- Best 18-Month CDs
- Compare the Best 18-month CDs
- 18-Month CD Reviews
- What Influences the Best 18-Month CD Rates
- How to Find the Best 18-Month CD for You
- Should You Open an 18-month CD?
- FAQs
- Why You Should Trust Us
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If you're looking for the best rate for 18-month CDs, you'll probably want to go with an online bank or credit union. Online banks and credit unions have higher interest rates than the average CD, with the highest rates going over 5% APY.
The best 18-month CD rate is 5.08% APY from EagleBank. If you are looking for additional CD options, there are other financial institutions with high 18-month CD rates, too.
We check rates daily to find the best rates for 18-month terms. Here are our top picks.
Best 18-Month CDs
- EagleBank 18 Month CD: 5.08% APY
- Credit Human 18 Month Share Certificate: 5.05% APY
- LendingClub 18 Month CD: 5.00% APY
- Bask Bank 18 Month CD: 5.00% APY
- First Internet Bank of Indiana 18 Month CD: 4.98% APY
- Limelight Bank 18 Month Online CD: 4.90% APY
- MYSB Direct 18 Month CD: 4.95% APY
- TAB Bank 18 Month CD: 4.85% APY
- Popular Direct 18 Month CD: 4.75% APY
- CFG Bank 18 Month CD: 4.75% APY
Compare the Best 18-month CDs
The best 18 month CDs are primarily available at online banks and credit unions. These institutions offer the most competitive offerings for 18-month terms and you can open accounts regardless of where you live in the United States.
When choosing a CD, you should review early withdrawal penalties and opening requirements in addition to interest rates.
EagleBank 18 Month CD
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)5.08%
Minimum Opening Deposit$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard-to-low early withdrawal penalties
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
- con icon Two crossed lines that form an 'X'. $500,000 maximum initial deposit
- con icon Two crossed lines that form an 'X'. Can’t open if you live in California, Nevada, or Vermont
- con icon Two crossed lines that form an 'X'. Poor mobile app ratings
- 19 locations in Maryland, Virginia, and Washington, DC
- Can open a CD even if you don’t live near a branch; not eligible to open EagleBank accounts if you live in California, Nevada, or Vermont
- Online terms range from 6 months to 18 months; For additional CD terms you must call or visit a branch
- Early withdrawal penalty is 3 months of interest for all terms
- Interest is compounded daily and deposited quarterly
- FDIC-insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)5.05%
Minimum Opening Deposit$500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum opening deposit
- con icon Two crossed lines that form an 'X'. High early withdrawal penalties
- Branches primarily in San Antonio, Texas
- To join Credit Human, you or a family member must be an employe of an employer or organization partner; live, work, worship or attend school in a San Antonio, TX or New Orleans, LA service area; study at a trade school, college or university partner; are a veteran, retiree, or active duty member of the US Armed Forces or National Guard; or become a member of the American Consumer Council
- Early withdrawal penalties (the greater of $50 or an amount equal to the number of days' interest): 90 days of interest for terms of 3 months; 180 days of interest for terms of 6 months; 270 days of interest for terms of 12 months; 365 days of interest for terms of 36 months; 730 days of interest for terms of 60 months; 1,095 days of interest for terms of 84 or 120 months
- Federally insured by the NCUA
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)5.00%
Minimum Opening Deposit$2,500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard CD terms
- con icon Two crossed lines that form an 'X'. $2,500 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- con icon Two crossed lines that form an 'X'. Standard-to-high early withdrawal penalties
- Online banking institution with 1 branch in Boston, Massachusetts
- Terms for online CDs range from 6 months to 5 years
- $2,500 minimum opening deposit
- Early withdrawal penalty will depend on the amount deposited and term chosen
- Interest compounded and deposited monthly
- Member FDIC
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)5.00%
Minimum Opening Deposit$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rate on CDs
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
- Early withdrawal penalties: For terms 1 year and under, the penalty is 90 days of simple interest; For any terms over 1 year, the penalty is 180 days of simple interest
- Interest compounded daily, deposited monthly
- FDIC insured through Texas Capital Bank
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)4.98%
Minimum Opening Deposit$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties
- con icon Two crossed lines that form an 'X'. $1,000 opening deposit
- con icon Two crossed lines that form an 'X'. Interest is compounded monthly, not daily
- Terms ranging from 3 months to 5 years
- 90 days interest early withdrawal penalty for 3-month term; 180 days interest for 6-18 month term; 365 days interest for 24-60 month term
- Interest is compounded monthly and paid monthly
- Member FDIC
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)4.90%
Minimum Opening Deposit$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard-to-low early withdrawal penalties
- con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
- con icon Two crossed lines that form an 'X'. Limited online CD terms
- Early withdrawal penalties: for terms between 6 months and 18 months, the early withdrawal penalty is 90 days of interest; for terms of 36 month term, the penalty is 180 days of interest
- Compounded daily and deposited monthly
- FDIC insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)4.95%
Minimum Opening Deposit$500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rate
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low early withdrawal penalties
- con icon Two crossed lines that form an 'X'. Interest compounded monthly, not daily
- NY-based financial institution that serves customers nationwide
- Terms range from 6 months to 5 years
- Early withdrawal penalties 90 days of interest
- Interest compounded and deposited monthly
- FDIC insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)4.85%
Minimum Opening Deposit$1,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low-to-standard early withdrawal penalties
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Choose to keep accumulated interest in CD, receive a check, or transfer to another TAB account
- con icon Two crossed lines that form an 'X'. $1,000 minimum deposit
- Early withdrawal penalties are as follows: 90 days interest for terms of 12 months, 180 days interest for terms over 12 months
- Interest compounds daily to maximize earnings
- FDIC insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)4.75%
Minimum Opening Deposit$10,000
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive rates for certain term lengths
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Compounds interest daily
- con icon Two crossed lines that form an 'X'. $10,000 minimum deposit
- con icon Two crossed lines that form an 'X'. Standard-to-high early withdrawal penalties
- Early withdrawal penalties: 270 days simple interest for terms of 12 months to less than 36 months
- Interest compounded daily, paid monthly
- FDIC insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)4.75%
Minimum Opening Deposit$500
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $500 minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties
- con icon Two crossed lines that form an 'X'. Limited term options
- 2 branches near Baltimore, Maryland
- Free access to over 1,600 M&T Banks ATMs on the East Coast
- Terms range from 1 year to 5 years
- Early withdrawal penalties: 90 days of interest for terms of 1 year; 180 days of interest for terms longer than 1 year
- Interest compounded daily and paid monthly
- Member FDIC
18-Month CD Reviews
These are our picks for the best 18-month CD rates. Our top picks for CDs are protected by FDIC or NCUA insurance. If you are worried about banks failing, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
EagleBank 18 Month CD
EagleBank CDs offers some of the best CD rates overall for terms between 6 months and 18 months, so it could be a good option if your goal is to build a CD ladder.
EagleBank has locations in Maryland, Virginia, and Washington, DC, so it can be a great local banking option if you live in these areas. You can also open online CDs ranging from 6 months to 18 months if you don't live near a branch.
You'll only be able to deposit a maximum of $500,000 into a CD. Another downside to banking with EagleBank is that its mobile banking app has lackluster ratings in both the Google Play and Apple stores.
Interest for an 18-month CD: 5.08% APY
18-month CD early withdrawal penalty: 3 months of interest
Credit Human 18 Month Share Certificate
Credit Human Share Certificates have a $500 minimum opening deposit. This credit union notably offers a high 18-month share certificate rate.
To open a Credit Human Share Certificate, you'll have to qualify for membership. You may join from anywhere in the U.S. if you become a member of the American Consumer Council. Credit Human Federal Credit Union also has other ways to become a member: You'll be eligible to join if you live in a service area in San Antonio, Texas, or New Orleans, Louisiana, or if you work for a partner employer or organization.
Interest for an 18-month CD: 5.05% APY
18-month CD early withdrawal penalty: $50 or 365 days of interest (whichever is greater)
LendingClub 18 Month CD
LendingClub pays a good 18-month CD rate and has reasonable early withdrawal penalties.
LendingClub CDs require a $2,500 minimum deposit. Other banks may let you open a CD with $1,000 or less.
APY for 18-month CD: 5.00% APY
18-month CD early withdrawal penalty: 180 days of interest
Bask Bank 18 Month CD
Bask Bank is an excellent option if you'd like to earn a high interest rate on a CD. All of its terms have great interest rates, so this bank might be interesting to you if you're interested in opening multiple short-term CDs at the same bank.
Bask Bank has limited CD terms. You might prefer another institution for long-term CDs.
APY for 18-month CD: 5.00% APY
18-month CD early withdrawal penalty: 180 days simple interest
First Internet Bank of Indiana 18 Month CD
First Internet Bank of Indiana pays a good CD rate on an 18-month term. The bank also offers one of the best money market accounts.
First Internet Bank of Indiana compounds your interest monthly, not daily. Depending on how much money is in your CD, this may or may not make a significant difference.
Interest for an 18-month CD: 4.98% APY
18-month CD early withdrawal penalty: 180 days of interest
First Internet Bank of Indiana Review
Limelight Bank 18 Month Online CD
Limelight Bank offers a strong rate on its 18-month CDs. It also offers one of the best 1-year CD rates, so if you're interested in opening both types of CDs with the same bank, Limelight Bank might be a good choice for you.
Limelight Bank doesn't offer any CDs with term lengths longer than 3 years. If you're interested in opening a long-term CD, you might want to look elsewhere.
Interest for an 18-month CD: 4.90% APY
18-month CD early withdrawal penalty: 90 days of interest
MYSB Direct 18 Month CD
The MYSB Direct CD might be a good choice if you're comfortable with a fully online banking experience. MYSB Direct has a variety of CDs with high interest rates. It also has low early withdrawal penalties.
The bank compounds interest monthly, not daily. Depending on how much money you plan to keep in a CD, this may or may not make a significant difference.
Interest for an 18-month CD: 4.95% APY
18-month CD early withdrawal penalty: 90 days of interest
TAB Bank 18 Month CD
A TAB Bank CD is a great option if you're searching for a good rate on an 18-month term.
If you're interested in opening CDs with terms that are 3 years or longer, you might prefer another financial institution. The bank's long-term CD rates aren't as competitive as its short-term options.
Interest for an 18-month CD: 4.85% APY
18-month CD early withdrawal penalty: 180 days of interest
Popular Direct 18 Month CD
Popular Direct CDs pay high interest rates and compound interest daily.
You'll need at least $10,000 to open a Popular Direct CD. The early withdrawal penalty is also fairly high.
APY for 18-month CD: 4.75% APY
18-month CD early withdrawal penalty: 270 days of simple interest
CFG Bank 18 Month CD
CFG Bank CDs may stand out if you're searching for a low minimum deposit of $500. CFG Bank has strong 1-year and 18-month terms.
CFG Bank only offers 1-year, 18-month, 3-year and 5-year terms. For more CD variety, consider other financial institutions.
Interest for an 18-month CD: 4.75% APY
18-month CD early withdrawal penalty: 180 days of interest
Bank Trustworthiness and BBB Ratings
We've compared each company's Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices.
| Institution | BBB rating |
| EagleBank | A+ |
| Credit Human Federal Credit Union | A |
| MYSB Direct | NR (rating for its parent bank, M.Y. Safra Bank) |
| LendingClub | A+ |
| Bask Bank | B |
| First Internet Bank of Indiana | A+ |
| Limelight Bank | A+ (rating for its parent bank, CCBANK) |
| TAB Bank | A |
| Popular Direct | A+ (rating of parent bank, Popular Bank) |
| CFG Bank | NR |
Credit Human received an A rating because it has received several customer complaints on the BBB website.
M.Y. Safra Bank has an NR (No Rating) from the BBB because there isn't enough information to provide a rating.
Bask Bank currently has a B rating from the BBB because of the number of customer complaints against the bank.
The BBB gave TAB Bank an A rating because government action has been taken against the bank.
CFG Bank does not currently have a rating from the BBB because its profile is in the process of being updated.
EagleBank has been involved in a recent public controversy. In 2022, EagleBank paid a civil penalty of $10 million in a settlement with the Securities and Exchange Commission. According to the settlement, the SEC accused the bank and former CEO and chairman Ronald D. Paul of making false and misleading statements about party loans relating to Paul's family trusts.
TAB Bank has been involved in one recent public settlement. In 2022, TAB Bank entered an Assurance of Discontinuance with the State of Iowa. According to the settlement, the State of Iowa accused TAB Bank of charging Iowa residents more than the permitted maximum APR for consumer installment loans. The bank has stopped making consumer installment loans to Iowa residents and can resume if it provides a 30-day notice to the state and follows the state code.
Popular Bank has been involved in two recent public controversies. In 2023, the Federal Reserve Board required Popular Bank to pay a $2.3 million fine, claiming it processed Payment Protection Program loans even though potential instances of fraud were detected and not reporting the potential fraud in a timely manner.
In 2022, the U.S. Department of Treasury's Office of Foreign Assets Control required Banco Popular de Puerto Rico — the bank's Puerto Rico locations — to pay over $255,000 in a settlement that accused the bank of violating Venezuela Sanctions Regulations when processing transactions with two Venezuelan government employees.
What Influences the Best 18-Month CD Rates
Role of the Federal Reserve
The Federal Open Market Committee consists of all the Board of Governors members, the Federal Reserve Bank of New York president, and four other Reserve Bank presidents. They manage monetary policy by assessing economic conditions.
When monetary policy changes, banks will often change bank interest rates. For CDs specifically, CD rates will increase during rate increases, and CD rates will decline during rate drops.
Economic Projections
Experts anticipate that CD rates will drop in 2024, but it isn't certain when exactly rate cuts will take place. In the meantime, banks are offering short-term CD rates with higher rates than long-term CDs. An 18-month CD falls in-between short-term CDs and long-term ones, and so do its rates.
Institution Specific Rates
Banks also have their own specific criteria for adjusting CD rates. You might occasionally see that banks pay the highest rates for 18-month terms or offer special promotional CDs for certain customers.
If you're interested in CD promotions, be mindful of the requirements necessary to earn the special rate. Sometimes, there are limitations for how much money you can deposit, or you have to deposit "new money." Each bank will define what "new money" is, but generally, it means you have to deposit money from another bank.
How to Find the Best 18-Month CD for You
Interest rates are always important when choosing an 18-month CD, but there are other factors to consider, too. Look at the CD's minimum opening deposit. If you don't have enough money to open the 18-month CD with the highest rate, it's probably still worth opening one that has a minimum deposit requirement you can afford, even if it pays a little less.
You should also look at the bank's early withdrawal penalty for 18-month terms. A high penalty for withdrawing money early could cancel out any interest you've already earned. If you're worried about needing money early, search for a bank that charges lower penalties. Or it might be better to put your money in a shorter-term CD, no-penalty CD, or high-yield savings account instead.
Pros and Cons of 18-Month CDs
| Pros | Cons |
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Should You Open an 18-month CD?
You can earn a great rate on an 18-month CD right now, and you'll lock in that rate for the entire term. This means your rate is fixed, so it won't increase or decrease even if the bank changes its 18-month rates. This can be a disadvantage if the bank raises rates, but it's unlikely that CD rates will go up in 2024 anyway.
Although the best 18-month CD rates are similar to the best high-yield savings rates right now, CDs come with less flexibility than savings accounts. Most banks don't allow you to put more money into your CD after the initial deposit, and they charge you a penalty for taking out money before the term ends.
CDs offer a guaranteed rate of return, which means they're much less risky than investing your money in the stock market. You could earn more with the stock market, but the market is unpredictable, so you could actually end up losing money over that 18 months instead. Because 18 months is a relatively short amount of time, you may want to put the money in a CD instead to be on the safe side.
Alternatives to a 18-Month CD
18-Month CD vs. Shorter-Term CD
It's common for banks to offer 6-month and 1-year CDs, and many even have 3-month terms. These are great options if you can't part with your money for the full 18 months. Also, 6-month CD rates and 1-year CD rates are comparable to — and often higher than — 18-month rates right now.
Because rates on 6-month, 1-year, and 18-month CDs are especially high at this point, you might be interested in building a CD ladder. This involves dividing your money between several CD terms so you can access it at different times. For example, you could open a 6-month, 1-year, and 18-month CD, and you'd have access to your money and earned interest after six, 12, and 18 months.
This strategy helps you avoid some risk. If you put all of your money into an 18-month CD with plans to put it back into another 18-month CD after the term ends, rates may be lower by then. By building a ladder, though, you lock in high rates now before they potentially drop later.
18-Month CD vs. Longer-Term CD
You may want to put money into a longer CD term if you know you won't need it for more than 18 months. Plenty of online institutions are paying great rates on terms up to five years. However, the best rates on 18-month CDs and shorter terms are higher than rates on longer terms right now.
18-Month CD vs. High-Yield Savings Account
The best high-yield savings accounts are paying similar rates to the best 18-month CDs. But you still might prefer a high-yield savings account over a CD for two reasons: You can deposit money at any time, and you can often withdraw money without paying a penalty. CDs and savings accounts are both great tools for saving money, so there's no reason you can't open both.
18-Month CD vs. Money Market Account
Money market accounts are similar to savings accounts, except most include perks you'd normally get with checking accounts, such as ATM cards, debit cards, or paper checks. Money market accounts make it much easier to access your savings than CDs. The best money market accounts pay great rates right now, but they're still not as high as the best 18-month CD rates. A money market account could be a good fit if you want easier access to your savings, while an 18-month CD might be better if you want help resisting the temptation to spend your savings.
18-Month CD FAQs
Who has the highest paying 18-month CD right now? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.EagleBank has the highest CD rate for an 18-month term. It pays 5.08% APY.
Why choose an 18-month CD over a 1-year or 2-year? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.An 18-month CD may be a better fit than a 1-year or 2-year term if your saving for something that has a timeline of 18 months.
Do 18-month CDs typically have special offers? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Occasionally, banks will have special offers for 18-month CD terms. Sometimes these offers will have limitations for who can open an account or how much money you can deposit.
How often do the best 18-month CD rates change? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.The best 18-month CD rates can change at any time. CD rates are impacted by the Fed's decisions, economic projections, and bank's individual criteria.
Are 18-month CDs a good "starter" CD? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.An 18-month term can be a good "starter" CD if it aligns with your goals. CDs are a low-risk option since you're guaranteed fixed returns as long as you keep your money in an account for an entire time. Your potential gains, however, are limited. If you're comfortable parting with your money for longer and want to take more risk with your money, then you may want to invest in the stock market.
Is it difficult to find banks offering 18-month CDs? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Many financial institutions offer 18-month terms, so you should likely find many brick-and-mortar and online options.
Is an 18-month CD a good investment? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.An 18-month CD can be a good investment depending on your goals. If you have a savings goal that you want to hit in 18 months, an 18-month CD can help you hit that goal. And if you want to lock in a high CD rate for a while but you don't want to commit to long-term CDs, an 18-month CD can be a good choice.
Why You Should Trust Us: 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 and vice president of coaching strategy at OfColor:
"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, banking editor, Business 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, Business 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."
Methodology: How we Chose the Best 18-Month CD Rates
At Business Insider, our goal is to create helpful reviews, guides, and explainers so that you can make good decisions about your money. We recognize every person has distinct preferences, so we provide ample options to help you find the most suitable financial product or account.
We monitor CD rates at over 60 banks, credit unions, and banking platforms. We've also reviewed each institution to find the most-well rounded banking options. For CD, we compared the minimum opening deposits, early withdrawal penalties, and interest rates. We also considered the overall banking experience at each bank by assessing customer support availability, mobile app ratings, and ethics. Read more about how we rate CDs.
Sophia Acevedo Banking Editor Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
Kit Pulliam Personal Finance Insider editorial fellow Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceKit has spent their career making complicated concepts more accessible to the average person. As a tutor in math and reading comprehension after college, they melded the certainty of numbers with the flexibility of words, a skill that has served them in the personal finance field since. Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.ExpertiseTheir expertise includes:- Certificates of deposit
- Savings accounts
- Checking accounts
- CD rates
- Bank reviews
Evelyn He Compliance and Operations Associate Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Read more Read less Top Offers From Our Partners 
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