In the past two years, the interest rates on short-term investments such as 6-month CDs have been the highest in decades, even paying out more than longer terms. That means you can earn a high annual percentage yield (APY) on your money without having to lock up your savings for a long time. These are some of the best CD rates on 6-month terms.
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- Over 95 financial institutions compared
- 4 levels of fact-checking
- Guided by 25+ years of banking experience
Best 6-month CD rates of August 14, 2024
*APYs are current as of August 14, 2024 and are subject to change. Read our complete methodology here.
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Use the widget below to find the CDs with the best rates in your area.
The best 6-month CDs: editors' picks*
While the banks above may be offering excellent rates, our team may not have vetted the institutions or their products. In contrast, we’ve conducted extensive research on the banks below and ranked them based on overall rates, minimum deposit requirements, and the ability to open and manage the account from anywhere.
*APYs are updated daily but are subject to change.
| Institution | APY | Minimum opening deposit | See details |
|---|---|---|---|
| Quontic Bank | 5.10% | $500 | View offer at Quontic |
| First Internet Bank | 5.03% | $1,000 | View offer at Bankrate |
| Newtek Bank | 5.35% | $2,500 | Learn more |
| Prime Alliance Bank | 5.30% | $500 | View offer at Bankrate |
| VIO Bank | 5.25% | $500 | View offer at Bankrate |
| MYSB Direct | 5.16% | $500 | View offer at Bankrate |
| TAB Bank | -% | $1,000 | View offer at Bankrate |
| Alliant Credit Union | 5.00% | $1,000 | View offer at Alliant |
| Ally Bank | 4.75% | $0 | View offer at Bankrate |
| Best 6-month CDs: Our top picks* | |||
|---|---|---|---|
| Quontic Bank | View offer at Quontic | ||
| APY | 5.10% | ||
| Minimum opening deposit | $500 | ||
| First Internet Bank | View offer at Bankrate | ||
| APY | 5.03% | ||
| Minimum opening deposit | $1,000 | ||
| Newtek Bank | Learn more | ||
| APY | 5.35% | ||
| Minimum opening deposit | $2,500 | ||
| Prime Alliance Bank | View offer at Bankrate | ||
| APY | 5.30% | ||
| Minimum opening deposit | $500 | ||
| VIO Bank | View offer at Bankrate | ||
| APY | 5.25% | ||
| Minimum opening deposit | $500 | ||
| MYSB Direct | View offer at Bankrate | ||
| APY | 5.16% | ||
| Minimum opening deposit | $500 | ||
| TAB Bank | View offer at Bankrate | ||
| APY | -% | ||
| Minimum opening deposit | $1,000 | ||
| Alliant Credit Union | View offer at Alliant | ||
| APY | 5.00% | ||
| Minimum opening deposit | $1,000 | ||
| Ally Bank | View offer at Bankrate | ||
| APY | 4.75% | ||
| Minimum opening deposit | $0 | ||
Quontic Bank
| Key numbers | |
|---|---|
| 6-month APY | 5.05% |
| Minimum opening deposit | $500 |
| Early withdrawal penalty | Two years’ interest |
at Quontic
Quontic began as a community bank in New York City in 2009 and is now a digital bank with product offerings nationwide including checking and savings accounts as well as mortgages. Learn more: Read our Quontic review
View offerat Quontic
Why we picked it
Quontic took the top spot on our list for its 5.10% APY and modest minimum required deposit compared to other accounts on our list.
Even though you won’t be able to visit a physical location, you can get in touch with customer service in a variety of ways, including phone, audio and text chat.
First Internet Bank
| Key numbers | |
|---|---|
| 6-month APY | 5.03% |
| Minimum opening deposit | $1,000 |
| Early withdrawal penalty | 180 days’ interest |
at Bankrate
First Internet Bank was established in 1999, operating online with headquarters in Indiana. The bank provides savings accounts, money market accounts, and CDs, among other products. Learn more: Read our First Internet Bank review
View offerat Bankrate
Why we picked it
With a 5.03% APY, First Internet Bank’s 6-month CD offers one of the best rates around. Keep in mind that to open an account, you’ll need at least $1,000, which could be steep for those who don’t have a lot saved.
Newtek Bank
| 6-month APY | 5.35% |
| Minimum opening deposit | $2,500 |
| Early withdrawal penalty | 90 days’ of interest |
Newtek Bank is a division of the company NewtekOne. It offers various personal and business banking products, such as checking and savings accounts. Learn more: Read our Newtek Bank review
Why we picked it
While Newtek Bank had one of the highest minimum opening deposits, clocking in at $2,500, it may be worth the investment. Their 6-month CD boasts a 5.35% APY. However, if you need your money before the CD matures, you’ll have to give up nearly three months’ worth of interest.
Prime Alliance Bank
| Key numbers | |
|---|---|
| 6-month APY | 4.95% |
| Minimum opening deposit | $500 |
| Early withdrawal penalty | 90 days’ interest |
at Bankrate
Headquartered in Woods Cross, Utah, Prime Alliance Bank offers checking, savings, money market accounts, and more. Learn more: Read our Prime Alliance Bank review
View offerat Bankrate
Why we picked it
Prime Alliance offers an APY above 5% and a modest minimum opening deposit of $500. Plus, if you ever need to tap your cash before the CD matures, you'll only shell out 90 days' interest.
Vio Bank
| Key numbers | |
|---|---|
| 6-month APY | 5.25% |
| Minimum opening deposit | $500 |
| Early withdrawal penalty | 1% of the amount withdrawn, plus a $25 fee |
at Bankrate
Vio Bank is the online bank division of MidFirst Bank, the largest privately held bank in the U.S. Learn more: Read our Vio Bank review
View offerat Bankrate
Why we picked it
You can get a solid 5.25% APY with a 6-month CD at Vio Bank. You’ll just need to make a minimum opening deposit of $500.
Yet there is a downside to banking with Vio. The early withdrawal penalty is substantial, especially if you deposit a small amount. At 1% of the amount withdrawn, plus a $25 fee, you’d lose part of your principal balance if you deposited $500 and made an early withdrawal.
MYSB Direct
| Key numbers | |
|---|---|
| 6-month APY | 5.16% |
| Minimum opening deposit | $500 |
| Early withdrawal penalty | All earned interest |
at Bankrate
MYSB Direct (AKA M.Y. Safra Bank) is headquartered in New York City and operates a single branch there. Its 6-month CD is an online-only product you can open from anywhere in the U.S. Learn more: Read our MYSB Direct review
View offerat Bankrate
Why we picked it
MYSB offers a 6-month CD with a competitive 5.16% APY and modest opening deposit requirement of $500. However, customers who need to withdraw their funds early could be subject to a very hefty early withdrawal penalty.
TAB Bank
| Key numbers | |
|---|---|
| 6-month APY | -% |
| Minimum opening deposit | $1,000 |
| Early withdrawal penalty | 90 days’ interest on the amount withdrawn |
at Bankrate
Established in 1998, Transportation Alliance Bank, Inc. (TAB Bank) is a tech-driven online bank that offers products and services designed to serve the needs of the underserved. Today, it provides a wide variety of services to individuals, families, and businesses. Learn more: Read our TAB Bank review
View offerat Bankrate
Why we picked it
The 6-month CD from TAB Bank offers an amazing -% APY, though you’ll need a substantial minimum deposit of $1,000 to open an account.
If you want to lock up your cash for a longer period, its 9-month and 12-month CDs also provide excellent rates.
Alliant Credit Union
| Key numbers | |
|---|---|
| 6-month APY | 5.00% |
| Minimum opening deposit | $1,000 |
| Early withdrawal penalty | Number of days the certificate is open, up to 90 days’ interest |
at Alliant
Founded in 1935, Alliant Credit Union is a not-for-profit credit union offering accounts—such as savings accounts and share certificates—and lending products like auto loans and mortgages.Membership eligibility is extended to current or former employees of Alliant’s partner organizations, or residents or workers in a Chicago-area community. You can also become a member by becoming an Alliant Credit Union Foundation digital inclusion advocate. Learn more: Read our Alliant Credit Union review
Rates last updated: March 13, 2024
| Term Length | APY |
|---|---|
| 3 months | 4.25% |
| 12 months | 5.40% |
| 18 months | 5.00% |
| 2 years | 4.40% |
| 3 years | 4.30% |
| 4 years | 4.05% |
at Alliant
Why we picked it
Alliant offers one of the highest APYs on our list at 5.00%, and dividends compound monthly. If you choose Alliant as your financial home, it’s a digital credit union, so you won’t have access to physical branch locations. You will, however, be able to contact customer service via email, chat, or phone.
It’s also the largest credit union in Illinois and one of the largest in the nation.
Ally Bank
| Key numbers | |
|---|---|
| 6-month APY | 4.40% |
| Minimum opening deposit | $0 |
| Early withdrawal penalty | 60 days’ interest |
at Bankrate
Ally Bank is an online-only bank that offers a wide range of products and services like checking and savings accounts, credit cards, personal loans, and robo-advisors. Bonus: Ally Bank offers customers 24/7 phone, chat, and email support. Learn more: Read our Ally Bank review
Rates last updated: March 13, 2024
| Term Length | APY |
|---|---|
| 3 months | 3.00% |
| 9 months | 4.45% |
| 12 months | 4.50% |
| 18 months | 4.45% |
| 3 years | 4.00% |
| 5 years | 3.90% |
at Bankrate
Why we picked it
The 6-month CD from Ally offers a competitive 4.75% APY with no minimum deposit required. Plus, Ally is currently giving a 0.05% loyalty reward when you renew your maturing CD to any new CD with the bank.
How to choose a 6-month CD
When considering 6-month CDs from different banks or credit unions, you’ll want to weigh a few different factors to find the right CD for you:
- APY: The higher your APY, the more you can expect your money to grow. Shop around and compare rates from various financial institutions before opening an account.
- Minimum deposit requirement: During your search, be sure to tailor the CD to the cash you have available. No matter how much you have to invest, you can use shorter-term CDs, like 6-month CDs, to test out a new bank or credit union before exploring more CDs or account types.
- Early withdrawal penalty: Most financial institutions charge an early withdrawal fee for withdrawing before a CD matures. Before selecting a CD, be honest about whether you think there’s a chance you’ll need access to your money before your CD matures. If so, you might be better off with a high-yield savings account.
Pro tip
The best thing I’ve done to grow my savings is open an interest-yielding savings account and deposit a portion of my paycheck into that new account automatically. Automation lets me grow my savings without thinking about it day-to-day, so it’s there when I need it.
Dana Miranda, CEPF and Fortune contributor
Alternatives to 6-month CDs
For savers who prefer an account with more flexibility and greater access to their funds, some alternatives to a 6-month CD include:
- High-yield savings account: Similar to a traditional savings account, a high-yield savings account offers a much higher yield on the money you keep in your account. The most recent data from the FDIC finds the national average savings account rate to be 0.46%, while most high-yield savings accounts offer 1.00% APY or higher.
- Money market account: A money market account is essentially a hybrid of a checking and savings account. These accounts typically offer higher rates than you’ll find with the typical checking or savings accounts. In many cases, money market accounts also include features such as check writing, debit card access, and the ability to make withdrawals and deposits via ATM.
Best CD rates for other terms
Not sure if a 6-month CD is right for you? Longer terms may offer a better return on your investment. Here are some of the top rates by term today:
More CDs to consider:
- Best CD rates overall
- Best 1-year CD rates
- Best 3-year CD rates
- Best 5-year CD rates
Our methodology
The Fortune RecommendsTM team has partnered with industry leader Curinos to track the top CD rates from around the country. For our editors' picks, we compared 6-month certificates of deposit (CDs) from more than 50 major banks, credit unions, and online-only banks. Our top picks are available across the U.S., so you can sign up for an account no matter where you live.
The rates, fees, and minimum deposit requirements for CDs are available for a limited time, and APYs are subject to fluctuation, which could impact how much interest you earn. All the banks and credit unions on this list are insured by the FDIC and NCUA, respectively. Should you terminate your CD before it matures, you could be subject to a penalty, which varies by bank.
Dig deeper:learn more about ourbanking methodology.
Frequently asked questions
Are CDs FDIC insured?
Yes, CDs are covered by the Federal Deposit Insurance Corporation (FDIC). This federal agency insures savings accounts held by its members, including money market accounts and CDs, up to $250,000 per customer per bank. This coverage ensures the safety of your funds in the rare event of a bank failure. If you choose to invest in a CD through a credit union, ensure it is insured by the National Credit Union Administration (NCUA), which operates similarly to the FDIC but specifically insures credit unions.
What is the best 6-month CD rate right now?
Some of the best 6-month CDs on our list are offering APYs of 5% and above.
Is a 6-month CD worth it?
Six-month CDs can be a worthwhile investment if you can secure a lucrative APY and keep your hands off your principal balance for the duration of your term. Making a withdrawal before your CD matures could eat into your principal balance and any interest earned.
What is the average rate for a 6-month CD?
According to the FDIC, the average APY for a 6-month CD is 1.51%.
