For many savers, a six-month certificate of deposit is the sweet spot, allowing 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 a year or more. A six-month CD can also be useful for creating the initial step in a CD ladder.
If you want to know how much interest you could earn on a six-month CD, use Bankrate’s CD calculator, which is designed to help you estimate potential earnings. Six months may not seem long, but it’s enough time to help get you on track toward your savings goals.
Summary of Best 6-Month CD Rates May 2022
| Bank | APY | Minimum deposit for APY |
| Live Oak Bank | 1.25% | $2,500 |
| BMO Harris Bank | 1.10% | $1,000 |
| Limelight Bank | 1.00% | $1,000 |
| Quontic Bank | 0.95% | $500 |
| Randolph Brooks Federal Credit Union | 0.80% | $1,000 |
| Popular Direct | 0.80% | $10,000 |
| Marcus by Goldman Sachs | 0.75% | $500 |
| EmigrantDirect | 0.75% | $1,000 |
| TAB Bank | 0.75% | $1,000 |
| First Internet Bank of Indiana | 0.70% | $1,000 |
| Bethpage Federal Credit Union | 0.65% | $50 |
| HSBC Direct | 0.65% | $1,000 |
| MySavingsDirect | 0.65% | $1,000 |
| Pentagon Federal Credit Union | 0.65% | $1,000 |
| TIAA Bank | 0.65% | $1,000 |
| Ally Bank | 0.60% | $0.01 |
| Capital One | 0.60% | $0.01 |
| Security Service Federal Credit Union | 0.60% | $25,000 |
| Synchrony Bank | 0.50% | $0.01 |
Note: Annual percentage yields (APYs) shown are as of May 17, 2022. Rates for some products may vary by region.
Compare the top widely available six-month CD rates, then calculate how much interest you would earn when your CD matures.
Savers looking to get a little extra boost and lock in a yield for a set period often consider certificates of deposit. A CD can help you work toward your savings goals, whether they’re long or short term.
CD yields tend to follow the path of Treasurys and may be impacted by Federal Reserve actions. However, once you lock in a yield, you can expect it to be consistent for the entire term of the CD — even if rates fall.
Here’s what you need to know about using a six-month CD to your advantage.
Bankrate’s guide to choosing the right CD rate
Why you can trust Bankrate
Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry, and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.
Methodology for Bankrate’s Best CD Rates
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 Federal Deposit Insurance Corp. (FDIC) or by the National Credit Union Administration (NCUA).
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.
Top banks offering 6-month CD rates for May 2022
Live Oak Bank: 1.25% APY, $2,500 minimum deposit to open
Live Oak Bank offers seven terms of CDs, ranging from six months to five years. The Wimington, North Carolina-based bank also has a savings account that pays a competitive yield.
BMO Harris Bank: 1.10 APY, $1,000 minimum deposit to open
BMO Harris offers online accounts and operates more than 500 branches in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. It’s based in Chicago.
BMO Harris offers 10 CD terms ranging from three months to five years, each requiring a minimum $1,000 deposit to open. It also offers several CD Specials with very competitive rates.
Limelight Bank: 1.00% APY, $1,000 minimum deposit
Limelight Bank is a division of Capital Community Bank, with headquarters in Provo, Utah.
Limelight Bank offers CDs only on its website and requires a $1,000 minimum deposit on the four CD terms it offers. You’ll have to look elsewhere if you’re seeking a CD with a term of longer than three years.
Quontic Bank: 0.95% APY, $500 minimum deposit to open
Quontic Bank is an online bank that offers four terms of CDs: six months and one, two and three years. All CDs require a minimum of $500 to open.
Quontic Bank also offers a high-yield savings account and money market account. Both pay competitive yields and have low minimum opening deposits.
Randolph Brooks Federal Credit Union: 0.80% APY, $1,000 minimum deposit
Randolph-Brooks Federal Credit Union was established in 1952 and is headquartered in Live Oak, Texas. It operates in four major markets: Austin, Dallas-Fort Worth, Corpus Christi and San Antonio.
It offers CDs in terms ranging from six months to seven years. The minimum deposit is $1,000.
Popular Direct – 0.80% APY, $10,000 minimum deposit
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 High-Rise savings account also offers a competitive yield and requires a $5,000 minimum deposit. All Popular Direct deposit accounts are opened through Popular Bank.
Marcus by Goldman Sachs: 0.75% APY; $500 minimum deposit
Marcus by Goldman Sachs is the online consumer banking unit of Goldman Sachs Bank USA. Marcus offers nine terms of fixed-rate CDs, ranging from six months to six years, that pay competitive rates. It also has three no-penalty CD terms.
Marcus also offers a savings account that pays a competitive yield.
EmigrantDirect: 0.75% APY, $10,000 minimum deposit
EmigrantDirect is a division of Emigrant Bank. Besides six-month CDs, it offers CDs with terms ranging from 16 months to 10 years. All CDs require a $1,000 minimum deposit.
Emigrant Direct also offers the American Dream Savings Account.
TAB Bank: 0.75% APY, $1,000 minimum deposit
TAB Bank was established in 1998 in Ogden, Utah, as a banking service inside truck stops. It serves both businesses and individual customers.
TAB Bank offers CDs in eight terms, from six months to five years, as well as several checking accounts, a couple of savings account options and a money market account.
First Internet Bank of Indiana: 0.70% APY, $1,000 minimum deposit to open
First Internet Bank of Indiana opened in 1999 and was the first FDIC-insured financial institution to operate entirely online, according to the bank’s website. It operates no branches, and its products are available 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.
Bethpage Federal Credit Union: 0.65% APY, $50 minimum deposit
Bethpage Federal Credit Union opened in 1941 for employees of aircraft-maker Grumman. It is one of the largest credit unions in the nation, with about 417,000 members. Anyone can become a member by opening a savings account with $5 or more.
Bethpage offers nine terms of CDs, ranging from three months to five years, as well as a 39-month Bump-Up CD.
HSBC Direct: 0.65% APY, $1,000 minimum deposit
HSBC Direct offers a savings account, a checking account and three terms of fixed-rate CDs. Its products are offered in the U.S. by HSBC Bank USA.
Online CD accounts at HSBC Direct are available only to customers in the U.S. with an HSBC Premier checking account. HSBC Direct CDs require $1,000 to open and can’t be made up of funds that were deposits and investments held by any members of the HSBC Group in the U.S.
MySavingsDirect: 0.65% APY, $1,000 minimum deposit
MySavingsDirect is a division of Emigrant Bank. It offers CDs in terms ranging from six months to 10 years. The CDs have a $1,000 minimum deposit to open.
The bank also offers a MySavings account, which has no minimum balance requirement and no fees or penalties.
Pentagon Federal Credit Union: 0.65% APY, $1,000 minimum deposit
Pentagon Federal Credit Union was established in 1935. It has more than 2 million members and has its main office in McLean, Virginia.
PenFed offers nine terms of CDs, ranging from six months to seven years.
TIAA Bank: 0.65% APY, $1,000 minimum deposit
TIAA Bank is a division of TIAA FSB and has 10 branches, all in Florida. TIAA offers CD terms ranging from three months to five years. It also offers a Bump Rate CD, which allows a one-time rate increase should rates rise during the term.
For customers with large deposits TIAA Bank offers a service that allows savers to spread money around to a network of banks and get expanded FDIC insurance coverage.
Ally Bank: 0.60% APY, $0.01 minimum deposit
Ally Bank, based in Sandy, Utah, is an online-only bank and has no branches. Ally offers standard CDs in seven terms ranging from three months to five years, with no minimum deposit required to open.
Ally also has a no-penalty CD and a Raise Your Rate CD. It also offers checking, savings and money market accounts.
Capital One – 0.60% APY, $0.01 minimum opening deposit
Capital One is an online bank that also operates 333 branches and some 50 Capital One Cafes. It is based in McLean, Virginia.
Capital One offers nine competitive terms of regular CDs that require no minimum deposit. Capital One’s 360 Performance Savings account pays a competitive yield and also has no minimum balance requirement.
Security Service Federal Credit Union: 0.60% APY, $25,000 minimum deposit to earn the APY
Security Service Federal Credit Union was founded in 1956 to serve the needs of members of the U.S. Air Force Security Service Command and their families.
Based in San Antonio, it offers CD terms ranging from three months to seven years. It also offers checking and savings accounts, mortgages, auto loans and credit cards.
Synchrony Bank: 0.50% APY, $0.01 minimum deposit
Synchrony Bank offers competitive yields across 12 terms. All standard CD terms typically offered by banks and credit unions are available.
If Synchrony Bank receives your CD deposit within the 15-day period — and the CD rate has increased, you’ll receive the higher rate.
A savings account, which features a competitive APY and no minimum balance requirement, and a money market account are also available.
Finding the best 6-month CD rates
To find the best six-month CD rates, savers should ask: How much yield can I reasonably expect to earn; and in which direction are interest rates headed?
The shorter the length of the CD term, the less interest you can expect to earn. To find the best six-month CD rates, evaluate offers from online banks and credit unions. Avoid accounts with high fees and minimum deposit requirements.
6-month CD FAQs
Who should open a 6-month CD?
Six months is one of the shortest terms available for savers interested in CDs. It’s a product that’s best for consumers with specific short-term goals who are looking for a temporary place to keep money that will be used soon for a specific purpose, like funds for an upcoming wedding, vacation or home down payment. A six-month CD could also be a place to keep cash that you’re hoping to put into a riskier investment vehicle.
The longer the term of your CD, the higher the yield you’ll likely earn. That means six-month CD yields are typically relatively low. Consider whether it makes more sense to keep your money in a more liquid account, like a savings or money market account. That way, you won’t run the risk of losing interest if you need the money you stashed away before the six-month time clock runs out.
Comparing 6-month CDs vs. other savings vehicles
When considering a six-month CD, compare it to other available accounts to determine when other options might be a better decision.
6-month CD vs. savings account
Because you’re willing to keep your money in a CD for a set period of time, you usually end up with a higher rate with a CD than a savings account.
However, savings accounts are more accessible. With a savings account, you won’t face the early withdrawal penalties like you do if you tap your six-month CD before it matures.
6-month CD vs. money market account
There’s a good chance you’ll get a better yield on a six-month CD than with a money market account. So, if you’re looking for a better yield in a safe account, it can make sense to use a CD instead of a money market account.
On the other hand, a money market account is much more accessible than a six-month CD. You might even be able to use a debit card to access the funds in the money market account — something you can’t do with a CD.
6-month CD vs. 1-year CD vs. 5-year CD
Better yields are generally available on CDs with longer maturities. So, if you’re willing to lock up your money for a year — or even up to five years — you could receive a better rate.
However, the advantage of a six-month CD is that you know you’ll be able to access the money in a shorter time frame. Because a CD typically comes with 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.
How to make the most of a 6-month CD
A six-month CD works well with short-term savings goals. If you want to set money aside for a specific purpose, but you’re worried that you’ll be tempted to tap into the funds, a six-month CD can help make the money harder to get to. You can keep the money safe in an FDIC-insured (or NCUA-insured) account until it’s needed.
You can also make use of a six-month CD in an emergency fund ladder. By setting up a CD ladder that includes shorter-term CDs, it’s possible to take advantage of slightly higher yields while knowing that a portion of your money will be available for unexpected expenses in the near future.
Maximize the power of compound interest
Anyone struggling to save money could benefit from having a six-month CD. Because you could face an early withdrawal penalty, you may be less tempted to tap into your savings prematurely.
Annual percentage yield, or APY, includes the effect of compounding. It’s the interest earned on your initial deposit in addition to the interest earned on top of other interest earnings.
Things to keep in mind with a 6-month CD
Before you get a six-month CD, it’s important to understand the potential drawbacks. The early withdrawal penalty is probably the biggest issue. If you access your funds before the six months are up, you’ll pay a penalty.
Plus, the yield often isn’t much higher on a six-month CD than you’d see with a traditional savings account. Shop around for the highest rates, but you might need to meet high deposit minimums in order to take advantage of the best yields.
Recap: Best 6-month CD rates
- Live Oak Bank: 1.25% APY, $2,500 minimum deposit
- BMO Harris: 1.10% APY, $1,000 minimum deposit
- Limelight Bank: 1.00% APY, $1,000 minimum deposit
- Quontic Bank: 0.95% APY, $500 minimum deposit
- Randolph Brooks Federal Credit Union: 0.80% APY, $1,000 minimum deposit
- Popular Direct: 0.80% APY, $10,000 minimum deposit
- Marcus by Goldman Sachs: 0.75% APY, $500 minimum deposit
- EmigrantDirect: 0.75% APY, $1,000 minimum deposit
- TAB Bank: 0.75% APY, $1,000 minimum deposit
- First Internet Bank of Indiana: 0.70% APY, $1,000 minimum deposit
- Bethpage Federal Credit Union: 0.65% APY, $50 minimum deposit
- HSBC Direct: 0.65% APY, $1,000 minimum deposit
- MySavingsDirect: 0.65% APY, $1,000 minimum deposit
- Pentagon Federal Credit Union: 0.65% APY, $1,000 minimum deposit
- TIAA Bank: 0.65% APY, $1,000 minimum deposit
- Ally Bank: 0.60% APY, $0.01 minimum deposit
- Capital One: 0.60% APY, $0.01 minimum deposit
- Security Service Federal Credit Union: 0.60%, $25,000 to earn the APY
- Synchrony Bank: 0.50% APY, $0.01 minimum deposit
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