Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying off $18,000 in debt within 10 months of graduating college. She later went on to triple her salary in two years by ditching her 8-to-5 job to write for a living.
Cassidy Horton
Cassidy Horton is a finance writer covering banking, life insurance and business loans. She has worked with top finance brands including NerdWallet, MarketWatch and Consumer Affairs. Cassidy first became interested in personal finance after paying off $18,000 in debt within 10 months of graduating college. She later went on to triple her salary in two years by ditching her 8-to-5 job to write for a living.
Lauren Graves is an educator-turned-editor specializing in personal finance content. She seeks to make complicated topics easier to understand and less intimidating to the average reader with accurate, reliable information and transparent writing. Her expertise includes banking product reviews and general topics universal to personal finance such as saving and budgeting. Her work has been featured in Money Under 30, Investor Junkie, Doughroller, Saving for College and APY GUY.
Fact Checked
Lauren Graves
Lauren Graves is an educator-turned-editor specializing in personal finance content. She seeks to make complicated topics easier to understand and less intimidating to the average reader with accurate, reliable information and transparent writing. Her expertise includes banking product reviews and general topics universal to personal finance such as saving and budgeting. Her work has been featured in Money Under 30, Investor Junkie, Doughroller, Saving for College and APY GUY.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Searching for a high-yield CD but don’t want to tie up your money for years? CDs with 11-month terms offer savers competitive returns and access to funds in less than a year, with rates that often eclipse those of shorter terms.
Some institutions currently offer 5.00% APY or more on 11-month CDs. We’ve scoured top banks and credit unions to uncover the best 11-month CDs and help you find the highest yields.
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Show Summary
Best 11-Month CD Rates
We analyzed 84 financial institutions and 142 CDs to identify the highest rates on 11-month CDs and certificate accounts currently available. Annual percentage yields (APYs) and details are accurate as of May 3, 2024.
nbkc Personal Certificates of Deposit
CD APY 11-month
5.00%
Minimum Deposit Requirement
$1,000
for terms up to one year; CDs with terms of two to five years have a lower minimum deposit requirement, of only $250
Interest Compounding Frequency
Daily
5.00%
$1,000
for terms up to one year; CDs with terms of two to five years have a lower minimum deposit requirement, of only $250
Daily
Editor's Take
NBKC Bank’s 11-month CD earns an impressive 5.00% APY—one of the highest—and is easily a top pick among CDs with this term, according to our experts. You need at least $1,000 to open an account online, which is average for standard CDs. Unlike some banks, NBKC won’t let you withdraw interest, but its competitive rate helps make up for this—and the bank also stands out for exceptional customer review scores and an A+ grade with the Better Business Bureau. Though based in Kansas City, NBKC is a digital bank, and anyone in the U.S. can open an account.
Read our full NBKC Bank Review.
Pros & Cons
- Competitive APYs
- Interest compounds daily
- Some branch locations in Kansas and Missouri
- Higher minimum deposit than other CDs
- Early withdrawal penalties
Details
NBKC Bank CDs compound interest daily. An early withdrawal penalty equal to 90 days’ interest applies if you need to access your funds before maturity. Early withdrawals are not allowed at all within the first 75 days of account opening, which is an unusual requirement not found on all CDs. CDs automatically renew at maturity. At maturity, you have a 10-day grace period to withdraw funds before your CD renews for another term. Early withdrawals may be permitted under extenuating circumstances.
American Express® Certificate of Deposit
CD APY 11-month
4.50%
Minimum Deposit Requirement
$0
Interest Compounding Frequency
Daily
4.50%
$0
Daily
Editor's Take
Though the bank may be known for credit cards, American Express’ CD rates are also competitive, and our experts singled out the bank’s 11-month term as one of the best. Currently, you can earn 4.50% APY on an 11-month CD. There’s no minimum balance requirement, and you can withdraw interest penalty-free at any time. Interest payments can be sent monthly, quarterly or annually via check or monthly to an American Express savings or external account. You’ll earn the most if you let your earnings compound, but the option for payments is helpful.
Read our full American Express National Bank Review.
Pros & Cons
- No minimum deposit required
- Interest compounds daily
- Can withdraw interest penalty-free before maturity
- Early withdrawal penalties
Details
American Express CDs compound interest daily. If you need to access your funds early, expect to pay a penalty equal to 90 days’ interest. CDs automatically renew at maturity. At maturity, you have a 10-day grace period to make changes to your CD or transfer the money out of it before it renews for another term. Receiving interest payments will affect your overall earning rate, and your actual yield may differ from the stated APY.
USAlliance Federal Credit Union No-Penalty CD
CD APY 11-month
4.80%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
4.80%
$500
Daily
Editor's Take
On top of having no early withdrawal penalties, the 11-Month No-Penalty CD from USAlliance Federal Credit Union has one of the highest APYs our experts found. This is a no-penalty CD, meaning you can withdraw funds before maturity fee-free, with the only caveat being that you’ll close the CD if you exercise this option. With a USAlliance certificate, you can keep your earned dividends in the account to grow or have them transferred to a checking or savings account with the credit union on a monthly basis. Credit union membership is required to open.
Pros & Cons
- Competitive APY
- Interest compounds daily
- Bank via website, mobile app or branch
- Can withdraw interest or principal penalty-free before maturity
- Requires membership
- Partial early withdrawals are not permitted
Details
You can bank via the USAlliance website, mobile app or at a branch.
This CD allows for penalty-free withdrawal of your principal after the first seven calendar days of opening an account. But partial early withdrawals are not allowed—you either withdraw the entire balance or nothing at all. Though USAlliance won’t charge a penalty if you make an early withdrawal, it will close the account if you take money out before the maturity date. Certificates automatically renew unless scheduled for redemption at maturity.
Because USAlliance is a credit union, you’ll have to qualify to join. If you’re not eligible for membership by association, employer or location, you can qualify by joining one of the credit union’s partner associations for free during the application process.
Ally Bank No-Penalty CD
CD APY 11-month
4.00%
Minimum Deposit Requirement
None
Interest Compounding Frequency
Daily
4.00%
None
Daily
Editor's Take
Ally Bank’s No Penalty CD is one of the best no-penalty CDs you’ll find, according to our experts, offering more flexibility than the average certificate. It earns 44.00% APY, which is well above average but far from the highest rate out there. But you’ll enjoy no minimum deposit requirements and no early withdrawal penalties with this account. Another perk that makes this a good pick for savers is Ally’s best rate guarantee, which promises an APY adjustment if rates increase within 10 days of you opening a CD. You’ll also get a 0.05% loyalty rate bump when you renew for another term.
Read our full Ally Bank Review.
Pros & Cons
- Can withdraw your full balance including interest at any time
- Competitive APY
- No minimum deposit requirement
- Offers a best-rate guarantee
- Offers a 0.05% loyalty reward when you renew a CD
- You may find a higher APY at other banks and credit unions
- Partial withdrawals are not allowed
Details
Interest compounds daily. You can withdraw your full balance without penalty after the first six days of funding your account. When your CD matures, you can withdraw or deposit money during a 10-day grace period. If you don’t take action, your CD will automatically renew. You can bank via Ally Bank’s website or mobile app.
Digital Federal Credit Union Regular Certificates
CD APY 11-month
4.60%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
4.60%
$500
Daily
Editor's Take
Our experts included Digital Federal Credit Union (DCU) on this list because its CDs offer consistently high APYs with low deposit requirements—which are even lower for young savers. DCU’s 11-month Regular Certificate earns 4.60% APY and requires a minimum deposit of $500 to open. If you’re under 23, you can open an 11-month with the Digital Federal Credit Union Quickstart Certificates with the same rate and a $100 deposit. Anyone can leave earned interest, called dividends, in their CDs or opt to receive monthly payments. DCU membership is open to everyone through many partner nonprofits.
Pros & Cons
- Competitive CD rate across all terms
- Can withdraw dividends at any time
- Relatively low opening deposit
- Membership open to anyone
- Some membership options require a one-time fee to a charity
- Early withdrawal penalties apply
- Short grace period
Details
There are several ways to qualify for a DCU membership. If you’re not eligible for a DCU membership by community or company, you can join by becoming a member of one of its partner charities, like Reach Out for Schools ($10 membership).
Credit union certificates earn dividends rather than interest. Dividends compound daily and are credited monthly. Early withdrawal penalties are equal to 60 days to 180 days of interest, depending on the term. You have a five-day grace period after maturity to withdraw funds or adjust your CD’s term before it renews.
Summary: Best 11-Month CD Rates
Methodology
To determine the best 11-month CDs, we analyzed over 142 certificates of deposit from 84 institutions, including national banks, online banks and credit unions. We compared CD accounts based on several factors:
- APY: 50%
- Customer and digital experience: 20%
- Minimum deposit requirement: 12.5%
- Compound interest schedule: 7.5%
- Availability: 5%
- Available terms: 5%
Accounts were ranked using a five-star rating system that also considered a number of subcategories, such as mobile app ratings and live chat availability, within these core categories and weightings. CDs with the highest APYs and lowest deposit requirements ranked above the rest. Our analysis also favored accounts with daily compounding interest and strong customer service scores.
Our methodology aims to find the top CDs available nationwide by weighing APY, terms and access. Learn more about our editorial process by reading our guide on How Forbes Advisor Reviews Banks.
Current 11-Month CD Rates
The FDIC provides average rates for several CD terms but does not publish average 11-month CD rates. Most likely, this is because 11 months is not a CD term available at most banks.
That said, the average 12-month CD rate is 1.81% as of April 15, 2024, according to the FDIC. You can expect APYs for 11-month CDs to be similar, but the best CD rates are much higher.
How To Find the Best 11-Month CD Rates
Right now, you’ll find the best 11-month CD rates at NBKC Bank, American Express, USAalliance Federal Credit Union, Ally Bank and Digital Federal Credit Union.
Each of these institutions has 11-month CD rates well above those you might find with traditional banks, making them worth considering if you’re looking for the most competitive yields. Compare minimum deposit requirements, early withdrawal penalties, compounding schedules and interest payment options to find the right CD for you.
Find The Best CD Rates Of 2024
What Is an 11-Month CD?
An 11-month CD is a type of deposit savings account that earns fixed interest for a term of exactly 11 months. You’ll add funds when opening this account and agree not to touch your deposit until 11 months are up, at which point the CD expires.
Unlike savings accounts, you can’t withdraw funds you’ve added to a CD before maturity without paying early withdrawal penalties. This is one of the biggest cons of using a CD to save.
The upside is that you earn a guaranteed interest rate on a CD. This lets you predict how much interest you’ll earn before you open an account, helping you decide how much to deposit.
How Does an 11-Month CD Work?
When opening an 11-month CD, you’ll deposit the full amount you want to save upfront. After that, the money is locked up for 11 months, and you’ll pay a penalty if you need to access it before the account expires or matures. Your interest rate is also locked in when you open.
A CD often provides an interest rate and an annual percentage yield (APY), which shows how much interest you would earn over a full year if you were to let your earnings compound. But because an 11-month term is less than a year, you’ll earn slightly less than the advertised APY.
For instance, say you deposit $10,000 into an 11-month CD with a 5.00% APY. You’d earn $457.40 total, rather than $500, the amount you would’ve earned with a 12-month term. You use our CD calculator to see how different terms and rates can impact your overall earnings.
Pros and Cons of 11-Month CDs
Eleven-month CDs provide these benefits and drawbacks.
Pros
- Shorter terms. CDs with terms of 11 months give you access to your money sooner than most CDs.
- FDIC insurance. Short-term CDs are still insured by the FDIC or NCUA, like other CDs.
- Fixed interest. Guaranteed returns let you calculate total interest before opening.
- CD ladders. Eleven-month CDs are ideal for CD laddering and short-term financial goals.
Cons
- Availability. Eleven-month terms aren’t as widely available as other terms.
- Early withdrawal penalties. Penalties for early withdrawal apply for most 11-month CDs, with the exception of no-penalty 11-month CDs.
- Low liquidity. CDs make accessing your cash more difficult than high-yield savings or money market accounts.
How To Choose an 11-Month CD
Follow these five steps to choose the right 11-month CD for you.
- Compare APYs and deposit requirements. Picking the CD with the highest interest rate isn’t the best call if it also has high deposit minimums that will strain your budget. Look for CDs that balance competitive yields with requirements you can comfortably meet.
- Check compounding schedules. You’ll accrue more interest over time if you choose a CD that compounds interest daily rather than monthly or quarterly.
- Note early withdrawal penalties. For many 11-month CDs, early withdrawal penalties range from around 60 to 90 days’ interest. If there’s a chance you’ll need to dip into funds early, choose a CD with a lower penalty.
- Read renewal terms. You’ll often have five to 10 days to transfer money out of a CD before it renews for another term, a window known as a grace period. If you miss this, your CD will renew, and you’ll pay a penalty if you want to make a withdrawal later.
- Look for special features. Do you want a no-penalty CD that won’t ding you for making an early withdrawal? What about the ability to take interest payments before your CD matures? Look for CDs with perks that save you money and stress.
11-Month CD Alternatives
If an 11-month CD doesn’t fit your needs, here are a few other options to consider.
- High-yield savings accounts. If you want to maintain access to your money, consider a high-yield savings account (HYSA). You can withdraw funds whenever you need to with this type of account, with some restrictions on how many transactions you can make per month. Savings interest rates are variable, but the best may come close to or beat 11-month CD rates. HYSAs are ideal for emergency funds and short-term savings goals.
- Money market accounts. Choose a money market account (MMA) if you want some of the features of a checking account with higher returns. These accounts pay rates comparable to HYSAs but also tend to come with checks or debit cards for easy access to your cash.
- Six- or 12-month CDs. If you want a short-term CD but can’t find many 11-month options, go for a six-month CD or one-year CD instead. These terms are more commonly offered by banks and may compete with 11-month rates.
