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, 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 January 2022
- Marcus by Goldman Sachs: 0.55% APY; $500 minimum deposit
- TAB Bank: 0.45% APY; $1,000 minimum deposit
- TIAA Bank: 0.45% APY; $1,000 minimum deposit
- Synchrony Bank: 0.35% APY; $0 minimum deposit
- VyStar Credit Union: 0.35% APY; $500 minimum deposit
- Randolph-Brooks Federal Credit Union: 0.35% APY; $1,000 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: Annual percentage yields (APYs) shown are as of Jan. 26, 2022, and may vary by region for some products. Today’s top widely available nine-month CD pays 0.55 percent APY.
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 January 2022
Marcus by Goldman Sachs: 0.55% 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.
TAB Bank: 0.45% 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.
TIAA Bank: 0.45% 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.
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 has increased during this time, you’ll receive the higher rate.
The bank also offers a money market account and a savings account, which offers a competitive APY and no minimum balance requirement.
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 Jacksonville in Florida.
Membership at VyStar Credit Union is open to anyone who works or lives in the 49 Florida counties or the 10 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.
Randolph-Brooks Federal Credit Union: 0.35% 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.
Besides CDs, Randolph-Brooks Federal Credit Union offers a Really Free Checking account that requires no minimum balance and charges no monthly fee. It has about 975,000 members.
SchoolsFirst Federal Credit Union: 0.35% APY; $20,000 minimum deposit for APY
SchoolsFirst Federal Credit Union was formed by school employees in 1934, during the Great Depression, and today has 50 branches.
SchoolsFirst Federal Credit Union has low minimum balances and CD terms from 30 days to five years. The more money you put in your CD, the higher the APY.
CIBC Bank: 0.35% 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.
9-month CD yields offered by popular banks – January 2022
- Ally Bank: 0.30% APY; $0 minimum deposit
- Discover Bank: 0.30% APY; $2,500 minimum deposit
- Sallie Mae Bank: 0.30% APY; $2,500 minimum deposit
Ally Bank: 0.30% APY; $0 minimum deposit
Ally Bank is an online bank that was established in 2004 and is headquartered in Sandy, Utah.
Ally has more than 2 million deposit 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 checking, money market and savings accounts.
Sallie Mae Bank: 0.30% APY; $2,500 minimum deposit
Sallie Mae Bank was established in 2005 and has its headquarters in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.
Sallie Mae Bank offers 11 terms of CDs, a savings account, money market account, credit cards and private student loans. Sallie Mae Bank offers a competitive yield on all of its deposit products.
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, January 2022
|Institution||APY||Minimum deposit for APY|
|Marcus by Goldman Sachs||0.55%||$500|
|VyStar Credit Union||0.35%||$500|
|Randolph-Brooks Federal Credit Union||0.35%||$1,000|
|SchoolsFirst Federal Credit Union||0.35%||$20,000|