Looking for higher returns compared to a regular savings account? An 18-month certificate of deposit (CD) might be the perfect option for you. Not only does it offer competitive interest rates, but it also provides the same level of safety thanks to Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA) protection of up to $250,000.
For investors who want to avoid stock market volatility and are risk-averse, the fixed interest rate and relatively short duration of an 18-month CD make it an attractive choice. Here are our top picks for the best 18-month CD rates in April 2024:
– First Internet Bank: 18-month APY 5.04%, Minimum Deposit $1,000
– Alliant Credit Union: 18-month APY 4.90%, Minimum Deposit $1,000
– MYSB Direct: 18-month APY 5.15%, Minimum Deposit $500
– TAB Bank: 18-month APY 5.00%, Minimum Deposit $1,000
– Ally Bank: 18-month APY 4.45%, Minimum Deposit $0
– Capital One: 18-month APY 4.45%, Minimum Deposit $0
– Prime Alliance Bank: 18-month APY 4.75%, Minimum Deposit $500
– Marcus by Goldman Sachs: 18-month APY 4.60%, Minimum Deposit $500
– VIO Bank: 18-month APY 4.50%, Minimum Deposit $500
– LendingClub: 18-month APY 5.00%, Minimum Deposit $2,500
When choosing the best 18-month CD for you, consider factors such as interest rates, how interest is paid, early withdrawal penalties, minimum deposit requirements, and renewal terms. Keep in mind that there are alternatives to CDs, such as savings accounts, high-yield savings accounts, and money market accounts, that offer more liquidity.
For more information on the best CD rates for different term lengths and answers to frequently asked questions, stay tuned for updates.