Best 9-month CD rates - June 2023
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance.
Nell McPherson is the banking editor at Bankrate, where she leads a team of reporters dedicated to helping readers make the best decisions about their savings and checking accounts, CDs and money market accounts.
Robert R. Johnson, Ph.D., CFA, CAIA, is a professor of finance at Creighton University and chairman and CEO of Economic Index Associates, LLC.
Best available rates across different account types for Tuesday, June 06, 2023
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What To Know First
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.
Bankrate’s picks for the top 9-month CD rates
- CIBC Bank —5.11% APY, $1,000 minimum deposit
- America First Federal Credit Union —5.00% APY, $500 minimum deposit
- TIAA Bank —5.00% APY, $1,000 minimum deposit
- Synchrony Bank —4.80% APY, No minimum deposit
- TAB Bank —4.76% APY, $1,000 minimum deposit
- Vio Bank —4.75% APY, $500 minimum deposit
- Sallie Mae Bank —4.60% APY, $2,500 minimum deposit
- USAA Bank —4.50% APY, $1,000 minimum deposit
- Marcus by Goldman Sachs —4.30% APY, $500 minimum deposit
- Ally Bank —4.15% APY, No minimum deposit
- Capital One —3.90% APY, No minimum deposit
Note: Annual percentage yields (APYs) shown are as of June 2, 2023, and may vary by region for some products. Today’s top widely available nine-month CD pays 5.11 percent APY.
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Bankrate’s picks for the top 9-month CD rates
America First Federal Credit Union
Sallie Mae Bank
Marcus by Goldman Sachs
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.
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.
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, 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. (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, Bank5 Connect, Bank of America, Bank of the West, Barclays, Bask Bank, 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, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover 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, Morgan Stanley Private Bank, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, 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, Synchrony Bank, TD Bank, TIAA Bank, Truist Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.