Online banks and credit unions have higher interest rates than the average CD. The most competitive 18-month CDs offer up to 5.00% APY.
If you prioritize a low-risk savings option and don't need immediate access to your money, an 18-month CD might be worth considering. If you're interested in other CD term lengths, check out our overall best CD rates guide. Here are our top picks for 18-month CDs.
The Best 18-month CDs
- Ally 18 Month High Yield CD: 5.00% APY
- Marcus 18 Month CD: 4.75% APY
- CFG Bank 18 Month CD: 4.75% APY
- Pentagon Federal Credit Union 18 Month Money Market Certificate: 4.70% APY
- First Internet Bank of Indiana 18 Month CD: 4.65% APY
- Crescent Bank 18 Month CD: 4.65% APY
- CIT Bank 18 Month Term CD: 4.60% APY
- Synchrony 18 Month CD: 4.50% APY
- Barclays 18 Month Online CD: 4.50% APY
Compare the Best 18-month CDs
Expert Advice on Choosing the Best 18-month CD
To learn more about what makes a good CD and how to choose the best fit, four experts weighed in:
Here's what they had to say about CDs. (Some text may be lightly edited for clarity.)
How can someone determine whether a bank is the right fit for them?
Tania Brown, certified financial planner at SaverLife:
"Obviously, you want to make sure it's FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you're okay online. Do you write checks? Do you not write checks? So it's thinking through how your experience with it is going to be before you make that decision."
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
"I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account."
How should someone choose a CD term length?
Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":
"I would think about when you need the money and then compare that with what the prevailing CD rates are, and then what makes sense from a financial perspective, but also from your own personal timing perspective."
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"I believe in having a plan for whatever the funds are. If it's supposed to be a house fund, and you want to wait for another two years to buy a house, that's what you should be thinking of when you want to have this money."
How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?
Tania Brown, CFP:
"So I guess we'll start off with how much money you want to put in and ... the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you're stuck between the high-yield savings and the money market account."
Sophia Acevedo, Personal Finance Insider:
"Generally, I think a high-yield savings account or money market account could be good options for an emergency fund or short-term savings goals. A high-yield savings account offers a higher interest rate than traditional savings accounts at brick-and-mortar banks. Meanwhile, money market accounts might be worth considering if you want more account accessibility — several offer paper checks, ATM cards, or debit cards. CDs could be worthwhile if you don't need access to some of your money, since they have a fixed interest rate for a specific term."
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