The 12 best 18-month CD rates right now

While the current high-rate environment may not be very friendly to borrowers, it's a completely different story for savers. Over the last 18 months, the Fed's rate hikes have caused the APYs on interest-bearing deposit accounts to skyrocket, making it a great time to reap the returns on your savings. 

And, what's more, is that the opportunity to earn big returns isn't limited to one type of account. For starters, many high-yield savings accounts are currently offering rates well above 5% — which is significantly higher than the meager 0.46% APY you can get with the average regular savings account. And, in most cases, you don't have to meet high minimum balance requirements to open one. 

But there are also great rates being offered on certificates of deposit (CDs). It's not unusual to find a CD offering a rate over 5.5% APY — and a few even offer rates as high as 7% right now. That can result in some big gains on your savings, so it can benefit you to move your money to this type of account. And, CDs with all types of terms are offering these types of high rates — and that includes 18-month CDs.

Explore today's top CD options here to see how much more you could be earning.

The 12 best 18-month CD rates right now

If you want to open an 18-month CD with a top interest rate, the following options could be worth considering: 

• Credit Human — 6.00% APY: This Credit Human CD is technically a 17-month CD, not an 18-month CD, but the rate is so high that it's worth featuring either way. The minimum deposit required to open this is $500, and if you withdraw your money early, you'll pay a penalty of $50 or 9 months of interest, whichever is greater.
• Seattle Bank — 5.80% APY: You will need to deposit a minimum of $1,000 in this account to open it, and if you withdraw your money prior to the maturity date, you'll pay a penalty of six months' worth of interest.
• Heartland Credit Union — 5.75% APY: This is another 17-month CD, not an 18-month CD, but if you open it, you'll earn a top rate — and it has a low minimum deposit requirement of $500. At three months of interest, the penalty for early withdrawal is also low comparatively.
• All In Credit Union — 5.64% APY: To open this CD, you'll need to make a minimum deposit of $1,000. The penalty for early withdrawal is just three months of interest.
• Merrick Bank — 5.60% APY: If you have $25,000 for a minimum deposit, you can open this CD with Merrick Bank. If you withdraw your money early, the penalty is six months of interest.
• Prime Alliance Bank — 5.55% APY: A $500 minimum deposit is all you need to open this CD, but if you take your money out early, you'll pay a penalty worth three months of interest.
• Newtek Bank — 5.55% APY: This CD has a minimum deposit requirement of $2,500 and an early withdrawal penalty worth six months of interest.
• The Federal Savings Bank — 5.55% APY: You'll need to deposit $5,000 to open this 18-month CD. Withdrawing your money early will cost you six months of interest.
• USAlliance Financial – 5.50% APY: All you need is a minimum deposit of $500 to open this CD. If you take your money out before the CD matures, you'll owe a penalty worth a full year of interest.
• Popular Direct – 5.50% APY: A minimum deposit of $10,000 is required to open this CD. Withdrawing your money early will result in an early withdrawal penalty worth nine months of interest.
• Limelight — 5.35% APY: You'll need to deposit $1,000 in order to open this 18-month CD with online-only bank Limelight. Take your money out early and you'll owe a penalty worth three months of interest.
• Barclays Bank — 5.25% APY: There is no minimum deposit required to open this CD with Barclays. An early withdrawal penalty may be charged if you take your money out early.

Find out how much you could earn on your savings here.

The bottom line

This is a great time for savers to open an 18-month CD. By opening this type of CD, you'll rake in the hefty interest payments and also get access to your principal in just a year and a half. That's ideal for certain types of savers, and the other CD perks, like the fixed interest rate and guaranteed returns, make them even more appealing. But before you put money into any type of account, do your homework and make sure it's the right move for your finances.