Our pick for 6-month CDs: CIT Bank Term CDs
- No maintenance fees
- $1,000 minimum to open
- Daily compounding interest
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What’s changed in 2021?
We removed Citi from our list because its APY dropped to 0.05%. We replaced it with Consumers Credit Union, which earns 0.4%.
Sort the best 6-month CD rates by APY, minimum deposit and more. Once you’ve picked your personal favorites, click the “Compare” box next to each one to view them side-by-side.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Main points to keep in mind when deciding on a 6-month CD include:
Looking for a few more options? These 6-month CDs have low opening deposits, but they didn’t make our best list because they’re not quite as accessible. Depending on your needs, they may be just what you’re looking for.
|6-month APY||Minimum deposit to open|
|Communitywide Federal Credit Union CD||0.9%||$1,000|
|Nationwide by Axos Bank CD||0.4%||$500|
Six-month CDs provide steady way to grow your cash, helping you to work out exactly how much you’ll earn when the term matures. But they’re not without their drawbacks.
When you open a six-month CD, you agree to tuck away your savings for half a year. CDs can offer stronger interest rates than standard savings accounts as a reward for leaving it alone. You’ll pay hefty penalties for accessing your CD early, even for emergencies.
Most six-month certificates of deposit pay your interest when the term matures — that is, after the six months end. With select CDs, you could see interest paid monthly, but that’s more common with terms of a year or longer.
When you set up your CD, you select a bank account you’d like your interest payments deposited into. Some CDs allow interest paid into any US bank account, while others require an account within the same financial institution.
Some CDs compound interest, which means the interest is paid directly into the CD account, effectively helping you to earn interest on interest.
A 6-month CD can be a useful short-term investment. Finding one with the best interest rate ensures your money is working hard for you. If you’re thinking a 6-month CD isn’t for you, compare other terms until you find one that meets your needs.
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The free Upgrade Rewards Checking account offers 2% cashback, but you can’t deposit checks.
CIT’s eChecking account offers more interest than most physical banks, but it can’t compete online.
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