Saturday, 16 January 2021

The Best 18-Month CD Rates in 2019

Sometimes you need a shorter-term CD, but the rate of return on a 12-month CD just isn’t quite enough. Thankfully, many institutions offer 18-month CD or 19-month CD options. They typically have higher rates than a 12-month account, while remaining a viable choice for near-term savings goals when a 24-month CD would be too long a commitment.

The key is to find the right 18-month CD to maximize your savings. If you look around, you can find rates up to 3.00% APY, compared to the average 18-month CD rate of 1.59%. To make the search process easier for you, we’ve uncovered the best 18-month CDs using data from to find the highest APY. We also took each account’s minimum deposit requirement into consideration.

The 10 best 18-month CD rates in 2019

Institution APY Minimum deposit amount to earn APY

Hanscom FCU

3.00% $1,000

Service Credit Union

3.00% $1,000

CD Bank

3.00% $10,000

Limelight Bank

2.95% $1,000

Rising Bank

2.85% $25,000

Partner Colorado Credit Union

2.90% $500

Banesco USA

2.50% $1,500

Live Oak Bank

2.85% $2,500

Citizens Access

2.90% $5,000

First Internet Bank

2.88% $1,000

Hanscom FCU — 3.00% APY, $1,000 minimum deposit

Hanscom FCU offers its Traditional Certificates in a range of terms from three to 60 months, each with pretty competitive interest rates — but its 19-Month Special stands out especially for its top rate. It earns at a higher rate than the 12-month and even the 24-month accounts, and dividends are paid monthly. You’ll need at least $1,000 to open. If you make a withdrawal before the account matures, you’ll face a penalty of 180 days’ worth of interest.

Hanscom Federal Credit Union has been around since 1953, with branches throughout Massachusetts. You can also access your accounts at over 5,000 nationwide CO-OP shared branches and over 100,000 surcharge-free ATMs. You can become a Hanscom FCU member through family relationships, your employer or partner organizations.

Service Credit Union — 3.00% APY, $1,000 minimum deposit

With just $1,000, you can earn at a top 18-month CD rate with Service Credit Union. The account’s dividends are compounded and credited monthly. To become a Service Credit Union member, you must open a Share Savings account with at least $5. You’re eligible for membership based on your residence and military status.

Founded in 1957, Service Credit Union maintains most of its branches in New Hampshire, with a branch in Massachusetts and at Grand Forks Air Force Base in North Dakota. There are also several branches abroad in Germany. You may also access 5,000 shared branches and around 30,000 fee-free ATMs worldwide through the SUM and CO-OP networks.

CD Bank — 3.00% APY, $10,000 minimum deposit

Aptly named CD Bank offers great rates on all its CD terms, especially its 18-month term. The bank does require a pretty high minimum deposit of $10,000, which can limit its availability to many potential customers. CD Bank credits interest on its CDs semiannually. If you make an early withdrawal from the 18-month CD, you’ll face a penalty of 12-months’ worth of interest.

CD Bank, the online division of TBK Bank, offers only CD accounts at the moment. Dallas-based TBK Bank itself is a subsidiary of Triumph Bancorp, Inc.

Limelight Bank — 2.95% APY, $1,000 minimum deposit

Online-only Limelight Bank offers consumers only three CD terms. However, each earns at an excellent rate, including the longest, an 18-month term CD. You’ll need at least $1,000 to open an account.

Limelight Bank is the online division of Utah-based Capital Community Bank. Founded in 1993, Capital Community Bank provides the FDIC insurance for your Limelight deposits.

Rising Bank — 2.85% APY, $25,000 minimum deposit

The 18-month Rising CD not only has a great rate, but it also offers the chance to boost that rate even higher on one occasion in the event rates increase during the term. If you take advantage of that chance, you can also add more money to the account, unlike a standard CD — this one additional deposit must be at least $5,000. The account requires at least $25,000 to open at the start, though. Interest is compounded and credited every three months. An early withdrawal from this account will trigger a penalty of 180 days’ interest on the amount withdrawn.

Launched in 2018, Rising Bank is the online division of Midwest BankCentre, which has been around since 1906 in St. Louis, Mo.

Partner Colorado Credit Union — 2.90% APY, $500 minimum deposit

Partner Colorado Credit Union offers a great rate on its 18-Month CD Special. You need to deposit at least $500 to open this account and start earning interest. Early withdrawals from this account will result in a penalty of 180 days’ worth of interest.

Partner Colorado Credit Union, founded in 1931, maintains a few Colorado branches, in the Denver metro area; you can also take advantage of thousands of CO-OP Shared Branches and ATMs. Your membership eligibility for Partner Colorado Credit Union depends on your employment, location and family members. You may also become a member by making a $5 donation to the Partner Colorado Foundation.

Banesco USA — 2.50% APY, $1,500 minimum deposit

Banesco USA offers five high-yield CDs, but its 18-month account earns at an exceptionally great rate. You’ll need at least $1,500 to open a Banesco USA CD and start earning interest.

Banesco USA was founded in 2006 and has four branches in South Florida and one in San Juan, Puerto Rico. Banesco USA is part of the wider international banking group, Banesco International, which reaches 15 countries.

Live Oak Bank — 2.85% APY, $2,500 minimum deposit

With CD rates well above 2%, it’s no wonder Live Oak Bank’s 18-month CD makes it on this list. You’ll need at least $2,500 to open an account. Interest earned can be paid out monthly. An early withdrawal will cost you a penalty equal to 90 days of interest on the amount withdrawn.

Largely focused on loans and business banking, Live Oak Bank doesn’t have any consumer bank branches other than its headquarters in Wilmington, N.C. It was founded in 2008.

Citizens Access — 2.90% APY, $5,000 minimum deposit

If you have a little more money to deposit in a CD, consider the high-yield 18-month CD from online-only Citizens Access. Plus, interest is compounded daily, more frequently than other banks on this list that compound monthly. The bank will assess a penalty of 180 days’ worth of interest on early withdrawals from a 18-month CD.

Citizens Access is the online branch of Citizens Bank, which traces its history back to 1828. You can access your Citizens Access accounts online and on mobile, but not at Citizens Bank branches.

First Internet Bank — 2.88% APY, $1,000 minimum deposit

Closing out our list is First Internet Bank’s 18-month CD, which still earns at an incredibly competitive rate. You’ll need $1,000 or more to get started with this account. Be wary of making an early withdrawal from the account — it can cost a penalty equal to 180 days’ of interest.

Founded in 1999, First Internet Bank was the first FDIC-insured institution to operate entirely online. Today, you can still access your accounts not only online, but on mobile and over the phone as well.

Is it worth getting an 18-month CD over a 1-year CD?

When we discuss CD rates, we tend to center the conversation on 1-year CDs. They’re helpful to look at when assessing changes in rates over time, typically compared to long-term CDs. They also the general starting point when creating a CD ladder. So where do the slightly longer 18-month CDs fit in?

18-month CDs are only six months longer than 1-year CDs. It might seem like too little of a difference, especially when you’re squirreling away cash. However, because of this extra time a bank gets to hold your money, banks are willing to pay higher rates on your 18-month deposits, thus boosting your savings a little bit more.

Let’s say you deposit $1,000 into a bank’s 3% APY 18-month CD. At maturity, you’ll have earned around $46. Making that same deposit into the same bank’s 1-year CD at 2% APY, would earn just a little over $20. Of course, rates vary from bank to bank. That’s why it’s important to look for the best CD rates for each term to make locking your money away more worthwhile.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here


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