Best 6-Month CD Rates
We’ve compared 142 CD accounts at 84 nationally available banks and credit unions to find some of the best six-month certificates available. See below to learn more about why we picked each account, the pros and cons and to access individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of August 23, 2024.
Here are five of the best six-month certificates available now.
- CommunityWide Federal Credit Union CW Certificate Account: 5.25% APY
- Quontic Bank Certificate of Deposit: 5.10% APY
- Bethpage Federal Credit Union Certificate Account: 4.00% APY
- PenFed Credit Union Money Market Certificates: 3.00% APY
- Consumers Credit Union Certificate Account: 0.65% APY
Best for High APY
CommunityWide Federal Credit Union CW Certificate Account
4.8
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
CD APY 6-month
5.25%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
Monthly
On Bankrate.com's Website
5.25%
$1,000
Monthly
Editor's Take
CommunityWide Federal Credit Union ranked well for the high APYs on its certificate account. The six-month CW Certificate Account pays a competitive 5.25% APY. The minimum deposit is $1,000.
Why We Like It
We like CommunityWide because unlike many other credit unions and banks, CommunityWide doesn’t automatically renew your certificate account upon maturity. Instead, you can renew it for another term or deposit the principal and interest into another account at CommunityWide or another institution.
What We Don’t Like
We don’t like that you must become a member and open a savings account invest in a certificate account.
Who It’s Best For
CommunityWide is a good option if you want one of the highest-paying six-month CD rates and are willing to join a credit union.
Pros & Cons
- Competitive dividend rates across terms
- Wide variety of terms
- Doesn’t automatically renew certificate accounts
- Membership is required
- Requires a savings account to open a certificate account
- Dividends compounded monthly
Expert's Take
Competitive short-term interest rates at CommunityWide may attract investors, and the absence of an auto-renewal option allows depositors to have full control over their funds at maturity.
—Wenyao Hu, CFA and Ph.D. Candidate
CommunityWide Federal Credit Union CD Rates
| TERM | APY |
|---|---|
6 Months | 5.25% |
12 Months | 5.00% |
18 Months | 4.75% |
24 Months | 4.50% |
36 Months | 4.30% |
48 Months | 4.10% |
60 Months | 4.00% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded and credited to your certificate account monthly.
Maturity options
Unlike many other credit unions and banks, CommunityWide won’t automatically renew your certificate account upon maturity. Instead, you can choose to renew it for another term or to deposit the principal and interest into another account at CommunityWide or a different institution.
Membership
CommunityWide requires membership in the credit union to open a certificate account. Membership is open to U.S. citizens who open a savings account with a $5 minimum deposit, $5 of which goes to an organization of your choice—the Marine Corps, Habitat for Humanity or Goodwill.
Best for Online CDs
Quontic Bank Certificate of Deposit
4.2
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
CD APY 6-month
5.10%
Minimum Deposit Requirement
$500
Interest Compounding Frequency
Daily
On Quontic Bank's Website
5.10%
$500
Daily
Editor's Take
We chose the Quontic Certificate of Deposit because it offers competitive rates and innovative online and mobile tools—just what you would expect from an online bank. Quontic’s user-friendly mobile app is available on both iOS and Android.
Why We Like It
We like Quontic Bank’s Certificate of Deposit because it has a relatively low minimum deposit requirement and pays a competitive 5.10% APY. Plus, the interest earned compounds daily.
What We Don’t Like
We don’t like that if you decide to withdraw your funds before the CD maturity date, you forfeit the interest earned for the full length of the six-month term—a larger penalty than other banks charge.
Who It’s Best For
The six-month Quontic Bank CD is best for those who want competitive rates and don’t mind banking online.
Pros & Cons
- Competitive APYs across CD terms
- Innovative online and mobile tools
- Low minimum deposit requiremen
- Only five term options available
- No physical locations
- Quontic doesn’t accept cash deposits
Expert's Take
Some of the benefits of Quontic CDs are the low minimum to open an account and the ability to quickly get started online. The drawback of using digital banks like Quontic is that you don’t have access to physical branches. If you prefer the in-person banking experience or need to deposit cash, this could be a deterrent. It’s also good to note that you don’t necessarily earn a higher interest rate for locking up your money longer.
—Gloria Garcia, CFP
Quontic Bank CD Rates
| TERM | APY |
|---|---|
6 Months | 5.10% |
1 Year | 4.50% |
2 Years | 3.85% |
3 Years | 3.75% |
5 Years | 3.50% |
Interest compounds daily and is credited monthly. Once your CD matures, Quontic Bank provides a 10-day grace period to withdraw your funds. Otherwise, it automatically renews the CD. Early withdrawal penalties vary by term.
Best for Flexibility
Consumers Credit Union Certificate Account
4.1
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
CD APY 6-month
0.65%
Minimum Deposit Requirement
$250
Interest Compounding Frequency
Daily
On Consumers Credit Union's Website
0.65%
$250
Daily
Editor's Take
We picked Consumers Credit Union for flexibility because it offers certificate terms ranging from 91 days to five years and has a low minimum deposit requirement of $250.
Why We Like It
We like the Consumers Credit Union certificate for its low minimum deposit requirement, and the promotional rates it offers on certain terms are generous.
What We Don’t Like
The six-month certificate account earns 0.65% APY, which isn’t very high. The credit union offers promotional CD terms that pay much higher than the six-month option.
Who It’s Best For
Consumers Credit Union’s six-month CD is best for those who want to join a credit union and take advantage of its other products and fee-free banking.
Pros & Cons
- Competitive promotional rates
- Wide range of term lengths
- Low minimum deposit requirement
- Interest compounds daily
- Not the highest rates around
- Membership is required
Expert's Take
CCU’s standard certificate interest rates are substantially lower than all the others. The minimum deposit requirement is lower than others though, which makes it more accessible. Earning interest compounded daily does make a slight difference—more frequent compounding can put a little more money in your pocket.
—Gloria Garcia, CFP
Consumers Credit Union CD Rates
| TERM | APY |
|---|---|
91 Day | 0.50% |
6 Months | 0.65% |
1 Year | 1.00% |
13 Months | 5.00% |
17 Months | 4.30% |
18 Months | 0.90% |
2 Years | 1.20% |
30 Months | 1.00% |
3 Years | 1.30% |
4 Years | 1.35% |
5 Years | 1.50% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends compound daily and are credited to your account monthly.
Early withdrawal penalty
For terms of one year or less, the early withdrawal penalty is 60 days’ dividends. For terms of more than one year, the early withdrawal penalty is 120 days’ dividends.
Maturity options
There’s a grace period of 10 days after your certificate matures to withdraw funds from your account. Otherwise, your certificate automatically renews.
Branch access and customer service
Consumers is primarily an online credit union, although it does offer some branch locations throughout Illinois. If you’re not near a branch, you can take care of all of your banking needs via Consumers’ website and mobile app. It also has a 24/7 live chat feature and customer service is available by phone six days a week.
Best for Low Minimum Deposits
Bethpage Federal Credit Union Certificate Account
4.0
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
CD APY 6-month
4.00%
Minimum Deposit Requirement
$50
Interest Compounding Frequency
Daily
On Bankrate.com's Website
4.00%
$50
Daily
Editor's Take
We chose Bethpage Federal Credit Union’s six-month certificate for low minimum deposits because it requires just $50 to open and earns 4.00% APY.
Why We Like It
We like Bethpage’s Certificate Accounts because they pay competitive dividends with an easily met $50 minimum deposit. The minimum balance to earn the APY is also $50. Bethpage offers 10 standard certificates, ranging from three months to five years, and one bump-up certificate.
What We Don’t Like
While becoming a member of Bethpage Federal Credit Union is easy, we don’t like that you must open a Bethpage savings account.
Who It’s Best For
If you’re looking for a safe place to stow some savings for a near-term goal, this certificate is one to consider. Its low minimum deposit also makes this certificate accessible to many.
Pros & Cons
- Competitive dividend yields across terms
- Wide range of terms
- Very low $50 minimum deposit requirement
- Fairly easy to join
- It’s possible to find higher rates at other banks and credit unions
- Must open a savings account to access certificates
- Requires membership
Expert's Take
Some Bethpage CDs are offering competitive interest rates for savers looking to lock in an interest rate for an extended period of time, which can make sense if rates fall in the near future. Keep in mind that Bethpage CDs automatically renew at maturity, so if you need to free up your funds at the end of your CD maturity period, set a calendar reminder to request your funds when your CD matures.
—Natalie Taylor, CFP
Bethpage Federal Credit Union CD Rates
| TERM | APY |
|---|---|
3 Month | 2.25% |
6 Month | 4.00% |
11 Month | 5.00% |
12 Month | 4.00% |
18 Month | 3.00% |
24 Month | 3.00% |
30 Month | 3.00% |
36 Month | 4.00% |
39 Month Bump-Up | 3.00% |
48 Month | 3.00% |
60 Month | 3.00% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. For certificates opened online, dividends are compounded daily and credited monthly. Members who open a six-, 12-, 24-, 36- or 39-month certificate in a branch can select a dividend period and crediting frequency of monthly or quarterly.
Maturity options
There’s a seven-day grace period after your certificate matures to renew or change the account.
Early withdrawal penalty
Early withdrawal penalties equal either 90 or 180 days’ dividends, depending on term length.
Best for CD Renewal
PenFed Credit Union Money Market Certificates
4.0
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
CD APY 6-month
3.00%
Minimum Deposit Requirement
$1,000
Interest Compounding Frequency
Daily
On Bankrate.com's Website
3.00%
$1,000
Daily
Editor's Take
We ranked PenFed Credit Union certificates highly because you’re able to choose your maturity option—whether to have the certificate automatically renew—when you open your certificate account, and you can change it at any time before maturity. You can use the funds to renew your certificate, transfer the funds into another PenFed account or have a check mailed to you.
Why We Like It
We like that PenFed pays high yields on nine different certificate terms, ranging from six months to five years. Its six-month certificate pays a competitive 3.00% APY.
What We Don’t Like
We don’t like that Penfed requires a high minimum deposit of $1,000 to open a certificate.
Who It’s Best For
If you can swing the steep opening deposit and want the ability to change your maturity option at any time, consider PenFed Credit Union’s six-month certificate of deposit.
Pros & Cons
- Competitive dividend rates across terms
- Wide range of certificate terms
- Change your maturity option at any time prior to maturity
- Dividends compounded daily on certificate terms greater than six months
- Membership is required to open a certificate
- Early withdrawal penalties can be steep
- Must open a savings account to access certificates
Expert's Take
PenFed certificates have significantly lower rates across the maturity spectrum than others. In addition, their early withdrawal penalties are pretty onerous compared to what is standard. They’re about the most severe I have heard.
—Jill Fopiano, CEO at O’Brien Wealth Partners
PenFed Credit Union CD Rates
| TERM | APY |
|---|---|
6 Months | 3.00% |
12 Months | 4.00% |
15 Months | 4.00% |
18 Months | 4.00% |
24 Months | 4.00% |
36 Months | 3.40% |
48 Months | 3.20% |
60 Months | 3.20% |
84 Months | 3.00% |
Compounding schedule
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends on six-month certificates are earned on a simple (not compound) interest basis and are paid when the certificate matures. Dividends on all other CDs are compounded daily and credited monthly.
Maturity options
With PenFed, you choose your maturity option when you open your certificate and can change it anytime prior to maturity. This gives you some flexibility, and extra time, to decide what you’d like to do with the funds in your account when it matures. You can transfer the funds into another PenFed account, roll it into a new certificate, get a mailed check or transfer it via ACH.
Summary: Best 6-Month CD Rates September 2024
| Certificate | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Compounding Frequency | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| CommunityWide Federal Credit Union CW Certificate Account |  | 4.8 |  | 5.25% | $1,000 | Monthly | Learn More | On Bankrate.com's Website | |
| Quontic Bank Certificate of Deposit |  | 4.2 |  | 5.10% | $500 | Daily | Learn More | On Quontic Bank's Website | |
| Consumers Credit Union Certificate Account |  | 4.1 | | 0.65% | $250 | Daily | Learn More | On Consumers Credit Union's Website | |
| Bethpage Federal Credit Union Certificate Account |  | 4.0 | | 4.00% | $50 | Daily | Learn More | On Bankrate.com's Website | |
| PenFed Credit Union Money Market Certificates |  | 4.0 | | 3.00% | $1,000 | Daily | Learn More | On Bankrate.com's Website |
Current 6-Month CD Rates
The best six-month CDs fetch far above the national average. Interest has been trending in consumers’ favor for a couple of years. Current rates were driven up by federal funds rate hikes in 2022 and 2023. Changes to the federal funds rate often impact saving and borrowing rates. When the Fed raises rates, banks tend to follow suit and increase CD rates. When the Fed lowers rates, CD rates typically drop. In its most recent meeting, the Fed held target rates steady at between 5.25% and 5.50%.
How To Find the Highest 6-Month CD Rates
The six-month CDs above are a good place to start if you’re looking for a high rate on a short-term certificate. To find the highest six-month CD rates, check with online banks and credit unions. These can typically offer more competitive APYs than traditional, brick-and-mortar banks.
But high rates aren’t the only thing to look for. You’ll also want to pay attention to early withdrawal penalties—which can impact your earnings if you remove funds from the account before maturity—and compounding frequency, which determines how often interest is calculated. Be mindful of what you’ll need to do to earn the most interest as well. Weigh minimum deposit requirements and fees against the rates you can qualify for to make sure a six-month CD is worth it.
Pro Tip
Look for promotional CD rates when you want to maximize your interest, especially if you’re flexible on the term. Banks often offer promotional CD interest rates when they need to increase their deposits. Promotional CDs are commonly available with terms shorter than one year and typically carry some of the best rates.
Pros and Cons of 6-Month CDs
As you decide which CD term is the best fit for your financial goals, here are some pros and cons of six-month CDs to consider:
Pros
- It’s a relatively short term. Once the CD matures, you can withdraw your initial investment and interest earned or reinvest your full balance, potentially at a higher interest rate.
- There’s a lower chance of getting hit with an early withdrawal penalty. You can access your cash after six months without the risk of an early withdrawal penalty.
- You may get a higher interest rate than a traditional savings account. Some of the best six-month CDs offer rates that are significantly higher than savings accounts at traditional, brick-and-mortar banks and credit unions.
Cons
- Lower interest rates than longer-term CDs. Six month CDs typically offer lower rates than longer-term CDs.
- Early withdrawal penalties. If you need to access your cash before the end of the CD term, you could pay a hefty early withdrawal penalty.
- Rising rates after you begin your CD term. If interest rates rise during your CD term, you’ll have to wait until maturity to reinvest at a higher rate without a penalty.
How To Choose a 6-Month CD
Before you lock up your savings for six months, weigh all the key factors:
- APY. Keep a close eye on APY. What APY does the CD or certificate pay? Does this APY represent the best use of your money during this six-month period?
- Compounding schedule. Also look at the interest or dividends you’ll be earning. Daily compounding gives you the best return on your investment, as opposed to earnings that compound monthly or even quarterly.
- Safety. Look for financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). In the event of a bank or credit union failure, your deposits would be insured for up to $250,000 per account for each account ownership category.
- Early withdrawal. Find out about any potential early withdrawal penalty. In most cases, the penalty will consist of a portion of the interest you have earned. In a few cases, banks or credit unions impose withdrawal penalties that could not only reclaim any interest earned but also reduce your principal balance. This can defeat the purpose of investing in the CD or certificate.
- Term. How much do you know about your financial needs over the next six months? While this is a form of short-term investment, you’ll not have access to the funds during this time. If you may need to withdraw funds before the CD’s maturity date, a savings account or money market account may be your better savings option.
How To Open a 6-Month CD
Once you find a CD that fits with your rate expectations, you can generally open an account via the bank or credit union’s website or by visiting a branch. If it’s a credit union, you’ll need to join first to be eligible to open an account.
After opening an account, make the required minimum opening deposit for the CD. You can typically fund your new account via check, wire transfer or by linking to an external checking or savings account. Once your account is funded and you’ve signed the CD account agreement, your term begins and you’ll begin to earn interest on your principal investment.
Is a 6-Month CD Worth It?
You might not get the same return on a six-month CD as you would on a longer-term CD, but shorter CDs are often worth it if you don’t want to commit to long lockups. Plus, you can often earn more in a six-month CD than you would in a high-yield savings account.
Six-month CDs are worth it if you know you need to make a major purchase within the year and want to earn as much interest as possible on your money without putting it at risk. Short-term CDs are appealing because they can’t lose value and give you the option to cash out. That said, withdrawing early typically comes at the cost of some or all of your interest. If you might need your money in less than six months, explore high-yield savings and money market accounts.
Find The Best CD Rates Of 2024
Learn More
Banks We Monitor
These financial institutions were included in our research for the best jumbo CD rates: ableBanking, Affinity Federal Credit Union, Ally Bank, American Express, Axos Bank, Apple Federal Credit Union, Bank of America, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bethpage Federal Credit Union, Bread Savings (formerly Comenity Direct), BrioDirect Banking, Capital One, Charles Schwab Bank, Chase, Chevron Federal Credit Union, CIT Bank, Citibank, Citizens Access, Colorado Federal Savings Bank, Comerica, CommunityWide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Credit Union of Denver, Discover, Dollar Savings Direct, EmigrantDirect, Financial Partners Credit Union, Financial Resources Federal Credit Union, First National Bank of America, Georgia’s Own Credit Union, Golden1 Credit Union, Greenwood Credit Union, HSBC Direct, Hughes Federal Credit Union, Ideal Credit Union, iGoBanking, Investors eAccess, Keybank, Kinecta Federal Credit Union, Limelight, Live Oak Bank, MAC Federal Credit Union, Marcus by Goldman Sachs, Michigan State University Federal Credit Union, My eBanc, MySavingsDirect, Navy Federal Credit Union, nbkc Bank, Northern Bank Direct, Northpointe Bank, Nuvision Federal Credit Union, Pacific National Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Popular Direct, Purepoint Financial, Quontic, Quorum Federal Credit Union, Radius Bank, Rising Bank, SalemFiveDirect, Sallie Mae Bank, Spectrum Federal Credit Union, State Bank of Texas, State Department Federal Credit Union, Superior Choice Credit Union, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, TotalDirect Bank, U.S. Bank, USAA, USAlliance Federal Credit Union, Vio Bank, Virtual Bank, Wells Fargo and Truist.
Methodology
To create this list, Forbes Advisor analyzed 142 CD accounts across 84 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. For the star rating, we ranked each institution on 11 data points within the categories of APY, minimums, compound interest schedule, customer experience, digital experience, available terms and overall availability. We also analyzed and ranked each institution by individual term.
The following is the weighting assigned to each category:
- APY: 50%
- Customer and digital experience: 20%
- Minimum deposit requirement: 12.5%
- Compound interest schedule: 7.5%
- Availability: 5%
- Available terms: 5%
CD accounts with higher APYs rose to the top of the list. Minimum deposit requirements of $10,000 or higher affected scores negatively. Accounts with daily compounding interest schedules were scored higher than those with monthly or quarterly schedules. To appear on this list, the account must be nationally available.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
Frequently Asked Questions (FAQs)
What is the best 6-month CD rate?
Some of the best six-month CD rates are currently listed above. While you may find banks or credit unions that offer better rates on 6-month CDs, those institutions may impose restrictions or requirements to earn the advertised APY.
How is a CD compounded over 6 months?
It depends on the financial institution. At some banks, interest is compounded daily and credited monthly. At others, interest is compounded daily and credited daily. Be sure to read the CD agreement so you know how your CD compounds interest.
Who should open a 6-month CD?
A six-month CD is a good choice for someone who wants to save money at a higher interest rate than a traditional savings account, but only for a short term.
Do 6-month CDs have the highest rates?
You’ll generally find the best rates on CDs with longer terms.
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