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.

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

Top nationally available 9-month CD rates
Institution APY Minimum deposit
CD Bank 2.25% $10,000
USALLIANCE Financial 2.12% $500
Ally Bank 2.10% $25,000
VirtualBank 2.05% $10,000
Luana Savings Bank 1.95% $5,000

The best 9-month CDs pay nearly 100 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-hundredth of a percentage point.

Today’s top nationally available 9-month CDs pay 2.25 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

  • CD Bank is an online division of TBK Bank. It launched in May 2017 and is based in Dallas, Texas. TBK Bank earned four out of five stars in the latest review of its financial health.
  • 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.
  • 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.
  • VirtualBank operates as an online division of IBERIABANK, an FDIC-insured institution based in Lafayette, Louisiana. IBERIABANK earned four out of five stars in Bankrate’s latest review of its financial health.
  • Luana Savings Bank is based in Luana, Iowa. Founded in August 1908, it’s now one of Iowa’s largest banks. It’s also a major consumer and agricultural lender. In Bankrate’s latest review of the bank’s financial health, it earned five out of five stars.

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.