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 |
|---|---|---|
| MySavingsDirect | 2.15% | $1,000 |
| Limelight Bank | 2.05% | $1,000 |
| Popular Direct | 2.05% | $10,000 |
| My Banking Direct | 2.00% | $2,500 |
| First Internet Bank of Indiana | 1.92% | $1,000 |
The best 6-month CDs available from banks and credit unions pay more than six times the national average of 0.31 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.
Today’s top nationally available 6-month CDs pay 2.15 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
- MySavingsDirect is an online division of Emigrant Bank, a New York-based bank that has been around for more than 160 years. Emigrant Bank earned four out of five stars in Bankrate’s latest review of its financial health.
- 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.
- Popular Direct is a subsidiary of Popular Inc., a financial services firm serving the United States, Puerto Rico and the Caribbean. Popular Direct accounts are opened through Popular Bank, a federally insured institution that earned four out of five stars in Bankrate’s latest review of its financial health.
- My Banking Direct, a division of New York Community Bank, offers CDs nationwide. New York Community Bank was chartered in 1859 and has earned four out of five stars in Bankrate’s most recent review of its financial health.
- First Internet Bank of Indiana, based in Fishers, Indiana, was founded in 1999. 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 choose a bank that compounds interest daily versus one where interest compounds on a quarterly basis.
