If you’re stuck deciding between a six-month or one-year certificate of deposit, some banks offer a middle ground: a nine-month CD. With any short-term CD (one year or less), you’ll avoid tying up your funds for an extended period of time. But is it worth opening a nine-month CD when you can earn the same rate with a high-yield savings account from an online bank or credit union?
If you want easier access to your money or think savings rates could go even higher, an HYSA could make sense. But the main advantage of a nine-month CD is that you can lock in your rate for the full nine-month term — allowing you to earn a guaranteed return, even if rates drop.
What is a 9-month CD?
A nine-month CD is a type of short-term certificate of deposit that lets you earn a return with a fixed interest rate for nine months. In exchange, you agree not to withdraw your funds before the nine-month term is up. If you need access to your money early, you’ll pay an early withdrawal penalty, worth a few months of interest.
Usually, the longer you’re willing to lock your money away, the higher interest rate you can secure. But in today’s rate environment, you may be able to lock in a higher rate with a shorter-term CD. However, the annual percentage yield you earn is for the year, so if your CD term is shorter, you’ll earn interest only for the duration of the term — which is less than earning interest for the entire year.
As long as you open a CD at a bank with Federal Deposit Insurance Corp. or National Credit Union Administration insurance, like the picks on CNET’s best list, your money is protected for up to $250,000 per depositor and account type.
CNET’s picks for the best 9-month CD rates
Right now, the average nine-month CD annual percentage yield for banks we track at CNET is 4.92% — though a few banks offer APYs over 5.00%. Here are our best nine-month CD rates — all of which are FDIC- or NCUA-insured but may require a minimum deposit to open an account.
| Bank | 9-month APY | Minimum deposit |
| Ally | 5.00% | $0 |
| EverBank, formerly TIAA Bank | 5.50% | $1,000 |
| Marcus by Goldman Sachs | 5.00% | $500 |
| Synchrony | 5.00% | $0 |
| Forbright Bank | 5.75% | $1,000 |
Note: APYs shown are as of Oct. 16, 2023. APYs may have changed since they were last updated and may vary by region for some products.
More details on the best 9-month CD rates
- No-penalty, bump-up and high-yield CDs
- Terms range from three months to five years — depending on the type of CD
- Early withdrawal penalties range from two to five months of interest
- Loyalty reward of 0.05% for CDs you renew
About the bank: Ally is one of our favorite banks and choices for opening a CD. It’s a full-service online bank that offers several deposit accounts, including high-yield checking, savings and a money market account. Best of all, these accounts don’t require a minimum deposit or balance required. If you’re eyeing a CD with Ally, we like that it offers a loyalty reward that boosts your APY by 0.05% when you renew.
Since Ally is online-only, you’ll need to be comfortable managing your account online, but ATMs are available. However, cash deposits aren’t accepted.
- No-penalty, bump-up and high-yield CDs
- Terms range from three months to five years — depending on the type of CD
- Early withdrawal penalties range from two to five months of interest
- Loyalty reward of 0.05% for CDs you renew
About the bank: Ally is one of our favorite banks and choices for opening a CD. It’s a full-service online bank that offers several deposit accounts, including high-yield checking, savings and a money market account. Best of all, these accounts don’t require a minimum deposit or balance required. If you’re eyeing a CD with Ally, we like that it offers a loyalty reward that boosts your APY by 0.05% when you renew.
Since Ally is online-only, you’ll need to be comfortable managing your account online, but ATMs are available. However, cash deposits aren’t accepted.
EverBank, formerly TIAA Bank
- High-yield, bump-up and IntraFi® CDs available
- Terms range from three months to five years — depending on the type of CD
- No monthly account fee
- Minimum deposit for CD varies based on the type of CD
- Early withdrawal penalty is one-fourth of the CD term’s total interest
About the bank: We like that TIAA Bank offers an array of CD types to choose from and competitive rates for its deposit accounts. However, there’s a minimum deposit for most accounts and if you plan to open a checking account, the APY will depend on your daily minimum balance.
Customer support is available 24/7 online and by phone at 888-882-3837. You can also manage your accounts online or in person if there’s a branch nearby. However, there aren’t many brick-and-mortar branches compared to major national banks.
- High-yield, bump-up and IntraFi® CDs available
- Terms range from three months to five years — depending on the type of CD
- No monthly account fee
- Minimum deposit for CD varies based on the type of CD
- Early withdrawal penalty is one-fourth of the CD term’s total interest
About the bank: We like that TIAA Bank offers an array of CD types to choose from and competitive rates for its deposit accounts. However, there’s a minimum deposit for most accounts and if you plan to open a checking account, the APY will depend on your daily minimum balance.
Customer support is available 24/7 online and by phone at 888-882-3837. You can also manage your accounts online or in person if there’s a branch nearby. However, there aren’t many brick-and-mortar branches compared to major national banks.
- High-yield, no-penalty and bump-up CDs available
- Terms range from six months to six years — depending on the type of CD
- Early withdrawal penalties range from three to nine months of interest
- CD Maturity Center available 12 months before your CD matures to make changes to your CD beforehand — including withdrawing money or closing the account
About the bank: Marcus by Goldman Sachs offers high-yield savings and CDs. No-penalty and bump-up CDs are also available, but checking accounts are not. High-yield CDs require a minimum $500 deposit, while savings accounts don’t require any amount to get started. We like that you can make same-day transfers of $100,000 or less to and from other banks. We like that you can reach the contact center 24/7 by calling 855-730-7283. An extensive list of frequently asked questions is also available online.
However, there are some shortcomings. Marcus by Goldman Sachs doesn’t offer an ATM network, checking or money market accounts. Lastly, you won’t be able to deposit cash or mobile check deposits.
- High-yield, no-penalty and bump-up CDs available
- Terms range from six months to six years — depending on the type of CD
- Early withdrawal penalties range from three to nine months of interest
- CD Maturity Center available 12 months before your CD matures to make changes to your CD beforehand — including withdrawing money or closing the account
About the bank: Marcus by Goldman Sachs offers high-yield savings and CDs. No-penalty and bump-up CDs are also available, but checking accounts are not. High-yield CDs require a minimum $500 deposit, while savings accounts don’t require any amount to get started. We like that you can make same-day transfers of $100,000 or less to and from other banks. We like that you can reach the contact center 24/7 by calling 855-730-7283. An extensive list of frequently asked questions is also available online.
However, there are some shortcomings. Marcus by Goldman Sachs doesn’t offer an ATM network, checking or money market accounts. Lastly, you won’t be able to deposit cash or mobile check deposits.
- High-yield, bump-up and no-penalty CDs
- Terms range from three months to five years — depending on the type of CD
- Early withdrawal penalties range from three to six months of interest
About the bank: Synchrony offers competitive rates for its high-yield CDs with terms ranging from three months up to five years. We like that Synchrony also offers no-penalty and bump-up CDs. However, if you want to keep all of your money with one bank it’s best to consider other options since Synchrony doesn’t offer a checking account.
Synchrony is an online-only bank, so even though it has a lot to offer, you’ll need to be comfortable managing your accounts online. If you need assistance, Synchrony offers extended customer service hours by phone and live chat online.
- High-yield, bump-up and no-penalty CDs
- Terms range from three months to five years — depending on the type of CD
- Early withdrawal penalties range from three to six months of interest
About the bank: Synchrony offers competitive rates for its high-yield CDs with terms ranging from three months up to five years. We like that Synchrony also offers no-penalty and bump-up CDs. However, if you want to keep all of your money with one bank it’s best to consider other options since Synchrony doesn’t offer a checking account.
Synchrony is an online-only bank, so even though it has a lot to offer, you’ll need to be comfortable managing your accounts online. If you need assistance, Synchrony offers extended customer service hours by phone and live chat online.
- High-yield CDs available
- Terms range from nine months to five years
- Early withdrawal penalties range from three to six months of interest
About the bank: Forbright Bank operates a handful of branches in Maryland and Virginia. While you can open a CD online, you have to visit a branch in person to open all other deposit accounts. Forbright offers five CD terms ranging from nine-months to five years. The nine-month and one-year CD terms earn rates well above the FDIC’s national average. But a minimum deposit of $1,000 is required to open a CD.
Unless you live near a branch, you’ll need to be comfortable managing your CD account online.
- High-yield CDs available
- Terms range from nine months to five years
- Early withdrawal penalties range from three to six months of interest
About the bank: Forbright Bank operates a handful of branches in Maryland and Virginia. While you can open a CD online, you have to visit a branch in person to open all other deposit accounts. Forbright offers five CD terms ranging from nine-months to five years. The nine-month and one-year CD terms earn rates well above the FDIC’s national average. But a minimum deposit of $1,000 is required to open a CD.
Unless you live near a branch, you’ll need to be comfortable managing your CD account online.
Should I open a 9-month CD?
Whether you should open a nine-month CD depends on your personal goals for the money you’re setting aside.
“The main benefit of the nine-month CD versus the one year is definitely liquidity. These funds are going to be available sooner,” said Faron Daugs, a certified financial planner at Harrison Wallace Financial Group. “The downside is that the rate is typically slightly lower.”
For example, if you’ve saved up money for a down payment on a home, but don’t need to draw on this money for a year, a nine-month CD lets you set aside money while earning a fixed interest rate.
A nine-month CD may also prevent you from dipping into this money if you’re prone to spend what’s in your HYSA. The additional hurdles and penalties to access the funds in a CD before it matures may help you avoid the temptation to withdraw your money.
But if there’s a chance you’ll need the funds, consider a shorter-term CD or a more flexible savings option, such as a money market account or a high-yield savings account. You’ll have the flexibility to withdraw money when you need it without paying an early withdrawal penalty.
Rates for some of the best high-yield savings accounts are just as high as nine-month CDs right now — but don’t fall into the trap of chasing rates without examining your savings needs. It’s important to weigh whether locking in a fixed rate or having quick access to your savings is more important.
How a 9-month CD can fit into a CD ladder
Another option to explore is building a CD ladder with a nine-month CD. With CD rates in limbo for many banks, a CD ladder can help you maintain flexibility and access to your cash.
Semenov recommends the CD ladder strategy in today’s rate environment while shorter terms have higher yields.
Here’s how it works: Instead of dumping a lump sum of savings into a nine-month CD, you spread the money across different CD terms so each account will come due every few months or years. This gives you more flexibility and also allows you to lock in a higher CD rate faster if rates continue to increase.
Here’s an example of a CD ladder that includes six-, nine-, 12- and 18-month CDs with CNET’s average rates. In this example, you’ll deposit $1,000 into each CD. When this CD ladder ends, you’ll have earned $188.37 in interest in a year and a half, with money coming due to you steadily throughout the year.
| CD Term | Amount deposited | APY | Return | Balance at maturity |
| 6-month | $1,000 | 4.75% | $23.47 | $1,023.47 |
| 9-month | $1,000 | 4.92% | $36.68 | $1,036.68 |
| 12-month | $1,000 | 5.29% | $52.90 | $1,052.90 |
| 18-month | $1,000 | 4.96% | $75.32 | $1,075.32 |
FAQs
To find the right nine-month CD, compare APYs across multiple banks and review minimum deposit requirements and fees. The best nine-month CD rates are often found at online-only banks and credit unions. Without physical branches to maintain, online banks can pass their savings on overhead costs along to customers in the form of better savings rates and fewer fees.
Additionally, read the fine print about withdrawal penalties and grace periods. Grace periods are the time after the CD matures when you can withdraw the funds. If you aren’t paying attention, the CD may renew automatically and lock you into another nine-month term. To avoid this, set a reminder before your CD term expires so you have time to review your options.
Most CDs don’t come with fees unless you withdraw your money early. We recommend opening up a CD at a bank or credit union that doesn’t charge monthly maintenance fees that will cut into your interest earnings.
You typically cannot lose any money in a nine-month CD, though you could miss out on interest if you withdraw your funds early. However, make sure you understand the early withdrawal penalty. In rare cases, the penalty may cut into the principal you deposited.
A CD at an FDIC-insured bank or NCUA-insured credit union protects your deposit for up to $250,000 per person, per account, in case of a bank failure.
Methodology
CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We selected the CDs with the highest APY for six-month terms from among the organizations we surveyed.
Banks surveyed include: Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Barclays, BMO Harris, Bread Savings, BrioDirect, Capital One, CFG Community Bank, Citizens Access, Colorado Federal Savings Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, First Internet Bank of Indiana, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Vio Bank and Wells Fargo.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
