terms and a high-yield online savings account.

Live Oak Bank has a mobile app that allows customers to manage their accounts from anywhere. It offers a limited number of products, but yields are competitive.

Sallie Mae Bank: 3.15% APY; $2,500 minimum deposit

Sallie Mae Bank offers 11 terms of CDs, a savings account, money market account, credit cards and private student loans.

Sallie Mae Bank offers a competitive yield on its deposit products.

Sallie Mae Bank was established in 2005 and has its headquarters in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.

First Internet Bank of Indiana: 3.04% APY; $1,000 minimum deposit to open

First Internet Bank of Indiana is an FDIC-insured financial institution that operates online and has no branches. It opened in 1999 and offers products in all 50 states.

First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.

USAA: 3.04% APY; $1,000 minimum deposit

USAA is an online bank for military members, military veterans and their families. Without a link to the military, you might not qualify to join.

USAA offers CDs in terms ranging from one month to seven years. It also offers checking and savings accounts, credit cards and mortgages and other loans.

Ally Bank: 3.00% APY; $0 minimum deposit

Ally Bank is an online-only bank that has been around for a little more than 10 years. Its CDs have competitive APYs and few require a minimum deposit to earn the top APY.

The bank offers several different types of CDs. In addition to its standard CDs, it has a raise your rate CD and a no-penalty CD.

Ally Bank also offers a savings account and a checking account.

Marcus by Goldman Sachs: 3.00% APY; $500 minimum deposit

Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA. The online bank has a variety of CDs. This includes nine standard CDs in terms ranging from six months to six years, three no-penalty CDs and a Rate Bump CD.

Marcus by Goldman Sachs offers competitive yields on its CDs and high-yield savings account.

Alliant Credit Union: 3.00% APY; $1,000 minimum deposit

Alliant Credit Union was established in 1935 as United Airlines Employees Credit Union. It is the largest credit union in Illinois and one of the largest in the United States. Alliant has more than $14 billion in assets and 600,000 members nationwide.

Those eligible for membership include employees of specific companies, members of qualifying organizations, family members of an existing Alliant Credit Union member and anyone who lives in the Chicago area, where Alliant is headquartered.

Limelight Bank: 3.00% APY; $1,000 minimum deposit

Limelight Bank is a division of Capital Community Bank and has its headquarters in Provo, Utah.

Limelight Bank offers CDs only on its website and requires a minimum deposit of $1,000 for each of its four terms. Savers shopping for terms longer than three years will have to look elsewhere.

CIBC Bank USA: 2.96% APY; $25,000 deposit for APY

CIBC Bank USA, formerly The PrivateBank and Trust Co. was founded in 1991 and is based in Chicago. It was rebranded as CIBC Bank US.

CIBC Bank USA calls its digital banking CIBC Agility. CIBC offers Agility CDs with terms of nine months, 12 months, 18 months, 24 months and 30 months. The minimum deposit to open an Agility CD is $1,000, but the best yields require a balance of at least $25,000. CIBC USA also offers the Agility Online Savings Account, which offers a competitive yield.

How to find the best 18-month CD rates

An 18-month CD is a low-risk investment. But before you purchase one, it’s important to know what you’re getting yourself into.

Ask if you’ll have to maintain a certain balance to earn the APY. While you’re at it, find out how often you’ll receive the interest you’re earning from your bank or credit union. That way, it’ll be easier to hit your savings target or another financial goal.

Don’t assume that the best 18-month CD rates are found at your current bank. Instead, compare CDs online.

Finding the best 18-month CD may take some time. Besides the interest rate, you’ll need to compare early withdrawal penalties and minimum deposit requirements. Also, find out whether you’ll be responsible for any fees.

18-month CD FAQs

Bankrate’s methodology for choosing the best CD rates

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield (APY), the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.

When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.

Banks we monitor

These financial institutions are featured in our CD rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank 5 Connect, Bank of America, Bank of the West, Barclays, Bask Bank, BB&T, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens Access, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, E-Trade Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, LegacyTexas Bank, Limelight Bank, Live Oak Bank, M&T Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, Purepoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Suntrust Bank, Synchrony Bank, TD Bank, TIAA Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.

Written by
Libby Wells
Contributing writer
Libby Wells covers banking and deposit products. She has more than 30 years’ experience as a writer and editor for newspapers, magazines and online publications.
Edited by
Managing editor
Reviewed by
Professor of finance, Creighton University