Best 11-Month CD Rates for December 2024
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Plan ahead and grow your savings with an 11-month CD. Discover top 11-month CD rates available today.
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- Sun Canyon Bank:
3.98% APY - Ponce Bank:
1.21% APY
Have a chunk of money you want to put aside for the next year?
An 11-month CD can be a good way to maximize your earnings with minimal risk. It's a safe investment that lets you lock in high rates for almost a year.
Check out who pays the highest 11-month CD rates, and alternatives to consider.
What is an 11-Month CD?
An 11-month CD is a savings account where you deposit a fixed amount of money for a fixed term of 11 months. In exchange for the commitment, banks and credit unions may offer a higher APY compared to a regular savings account.
You usually can't access your money until the end of the 11-month term. If you withdraw early, you'll incur penalties that can go up to a few months' worth of interest.
11-month CDs are not offered by many banks, so your choices might be limited. If you can tie up your funds for a bit longer, you'll have more options for 1-year CDs.
PRO TIP: Currently, one of the highest rates on an 11-month CD is with Sun Canyon Bank:
Like most CDs, you cannot withdraw from your 11-month CD without paying penalties. But if you'll need to withdraw early, consider no-penalty CDs to avoid early withdrawal fees.
How much interest does an 11-month CD earn?
If you had $25,000 in an 11-month CD with an APY of 5%, you'd earn $1,143 at the end of the term. To earn the most interest, you want to get a CD with the highest APY available,
Here's a table to illustrate how much you can earn on an 11-month CD with different APY and deposit amounts.
| $10,000 | $25,000 | $50,000 | |
|---|---|---|---|
| 0.00% | $10,000 | $25,000 | $50,000 |
| 0.50% | $10,046 | $25,115 | $50,229 |
| 1.00% | $10,092 | $25,229 | $50,458 |
| 1.50% | $10,137 | $25,344 | $50,687 |
| 2.00% | $10,183 | $25,458 | $50,916 |
| 2.50% | $10,229 | $25,572 | $51,145 |
| 3.00% | $10,275 | $25,687 | $51,373 |
| 3.50% | $10,320 | $25,801 | $51,602 |
| 4.00% | $10,366 | $25,915 | $51,830 |
| 4.50% | $10,412 | $26,029 | $52,059 |
| 5.00% | $10,457 | $26,143 | $52,287 |
| 5.50% | $10,503 | $26,258 | $52,515 |
If you want to see how much your money can grow with other deposit amounts, you can use this simple CD calculator.
Is an 11-Month CD Worth It?
An 11-month CD's worth will depend on your financial goals. If you won't need the money soon, a CD provides a secure place to park your funds and earn some steady passive income.
Plus, if you worry about interest rates changing, a CD can give you peace of mind since your rate is fixed for almost a year.
However, if you need easy access to your money, consider other options like a high-yield savings account instead.
In general, CDs are most beneficial when interest rates are high and you're comfortable with locking away your funds.
Here are some of the top CD rates by term:
| Term | Bank and Yield Rate |
|---|---|
| 3 Month | Ponce Bank: |
| 6 Month | Western Alliance Bank: |
| 1 Year | SkyOne Federal Credit Union: |
| 18 Month | SkyOne Federal Credit Union: |
| 2 Year | Always.bank: |
| 3 Year | mph.bank: |
| 4 Year | SkyOne Federal Credit Union: |
| 5 Year | mph.bank: |
High 11-month CD rates are usually offered by online banks and credit unions. Online banks can give great rates because of their lower overhead costs. Credit unions can offer the same as they are not-for-profit institutions.
Can I Lose Money on an 11-Month CD?
In most cases, you won't lose money on an 11-month CD. Your deposits in CDs are federally insured for up to $250,000 for banks or credit unions that are FDIC or NCUA members.
However, you may lose money on a CD due to early withdrawal penalties if you withdraw before maturity, except for no-penalty CDs.
Yes. Because CDs are typically federally insured, they are one of the safest investments available.
Pros and Cons of an 11-Month CD
Pros
- Lock in high interest rates
You get a fixed interest rate during the entire term, ensuring consistent growth without being affected by market fluctuations during the term. - Low-risk
An 11-month CD is a safe, low-risk investment. Funds deposited in your CD are federally insured and returns are guaranteed.
Cons
- Early withdrawal penalties
Remember with CDs, your money is locked for the term. You usually can't move your funds without paying early withdrawal penalties. - Miss out on better rates
Interest rates can go up during the term. If you're already locked in an 11-month CD with a lower APY, you can miss out on higher earnings. - Limited flexibility
Unlike other investments, you can't add more money to a CD. Nor can you pull out your money early without paying penalties. If you need flexibility, you might want to consider a regular high-yield savings account.
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
How to Choose the Best 11-Month CD
If you're on the hunt for an 11-month CD, here are three questions to filter your choices:
What is the APY?
You'd want the highest APY to maximize your earnings on a CD. Search for the best options available to you before you commit.
How much is the early withdrawal penalty?
Penalties for 11-month CDs can be a few months' worth of interest. If you might need to close your CD early, look for CDs with lower penalties. Better yet, find no-penalty CDs to avoid paying any fees.
What is the minimum deposit required?
Some CDs may have minimum opening requirements ranging from as low as $1 to over $2,500. So make sure to choose a CD that fits your budget.
| APY | Minimum Deposit | ||
|---|---|---|---|
| Sun Canyon Bank: 11-Month High-Yield CD | 3.98% | $1 | Learn More |
| Ponce Bank: 11-Month High-Yield CD | 1.21% | $1 | Learn More |
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Alternatives to 11-month CDs
If an 11-month CD is not the best option for you, here are alternatives you can consider:
High-Yield Savings Account
Try getting a high-yield savings account if access to your funds is important. You get the flexibility to add and withdraw funds at any time. These are good for short-term goals, emergencies, or simply savings. But rates may change over time, unlike CDs.
- Discover® Online Savings:
$200 Cash Bonus - Quontic:
Money Market Account - 4.75% APY - FVCbank:
Money Market Deposit Account - 4.55% APY - Hanover Bank:
Money Market Deposit Account - 4.52% APY - Ponce Bank:
Money Market Deposit Account - 4.52% APY - Patriot Bank:
Money Market Account - 4.51% APY - Mission Valley Bank:
High Yield Savings Account - 4.50% APY - Western Alliance Bank:
High Yield Savings Account - 4.50% APY - The Atlantic Federal Credit Union:
Money Market Deposit Account - 4.46% APY - Generations Bank:
Money Market Deposit Account - 4.46% APY
Longer-term CDs
If you can go beyond 11 months, some longer-term CDs offer competitive rates. And you'll have a lot more choices to choose from.
- Always.bank:
24-Month Callable CD - 4.45% APY - mph.bank:
60-Month Callable CD - 4.42% APY - SkyOne Federal Credit Union:
12-Month Callable CD - 4.40% APY - Consumers Credit Union:
17-Month Super Jumbo CD - 4.35% APY - Western Alliance Bank:
12-Month High-Yield CD - 4.25% APY - Alliant Credit Union:
12-Month Jumbo CD - 4.15% APY - American First Credit Union:
12-Month High-Yield CD - 4.00% APY - Freedom Bank:
12-Month High-Yield CD - 4.00% APY
Shorter-term CDs
On the flip side, if 11 months is too long, you can go for short-term CDs (and some might even have higher rates). These are great to use in a CD ladder strategy
.
- Ponce Bank:
3-Month High-Yield CD - 4.52% APY - The Atlantic Federal Credit Union:
1-Month High-Yield CD - 4.51% APY - Mission Valley Bank:
1-Month High-Yield CD - 4.50% APY - Consumers Credit Union:
9-Month Super Jumbo CD - 4.50% APY - Western Alliance Bank:
3-Month High-Yield CD - 4.50% APY - Prism Bank:
1-Month High-Yield CD - 4.40% APY - SkyOne Federal Credit Union:
1-Month High-Yield CD - 4.40% APY - Generations Bank:
6-Month High-Yield CD - 4.31% APY
No-Penalty CDs
If you're not sure about tying up your money, no-penalty CDs let you withdraw before the term ends with no early withdrawal fees. Think of it like a savings account with locked-in returns.
- Mission Valley Bank:
3-Month No-Penalty CD - 4.35% APY - SkyOne Federal Credit Union:
12-Month No-Penalty CD - 4.25% APY - Ponce Bank:
4 Month No-Penalty CD - 4.20% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - Sallie Mae Bank:
14-Month No Penalty CD - 3.95% APY - Freedom Bank:
12-Month No-Penalty CD - 3.75% APY - Blue Federal Credit Union:
9-Month No Penalty CD - 3.75% APY - GreenState Credit Union:
12-Month No Penalty CD - 3.70% APY
Treasury Securities
To lock in rates for a year, check out Treasury bills, notes, and bonds. These are backed in full faith by the government. These make them a safe and reliable investment.
The rule of thumb is to get a CD when interest rates are at their highest. CD rates typically move with the Fed Funds rate. Thus, following their trend can help you decide when to get an 11-month CD.
11-month CD FAQs
What happens at the end of an 11-month CD?
Your bank or credit union usually will notify you if your CD is about to mature. Before it does, decide if you want to:
- Automatically renew the CD
- Renew the CD with a different amount, term, or both
- Withdraw all your funds and close the CD
Make sure to inform your bank before or during the grace period after your CD matures. Otherwise, the CD might renew automatically and early withdrawal penalties will already apply.
Is an 11-month CD better than a savings account?
If you need easy access to your money, choose a savings account. If not, consider an 11-month CD to lock in potentially higher rates. Both are FDIC-insured, as long as your bank or credit union is an FDIC or NCUA member.
How do I use an 11-month CD in a CD ladder?
CD laddering is a strategy where you break up your money into multiple CDs. This way you have CDs mature at different intervals and get the flexibility to withdraw or reinvest your money.
To visualize how an 11-month CD can be used in this strategy, here's a CD ladder calculator.
Bottom Line
An 11-month CD could be a good choice if you have money you want to put aside. Currently, one of the best options is with Sun Canyon Bank at 3.98% APY. You can enjoy peace of mind with your funds in a secure place, earning a fixed return.
However, think about your financial goals and situation first before locking into any investment. Ultimately, you must choose an investment that best suits your plans.
12-Month No-Penalty CD - 4.25% APY
- $1 minimum deposit
- 24/7 online access
- Federally insured by NCUA
Write to Rue Atanacio at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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