Best 9 Month CD Rates for November 2022
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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 for more immediate goals or for an emergency fund. Before getting a nine-month CD, carefully consider your goals and needs.
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.
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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.Bankrate s picks for the top 9-month CD rates
3 30% APY $500 minimum deposit 3 05% APY $0 minimum deposit 3 05% APY $1 000 minimum deposit 3 05% APY $2 500 minimum deposit 2 85% APY $0 minimum deposit 2 85% APY $2 500 minimum deposit 2 75% APY $1 000 minimum deposit* 2 70% APY $0 minimum deposit 2 50% APY $500 minimum deposit 2 27% APY $1 000 minimum deposit 2 05% APY $1 000 minimum deposit 2 00% APY $500 minimum deposit Note: Annual percentage yields (APYs) shown are as of Oct. 28, 2022, and may vary by region for some products. Today’s top widely available nine-month CD pays 3.05 percent APY. *Rate is not available in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.A closer look at the top 9-month CD rates
3 30% APY $500 minimum deposit
Marcus is the online personal banking unit of Goldman Sachs. 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.3 05% APY $0 minimum deposit
Synchrony Bank offers competitive yields across 14 standard terms. Its Best Rate Guarantee promises to pay a higher yield if the bank raises rates within 15 days of a new account being funded. The bank also offers a money market account and a savings account, both of which offer a competitive APY and no minimum balance requirement.3 05% 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.3 05% 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. In 2014, Sallie Mae became a stand-alone consumer banking business.2 85% APY $0 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 CDs have no minimum balance requirements and offer competitive APYs. Ally Bank’s early withdrawal penalties are lower than those at most other banks. For example, the penalty on a five-year CD is 150 days of interest; many banks charge 180 days of interest.2 85% 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.2 75% 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. 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.2 70% APY $0 minimum deposit
Capital One is an online bank that also has a brick-and-mortar presence. The McLean, Virginia-based bank operates around 300 branches and about 50 Capital One Cafés. Its regular CDs come in nine terms ranging from six months to five years and there is no minimum opening deposit required.2 50% 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.2 27% APY $1 000 minimum deposit
Randolph-Brooks Federal Credit Union is headquartered in Live Oak, Texas, and operates 61 branches serving four major markets in the state: Austin, Corpus Christi, Dallas-Fort Worth and San Antonio. It has about 975,000 members. Randolph-Brooks Federal Credit Union has CDs with terms ranging from six months to seven years. It also offers a Really Free Checking account that requires no minimum balance and charges no monthly fee.2 05% 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 spreads money around to a network of banks.2 00% APY $500 minimum deposit
America First Credit Union was founded in 1939. It has 131 locations and is the ninth-largest credit union, based on assets, in the U.S. It also is the sixth-largest based on membership. American First Credit Union has more than 1 million members. America First Credit Union offers certificates in terms ranging from three months to five years. It also has a Bump-Rate CD in a variety of terms and a Flexible certificate that allows one penalty-free withdrawal during the first five calendar days of each quarter.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 , 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 by the end of your term.9-month CD FAQs
Is a 9-month CD 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 for more immediate goals or for an emergency fund. Before getting a nine-month CD, carefully consider your goals and needs.
What are the alternatives to 9-month CDs
Don’t forget to compare nine-month CD rates to other . 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.