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Best 6-month CD rates

Explore the best rates available today for your short-term investment.

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By

Cassidy Horton

Updated

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The best 6-month CD rates

Sort 6-month CDs by interest rates and minimum deposits. Check the Compare box next to your favorites to see how they stack up against each other.

Name Product 6-month APY Minimum deposit to open
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
3.00%
$1,000
Lock up to a 3% APY with a 6-month CD from CIT Bank, a division of First Citizens Bank with 125 years of experience. $1,000 minimum to open. FDIC insured.
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Ponce Bank CD through Raisin
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through Raisin
4.00%
$1
Snag the highest APYs on the market for the shortest CD terms via Raisin. FDIC insured.
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Alliant Credit Union CDs
Finder Rating: 4.8 / 5: ★★★★★
Alliant Credit Union CDs
5.00%
$1,000
Lock in rates as high as 5.15% APY with a low $1,000 minimum deposit. Compounded monthly. FDIC insured.
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Quontic Bank CDs
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CDs
5.05%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less. Member FDIC.
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Discover® CDs
Finder Rating: 3.8 / 5: ★★★★★
Discover® CDs
4.25%
$2,500
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees. FDIC insured
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Best 6-month CD rates

Six-month CD rates offer a short-term investment, as they allow you to lock away your money in exchange for more interest than a standard savings account. These six-month CDs can boost your savings without locking away your money for an extended time. You’ll get competitive APYs that stand high above your regular savings account. These also make a great addition to your laddering strategy, which means that you open up multiple CD accounts to gain the benefits of each accounts’ term length, APY and features.

2. First Internet Bank CDs

First Internet Bank CDs

4.9
★★★★★

Finder score

First Internet Bank CDs earn 5.18% APY on its 6-month CDs, a nearly unheard-of rate for this term length. But unlike competitors with no minimum balance requirements, you need to fund your account with at least $1,000. And you'll pay a steep penalty equivalent to 180 days worth of interest if you withdraw from the principal before your CD is mature.

1. Quontic Bank CDs

Quontic Bank CDs

5
★★★★★

Finder score

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Quontic Bank CDs offer a competitive interest rate of 5.05% APY on its six-month CD term and only requires $500 to open an account, which is lower than the standard $1,000 required by many CDs. But you'll pay a steep early withdrawal penalty equal to the full amount of six months' worth of interest if you withdraw this short-term CD early. That means if the penalty is more than the interest you've accrued, the fee will come out of your principal.

5. TAB Bank CDs

TAB Bank CDs

4.4
★★★★★

Finder score

TAB Bank CDs earn an attractive interest rate of 5.27% APY. And its early withdrawal penalty is only 90 days' worth of interest. But its opening deposit requirement of $1,000 is on the higher end for CDs with the same term.

4. Synchrony Bank CDs

Synchrony Bank CDs

5
★★★★★

Finder score

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Earn a top-of-the-market 5.15% APY on your Synchrony Bank CD, a rate that's competitive even among the most competitive accounts. And with its rate guarantee, you'll get the better APY when you fund your account within 15 days, and if the interest rate is higher on the day Synchrony receives your deposit. Plus, with no minimum balance and a kinder early withdrawal penalty of 90 days of simple interest, a Synchrony Bank CD is a great well-rounded CD option.

3. Marcus by Goldman Sachs High-Yield CDs

Marcus by Goldman Sachs High-Yield CDs

4.5
★★★★★

Finder score

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Marcus by Goldman Sachs offers a competitive 4.80% APY when you choose its 6-month CDs. To sweeten the deal, you'll also get a 10-day rate guarantee. That means if the APY changes within the first 10 days of opening your account, your CD's rate will go up with it. And you can open an account with as little as $500 on hand, lower than the standard $1,000 many banks require.

7. Bethpage Federal Credit Union CDs

Bethpage Federal Credit Union CDs

5
★★★★★

Finder score

Bethpage Federal Credit Union boasts a 4.75% APY for its 6-month CDs. You can open a CD with as little as $50, which is much lower than the usual $1,000 required by other banks.

But CDs are only available to Bethpage Federal Credit Union members, which means you'll need to open a savings account and deposit $5 to qualify.

9. EverBank Basic CDs

EverBank Basic CDs

4.9
★★★★★

Finder score

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A TIAA Bank CD balances a competitive interest rate of 4.00% APY with the kindest early withdrawal penalty we've seen so far for 6-month CDs. While most accounts charge 90 days' worth of interest, TIAA imposes a fee worth 45 days of interest if you withdraw from the account early. But you'll need at least $1,000 to open a CD account.

6. Capital One 360 CDs

Capital One 360 CDs

5
★★★★★

Finder score

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This Capital One 360 CDs short-term 360 CD earns a strong APY of 4.25%. And Capital One will bump your interest rate if you open and fund your account within 10 days and the APY increases. Plus, with no minimum balance, you can fund your account with however much you want.

But Capital One charges an early withdrawal fee equivalent to 90 days' worth of interest if you make a withdrawal before your CD is mature, which is fairly standard for CDs with a six-month term.

8. Ally High Yield CDs

Ally High Yield CDs

4
★★★★★

Finder score

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This 6-month Ally High Yield CDs gets a solid 4.40% APY and has no minimum opening deposit. When you tack on Ally's 10-day rate guarantee that promises to bump your interest rate if you fund your CD and rates increase within 10 days of opening, it's not surprising this account found its way onto our list. Plus, its early withdrawal penalty of 60 days' interest is one of the lowest we've seen for 6-month CDs.

Methodology: How we chose the best 6-month CD accounts

We researched over 65 CD accounts to find the highest interest rates available. Then, we narrowed down our list by choosing accounts with a minimum deposit under $1,200, some far below this amount with opening deposits of $500 or less. Finally, we chose accounts with nationwide availability and with low eligibility requirements.

Sallie Mae CD

4.7
★★★★★

Finder score

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Sallie Mae's 6-month CD grows your money at a 4.95% APY. Its strong interest rate and early withdrawal penalty of 90 days' interest makes it an attractive option. But, you'll need $2,500 to open an account, which is significantly more than the standard $500 or $1,000 opening deposit requirement.

How to pick the best 6-month CDs.

Keep these points in mind when choosing a six-month CD:

  • The interest rate. To make the account worth it, make sure the interest rate you’re getting for a six-month CD is higher than what you’d earn on a standard savings account.
  • How interest is paid. The interest earned on your balance may be deposited either monthly or when your CD reaches maturity.
  • Minimum investment. Make sure that you can comfortably meet the minimum deposit amount..
  • Early withdrawal penalties. Penalty fees vary by bank. When shopping around, take note of how much you’ll be penalized if you need to withdraw funds from your six-month CD before it matures.

Are 6-month CDs worth it?

Six-month CDs are worth it if you find one with a high interest rate. A six month term usually doesn’t earn much, but you’ll gain greater access to your savings if you think you might need that money after the six-month period.

This term length works well for opening multiple CDs, a strategy called laddering. When you open multiple CDs, you get the benefit of accessing your money at different times. Longer term lengths also offer higher APYs than short term lengths, though you’ll have to keep your savings locked up for longer too.

4 alternatives to 6-month CDs

Not sure that a standard six-month CD suits you? Think about tucking your money away in one of these.

  1. Three-month CD. Try a CD with a slightly shorter, three-month term length so that you can access your savings sooner than a six-month CD. However, the interest rate will probably drop by comparison.
  2. No-penalty CDs. Stashing your money in one of these CDs means that you can pull the funds out at any time without fear of early withdrawal fees.
  3. High-yield savings accounts. This option works well if you want a competitive APY without having to park your money for a specific amount of time. The best high-yield accounts may not be tied to your regular bank.
  4. Jumbo CDs. These CDs require a hefty opening deposit — often $100,000 — in exchange for a higher APY than those with low minimum deposits, such as $1,000. Be sure to compare APYs across banks to make sure that you’re getting the best rate.

Bottom line

A six-month CD can help you harness the power of compound interest, and the best ones offer high APYs above that of a standard savings account. Make sure that you can lock away your savings for this term length, or consider other CD options to suit your financial situation.

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