To find the best 6-month CD rates, savers need to answer two questions:
- How much yield can I reasonably expect to earn?
- What direction are interest rates headed?
In general CD yields are based on interest rates set by the Federal Reserve. And those interest rates are on the rise, which means both short- and long-term CD rates have been slowly inching upward.
Here are the top nationally available 6-month CD rates. Compare these offers, then calculate how much interest you would earn when your CD matures.
| Institution | APY | Minimum deposit |
|---|---|---|
| Live Oak Bank | 1.95% | $2,500 |
| Crestmark Bank | 1.90% | $25,000 |
| Limelight Bank | 1.86% | $1,000 |
| Banesco USA | 1.85% | $1,500 |
| My eBanc | 1.85% | $5,000 |
The best 6-month CDs available from banks and credit unions pay more than seven times the national average of 0.30 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.
Today’s top nationally available 6-month CDs pay 1.95 percent APY. They could be a great place to invest for short-term financial obligations, like a wedding or family vacation.
Finding the best 6-month CD rates
Rates may be creeping up, but they still remain depressed after they plummeted during the last recession. That’s why it’s important to shop around for the best CD rates.
The lower the CD term length, the less interest you can expect to earn. To find the best 6-month CD rates, evaluate offers from online banks and credit unions. Try to avoid accounts with high fees and minimum deposit requirements.
Top account details
- Established in 2008, Live Oak Bank is a federally-insured financial institution. Supporting small business owners is part of its mission statement. It earned five out of five stars in Bankrate’s latest review of its financial health.
- Crestmark Bank has served small-to-medium sized businesses in Troy, Michigan since it was founded in 1996. Today, it serves customers across the country. In Bankrate’s latest review of its financial health, Crestmark Bank earned five out of five stars.
- Limelight Bank is an online bank headquartered in Provo, Utah. It prides itself on being eco-friendly and uses deposits from its customers to make loans for solar energy projects. Deposits are feder insured through Capital Community Bank, which earned five out of five stars in Bankrate’s latest review of its review of its financial health.
- Banesco USA is a subsidiary of Banesco Banco Universal, the largest bank in Venezuela. In Bankrate’s latest review of its financial health, Banesco USA earned four out of five stars.
- My e-BAnC is an online division of BAC Florida Bank, which is headquartered in Coral Gables, Florida. BAC Florida Bank is FDIC-insured and earned four out of five stars on Bankrate’s latest review of its financial health.
Maximize the power of compound interest
Anyone struggling to save money could benefit from having a 6-month CD. Because you could face an early withdrawal penalty, you may be less tempted to tap into your savings prematurely.
In addition to comparing rates, pay attention to how frequently interest compounds. You’ll end up with a higher yield if choose a bank that compounds interest daily versus one where interest compounds on a quarterly basis.
