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The Best 18-Month CD Rates in 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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 DepositAccounts.com 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

InstitutionAPYMinimum deposit amount to earn APY

Hanscom FCU

3.00%$1,000

Andrews FCU

2.95%$1,000

Nationwide by Axos Bank

2.80%$500

Limelight Bank

2.65%$1,000

Sallie Mae Bank

2.65%$2,500

BankDirect

2.78%$10,000

Northern Bank Direct

2.76%$500

ConnectOne Bank

2.76%$500

Georgia Banking Company

2.75%$500

First Internet Bank

2.68%$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.

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on Hanscom Federal Credit Union’s secure website

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Andrews FCU — 2.95% APY, $1,000 minimum deposit

Just short of exactly 18-months, the 17-Month Special Share Certificate from Andrews FCU still offers one of the most competitive rates in this list. You’ll need at least $1,000 to open the account. When the 17-Month Special Share Certificate matures, it will renew into a 12-Month term and corresponding rate. A penalty for an early withdrawal from the account will equal 90 days of dividends.

To become an Andrews FCU member, you must be employed by or a member of select Employer Groups. live, work, attend school or worship in Washington, D.C or have a relative who is a member. Wider eligibility reaches to members of the American Consumer Council and select US Military or Civilian personnel.

Andrews Federal Credit Union was founded in 1948 and is headquartered in Maryland. In addition to its online capabilities, it serves customers through branches Washington, DC, Maryland, Virginia and New Jersey, including Joint Base Andrews and Joint Base McGuire/Dix/Lakehurst. It serves military installations abroad in central Germany, Belgium and The Netherlands.

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Nationwide by Axos Bank — 2.80% APY, $500 minimum deposit

Nationwide by Axos Bank’s 18 Month CD offers one of the banks highest CD rates. You just need $500 to open the account. Making an early withdrawal from this 18 Month CD will result in six months’ loss of interest, accrued or not.

Nationwide by Axos Bank offers Axos Bank’s banking products and services access to Nationwide members. Founded in 2000, Axos Bank operates entirely online.

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FDIC Insured

Limelight Bank — 2.65% APY, $1,000 minimum deposit

Limelight Bank offers only four CDs, which includes its high-rate 18-Month CD. You can open an account with a minimum deposit of $1,000. The penalty for an early withdrawal is 90 days’ worth of interest.

Limelight Bank is the online-only division of Capital Community Bank, a Utah-based bank founded in 1993.

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Member FDIC

Sallie Mae Bank — 2.65% APY, $2,500 minimum deposit

Sallie Mae isn’t just for student loan management. You can also build your savings there, too, including its several certificates of deposit. Plus, its 18-month CD earns at the highest rate there. You just need $2,500 to open. Making an early withdrawal will trigger a penalty equal to 180 days’ simple interest on the amount withdrawn.

Sallie Mae was founded in 1972 and offers savings accounts, loans, credit cards and more financial services and aid.

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BankDirect — 2.78% APY, $10,000 minimum deposit

If you have an extra $10,000 to spare, BankDirect’s 18 Month CD offers a high interest rate and compounds interest daily for a great boost to your savings. Just don’t make a withdrawal from the account before maturity, or else you’ll face a penalty of 180 days’ worth of interest.

BankDirect is an all digital bank, which means it has no physical branches. The bank first went live on the internet in 1999. It is a division of Texas Capital Bank, N.A.

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Member FDIC

Northern Bank Direct — 2.76% APY, $500 minimum deposit

Closing out our list is Northern Bank Direct with its high-rate 18 Month CD, which requires only $500 to open the account. Making an early withdrawal from the 18 Month CD will trigger a penalty of 12 months’ interest.

A division of Northern Bank, Northern Bank Direct operates entirely online. Northern Bank has been a presence in New England since 1960 and is headquartered in Massachusetts.

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on Northern Bank Direct’s secure website

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ConnectOne Bank — 2.76% APY, $500 minimum deposit

Closing our our list is the 17 Month Time Deposit from ConnectOne Bank, which requires as little as $500 to get started. Early withdrawals will trigger a penalty of 180 days’ worth of interest.

ConnectOne Bank first opened in 2005. It operates branches in New Jersey and New York and is also easily accessible online and on mobile.

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Georgia Banking Company — 2.75% APY, $500 minimum deposit

With just $500, you can open an 18 Month Certificate with Georgia Banking Company and start growing your savings at its solid rate. The early withdrawal penalty here will equal six months’ interest.

Georgia Banking Company was founded in 1998 and maintains two branches in the Atlanta area.

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First Internet Bank — 2.68% APY, $1,000 minimum deposit

Moving up the list from last month’s ranking is First Internet Bank’s 18-month CD, which continues to earn 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.

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on First Internet Bank’s secure website

Member FDIC

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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Best Savings Account Bonus Offers

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

There’s no shortage of checking account bonus offers, with everyone from small local banks to the big household names offering hundreds of dollars to new customers. Banks know it’s hard to get you to leave your old bank, especially when you’re comfortable with the accounts you have. But what better way to entice you than with a big cash bonus?

You’ll find these bonus offers attached to more checking accounts than savings accounts. After all, checking accounts are a crucial part to banking, as they allow you to easily access your money for purchases and transfers.

That’s not to say there aren’t any opportunities to earn money with a new savings account. We’ve found five of the best savings account bonus offers as of the date of publishing. It’s easy to go straight for the highest amount, but pay attention to the bank and the account you’re getting ready to open. Make sure it’s a bank you actually want to do business with.

Further, double check that you’ll be happy with the new account for months to come. It can take months to meet the offer requirements and even longer to actually receive the bonus. If there’s a monthly fee on the account, you could be stuck paying that unnecessary fee, especially if you can’t meet the balance requirements to waive it. You may not even be happy with the interest rate on the account, which might make the savings account bonus offer not entirely worth it.

The 5 best savings account bonus offers in 2019

Methodology

To find the best savings account bonus offers, we looked for the highest bonus amounts offered. Below, you’ll find the five biggest bonus offers on savings accounts being offered. Offers are current as of this publication date and we will update the article periodically to show the freshest ranking.

Citi — $500 bonus with $15,000 minimum deposit

Offer ends 6/30/2019

Offer rules: You must be a new Citibank customer and open a Citibank Account Package, which includes a checking and savings account. Within 30 days of opening these accounts, you must deposit at least $15,000 in either of these two accounts with money new to Citibank, and maintain a minimum balance across both accounts of $15,000 for 60 days.

After meeting the above requirements, you’ll get $400 in bonus money deposited into your checking account (or savings account if you’ve closed the checking account). If you make at least two ACH deposits into the checking account portion of the Account Package within 60 days of opening the account, you’ll receive an additional $100.

Who’s eligible: You must be a new customer to Citibank and enroll in the bank’s “$400/$500 Checking and Savings Offer” either in person, over the phone, or online.

Account details: There’s a $25 monthly maintenance fee, which you can avoid be keeping a minimum of $10,00 deposited across both accounts (which you’ll want to do anyone in order to qualify for the bonus, which requires a minimum of $15,000). You may not want a checking account and are free to close it, but keep in mind in order to get the $100 bonus (to bring the total amount to $500) you need to make the ACH deposits into a checking account, not a savings account.

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on Citi’s secure website

Discover — $200 bonus with $25,000 minimum deposit

Offer ends 8/5/2019

Offer rules:Discover customers can benefit from a $200 bonus by opening a Discover Online Savings account for the first time by August 5, 2019, which is the same date this offer ends. You’ll then need to deposit at least $25,000 into the account by August 19, 2019.

If you can’t meet that minimum amount, you can earn a $150 bonus instead by depositing at least $15,000 into the new account by August 19, 2019.

The bonus will be credited to your account by September 2, 2019.

Who’s eligible: You must be a new Discover savings customer to qualify for this savings account bonus offer. You must not have had a savings account that was co-branded or an affinity account provided by Discover either.

You can apply for the offer with the code “MM719” either online or by phone.

Account details: Discover’s Online Savings Account earns at a competitive interest rate of 2.10% on all balances. There are no fees associated with this account. Keep in mind that the bonus is considered interest and will be reported on a 1099-INT form.

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on Discover Bank’s secure website

Member FDIC

Chase — $150/$350 bonus with $10,000 minimum deposit

Offer ends 7/15/2019

Offer rules: In another bonus offer from Chase, you can get $150 when you open a new Chase Savings account. You’ll need to deposit at least $10,000 in new money (not previously held with Chase or its affiliates) within 20 business days and maintain at least that minimum balance for 90 days.

Want to do more banking with Chase and open a Chase Total Checking account, too? Opening both a new checking and savings account can get you a $350 bonus, as long as you follow the above savings account rules and set up direct deposit on your new checking account.

Who’s eligible: You’re eligible for the Chase Savings account bonus offer if you are not already a Chase savings customer. You also cannot have had an account that was closed within 90 days or with a negative balance.

If you close this new savings account within six months after opening, Chase will deduct the bonus amount from the account at closing.

Account details: The Chase Savings account earns interest at a nominal rate of 0.01% APY, which isn’t ideal for savings growth. There is a $5 monthly fee on the account. You can waive the fee with one of the following, each statement period:

  • A daily balance of at least $300
  • At least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid® Card
  • An account owner who is younger than 18
  • Linking this account to a Chase Premier Plus Checking, Chase Sapphire Checking or Chase Private Client Checking account

You could also face a $5 fee for each excessive transaction you make over the six-transfer limit per statement cycle.

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on Chase Bank’s secure website

BBVA — $100 bonus with $10,000 minimum deposit

Offer ends 8/31/2019

Offer rules: You can earn the $100 bonus by opening a new BBVA Money Market Account and bringing the balance to at least $10,000 by August 31 and maintaining that so you have at least that much in the account on November 30.

Who’s eligible: This bonus offer is available to residents of all states except Alabama, Alaska, Arizona, California, Colorado, Florida, Hawaii and Texas.

Further, you must be a new BBVA consumer money market account customer who has not had a BBVA money market account or received a money market account cash bonus in the past 12 months.

Account details: The BBVA Money Market Account earns interest at a competitive rate of 2.50% APY on balances $10,000 and over. Any balances below that will still earn at the solid rate of 2.00% APY.

There is a $15 monthly Service Charge that you can waive by maintaining an account balance of at least $10,000 or with an automatic recurring $25 monthly transfer from a BBVA checking account.

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on BBVA’s secure website

Member FDIC

Associated Bank — $100 bonus with $10,000 minimum deposit

Offer ends 12/31/2019

Offer rules: Opening a new Associated Bank Money Market account can get you a $100 bonus. You’ll need to deposit at least $10,000 in new money (held outside Associated Bank) at opening and maintain at least that much in the account for 90 days to receive the bonus.

The bonus will be paid within 120 days of account opening if you meet the requirements. The account must be open at that time. You must also keep the account open for at least 12 months.

Who’s eligible: You can redeem this offer online or by taking a coupon sent via email to an Associated Bank branch. This offer is limited to one per household. Households who have or have had an Associated Bank Money Market account within the last six months do not qualify. You must be 18 years or older to apply for the bonus. If you close the new account within 12 months of opening, Associated Bank can deduct the bonus amount from your funds at closing.

Account details: The Associated Bank Money Market account is a true money market account, with the ability to write convenience checks and access Associated Bank and MoneyPass ATMs. It earns interest, too, between 0.05% and 1.00% APY. You can earn at higher rates by having a higher balance and a qualifying Associated checking account.

The money market account does charge a $16 fee, which you can waive by maintaining a $1,000 minimum balance.

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on Associated Bank, NA’s secure website

Member FDIC

How do these accounts compare to the best online savings accounts?

When looking for the best online savings accounts, you won’t find much overlap here. Bonus offers tend to come from brick-and-mortar banks, as incentives for you to place your deposits with them.

Online banks still win by and large. But don’t let these financial carrots mislead you into thinking they are the best on the market — many of the best accounts are being offered by online banks these days. Online accounts tend to have the highest interest rates and the lowest fees — what more could you want? That’s why you’ll find most sign-up bonuses being offered by brick-and-mortar banks.

Know the pros and cons. You should figure out whether it’s worth it for you to open a new account with a traditional bank just for a bonus offer. Don’t forget, you can’t open a new account for a bonus offer and close it immediately. Qualifying for and receiving the bonus takes months. You could even lose your bonus offer if you close the account too soon. Plus, a savings account bonus offer is a short-term boost in savings, rather than the ongoing growth of a high-yield account. It won’t help your savings situation if your new account charges a monthly fee that you can’t waive, either.

Factor in fees. If you do desperately want to snag a couple hundred dollars by opening a new account, make sure you won’t be paying a monthly fee for the months you have the account. That way, you won’t lose any of that bonus right off the bat. Again, double check the account’s closing terms to ensure you won’t lose the bonus at closing, either. It’s also important to be able to meet the account’s minimum balance requirements. It may not make sense for you to keep $10,000 in a low-earning account just to earn a $200 bonus, for example.

Do the math. Let’s say you do deposit and maintain $10,000 in a new savings account that has an interest rate of 0.01%, which is typical of brick-and-mortar savings accounts. After a year, you’ll have earned $1 in interest. Add that to your $200 bonus and you can add a whopping $201 to your savings. Now, if you were to forgo the bonus offer and deposit your $10,000 into a high-yield savings account with a 2.25% APY, you’ll earn just over $227 after a year (with monthly compounding) — a better savings boost than the savings account bonus offer.

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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