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Best 9-month CD rates — July 2022

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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 can help. 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 to save for short-term goals.

The best 9-month CD rates for July 2022

Note: Annual percentage yields (APYs) shown are as of June 29, 2022, and may vary by region for some products. Today’s top widely available nine-month CDs pay 1.75 percent APY.

*Rate is available in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

Bankrate’s guide to choosing the right CD rate

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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 the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF).

Compare: Best 9-month CD rates for July 2022

Sallie Mae Bank: 1.75% 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, Utah. In 2014, Sallie Mae became a standalone consumer banking business.

TAB Bank: 1.55% 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.

BMO Harris: 1.40% 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. It’s based in Chicago.

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.

TIAA Bank: 1.30% 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 allows it to insure more than FDIC limits by spreading money around to a network of banks.

Randolph-Brooks Federal Credit Union: 1.26% APY; $1,000 minimum deposit

Randolph-Brooks Federal Credit Union was established in 1952 and is headquartered in Live Oak, Texas. It operates 61 branches and serves four major markets: Austin, Corpus Christi, Dallas-Fort Worth and San Antonio.

Randolph-Brooks Federal Credit Union also offers a Really Free Checking account that requires no minimum balance and charges no monthly fee. It has about 975,000 members.

Synchrony Bank: 1.10% APY; $0.01 minimum deposit

Synchrony Bank offers competitive yields across 14 standard terms. Its Best Rate Guarantee promises to pay a higher yield should Synchrony raise rates within 15 days of funding a newly opened account.

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

Marcus by Goldman Sachs: 1.10% APY; $500 minimum deposit

Marcus is the online-banking unit of Goldman Sachs geared to consumers. 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.

Ally Bank: 1.00% APY; $0.01 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 features low minimum balances and competitive APYs.

Ally Bank’s early withdrawal penalties are less harsh than those at most other banks. For example, the penalty on a five-year CD is 150 days of interest, compared with the 180 days of interest charged by many banks.

Vio Bank: 1.00% 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.

CIBC Bank: 0.85% APY; $25,000 minimum deposit for APY

CIBC Bank USA, formerly The PrivateBank and Trust Co., was founded in 1991 and is based in Chicago.

CIBC Bank USA calls its digital banking CIBC Agility. CIBC offers four CDs with terms ranging from nine months to two years. It also offers the CIBC Agility Online Savings Account, which offers a competitive yield.

Capital One: 0.75% APY; $0.01 minimum deposit

Capital One is an online bank that also has a brick-and-mortar presence. The McLean, Virginia-based bank operates 333 branches and about 50 Capital One Cafés.

It offers nine terms of regular CDs ranging from six months to five years that require no minimum deposit to open.

SchoolsFirst Federal Credit Union: 0.75% APY; $20,0000 minimum deposit

SchoolsFirst Federal Credit Union was formed by school employees during the Great Depression in 1934. The credit union has 50 branches.

SchoolsFirst serves the education community in California. Certain school employees, certain retired school employees and immediate family members of existing SchoolsFirst Federal Credit Union members are eligible to join.

SchoolsFirst offers CDs ranging from 30 days to five years. To open a CD, a $500 minimum deposit is required. If you put in more money you may be rewarded with a higher APY, as SchoolsFirst has four rate tiers: $500, $20,000, $50,000 and $100,000.

9-month CD yields offered by popular banks – July 2022

  • Discover Bank: 1.00% APY; $2,500 minimum deposit
  • Citibank: 0.05% APY; $500 minimum deposit in most markets
  • PNC Bank: 0.04% APY; $25,000 minimum deposit

Discover Bank: 1.00% 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 checking, money market and savings accounts.

Citibank: 0.05% APY; $500 minimum deposit

Citibank is one of the largest banks in the U.S. It offers fixed rate CDs, a step up CD and a no penalty CD.

Citi CD minimum deposits vary based on your location. The minimum is $1,000 in California and Nevada, $2,500 in Florida, Maryland, Washington, D.C., and Virginia and $500 in all other markets.

Citi also has a savings account with a competitive yield. But that account, the Citi Accelerate Savings, is only available in certain markets.

PNC Bank: 0.04% APY; $25,000 minimum deposit

PNC Bank maintains around 2,300 branches across the mid-Atlantic, Midwest and Southeast, and there are about 19,000 PNC and partner ATMs throughout the U.S. The bank has been around for more than 160 years, and its corporate headquarters are located in Pittsburgh.

The PNC High Yield Savings account is available in eligible markets. The account doesn’t require a minimum balance, so it’s an option if you’re just starting to save. The account also doesn’t have a monthly maintenance fee.

You’ll want to keep your PNC High Yield savings open for at least 180 days. Closing it before this will result in a $25 fee.

Is a 9-month CD rate worth it?

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.

Other short-term investments

Don’t forget to compare nine-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 nine-month CD than with a six-month CD. When you get a six-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 six-month CDs with yields that are similar to nine-month CD yields. If you want to be able to access your money sooner without penalty, shopping around for a six-month CD with a similar yield makes sense.

9-month CD rate vs. 1-year CD rate

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.

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, July 2022

Institution APY Minimum deposit for APY
Sallie Mae Bank 1.75% $2,500
TAB Bank 1.55% $1,000
BMO Harris* 1.40% $1,000
TIAA Bank 1.30% $1,000
Randolph-Brooks Federal Credit Union 1.26% $1,000
Synchrony Bank 1.10% $0.01
Marcus by Goldman Sachs 1.10% $500
Ally Bank 1.00% $0.01
Vio Bank 1.00% $500
CIBC Bank 0.85% $25,000
Capital One 0.75% $0.01
SchoolsFirst Federal Credit Union 0.75% $20,000

*Rate is available in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

Learn more about other CD terms:

Written by
Matthew Goldberg
Consumer banking reporter
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance.
Edited by
Senior wealth editor
Reviewed by
Professor of finance, Creighton University