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.
What is a 9-month CD?
When you put your money in a CD, you agree to keep it there until the end of the CD’s term. With a 9-month CD, you leave the money in the account for nine months.
In return for locking up your money with a bank or other financial institution, they may pay you a slightly higher interest rate than you’d earn with a traditional savings or money market account.
A 9-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. If you open an account with an insured bank or credit union, your deposits are insured typically up to $250,000. This can be one way to save for short-term goals without a lot of risk.
The best 9-month CD rates for April 2021
- Marcus by Goldman Sachs: 0.65% APY; $500 minimum deposit
- Navy Federal Credit Union: 0.50% APY; $1,000 minimum deposit
- TIAA Bank: 0.45%; $1,000 minimum deposit
- Synchrony Bank: 0.35% APY; $0 minimum deposit
- Golden 1 Credit Union: 0.35% APY; $500 minimum deposit
- VyStar Credit Union: 0.35% APY; $500 minimum deposit
- SchoolsFirst Federal Credit Union: 0.35% APY; $20,000 minimum deposit for APY
- CIBC Bank: 0.35% APY; $25,000 minimum deposit for APY
Note: The APYs (Annual Percentage Yields) shown are as of April 1, 2021. The APYs for some products may vary by region. Today’s top widely available 9-month CDs pay around 0.65 percent APY.
Bankrate’s guide to choosing the right CD rate
Why you can trust Bankrate
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Methodology for Bankrate’s 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 Federal Deposit Insurance Corp. (FDIC) or by the National Credit Union Share Insurance Fund.
Compare: Best 9-month CD rates for April 2021
Marcus by Goldman Sachs: 0.65% APY; $500 minimum deposit to open
Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA. Marcus offers a variety of CDs, three no-penalty CD terms and a savings account. Marcus also offers debt consolidation loans, home improvement loans and personal loans.
Marcus by Goldman Sachs offers competitive yields on its CDs and savings accounts. Savings products from Marcus are provided through Goldman Sachs Bank USA. Marcus made its debut in October 2016 with unsecured personal loans. It started offering CDs and a savings account under the Marcus by Goldman Sachs brand in November 2017.
Navy Federal Credit Union: 0.50% APY; $1,000 minimum deposit to open
Navy Federal Credit Union has more than 9 million members and is the world’s largest credit union. It has a global network of 340 branches. Navy Federal Credit Union has its headquarters in Vienna, Virginia.
Membership at Navy Federal Credit Union is open to Department of Defense personnel, the armed forces, veterans and their families.
In addition to CDs, Navy Federal Credit Union offers checking and savings accounts, loans and credit cards.
TIAA Bank: 0.45% APY; $1,000 minimum deposit
TIAA Bank is a division of TIAA, FSB. TIAA Bank has 10 financial centers, all located 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. TIAA Bank has a service called CDARS (Certificate of Deposit Account Registry Service) for customers with high deposits who need expanded FDIC insurance coverage.
Synchrony Bank: 0.35% APY; $0 minimum deposit
Synchrony Bank offers competitive yields across 12 terms. All standard CD terms typically offered by banks and credit unions are available.
If Synchrony Bank receives your CD deposit within the 15-day period — and the CD rate increased, you’ll receive the higher rate.
The bank also offers a savings account and a money market account. The savings account has a competitive APY and has no minimum balance requirement.
Golden 1 Credit Union: 0.35% APY; $500 minimum deposit
Golden 1 Credit Union has 1 million members with its main office being located in Sacramento, California. Golden 1 Credit Union has 72 branches in California, and has been around since 1933. Membership to Golden 1 Credit Union is open to all Californians.
Non-Californians can join Golden 1 Credit Union if they are a registered domestic partner or family member of a member. They can also join if they’re a member of one of the select employee groups.
In addition to CDs, Golden 1 Credit Union also offers a money market account, checking and savings accounts. The credit union also has credit cards and loans.
VyStar Credit Union: 0.35% APY; $500 minimum deposit
VyStar Credit Union was founded in 1952. It was originally called Jax Navy Federal Credit Union and it was chartered at Naval Air Station in Jacksonville, Florida.
Membership at VyStar Credit Union is open to anyone who works or lives in the 49 Florida counties or the four Georgia counties listed on its website.
VyStar Credit Union offers 10 CDs terms ranging from three months to five years. It also offers a one-year CD for Kid’s, VyTeen, Bravo and Achieve members only.
SchoolsFirst Federal Credit Union: 0.35% APY; $20,000 minimum deposit for APY
SchoolsFirst Federal Credit Union was formed during the Great Depression in 1934.
The credit union, created by school employees, has 50 branches.
SchoolsFirst Federal Credit Union has low minimum balances and CD terms from as short as 30 days to as long as five years. The more money you put in your CD, the higher the APY.
CIBC Bank: 0.35% APY; $25,000 deposit for APY
CIBC Bank USA, formerly The PrivateBank and Trust Company, was founded in 1991 and is based in Chicago. It was rebranded as CIBC Bank USA.
CIBC Bank USA calls its digital banking CIBC Agility. CIBC offers both a 9-month CD and a 1-year CD online. It also offers the CIBC Agility Online Savings Account, which offers a competitive yield.
9-month CD yields offered by popular banks – April 2021
- Ally Bank: 0.30% APY; $0 minimum deposit
- Discover Bank: 0.30% APY; $2,500 minimum deposit
- Vio Bank: 0.15% APY; $500 minimum deposit
Ally Bank: 0.30% APY; $0 minimum deposit
Ally Bank is an online bank that was established in 2004. It’s headquartered in Sandy, Utah. In 2009, GMAC Bank was transformed into Ally Bank.
Ally has 2.25 million deposits customers, according to its website. It offers CDs in seven terms, as well as a no-penalty CD and two terms of a Raise Your Rate CD. It also offers a checking account and a money market account.
Discover Bank: 0.30% APY; $2,500 minimum deposit
Discover Bank may be known for its credit cards, but it also offers a wide selection of banking products. It has been offering deposit products online since 2007.
Discover Bank offers CDs ranging in terms from three months to 10 years. It also offers a checking account, money market account and a savings account.
Vio Bank: 0.15% APY; $500 minimum deposit
Vio Bank, established in 2018, is the national online division of MidFirst Bank.
Vio Bank offers both a High Yield Online Savings account and 10 terms of CDs. Those CDs range from the six-month CD all the way out to the 10-year CD.
Coronavirus and Your Money
The COVID-19 pandemic has caused financial hardships for millions of Americans.
While CD rates are not likely to rise in this environment, their stability can offer some comfort to those who still have extra cash on hand. The rate on a CD stays the same during the deposit term and the account holder knows exactly when that term will end. With their locked-in interest rates, CDs are also a great choice to avoid the stock market’s ups and downs.
Is a 9-month CD rate worth it?
One thing to consider as you compare 9-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 9-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 9-month CD can work well.
Additionally, a 9-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 9-month CD, carefully consider your goals and needs.
Other short-term investments
Don’t forget to compare 9-month CD rates to other short-term investments. Here are some things to keep in mind.
9-month CD rate vs. 6-month CD rate
In general, you’re likely to get a slightly higher rate with a 9-month CD than with a 6-month CD. When you get a 6-month CD, you’re agreeing to keep your money in the bank or credit union for a shorter amount of time, so you end up with a lower yield.
However, there are cases when you can find 6-month CDs with yields that are similar to 9-month CD yields. If you want to be able to access your money sooner without penalty, shopping around for a 6-month CD with a similar yield makes sense.
9-month CD rate vs. 1-year CD rate
Because a 9-month CD is a shorter-term investment, you’re likely to get a lower yield with it than you would see with a 1-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 1-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 9-month CD so you have earlier access to your money.
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.
Best 9-month CD rates, April 2021
|Institution||APY||Minimum deposit for APY|
|Marcus by Goldman Sachs||0.65%||$500|
|Navy Federal Credit Union||0.50%||$1,000|
|Golden 1 Credit Union||0.35%||$500|
|VyStar Credit Union||0.35%||$500|
|SchoolsFirst Federal Credit Union||0.35%||$20,000|