Reaching your savings goals can be challenging, and having easy access to funds in a money market or savings account doesn’t help.

If you struggle to keep your hands off your savings, a nine-month CD might be a good solution. As with other CDs, there’s an early withdrawal penalty, which may be reason enough to keep you from touching your deposits before the maturity date.

With a nine-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.

What is a 9-month CD?

A nine-month CD is a certificate of deposit that matures in nine months. In return for locking up your money with a bank or other financial institution for the term, it may pay you a slightly higher interest rate than you’d earn with a traditional savings or money market account.

A nine-month CD offers a few key benefits. With your rate locked in, you don’t have to worry about the bank cutting your rate until after the CD matures. Accounts opened at most banks or credit unions are insured, typically up to $250,000, eliminating risk while helping you save for short-term goals.

Bankrate’s picks for the top 9-month CD rates

Note: Annual percentage yields (APYs) shown are as of Jan. 31, 2023, and may vary by region for some products. Today’s top widely available nine-month CD pays 4.25 percent APY.

*Rate is not available in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

A closer look at the top 9-month CD rates

Vio Bank: 4.25% APY; $500 minimum deposit

Vio Bank is an online-only bank that offers CDs and a high-yield savings account with competitive rates. CD terms range from six months to 10 years.

Vio Bank is a division of MidFirst Bank, based in Oklahoma City.

TAB Bank: 4.25% 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 several checking accounts, a couple of savings account options, a money market account and CDs in eight terms, from six months to five years.

America First Federal Credit Union: 4.00% APY; $500 minimum deposit

America First Credit Union was founded in 1939 in Salt Lake City. It has CDs with terms ranging from three months to five years. The minimum opening deposit for CDs is $500.

It also offers a variety of checking and savings accounts.

BMO Harris: 4.00% APY; $1,000 minimum deposit

BMO Harris offers online accounts and operates more than 500 branches in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

BMO Harris offers 10 CD terms ranging from three months to five years, each requiring a minimum $1,000 deposit to open. It also offers several online CDs with competitive yields, although these rates are unavailable to residents of states where it maintains branches.

USAA Bank: 4.00% 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.

Synchrony Bank: 3.95% APY; $0 minimum deposit

Synchrony Bank offers competitive yields across 14 standard terms. Its Best Rate Guarantee promises to pay a higher yield if the bank raises rates within 15 days of a new account being funded.

The bank also offers a money market account and a savings account, both of which offer a competitive APY and no minimum balance requirement.

Marcus by Goldman Sachs: 3.95% APY; $500 minimum deposit

Marcus is the online personal banking unit of Goldman Sachs. Marcus offers nine terms of CDs, three no-penalty CD terms and a savings account.

Marcus CDs require a $500 minimum to open, but its savings accounts have no minimum deposit requirement.

CIBC Bank: 3.85% APY; $25,000 minimum to earn 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 USA.

CIBC has 12 CD terms, ranging from 30 days to five years. The minimum deposit to open a CD is $1,000. Also offered are a savings account, a money market account and three checking accounts.

Sallie Mae Bank: 3.80% 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. It offers a competitive yield on its deposit products.

Established in 2005, Sallie Mae Bank is headquartered in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.

TIAA Bank: 3.65% APY; $1,000 minimum deposit

TIAA Bank is a division of TIAA FSB and has 10 branches, all in Florida.

TIAA offers CD terms ranging from three months to five years. It also offers a Bump Rate CD, which allows a one-time rate bump if rates go higher. For customers with large deposits who need expanded FDIC insurance coverage, TIAA Bank offers a service that spreads money around to a network of banks.

Randolph-Brooks Federal Credit Union: 3.65% APY; $1,000 minimum deposit

Randolph-Brooks Federal Credit Union is headquartered in Live Oak, Texas, and operates 61 branches serving four major markets in the state: Austin, Corpus Christi, Dallas-Fort Worth and San Antonio. It has about 975,000 members.

Randolph-Brooks Federal Credit Union has CDs with terms ranging from six months to seven years. It also offers a Really Free Checking account that requires no minimum balance and charges no monthly fee.

Ally Bank: 3.50% APY; $0 minimum deposit

Ally Bank is an online bank that offers seven terms of CDs, as well as savings, checking and money market accounts and IRAs. Ally Bank CDs have no minimum balance requirements and offer competitive APYs.

Ally Bank’s early withdrawal penalties are lower than those at most other banks. For example, the penalty on a five-year CD is 150 days of interest; many banks charge 180 days of interest.

How to find the best 9-month CD rates

Comparison shopping is key when you’re looking for the best nine-month CD rates. There are multiple types of CDs, including bump-up CDs and liquid CDs. But the top nine-month CD rates are usually found with traditional CDs.

Check out the best nine-month CDs offered by banks and credit unions and weigh the pros and cons of going with a short-term certificate of deposit over an account that’s more liquid. Don’t forget to calculate how much interest you could earn by the end of your term.

9-month CD FAQs

  • One thing to consider as you compare nine-month CDs is whether they are worth the yield. If you withdraw money early, you’ll pay a penalty that might, in some cases, equal the amount of interest you would have earned.

    When used appropriately, though, a nine-month CD can be worth it, depending on your goals. If you want a safe place to store your money while enjoying a bump in yield, and you just need it kept out of your own hands for nine months, a nine-month CD can work well.

    Additionally, a nine-month CD can be a useful rung in a short-term CD ladder for more immediate goals or for an emergency fund. Before getting a nine-month CD, carefully consider your goals and needs.
  • Don’t forget to compare nine-month CD rates to other short-term investments. Here are some things to keep in mind.

    9-month CDs vs. 1-year CDs

    Because a nine-month CD is a shorter-term investment, you’re likely to get a lower yield with it than you would see with a one-year CD rate. However, in some cases, the yield isn’t that much different. You might be able to get a yield that is 5 or 10 basis points higher with a one-year CD, but that might not make a huge difference in how much interest you earn.

    Carefully consider your goals and whether it makes sense to lock up your money for a longer period of time for such a small difference. It might be a better choice to get the nine-month CD so you have earlier access to your money.

    Consider a savings account or money market account

    A money market account or a high-yield online savings account may offer higher interest rates than a one-month CD. Additionally, you’ll be able to access your money quickly with no penalty. Money market and high-yield savings accounts, however, typically require higher balances and may restrict your access to the money.

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 some 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as several popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: 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 Federal Deposit Insurance Corp. (FDIC) or by the National Credit Union Share Insurance Fund (NCUSIF).

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 Financial (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.