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 nine-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 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.

Top nationally available 9-month CD rates
Institution APY Minimum deposit
Crestmark Bank 2.05% $25,000
USALLIANCE Financial 2.02% $500
Melrose Credit Union 1.96% $5,000
TAB Bank 1.92% $1,000
Ally Bank 1.80% $25,000

The best 9-month CDs pay nearly 80 basis points more than the national average of 1.26 percent APY, according to Bankrate’s most recent national survey of banks and thrifts. A basis point is equal to one one-hundredth of one percentage point.

Today’s top nationally available 9-month CDs pay 2.05 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.

Top account details

  • Crestmark Bank has served small-to-medium sized businesses in Troy, Michigan since it was founded in 1996. Today, it serves customers across the country. In Bankrate’s latest review of its financial health, Crestmark Bank earned five out of five stars.
  • USALLIANCE Financial is a credit union based in Rye, New York. It has branches in several states and more than 90,000 members around the world. It earned four out of five stars in Bankrate’s latest review of its financial health.
  • Melrose Credit Union was founded in 1922. It’s based in Briarwood, New York. Membership is open to anyone. A $1 one-time membership fee is required and new members must deposit at least $25 into a primary share savings account.
  • TAB Bank was founded in 1998. The financial institution is also known as Transportation Alliance Bank and is based in Ogden, Utah. In Bankate’s latest review of its financial health, it earned five out of five stars.
  • Ally Bank is an internet-only bank. Its holding company, Ally Financial, is based in Detroit. In addition to CDs, checking and savings accounts, Ally offers loans, credit cards and investment products. The bank earned five out of five stars in Bankrate’s latest review of its financial health.

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.