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 to earn APY |
|---|---|---|
| CommunityWide Federal Credit Union | 2.30% | $2,000 |
| DollarSavingsDirect | 2.25% | $1,000 |
| EmigrantDirect.com | 2.25% | $1,000 |
| MySavingsDirect | 2.25% | $1,000 |
| First Internet Bank of Indiana | 2.22% | $1,000 |
The best 6-month CDs available from banks and credit unions pay more than six times the national average of 0.44 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.
Today’s top nationally available 6-month CDs pay 2.30 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
- CommunityWide Federal Credit Union is based in South Bend, Indiana. It was established in 1967 and earned five out of five stars in the latest review of its financial health.
- DollarSavingsDirect is an online division of Emigrant Bank, a New York-based bank that has been around for more than 160 years. Emigrant Bank earned five out of five stars in Bankrate’s latest review of its financial health.
- EmigrantDirect.com and MySavingsDirect are also online divisions of Emigrant Bank. They both offer FDIC-insured CDs with various term lengths to savers nationwide.
- First Internet Bank of Indiana, based in Fishers, Indiana, was founded in 1999 and serves customers across the country. It earned four out of five stars in the 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 you choose a bank that compounds interest daily versus one where interest compounds on a quarterly basis.
