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Karen Bennett
Written by
Marc Wojno
Edited by
Greg McBride, CFA
Reviewed by
Best available rates across different account types for Monday, August 19, 2024
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What To Know First
For many savers, a six-month certificate of deposit (CD) is the sweet-spot term, enabling them to tuck away money long enough to earn a higher rate while still providing a shorter withdrawal horizon than CDs that require a commitment of one year or more. Six months isn't a long time, but it's long enough to help put you on track toward your savings goals.
Bankrate's picks for the top 6-month CD rates
- America First Credit Union — 5.25% APY, $500 minimum deposit
- Quontic Bank — 5.10% APY, $500 minimum deposit
- Marcus by Goldman Sachs — 5.10% APY, $500 minimum deposit
- Bask Bank — 5.10% APY, $1,000 minimum deposit
- Bank5 Connect — 5.05% APY, $500 minimum deposit
- First Internet Bank of Indiana — 5.03% APY, $1,000 minimum deposit
- Ally Bank — 5.00% APY, no minimum deposit
- LendingClub Bank — 5.00% APY, $2,500 minimum deposit
- Salem Five Direct — 5.00% APY, $10,000 minimum deposit
- Popular Direct — 5.00% APY, $10,000 minimum deposit
Note: Annual percentage yields (APYs) shown were updated between Aug. 12, 2024 and Aug. 18, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
On This Page
- Bankrate's picks for the top 6-month CD rates
- How to find the best 6-month CD rates
- When should you get a 6-month CD?
- Alternatives to 6-month CDs
- 6-months CD FAQs
- Research methodology
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Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money.
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Current 1 year CD trends
Bankrate Partner average
4.69% APY
National average
1.81% APY
The "Bankrate Partner average" is calculated from the average of the top savings account offers from the institutions we track, included on this page as of 8/19/2024. "National average" is determined by Bankrate's comprehensive national survey of savings accounts and CDs.
On This Page
On This Page
- Bankrate's picks for the best 6-month CD rates
- How to find the best 6-month CD rates
- When should you get a 6-month CD?
- Alternatives to 6-month CDs
- 6-month CD FAQs
- Research methodology
Bankrate's picks for the best 6-month CD rates
Note: Annual percentage yields (APYs) shown were updated between Aug. 12, 2024 and Aug. 18, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
America First Credit Union
Rating: 5 stars out of 5
5.0
Overview
America First Credit Union was founded in 1939 in Salt Lake City. It has CDs with terms ranging from three months to five years. The minimum opening deposit for CDs is $500.
It also offers a variety of checking and savings accounts.
Read Bankrate's Expert America First Credit Union Review
5.25% APY
$500 minimum deposit
Quontic Bank
Rating: 3.8 stars out of 5
3.8
Overview
Quontic Bank is an online bank that offers CDs as well as savings, money market and checking accounts.
A $500 minimum deposit is required to open a Quontic Bank CD and five terms are offered, ranging from six months to five years.
Read Bankrate's Expert Quontic Bank Review
5.10% APY
$500 minimum deposit
Marcus by Goldman Sachs
Rating: 4.9 stars out of 5
4.9
Overview
Marcus by Goldman Sachs is an online bank that offers a variety of CDs, three no-penalty CD terms and a savings account. The bank began offering its deposit products in November 2017, and they earn competitive yields.
A brand of Goldman Sachs Bank USA, Marcus made its debut in October 2016 with just unsecured personal loans before it introduced its savings account and CDs.
Read Bankrate's Expert Marcus by Goldman Sachs Review
5.10% APY
$500 minimum deposit
Bask Bank
Rating: 4.4 stars out of 5
4.4
Overview
Bask Bank began offers six CD terms ranging from three months to two years. The bank also offers a savings account with a competitive APY and another savings account that earns American Airlines miles.
Read Bankrate's Expert Bask Bank Review
5.10% APY
$1,000 minimum deposit
Bank5 Connect
Rating: 4.9 stars out of 5
4.9
Overview
Bank5 Connect is an online division of BankFive, a community bank in Massachusetts that dates to 1855.
Bank5 Connect offers seven terms of CDs, a savings account and a checking account. It is a member of the Depositors Insurance Fund (DIF), which protects savers whose deposits exceed the $250,000 insurance limit of the Federal Deposit Insurance Corp. (FDIC).
Read Bankrate's Expert Bank5 Connect Review
5.05% APY
$500 minimum deposit
First Internet Bank of Indiana
Rating: 4.6 stars out of 5
4.6
Overview
First Internet Bank of Indiana is an FDIC-insured financial institution that operates online and has no branches. It opened in 1999 and offers products in all 50 states.
First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.
Read Bankrate's Expert First Internet Bank of Indiana Review
5.03% APY
$1,000 minimum deposit
Ally Bank
Rating: 4.6 stars out of 5
4.6
Overview
Ally Bank is an online-only bank formerly known as GMAC Bank. Ally offers seven terms of CDs, a no-penalty CD and two terms of a Raise Your Rate CD.
The Sandy, Utah-based bank also offers a savings account, an interest-bearing checking account and a money market account. Ally has 11 million customers with deposit accounts.
Read Bankrate's Expert Ally Bank Review
5.00% APY
$0 minimum deposit
LendingClub Bank
Rating: 4.3 stars out of 5
4.3
Overview
LendingClub is an online bank that offers seven terms of CDs ranging from six months to five years. A $2,500 minimum deposit is required.
In addition to CDs, LendingClub offers a high-yield savings account and a rewards checking account.
Read Bankrate's Expert LendingClub Bank Review
5.00% APY
$2,500 minimum deposit
Salem Five Direct
Rating: 3.1 stars out of 5
3.1
Overview
Salem Five Direct offers a range of CD terms, including numerous “Special” CDs with high yields and IRA CDs.
At $10,000, the minimum balance required to open this Special CD is higher than a lot of other online banks. There are also Regular CDs offered, which have a minimum balance of $500 or $2,500, depending on the term.
Read Bankrate's Expert Salem Five Direct Review
5.00% APY
$10,000 minimum deposit
Popular Direct
Rating: 4 stars out of 5
4.0
Overview
Popular Direct CDs are for established savers, since the CDs have a $10,000 minimum deposit requirement. The CDs come in eight fixed terms ranging from three months to five years.
Popular Direct’s Select savings account also offers a competitive yield and requires a $100 minimum deposit. All Popular Direct deposit accounts are opened through Popular Bank.
Read Bankrate's Expert Popular Direct Review
5.00% APY
$10,000 minimum deposit
In the news
The Federal Reserve didn’t raise rates during its July 2024 meeting. However, Federal Reserve Chairman Jerome Powell stated during a press conference that cuts "could be on the table" by September.
Bankrate’s Economic Indicator Survey revealed 88 percent of economists we polled still expect the Fed will cut interest rates at some point in 2024, with more than half (53 percent) projecting the Fed to cut rates for the first time in September. Around 24 percent predict a rate cut could happen in December.
After 11 rate increases, a long-term CD might be worth considering in this current rate environment. That can help you build a CD ladder for the long term. But in the short term, a six-month CD can earn more than a top-yielding savings account.
How to find the best 6-month CD rates
Traditionally, CDs with longer maturities offer higher yields. But in this current rate environment, shorter-term CDs are proving to have the highest yields.
The national average on any deposit product is usually much lower than the highest yields available. That’s why shopping around for a competitive yield is so important.
Top six-month CDs generally have higher APYs than top savings accounts. It’s possible for some CDs – especially one-year CDs and 18-month CDs – to have higher APYs than six-month CDs. But generally, two-year CDs and CDs with longer terms have lower APYs in the current rate environment.
In addition to a competitive APY, you’ll also want to consider minimum deposit requirements and early withdrawal penalties.
The advantage of a six-month CD is that you know you’ll be able to access the money in a shorter time frame. Since a CD typically has an early withdrawal penalty, you have to be willing to keep your money in the CD until the end of the term or lose out on some of the interest earnings.
When should you get a 6-month CD?
A six-month CD is great for someone who needs to keep money safe – and untouched – for a term of six months as CDs have early withdrawal penalties. This should be money that you can’t afford to lose. You might consider investing some of your money in riskier, higher-yielding investments such as stocks, provided you can afford the risk because such investments can earn much more than an FDIC- or NCUA-insured CD with a guaranteed APY. But you could also lose all of your money in an investment.
For those times when you’re unsure about when you’ll need access to your money, a high-yield savings account at an FDIC-insured bank is always a smart place for your money. Just make sure you’re within the FDIC’s guidelines and following the FDIC’s rules.
A six-month CD can be the perfect option for someone who doesn’t need the money for a period of half a year, and is tempted to spend the money. The realization that there’s an early withdrawal penalty attached to your CD might be the proper reminder to leave your money untouched, and let it earn interest.
Alternatives to 6-month CDs
When considering a six-month CD, compare it to other available accounts to determine when other options might be a better decision. Some alternatives to consider:
- Savings accounts: With a savings account, you won’t face the early withdrawal penalties like you do if you break your six-month CD before it matures.
- Money market accounts: These accounts allow you to access your money in ways that you can’t with a CD. And there’s a good chance you’ll get a better yield on a six-month CD earning a top yield than with a money market account.
6-month CD FAQs
Research methodology
At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.
Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.
To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield (APY), the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.
When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.
