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If you're looking for a way to earn a competitive return on your savings without locking up your money for years, an 18-month CD could be the sweet spot. This mid-term option offers higher interest rates than most savings accounts while giving you more flexibility than longer-term CDs.
If you're unsure where to begin, don't worry: We've done the research for you. Our team analyzed dozens of accounts to find the 10 best 18-month CDs, focusing on high yields, low fees, and easy-to-meet deposit requirements. (See our full methodology here.)
The following is a snapshot of our picks for the best 18-month CDs available today. Keep reading for more details about these accounts.
Ally's 18-month CD took the top spot on our list with a competitive rate of 4% APY and no minimum opening deposit requirement. Interest compounds daily.
Early withdrawals before the CD reaches maturity incur a fee equal to 60 days' interest.
Synchrony Bank's 18-month CD offers a competitive 4.25% APY with no minimum opening deposit. Making an early withdrawal from this account incurs a penalty of 180 days' simple interest.
The 18-month CD from Marcus by Goldman Sachs offers 4.3% APY and requires a minimum deposit of $500. Interest compounds daily.
Making an early withdrawal from this account results in a penalty equal to 180 days' interest on the original principal balance at the interest rate in effect for the CD.
Read our full review of Marcus by Goldman Sachs
Limelight Bank's 18-month CD offers an impressive rate of 4.1% with a minimum deposit of $1,000. Interest compounds daily and is credited quarterly.
Live Oak Bank's 18-month CD offers a competitive 3.9% APY, and interest compounds daily. This account also has the highest minimum opening deposit on our list at $2,500.
The early withdrawal penalty for this account is equal to 90 days' simple interest.
America First Credit Union's 18-month CD offers 4.05% APY and requires a minimum opening deposit of $500. Dividends are compounded and credited monthly.
The early withdrawal penalty for this account is equal to 180 days' dividends.
Read our full review of America First Credit Union
Bank5Connect's 18-month CD requires a minimum opening deposit of $500 and offers 4% APY. Interest compounds monthly. The early withdrawal penalty is six months' interest.
Bask Bank's 18-month CD provides a competitive 4% APY with a minimum opening deposit of $1,000. The penalty for making an early withdrawal from this account is equal to 180 days' interest based on the principal amount withdrawn.
TAB Bank's 18-month CD features a rate of 4.1% APY with daily compounding interest. The minimum opening deposit for this account is $1,000.
The penalty for early withdrawals is equal to 180 days' interest on the amount withdrawn.
The 18-month CD from Bread Savings offers 4.35% APY, though the minimum opening deposit for this account is on the higher end at $1,500. Interest is compounded daily and credited monthly.
The amount of interest you can expect to earn from an 18-month CD depends on how much you deposit, your CD's interest rate, and how frequently the interest on your CD compounds.
Right now, the most competitive CD rates on the market are as high as 4%. So, say you deposit $1,000 into an 18-month CD at a rate of 4% APY. If interest compounds monthly, you'd earn about $60 in interest by the end of your CD's term.
An 18-month CD can be a worthwhile investment if you can secure a favorable rate and know you won't need to access the funds for that period of time. If you have a specific goal and timeline in mind, using a CD to boost your savings can be a smart strategy.
Read more: Understanding CD terms: How long should you lock in your money?
Our grading system, collected and carefully reviewed by our personal finance experts, comprised over 300 data points for federally insured CDs with 18-month terms. We used this data to develop our list of the best CDs.
We evaluated these accounts according to several key metrics, including annual percentage yield, minimum opening deposit, compounding frequency, and more.
The accounts on our list could earn a maximum of 25 points across all metrics. Here's a closer look at the categories we considered:
Annual percentage yield (APY): Accounts with higher APYs were rewarded with more points than those with lower APYs. Note that rates on our list are current at the time of publishing, but are subject to change at any time.
Annual percentage yield (APY): Accounts with higher APYs were rewarded with more points than those with lower APYs. Note that rates on our list are current at the time of publishing, but are subject to change at any time.
Minimum opening deposit: Many CDs require a minimum deposit to open an account. Accounts with no or low minimum deposit requirements ranked more favorably than those with higher opening deposit requirements.
Minimum opening deposit: Many CDs require a minimum deposit to open an account. Accounts with no or low minimum deposit requirements ranked more favorably than those with higher opening deposit requirements.
Compounding frequency: Compounding can occur daily, monthly, quarterly, or even annually. We awarded more points to accounts that compound interest frequently.
Compounding frequency: Compounding can occur daily, monthly, quarterly, or even annually. We awarded more points to accounts that compound interest frequently.
Customer service contact methods: Our team awarded one point for every contact method available to customers (phone, email, chat).
Customer service contact methods: Our team awarded one point for every contact method available to customers (phone, email, chat).
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