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A 6-month CD is a type of savings option that lets you maintain a fixed interest rate for a short period of time. The national average APY (Annual Percentage Yield) on a 6-month CD is 1.39% APY.
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However, there are much higher interest rates on 6-month CDs right now. The best CD rate for a 6-month term is
We check rates daily to find the best rates for 6-month terms. Below, you'll find our top picks.
Best 6-Month CDs
TotalDirectBank 6 Month CD - Product Name Only :TotalDirectBank 6 Month CD - APY APYWestern Alliance Bank 6 Month CD - Editorial Name Only :Western Alliance Bank 6 Month CD - APY APYCredit Human 6 Month Share Certificate - Product Name Only :Credit Human 6 Month Share Certificate - APY APYBask Bank 6 Month CD - Product Name Only :Bask Bank 6 Month CD - APY APYPopular Direct 6 Month CD - Product Name Only :Popular Direct 6 Month CD - APY APYSignature Federal Credit Union 6 Month Certificate - Product Name Only :Signature Federal Credit Union 6 Month Certificate - APY APYBank5 Connect 6 Month High-Yield CD - Product Name Only :Bank5 Connect 6 Month High-Yield CD - APY APYNewtek Bank 6 Month CD - Product Name Only :Newtek Bank 6 Month CD - APY APYBMO Alto 6 Month High Yield CD - Product Name Only :BMO Alto 6 Month High Yield CD - APY APYDow Credit Union 6 Month Simple CD - Product Name Only :Dow Credit Union 6 Month Simple CD - APY APY
Compare the Best 6-Month CDs
6-Month CD FAQs
Who has the highest 6-month CD rate?
The highest 6-month CD rate is
Is a 6-month CD worth it?
A 6-month CD may be worthwhile if you'd like to earn a competitive interest rate on a short-term, fixed-interest savings account. Many CDs offer over 5% APY. However, keep in mind that CDs do not allow additional deposits and have early withdrawal penalties if you have to take out money before the term ends.
What is a 6-month CD?
With a 6-month CD, you stash away your money for six months and typically earn a fixed rate. You have the option to renew your CD at the end of the 6-month period, or close the account and pocket the money.
How does a 6-month CD work?
Most CDs lock in your rate for the entire term. If you open a 6-month CD at a 5.00% APY, you'll earn 5.00% for the entire six months. If you renew your CD after it matures, you'll earn the new rate available in six months. There are exceptions to the fixed-rate rule. Some institutions offer variable-rate CDs or CDs that allow your rate to change after a predetermined amount of time.
Which is best: a 6-month, 1-year, or 5-year CD?
Ultimately, your choice will likely depend on how soon you plan to need the money. For example, if you want the money to buy a house in less than a year, a longer term isn't the best idea. Many experts recommend CD laddering. With this strategy, you open multiple CDs with different term lengths so you can take advantage of higher rates with longer terms, but also access some of your money earlier.
6-Month CD Reviews
These are our picks for the best 6-month CD rates. Our top picks for CDs are protected by FDIC or NCUA insurance. If you're worried about bank failures, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
TotalDirectBank 6 Month CD - Product Name Only
TotalDirectBank CDs may be a good choice if you're searching for a variety of short-term CDs with high interest rates. The 3-month, 6-month, and 1-year terms, in particular, offer CD rates significantly above the national average.
TotalDirectBank CDs have a steep minimum opening deposit of
APY for 6-month CD:
6-month CD early withdrawal penalty: 30 days of interest
Western Alliance Bank 6 Month CD - Product Name Only
The
While Raisin is a great option for different types of savings accounts, you'll want to consider other options if you want to open a checking account.
APY for 6-month CD:
6-month CD early withdrawal penalty: 90 days of interest
Credit Human 6 Month Share Certificate - Product Name Only
You might like a Credit Human Share Certificate if you value banking with a credit union over a bank. Credit Human Federal Credit Union has a high interest rate on a 6-month term, and one of the best 1-year CD rates. This credit union also could be a good option if you have at least
To open a Credit Human Share Certificate, you'll have to qualify for membership. The easiest way to become a member regardless of where you live in the US is to join the American Consumer Council. Credit Human also has other ways to become a member. For example, you'll be eligible to join if you live in a service area in San Antonio, Texas, or New Orleans, Louisiana, or if you work for a partner employer or organization.
APY for 6-month CD:
6-month CD early withdrawal penalty: 180 days of interest
Bask Bank 6 Month CD - Product Name Only
A Bask Bank CD is an excellent option if you'd like to earn a competitive interest rate on a 6-month term. Bask Bank also has a solid high-yield savings account and one of the best savings accounts for travel.
Bask Bank has limited CD terms. If you're looking to open a CD with a term over 2 years, consider one of our other top picks.
Interest for 6-month CD:
6-month CD early withdrawal penalty: 90 days simple interest
Popular Direct 6 Month CD - Product Name Only
Popular Direct CDs pay a high interest rate, and compound interest daily.
You'll need at least
APY for 6-month CD:
6-month CD early withdrawal penalty: 120 days of simple interest
Signature Federal Credit Union 6 Month Certificate - Product Name Only
Signature Federal Credit Union Certificates are another great option if you'd like to bank with a credit union. You also might like this option if you'd like to get a CD with a low minimum opening deposit.
Credit unions require membership to open an account. The easiest way to become a member is to enroll in the American Consumer Council. Then you'll just need to open a savings account.
APY for 6-month CD:
6-month CD early withdrawal penalty: 90 days of interest
Signature Federal Credit Union Review
Bank5 Connect 6 Month High-Yield CD - Product Name Only
Bank5 Connect High-Yield CDs are a good choice if you want a CD with a low minimum opening deposit.
Bank5 Connect is the online operation of the Massachusetts-based bank Bank5. You only need
You won't be eligible to open a Bank5 Connect bank account if you're a resident of Massachusetts or Rhode Island. However, you can open bank accounts at a Bank5 branch.
Interest for 6-month CD:
6-month CD early withdrawal penalty: Three months of interest on the amount withdrawn
Newtek Bank 6 Month CD - Product Name Only
Newtek Bank CDs may be appealing if you're searching for a variety of terms that pay well above the national average. Newtek Bank also has standard early withdrawal penalties.
Newtek Bank CDs have a
Interest for 6-month CD:
6-month CD early withdrawal penalty: 90 days of interest
BMO Alto 6 Month High Yield CD - Product Name Only
BMO Alto has some of the best CD rates for a variety of terms. You might like this option if you are interested in an online-only banking experience.
BMO Alto lets you open a CD with
You might prefer another financial institution if you're also looking to open a checking or money market account. BMO Alto is an online division of BMO Bank, and as the online option, it only offers a high-yield savings account and CDs.
Interest for 6-month CD:
6-month CD early withdrawal penalty: 90 days of interest
Dow Credit Union 6 Month Simple CD - Product Name Only
Dow Credit Union Simple CDs are a great option if you prioritize banking with a credit union. The 6-month Simple CD pays a high interest rate, and you only need
Credit unions require membership to open an account. The easiest way to become a member of Dow Credit Union is to make a $10 donation to the Midland Area Community Foundation. The credit union also has other ways to join, such as being part of a Select Employer Group or having a family member who is a current credit union member.
APY for 6-month CD:
6-month CD early withdrawal penalty: 90 days of interest
Alternative CD options
- Bayer Heritage Federal Credit Union: Bayer Heritage FCU CDs have competitive interest rates, and branches in Ohio, Pennsylvania, South Carolina, Texas, and West Virginia. It isn't one of our top picks because it experienced a cyber incident on November 1, 2023. The credit union is conducting an investigation and will provide updates on its website and social media platforms until services are fully restored.
USALLIANCE Financial 6 Month Certificate - Product Name Only : USALLIANCE Financial paysUSALLIANCE Financial 6 Month Certificate - APY APY on a 6-month term, which is lower than what our top picks pay.Latino Community Credit Union 6 Month Share Certificate - Product Name Only : Latino Community Credit Union offers more than the national average for a 6-month term, but it still has a lower APY than all our top picks. You still might like this option if you live in North Carolina and prioritize banking with a local financial institution, though.MYSB Direct 6 Month CD - Product Name Only : MYSB Direct has an online 6-month CD payingMYSB Direct 6 Month CD - APY APY, but other financial institutions pay higher CD rates for a 6-month term.Vio Bank CD - Product Name Only : Vio Bank has a 6-month CD offeringVio Bank 6 Month CD - APY APY, which is just short of the rates included on our list.Gulf Coast Federal Credit Union Share Certificate - Product Name Only : Gulf Coast Federal Credit Union is a local financial institution in Texas. It has a 6-month CD rate that's high, but our top picks have even more competitive rates. It still might be worth considering if you live in Nueces, San Patricio or Jim Wells County and prioritize banking locallyAmerica First Credit Union 6 Month Certificate - Product Name Only : America First Credit Union paysAmerica First Credit Union 6 Month Certificate - APY APY on a 6-month CD, but other financial institutions offer even more competitive CD rates for a 6-month term.Rising Bank CD - Product Name Only : Rising Bank has a solid rate on a 6-month CD, but it's just short of the rates on our list.First Internet Bank of Indiana CD - Product Name Only : First Internet Bank of Indiana paysFirst Internet Bank of Indiana 6 Month CD - APY APY, which is lower than the rates on our list.Bethpage Federal Credit Union Certificate Account - Product Name Only : Bethpage Federal Credit Union pays a solid interest rate, but our top picks offer more competitive rates right now.Synchrony CD - Product Name Only : Synchrony pays high rates overall, but its 6-month CD rate falls shorts of the rates on our list.CIT Bank Term CD - Product Name Only : CIT Bank's 6-month CD rate is more competitive than its other CDs, but you'll still find higher elsewhere.Live Oak Bank CD - Product Name Only : Live Oak paysLive Oak Bank 6 Month CD - APY APY on its 6-month term, but our top picks have even higher interest rates right now.TAB Bank CD - Product Name Only : TAB Bank has solid interest rates on CDs, but you can still find more competitive interest rates at other online banks.LendingClub CD - Product Name Only : LendingClub offers high CD rates, but our top picks have lower minimum opening deposits or even more competitive rates right now.Alliant Certificate - Product Name Only : Alliant pays solid interest rates on CDs, but its 6-month term pays a lower rate than our top picks.Sallie Mae Certificate of Deposit : Sallie Mae has a high interest rate, but you'll need a minimum opening deposit ofSallie Mae Certificate of Deposit .Marcus by Goldman Sachs High-Yield CD : Marcus lets you open an account withMarcus by Goldman Sachs High-Yield CD , but our top picks have higher interest rates right now.Ally High Yield Certificate of Deposit : Ally offers a variety of CDs, but our top picks pay higher interest rates.Capital One 360 Certificate of Deposit® : Capital One has a low minimum opening deposit, but our top picks pay higher interest rates.Nationwide CD : Nationwide CDs has a solid 12-month CD, but its 6-month CD isn't as strong.EverBank CD - Product Name Only : EverBank's 6-month CD isn't as strong as its long-term CDs.Citi Fixed Rate Certificates of Deposit : Citi pays has good rates, but our top picks have even higher interest rates.Navy Federal Credit Union Standard Certificate : Navy Federal Credit Union has solid interest rates on long-term CDs, but its short-term CDs aren't as competitive.Discover CD : Discover has competitive interest rates on long-term CDs, but its short-term CDs aren't as strong. You'll also need at leastDiscover CD to get a CD.Pentagon Federal Credit Union Money Market Certificate : Pentagon Federal Credit Union offers a competitive interest rate, but the early withdrawal penalties are high compared to our top picks.Charles Schwab Bank CD - Product Name Only : Charles Schwab has brokered CDs, meaning Charles Schwab doesn't actually own the CD. Instead, Charles Schwab acts as the middleman for you and the bank that owns the CD. Depending on how your bank, you may prefer open a CD directly with the financial institution.American Express CD : American Express offers a good interest rate, but our top picks offer even higher rates.
Bank Trustworthiness and BBB Ratings
We've compared each financial institution's Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices.
Signature Federal Credit Union does not have a profile with the Bureau yet, so there are no complaints or reviews to use for evaluating the company's business practices.
Here is each company's score:
| Institution | BBB rating |
| TotalDirectBank | A+ (rating for its parent bank, City National Bank of Florida) |
| Credit Human Federal Credit Union | A- |
| Raisin | B+ |
| Bask Bank | B |
| Popular Direct | A+ |
| Bank5 Connect | A+ |
| Newtek Bank | A+ |
| BMO Alto | A+ |
| Dow Credit Union | A+ |
Bask Bank also received a B rating from the BBB because it's received 30 customer complaints on the BBB website. However, its parent company, Texas Capital Bank, has an A+ rating from the BBB.
Raisin received a B+ rating from the BBB because there are several complaints against the company on the BBB website.
Credit Human received an A- rating from the BBB because it has not resolved several customer complaints.
BBB ratings aren't necessarily the be-all and end-all. To see if a company is right for you, you may also read online customer reviews or talk to current customers.
In 2021, a San Antonio resident filed a lawsuit against Credit Human Federal Credit Union. According to the San Antonio Express News, the Texas resident claims the credit union has unfair overdraft practices and has charged fees when it shouldn't have. The case is currently ongoing.
In 2022, a Minnesota jury ordered BMO bank to pay $564 million in damages in a lawsuit involving a Ponzi scheme operated by a Minnesota businessman. That said, the Ponzi scheme was uncovered in 2008 at M&I Bank, and BMO Harris didn't buy M&I Bank until 2011.
Why You Should Trust Us: Expert Advice on Choosing the Best 6-Month CD
To learn more about what makes a good CD and how to choose the best fit, Insider consulted four experts:
Insider
Here's what they had to say about CDs. (Some text may be lightly edited for clarity.)
How can someone figure out whether a bank is right for them?
Tania Brown, certified financial planner at SaverLife:
- It should be FDIC insured
- It should fit the banking experience you want (A local bank to visit in person? An online bank to use through your phone? The ability to write checks?)
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
- Prioritize what matters to you, like whether you can waive a monthly service fee
- Pay attention to rates if you want a high-interest account (it should pay higher than average bank account rates)
How should you choose the right CD term length?
Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":
- Consider when you need the money
- Compare your timeline with current CD rates to find the best rates for the closest timeline
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
- Have a goal for the money in that CD
- Consider your timeline for the goal, and choose a term length that matches that timeline
How should you decide between a high-yield savings account, money market account, or CD?
Tania Brown, CFP:
- Start off with how much money you want to put in
- Add the level of transactions you plan to have — CDs won't let you touch the money
Sophia Acevedo, Personal Finance Insider:
- A high-yield savings account or money market account are good options for an emergency fund or short-term savings goals
- Money market accounts are worth considering if you want more account accessibility (paper checks, ATM cards, or debit cards)
- CDs could be worthwhile if you don't need access to that money, since they have a fixed interest rate for a specific term
Methodology
Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.
First, we researched to find over 20 banks and credit unions that offered 6-month CDs. Then, we reviewed each institution using our CD rates methodology to find the most-well rounded banking options. For each account, we compared the minimum opening deposits, early withdrawal penalties, and interest rates. We also considered the overall banking experience at each bank by assessing customer support availability, mobile app ratings, and ethics.