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.
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
Fact Checked
Elizabeth Aldrich
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
The best nine-month CD rates are near or above 5.00% APY.
A nine-month CD provides higher returns than a savings account but with less commitment than a CD with a longer term. You can still incur a fee if you need to withdraw money early, so make sure you won’t need your funds for at least nine months. The best nine-month CDs help you maximize your savings by offering high rates and low minimum deposit requirements.
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Show Summary
Best 9-Month CD Rates
We analyzed 142 CDs from 84 financial institutions to find which ones pay the highest APYs or dividend rates on nine-month terms. Annual percentage yields (APYs) and account details are accurate as of May 3, 2024.
Best for CD Ladders
Ally Bank Certificates of Deposit
CD APY 9-month
4.25%
Minimum Deposit Requirement
$0
Interest Compounding Frequency
Daily
Learn More
Read Our Full Review
4.25%
$0
Daily
Editor's Take
Ally Bank is known for its high-yield, low minimum savings products, and its nine-month CD is no different—which is why it’s the best choice for CD ladders. The lack of an opening deposit requirement makes it easy to buy multiple Ally CDs with varying terms. Ally’s nine-month CD pays 4.25% APY, and all of this bank’s CDs pay similarly competitive rates.
Read our full Ally Bank Review.
Pros & Cons
- Competitive yield
- No minimum opening deposit requirement
- 10-day rate guarantee
- Loyalty rate bump when you renew
- No physical branches
Details
Interest on Ally Bank CDs compounds daily and gets credited to your account monthly. With the Ally 10-Day Best Rate Guarantee, you’ll get a complimentary rate increase if APYs go up within 10 days of opening and funding your account.
If you withdraw funds early, you’ll pay a penalty equal to 60 days’ interest. Ally CDs have a 10-day grace period, during which you can close your account or change your terms before the CD renews. If you renew, Ally adds a 0.05% APY loyalty reward on top of its current rates.
Best Brokered CD
Fidelity Certificates of Deposit
CD APY 9-month
5.25%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
N/A
Learn More
Read Our Full Review
5.25%
$1,000
N/A
Editor's Take
Fidelity’s nine-month CDs offer up to 5.25% APY, making them the best choice on this list for brokered CDs. While brokered CDs don’t allow early withdrawals, you can try to sell your Fidelity CD on the brokerage’s secondary market at any point without incurring a penalty. But CDs aren’t guaranteed to sell or may sell for less than expected, meaning you could lose part of your principal balance. Fidelity also has fractional CDs that can be purchased in increments of $100.
Read our full Fidelity CD Review.
Pros & Cons
- Ideal for current Fidelity customers
- Competitive APY
- Insured beyond typical FDIC limits
- Requires a Fidelity brokerage account
- No option to withdraw funds before maturity
- Interest doesn’t compound
Details
Fidelity CDs earn simple interest, not compound interest. And Fidelity CDs do not automatically renew at maturity. Rather, Fidelity credits the principal CD balance and interest to your account at maturity. Account holders can enroll in Fidelity’s Auto Roll service to automatically reinvest CD funds into new CDs.
Best for Withdrawing Interest
Synchrony Bank Certificates of Deposit
CD APY 9-month
4.90%
Minimum Deposit Requirement
$0
Interest Compounding Frequency
Daily
Learn More
On Fiona.com's Website
4.90%
$0
Daily
Editor's Take
Synchrony Bank’s nine-month CD pays a competitive 4.90% APY, and it made our list as the best option for withdrawing interest penalty-free. You can transfer earned interest from your CD to a Synchrony Bank High Yield Savings or Money Market account or an external bank account at any point before maturity. No penalties apply.
Read our full Synchrony Bank Review.
Pros & Cons
- Competitive APY
- No minimum deposit requirement
- Bump-up CD option
- Can withdraw interest at any time without penalty
- Early withdrawal penalty is equal to 80 days of interest
Details
Interest is compounded daily and credited to the CD monthly. Synchrony’s 24-month CDs are subject to an early-withdrawal penalty of up to 80 days of simple interest at the current rate if you withdraw your principal investment before the maturity date. CDs automatically renew upon maturity following a 10-day grace period. During the grace period, account holders can add or withdraw funds, change CD terms or close the account.
Expert's Take
Synchrony lets you withdraw interest before maturity without penalty. The penalties for early withdrawal of the principal seem pretty standard. Synchrony’s no-penalty CD pays a much lower rate than others, so you can really see the cost of early redemption.
—Jill Fopiano, CEO at O’Brien Wealth Partners
Synchrony Bank CD Rates
| Term | APY |
|---|---|
3 Months
| 0.25%
|
6 Months
| 4.80%
|
9 Months
| 4.90%
|
12 Months
| 4.80%
|
18 Months
| 4.50%
|
24 Months
| 4.20%
|
36 Months
| 4.15%
|
48 Months
| 4.00%
|
60 Months
| 4.00%
|
Best for Credit Unions
Digital Federal Credit Union Regular Certificates
CD APY 9-month
4.60%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
4.60%
$500
Daily
Editor's Take
Digital Federal Credit Union (DCU) pays a high yield of 4.60% APY on its nine-month Regular Certificate, which is part of what makes it the best CD option if you prefer credit unions. Credit unions often refer to CDs as certificates and interest as dividends. DCU also ranked highly for its QuickStart Certificates, which have a lower $100 opening deposit requirement and are available to anyone under the age of 23. The nine-month Digital Federal Credit Union Quickstart Certificates earns the same APY. With both certificates, you can leave the dividends in your account or withdraw them for immediate use.
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.
Best for Making Additional Deposits
Marcus by Goldman Sachs High-Yield Certificates of Deposit
CD APY 9-month
5.00%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
Learn More
On Bankrate.com's Website
5.00%
$500
Daily
Editor's Take
Marcus By Goldman Sachs ranked highly because its nine-month CD earns a competitive 5.00% APY, requires a low $500 minimum deposit and offers flexibility when it comes to making additional deposits. Unlike other banks, Marcus lets you add more funds to your CD within 30 days of opening. Your maturity date is based on the last day you deposit money to your CD. If you open a nine-month CD on January 1 and make your final deposit on January 25, your CD will mature on October 25.
Read our full Marcus by Goldman Sachs Review.
Pros & Cons
- Competitive APYs
- Rate guarantee
- Low minimum deposit requirement
- Interest compounded daily
- It’s possible to find higher rates at other banks and credit unions
- No terms beyond six years
Details
Compounding schedule
Interest is compounded daily and credited monthly.
Withdrawing interest
Marcus allows you to withdraw interest earnings before maturity without penalty. You can either transfer the interest to a Marcus by Goldman Sachs High-Yield Online Savings Account or an external bank account. Just keep in mind that withdrawing interest lowers the overall amount you can earn on your investment.
Maturity options
There’s a 10-day grace period after the maturity date to withdraw funds, renew the CD or close the CD and open a new one. The CD automatically renews if you take no action.
Rate guarantee
Marcus also offers a 10-day CD rate guarantee. If the rate on the CD term you select goes up within the first 10 days after funding your account, you’ll automatically get the higher rate. You must deposit at least $500 within the first 10 days to qualify for Marcus’s 10-day rate guarantee.
Expert's Take
Marcus is a well-known name, so some folks might feel more comfortable banking here. The digital bank seems to be leveraging technology and markets the ease of opening an account in minutes. The minimum deposit requirement on Marcus CDs makes it one of the most accessible with the highest rates. Since Marcus offers a large suite of banking products outside of CDs, this may appeal to people looking for a cohesive financial management solution. —Gloria Garcia, CFP
The low minimum deposit requirement at Marcus can be an advantage. Its no-penalty CDs may be helpful for individuals who want to earn higher interest rates than regular savings accounts without committing their funds. However, Marcus CDs have an automatic renewal feature, so unless the holder acts within the grace period, Marcus can automatically renew the CD for the same duration.
—Wenyao Hu, CFA and Ph.D. Candidate
Marcus by Goldman Sachs CD Rates
| Term | APY |
|---|---|
6 Months
| 5.10%
|
9 Months
| 5.00%
|
12 Months
| 5.00%
|
18 Months
| 4.60%
|
2 Years
| 4.20%
|
3 Years
| 4.15%
|
4 Years
| 4.05%
|
5 Years
| 4.00%
|
6 Years
| 3.90%
|
Summary: Best 9-Month CD Rates
Methodology
To compile this list of the best nine-month CD rates, Forbes Advisor analyzed 142 CD accounts across 84 financial institutions, including traditional brick-and-mortar banks, online banks and credit unions. We ranked each on key factors like APYs, minimum deposit requirements, compound interest schedules, customer service, digital experience, available terms and overall availability.
For our star ratings, we assigned these weights to each category:
- APY: 50%
- Customer and digital experience: 20%
- Minimum deposit requirement: 12.5%
- Compound interest schedule: 7.5%
- Availability: 5%
- Available terms: 5%
Naturally, CDs with the highest APYs carried the most weight in determining our best list. Accounts with minimum deposit requirements over $10,000 received lower scores. We also favored accounts that compound interest or dividends daily over those that compound monthly or quarterly. All options had to be available nationwide to make the list.
To learn more about our methodology and editorial process, read our guide on How Forbes Advisor Reviews Banks.
Current 9-Month CD Rates
The FDIC doesn’t publish the national average rate for nine-month CDs. However, the average rate for six-month CDs is 1.57%, and the average for 12-month CDs is 1.81% as of April 15, 2024. Average nine-month CD rates may fall somewhere within this range.
Current nine-month CD rates are highest at Ally Bank, Fidelity, Synchrony Bank, Digital Federal Credit Union and Marcus by Goldman Sachs. These institutions have CD rates that easily surpass the national average and rates at most traditional banks.
What Is a 9-Month CD?
A nine-month CD is a type of deposit account that requires you to make one deposit and keep your money in place for nine months, often at the risk of paying a penalty if you don’t. In exchange for locking your money away, nine-month CDs pay a guaranteed interest rate that’s often higher than what you’d earn with a standard or even high-yield savings account.
Early withdrawal penalties are usually equal to a certain amount of earned interest, such as 60 or 90 days of simple interest.
How Does a 9-Month CD Work?
A nine-month CD works similarly to other CDs. When you open a nine-month CD, you’re allowed one opening deposit before the money is locked. You can’t usually add more funds or take cash out until the maturity date, which is nine months from the date the CD was opened.
The rate you earn on a nine-month CD is known as the annual percentage yield or APY. This is a measure of total interest with compounding. Though APY is an annual rate, you won’t earn all of the promised annual interest in a nine-month CD because interest doesn’t have a full year to compound.
Let’s say you put $1,000 into a CD with a 5.00% APY. If your term was exactly one year, you’d earn $50. But because the CD has a shorter nine-month term, you’d earn $37.25. You’re still earning what would have been a 5.00% APY had you saved for a year, but it’s prorated over nine months.
How To Find the Highest 9-Month CD Rates
Wondering which banks have the best nine-month CD rates? Here’s how to find them.
- Start your search here. Forbes Advisor analyzes CD rates across more than a hundred banks and credit unions to help you find the best rates. Using our list lets you easily compare nine-month CD rates and minimum deposit requirements from multiple providers at once.
- Research bank and credit union rates online. Many financial institutions post current CD rates publicly on their websites. Do a quick search to compare options, and don’t forget to look into local financial institutions. Pay attention to the APYs and minimum deposit requirements.
- Consider online banks. Without physical branch overhead, many online banks like Ally or Marcus can offer higher CD rates, so don’t rule them out. Many of these banks have easy-to-use mobile apps that allow you to open and easily manage your CD from anywhere.
Find The Best CD Rates Of 2024
Should I Open a 9-Month CD?
The answer to this depends on your financial goals. If you have a lump of cash you know you won’t need for at least nine months, tucking it away in a nine-month CD can be a great way to earn a guaranteed return and discourage yourself from spending it.
But if there’s any possibility you may need to use the funds in the next nine months, it’s best to err on the side of caution and keep them in a high-yield savings account instead. Early withdrawal penalties can be steep and may cause you to lose some or all of the interest a CD would have earned.
If you’re wondering if a CD is worth it, use a CD calculator to estimate how much interest you’d earn.
