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. Interest rates overall are beginning to fall, which means it’s best to stay short instead of choosing long-term CDs.
The best 6-month CD Rates for September 2019
- Communitywide FCU: 2.35% APY; $1,000 minimum deposit to open
- CD Bank: 2.35% APY; $10,000 minimum deposit to open
- Banesco USA: 2.25% APY; $1,500 minimum deposit to open
- My eBanc: 2.25% APY; $5,000 minimum deposit to open
- TAB Bank: 2.24% APY; $1,000 minimum deposit to open
Above are the top nationally available 6-month CD rates. Compare these offers, then calculate how much interest you would earn when your CD matures.
Today’s top nationally available 6-month CDs pay 2.35 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 are trending downward. But if you’re looking for a short-term CD, it’s best to shop around for the best 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.
Best 6-month CD details
CommunityWide Federal Credit Union: Communitywide Federal Credit Union was established in 1967 as the West Washington Association Federal Credit Union. Its purpose was to provide services to people of modest means in South Bend, Indiana, where it is currently based. With 11 offices in the Michigan area, the credit union offers its products nationwide.
CD Bank: The bank is the online division of TBK Bank. It launched in May 2017 and is based in Dallas. TBK Bank was founded in 1981.
Banesco USA: An independent Florida state-chartered bank, Banesco USA is completely independent of Banesco in other countries.
My eBanc: A division of BAC Florida Bank, an FDIC-insured institution established in 1973 and based in Coral Gables, Florida. The bank is owned by Grupo Pellas, a business consortium with more than 140 years’ experience operating across 10 countries in various sectors.
TAB Bank: Founded in 1998, TAB Bank offers financial services to businesses in the transportation industry. Also known as Transportation Alliance Bank, it’s based in Ogden, Utah.
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.
Best 6-month CD rates, September 2019