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Best 6-month CD rates for April 2024

Best available rates across different account types for Tuesday, April 16, 2024

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Current 1 year CD trends
Bankrate Partner average
4.92% APY
National average
1.74% APY

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Bankrate's picks for the best 6-month CD rates

Note: Annual percentage yields (APYs) shown were updated between April 9, 2024 and April 15, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

Popular Direct

Popular Direct_logo
Rating: 4 stars out of 5
4.0

Overview

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.
Invest Rate
5.30% APY
Loan
$10,000 minimum deposit

TAB Bank

TAB Bank_logo
Rating: 4.6 stars out of 5
4.6

Overview

TAB Bank was established in 1998 in Ogden, Utah, as a banking service inside truck stops. TAB (Transportation Alliance Bank) serves businesses and individual customers.

It offers several checking accounts, a couple of savings account options, a money market account and CDs in eight terms, from six months to five years.
Invest Rate
5.27% APY
Loan
$1,000 minimum deposit

America First Credit Union

America First Credit Union_logo
Rating: 5 stars out of 5
5.0

Overview

America First Credit Union was founded in 1939 in Salt Lake City. It has CDs with terms ranging from three months to five years. The minimum opening deposit for CDs is $500.

It also offers a variety of checking and savings accounts.
Invest Rate
5.25% APY
Loan
$500 minimum deposit

Vio Bank

Vio Bank_logo
Rating: 4.6 stars out of 5
4.6

Overview

Vio Bank is an online-only bank that is a division of MidFirst Bank, based in Oklahoma City. It offers CDs and a high-yield savings account with competitive rates. CD terms range from six months to 10 years.
Invest Rate
5.25% APY
Loan
$500 minimum deposit

First Internet Bank of Indiana

First Internet Bank of Indiana_logo
Rating: 4.6 stars out of 5
4.6

Overview

First Internet Bank of Indiana is an FDIC-insured financial institution that operates online and has no branches. It opened in 1999 and offers products 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.
Invest Rate
5.18% APY
Loan
$1,000 minimum deposit

Synchrony Bank

Synchrony Bank_logo
Rating: 4.9 stars out of 5
4.9

Overview

Synchrony Bank offers competitive yields across 14 terms ranging from three months to five years. It also offers an 11-month no-penalty CD and a 24-month bump-up CD.

Synchrony offers a savings account with a competitive APY and no minimum balance requirement and a money market account.
Invest Rate
5.15% APY
Loan
$0 minimum deposit

Bask Bank

Bask Bank_logo
Rating: 4.4 stars out of 5
4.4

Overview

Bask Bank began offering CDs in 2022, and its four CD terms range from six months to two years. The bank also offers a savings account with a competitive APY and another savings account that earns American Airlines miles.

Bask Bank has been around since 2020 and is a division of Texas Capital Bank.
Invest Rate
5.15% APY
Loan
$1,000 minimum deposit

Bank5 Connect

Bank5 Connect_logo
Rating: 4.9 stars out of 5
4.9

Overview

Bank5 Connect is an online division of BankFive, a community bank in Massachusetts that dates to 1855.

Bank5 Connect offers six terms of CDs, a savings account and a checking account. It is a member of the Depositors Insurance Fund (DIF), which protects savers whose deposits exceed the $250,000 insurance limit of the Federal Deposit Insurance Corp. (FDIC).
Invest Rate
5.05% APY
Loan
$500 minimum deposit

Quontic Bank

Quontic Bank_logo
Rating: 3.8 stars out of 5
3.8

Overview

Quontic Bank is an online bank that offers CDs as well as savings, money market and checking accounts.

A $500 minimum deposit is required to open a Quontic Bank CD and five terms are offered, ranging from six months to five years.
Invest Rate
5.05% APY
Loan
$500 minimum deposit

USAA Bank

USAA Bank_logo
Rating: 4.7 stars out of 5
4.7

Overview

USAA is an online bank for military members, military veterans and their families. Without a link to the military, you might not qualify to join.

USAA offers CDs in terms ranging from one month to seven years. It also offers checking and savings accounts, credit cards and mortgages and other loans.
Invest Rate
5.05% APY
Loan
$1,000 minimum deposit
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In the news

The Federal Reserve didn’t raise rates for the third time in a row during its December 2023 meeting. 94 percent of economists polled by Bankrate believe the Fed may start cutting rates in 2024.

After 11 rate increases, a long-term CD might be worth considering in this current rate environment. That can help you build a CD ladder for the long term. But in the short term, a six-month CD can earn more than a top-yielding savings account.

How to find the best 6-month CD rates

Traditionally, CDs with longer maturities offer higher yields. But in this current rate environment, shorter-term CDs are proving to have the highest yields. 

The national average on any deposit product is usually much lower than the highest yields available. That’s why shopping around for a competitive yield is so important.

Top six-month CDs generally have higher APYs than top savings accounts. It’s possible for some CDs – especially one-year CDs and 18-month CDs – to have higher APYs than six-month CDs. But generally, two-year CDs and CDs with longer terms have lower APYs in the current rate environment

In addition to a competitive APY, you’ll also want to consider minimum deposit requirements and early withdrawal penalties. 

The advantage of a six-month CD is that you know you’ll be able to access the money in a shorter time frame. Since a CD typically has 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.

When should you get a 6-month CD?

A six-month CD is great for someone who needs to keep money safe – and untouched – for a term of six months as CDs have early withdrawal penalties. This should be money that you can’t afford to lose. You might consider investing some of your money in riskier, higher-yielding investments such as stocks, provided you can afford the risk because such investments can earn much more than an FDIC- or NCUA-insured CD with a guaranteed APY. But you could also lose all of your money in an investment.

For those times when you’re unsure about when you’ll need access to your money, a high-yield savings account at an FDIC-insured bank is always a smart place for your money. Just make sure you’re within the FDIC’s guidelines and following the FDIC’s rules

A six-month CD can be the perfect option for someone who doesn’t need the money for a period of half a year, and is tempted to spend the money. The realization that there’s an early withdrawal penalty attached to your CD might be the proper reminder to leave your money untouched, and let it earn interest.

Alternatives to 6-month CDs

When considering a six-month CD, compare it to other available accounts to determine when other options might be a better decision. Some alternatives to consider:

  • Savings accounts: With a savings account, you won’t face the early withdrawal penalties like you do if you break your six-month CD before it matures.
  • Money market accounts: These accounts allow you to access your money in ways that you can’t with a CD. And there’s a good chance you’ll get a better yield on a six-month CD earning a top yield than with a money market account.

6-month CD FAQs

Research methodology

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 the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.

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.