Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The national average APY (Annual Percentage Yield) on a 6-month CD is 1.03% APY. However, some of the best online banks offer up to 5.00% APY for a 6-month CD right now.
A 6-month CD is a short-term CD that lets you maintain a fixed interest rate for a short period of time. It may be a good option if you’re not comfortable parting with your money for more than six months. If you’re interested in other CD term lengths, check out our overall best CD rates guide.
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$1,000
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$1,000
On CIT Bank’s site. CIT Bank, FDIC Insured
CIT Bank 6 Month Term CD
Details
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$1,000
Best 6-month CDs
These are our picks for the best 6-month CD rates. Our top picks for CDs are protected by FDIC or NCUA insurance. Although Silicon Valley Bank and Signature Bank have recently been shut down, 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.
Compare the Best 6-Month CDs
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$500
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$500
Vio Bank 6 Month CD
Details
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$500
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$1,000
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$1,000
On CIT Bank’s site. CIT Bank, FDIC Insured
CIT Bank 6 Month Term CD
Details
Annual Percentage Yield (APY)
5.00%
Minimum Deposit Amount
$1,000
Annual Percentage Yield (APY)
4.85%
Minimum Deposit Amount
$1,000
Annual Percentage Yield (APY)
4.85%
Minimum Deposit Amount
$1,000
Bask Bank 6 Month CD
Details
Annual Percentage Yield (APY)
4.85%
Minimum Deposit Amount
$1,000
Annual Percentage Yield (APY)
4.80%
Minimum Deposit Amount
$1,000
Annual Percentage Yield (APY)
4.80%
Minimum Deposit Amount
$1,000
on Rising’s website. Member FDIC.
Rising Bank 6 Month CD
Details
Annual Percentage Yield (APY)
4.80%
Minimum Deposit Amount
$1,000
Annual Percentage Yield (APY)
4.80%
Minimum Deposit Amount
$2,500
Annual Percentage Yield (APY)
4.80%
Minimum Deposit Amount
$2,500
Live Oak Bank, FDIC Insured
Live Oak Bank 6 Month CD
Details
Annual Percentage Yield (APY)
4.80%
Minimum Deposit Amount
$2,500
Alliant 6 Month Certificate
Annual Percentage Yield (APY)
4.75%
Minimum Deposit Amount
$1,000
Alliant 6 Month Certificate
Annual Percentage Yield (APY)
4.75%
Minimum Deposit Amount
$1,000
Alliant Credit Union, NCUA insured.
Alliant 6 Month Certificate
Details
Annual Percentage Yield (APY)
4.75%
Minimum Deposit Amount
$1,000
Bank5 Connect 6 Month High-Yield CD
Annual Percentage Yield (APY)
4.75%
Minimum Deposit Amount
$500
Bank5 Connect 6 Month High-Yield CD
Annual Percentage Yield (APY)
4.75%
Minimum Deposit Amount
$500
On Bank5 Connect’s website
Bank5 Connect 6 Month High-Yield CD
Details
Annual Percentage Yield (APY)
4.75%
Minimum Deposit Amount
$500
Annual Percentage Yield (APY)
4.75%
Minimum Deposit Amount
$2,500
Annual Percentage Yield (APY)
4.75%
Minimum Deposit Amount
$2,500
LendingClub Bank, FDIC Insured
LendingClub 6 Month CD
Details
Annual Percentage Yield (APY)
4.75%
Minimum Deposit Amount
$2,500
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 determine whether a bank is the right fit for them?
Tania Brown, certified financial planner at SaverLife:
“Obviously, you want to make sure it’s FDIC insured. Also, your banking experience — do you like walking into a bank? Well, then you need someone local. Do you just not care if you ever see your bank? Then you’re okay online. Do you write checks? Do you not write checks? So it’s thinking through how your experience with it is going to be before you make that decision.”
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
“I would create a list of what I prioritize most in a bank account. For example, some banks have accounts that charge monthly service fees. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. If I’m searching for an interest-earning bank account I’ll pay attention to interest rates. I would make sure the account pays a higher interest rate than the average bank account.”
How should someone choose a CD term length?
Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:
“I would think about when you need the money and then compare that with what the prevailing CD rates are, and then what makes sense from a financial perspective, but also from your own personal timing perspective.”
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
“I believe in having a plan for whatever the funds are. If it’s supposed to be a house fund, and you want to wait for another two years to buy a house, that’s what you should be thinking of when you want to have this money.”
How should someone decide whether to put their money in a high-yield savings account, money market account, or CD?
Tania Brown, CFP:
“So I guess we’ll start off with how much money you want to put in and … the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs. Then you’re stuck between the high-yield savings and the money market account.”
Sophia Acevedo, Personal Finance Insider:
“Generally, I think a high-yield savings account or money market account could be good options for an emergency fund or short-term savings goals. A high-yield savings account offers a higher interest rate than traditional savings accounts at brick-and-mortar banks. Meanwhile, money market accounts might be worth considering if you want more account accessibility — several offer paper checks, ATM cards, or debit cards. CDs could be worthwhile if you don’t need access to some of your money, since they have a fixed interest rate for a specific term.”
Methodology: How did we choose the best 6-month CDs?
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.
6-month CD: Frequently Asked Questions
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.
Most CDs lock in your rate for the entire term. If you open a 6-month CD at a 4.15% APY, you’ll earn 4.15% 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.
CDs with 1-year and 5-year terms pay higher rates than ones with 6-month terms. You may prefer longer terms than six months to earn better interest rates.
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.
Going for a shorter term also gives you the opportunity to snag a better APY if rates are up in a year. With a 1-year or 5-year CD, you could miss out on higher rates. But on the other hand, you could avoid lower rates with a 1-year or 5-year term if rates drop later.
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. For instance, you might open 6-month, 1-year, and 5-year CDs at the same time, which means you’ll get some of your money back in six months, then more in a year, then more in five years.
The choice between a 6-month CD and high-yield savings account will depend on several factors.
First, some institutions pay higher rates on high-yield savings accounts than on 6-month CDs. This isn’t always the case, though, so be sure to double-check.
A CD also locks in your rate for the entire term. If rates are dropping, this could make the CD a better choice, because your savings account APY could decrease over the next few months. If rates are rising, the savings account might be a better fit, because your rate could go up. Either way, there’s a good chance rates will fluctuate over a 6-month period.
It also depends on when you’ll need to access your money. You should be able to access funds from your savings account regularly — but you’ll have to pay a fee if you need access to money from your 6-month CD before it matures. You can also continuously add money to your savings account, whereas most CDs block you from making additional deposits after opening the account.
Like with a high-yield savings account, you may prefer a money market account over a CD if you want quick access to your money. Money market account rates also fluctuate, so you may prefer a money market account if rates are rising, but a CD if rates are dropping. Still, remember that rates will likely go up or down over a 6-month term.
Many banks require higher deposits for money market accounts than CDs, which could affect your decision. It’s also good to remember that you can add more funds to your money market account over time, while a CD only allows an opening deposit.
CDs aren’t generally considered investments the same way something like an index fund, which puts your money into the stock market, is. Instead, a CD is typically viewed as a type of savings account, and your potential for losses and gains — your risk — is much more limited. Because the stock market is risky, experts generally don’t advise investing money you’ll need in the next five years. In the case of a stock market drop, you wouldn’t have time to make up your losses.
If you need to access your money in six months and want a guaranteed rate of return, a 6-month CD is a better choice than a different type of investment account.
If you’re comfortable parting with your money for longer and want to take more risk with your money, then you may want to invest in the stock market. One way to do this is through tax-advantaged retirement accounts, like a 401(k) or IRA, which grows your money over decades. Another is through brokerage accounts, which are useful tools to build long-term wealth, but can’t guarantee a given return like a CD can.
There is such a thing as an IRA CD, which is a sort of combo savings/investment account. It’s a safe investment tool that may be a worthwhile option for people who are close to retirement age.
Compare our top picks for 6-month CDs
Low minimum opening deposit
Editor’s rating
Competitive interest rate
Editor’s rating
Competitive interest rate
Editor’s rating
Competitive interest rate
Editor’s rating
Competitive interest rate
Editor’s rating
Competitive interest rate
Editor’s rating
Low minimum opening deposit
Editor’s rating
Competitive interest rate
Editor’s rating
Learn more
On CIT Bank’s site. CIT Bank, FDIC Insured
Vio Bank 6 Month CD
Why it stands out: Vio Bank stands out because it pays a competitive interest rate on its 6-month term. You also might like this online bank if you want to open a fixed-interest bank account with a minimum of $500. Usually, you need at least $1,000 to open a CD.
Interest for 6-month CD: 5.00% APY
6-month CD early withdrawal penalty: 1% of the amount withdrawn, plus $25
What to look out for: Vio Bank has high early withdrawal penalties. Also, keep in mind Vio Bank doesn’t have a checking account. If you plan on opening a checking account with the same financial institution, you might prefer one of our other top picks.
CIT Bank 6 Month Term CD
Why it stands out: You might like CIT Bank Term CDs if you’re comfortable with online banking. CIT Bank has a competitive interest rate on a 6-month CD.
Interest for 6-month CD: 5.00% APY
6-month CD early withdrawal penalty: 3 months of interest
What to look out for: While CIT Bank has a high interest rate on its 6-month CD, some of it’s other terms aren’t as competitive. If you’re also looking for a 2-year or 3-year term, for example, you may prefer another online bank.
Bask Bank 6 Month CD
Why it stands out: Bask Bank offers a high interest rate on a 6-month CD.
Interest for 6-month CD: 4.85% APY
6-month CD early withdrawal penalty: 90 days simple interest
What to look out for: Bask Bank has limited CD terms. If you’re looking to open a CD with a term over 2 years, you might prefer another institution.
Rising Bank 6 Month CD
Why it stands out: Rising Bank could be a good choice if you’re searching for short-term CDs. Its 6-month term has a competitive interest rate.
Rising Bank also has an interest-earning checking account and a high-yield savings account.
Interest for 6-month CD: 4.80% APY
6-month CD early withdrawal penalty: 90 days simple interest
What to look out for: At Rising Bank, interest is compounded and deposited every three months, while other institutions may compound monthly or even daily. Depending on how much you deposit into a CD, this may or may not make a significant difference.
Live Oak Bank 6 Month CD
Why it stands out: Live Oak Bank is an online bank with a savings account and CDs. Most Live Oak Bank CDs offer 2.00% APY, but its 6-month CD notably pays 4.80% APY.
Interest for 6-month CD: 4.80% APY
6-month CD early withdrawal penalty: 90 days interest
What to look out for: Live Oak Bank CDs require a minimum of $2,500. Other financial institutions on our list let you open a CD with less money upfront.
Alliant 6 Month Certificate
Why it stands out: Alliant pays high rates on CDs and has reasonable early withdrawal penalties.
Interest for 6-month CD: 4.75% APY
6-month CD early withdrawal penalty: Up to 90 days of interest
What to look out for: Credit unions require you to become a member to open an account. The easiest way to become a member is to join Foster Care to Success, and Alliant will cover your $5 joining fee.
Bank5 Connect 6 Month High-Yield CD
Why it stands out: You might like Bank5 Connect if you’d like to get a CD with a low minimum opening deposit. You’ll only need $500 upfront. Other banks typically require at least $1,000 to open a CD.
Interest for 6-month CD: 4.75% APY
6-month CD early withdrawal penalty: Up to 90 days of interest
What to look out for: You may want to consider another financial institution if you’re also looking for long-term CDs. Bank5 Connect only offers terms ranging from 6 months to 3 years.
LendingClub 6 Month CD
Why it stands out: LendingClub is a personal loan provider and online banking institution. The institution pays a good rate for 6-month CDs.
Interest for 6-month CD: 4.75% APY
6-month CD early withdrawal penalty: An amount equal to the simple interest earned on the amount withdrawn
What to look out for: LendingClub CDs have a $2,500 minimum opening deposit. Other financial institutions on our list will allow you to open a CD with less money upfront.
Other CDs That Didn’t Make the Cut and Why
- First Internet Bank of Indiana CD: First Internet Bank of Indiana offers a variety of CD terms, but our top picks have higher CD rates right now.
- Synchrony CD: Synchrony has no minimum opening deposit, but other institutions on our list offer higher interest rates on 6-month CDs right now.
- TAB Bank CD: TAB Bank pays solid interest rates on CDs, but its 6-month term pays a lower interest rate than our top picks.
- Signature Federal Credit Union Certificate: Signature Federal Credit Union pays solid interest rates, but our top picks have higher interest rates right now.
- Sallie Mae CD: Sallie Mae has a high interest rate, but you’ll need a minimum opening deposit of $2,500.
- Marcus High-Yield CD: Marcus lets you open an account with $500, but our top picks have higher interest rates right now.
- Ally High Yield CD: Ally offers a variety of CDs, but our top picks pay higher interest rates.
- Capital One 360 CD: 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.
- Quontic CD: Quontic has a good interest rate on its 6-month CD, but our top picks have lower early withdrawal penalties or pay higher interest rates.
- TIAA Basic CD: TIAA Bank’s 6-month CD isn’t as strong as its long-term CDs.
- Citi Fixed Rate CD: 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: Discover has competitive interest rates on long-term CDs, but its short-term CDs aren’t as strong. You’ll also need at least $2,500 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.
- Popular Direct CD: Popular Direct has great interest rates on CDs, but you’ll also need at least $10,000 to open a CD.
- Charles Schwab Bank CD: 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.
Here is each company’s score:
The Better Business Bureau gives CIT Bank an A- rating because it hasn’t responded to one customer complaint on the BBB website.
Bask Bank received a D- rating from the BBB because it’s received 13 customer complaints on the BBB website and it hasn’t responded to one customer complaint. However, its parent company, Texas Capital Bank, has an A+ rating from the BBB.
Live Oak Bank has an A- rating because it has three complaints filed against the bank. LendingClub has an A rating from the BBB due to government action that was taken against the business.
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.
Live Oak Bank and LendingClub have both been involved in a recent public controversy.
In 2021, Live Oak Bank and digital banking platform Apiture agreed to pay $4.65 million in a settlement that accused Live Oak Bank, Apiture, and nCino of having an agreement where they would not hire employees from other companies in Wilmington, North Carolina, so the three banking companies could avoid offering competitive salaries.
In July 2021, LendingClub Corporation paid $18 million in a settlement with the Federal Trade Commission when accused of deceptive lending practices that charged consumers hidden fees and told them they were approved for a loan even when they weren’t.
6-month CD Rates at the Largest US Banks
If you prioritize banking with a company you’re familiar with, here are the rates you’ll earn on a 6-month CD with some of the most popular institutions:
CIT Bank Platinum Savings
Earn 4.75% APY on balances of $5,000 or more. The higher your balance, the more you’ll earn. FDIC insured.
