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.

Top 11-month CD Rates?

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.

How much do you want to deposit in a CD?

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: 11-Month High-Yield CD - 3.98% APY.

Can I withdraw money from my 11-month CD?
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.

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.

What is the highest paying CD rate right now?
Here are some of the top CD rates by term:
TermBank and Yield Rate
3 MonthPonce Bank: 3-Month High-Yield CD - 4.40% APY
6 MonthQuontic: 6 Month CD - 4.25% APY
1 YearAlliant Credit Union: 12-Month Jumbo CD - 4.15% APY
18 MonthAlliant Credit Union: 18-Month Jumbo CD - 3.85% APY
2 YearAmerican First Credit Union: 24-Month High-Yield CD - 3.75% APY
3 Yearmph.bank: 36-Month Callable CD - 4.38% APY
4 YearSkyOne Federal Credit Union: 48-Month Callable CD - 4.25% APY
5 Yearmph.bank: 60-Month Callable CD - 4.42% APY

Where to find the best 11-Month CD Rates
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.

Are CDs safe?
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.

What's your primary reason for choosing an 11-month CD?

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.

APYMinimum Deposit
Sun Canyon Bank: 11-Month High-Yield CD3.98%$1Learn More
Ponce Bank: 11-Month High-Yield CD1.21%$1Learn More

TIP: If stability is your goal, a Gold IRA could be your answer. Learn how adding gold to your portfolio can offer peace of mind.

What is the most important factor for you in selecting a CD?

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.

Compare Savings Account Offers

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.

Long-Term CD Rates:

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.

Short-Term CD Rates:

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.

Top No-Penalty CD Rates:

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.

When is the best time to get an 11-month CD?
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.

Write to Rue Atanacio at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.


Best CD Rates

March 27, 2017 - Reviews for Bank Reviews & Deals
Unearth the highest CD rates and maximize your savings. This list showcases the banks with the most lucrative rates.
How much do you want to deposit in a CD?
9% Under $5,000
9% $5,000 to $9,999
17% $10,000 to $24,999
13% $25,000 to $49,999
52% $50,000 or more
Source: CreditDonkey
What is the most important factor for you in selecting a CD?
87% High interest rates
13% Reputation of the bank
Source: CreditDonkey
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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