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Best 6-month CD rates – August 2022

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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.

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.

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 picks for top 6-month CD rates

Note: Annual percentage yields (APYs) shown are as of July 27, 2022. Bankrate’s editorial team updates this information regularly, typically biweekly. APYs may have changed since the last update and may vary by region for some products.

*Rate is unavailable in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin.

A closer look at top 6-month CD rates

Live Oak Bank: 1.85% APY, $2,500 minimum deposit to open

Live Oak Bank offers seven terms of CDs, ranging from six months to five years.

The Wilmington, North Carolina-based bank also has a savings account that pays a competitive yield.

TAB Bank: 1.75% 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 checking, savings and money market accounts.

Limelight Bank: 1.55% 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 terms it offers. You’ll have to look elsewhere if you’re seeking a CD with a term of longer than three years.

Synchrony Bank: 1.50% APY, $0 minimum deposit

Synchrony Bank offers competitive yields across 12 terms. All standard CD terms typically offered by banks and credit unions are available.

Synchrony also offers a savings account, which features a competitive APY and no minimum balance requirement, and a money market account.

Sallie Mae Bank: 1.50% APY, $2,500 minimum deposit

Sallie Mae Bank was established in 2005 and became a stand-alone consumer banking business in 2014.

The Salt Lake City-based bank offers 11 terms of CDs, along with savings and money market accounts. All deposit products pay competitive yields. Sallie Mae’s other financial products include credit cards and student loans.

Popular Direct: 1.50% 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.

BMO Harris Bank: 1.40% 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. The competitive rates offered on CDs with terms six months and longer are unavailable to residents of states where BMO has branches.

Randolph-Brooks Federal Credit Union: 1.36% 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.

Marcus by Goldman Sachs: 1.30% 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, with competitive rates. It also has three no-penalty CD terms.

Marcus also offers a savings account that pays a competitive yield.

Bethpage Federal Credit Union: 1.25% APY, $50 minimum deposit

Bethpage Federal Credit Union was founded in 1941 for employees of aircraft-maker Grumman.

The credit union is based in Bethpage, New York, and has more than 400,000 members. It offers nine terms of CDs ranging from three months to five years. Bethpage also offers a 39-month bump-up CD.

First Internet Bank of Indiana: 1.16% APY, $1,000 minimum deposit

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.

Quontic Bank: 1.15% APY, $500 minimum deposit to open

Quontic Bank is an online bank that offers four terms of CDs: six months, one year, two years 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.

Citibank: 1.10% APY, $500 minimum deposit

Citibank is one of the largest banks in the U.S. It offers fixed-rate CDs, a step-up CD and a no-penalty CD.

Citibank CD minimum deposits vary based on your location. The minimum is $500 in most markets, but ranges up to $2,500 in others.

Citibank’s Citi Accelerate Savings also has a competitive yield, but is available only in certain markets.

Ally Bank: 1.00% APY, $0 minimum opening deposit

In 2009, GMAC Bank became Ally Bank. Ally Bank is headquartered in Sandy, Utah. It has 2.5 million deposits customers.

Ally Bank has seven terms of CDs, a no-penalty CD and two terms of a Raise Your Rate CD. It also offers a savings account, an interest-bearing checking account and a money market account.

Capital One: 1.00% APY, $0 minimum opening deposit

Capital One is an online bank and also has a brick-and-mortar presence, with 333 branches and about 50 Capital One cafes.

It offers nine competitive terms of regular CDs. Capital One CDs and its 360 Performance Savings account don’t have minimum balance requirements. Capital One is based in McLean, Virginia.

TIAA Bank: 1.00% 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 bump if rates go higher. For customers with large deposits who need FDIC coverage that exceeds the $250,000 limit, TIAA Bank offers a service that spreads money around to a network of banks to expand insurance coverage.

How to find 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?

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. 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.

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. Avoid accounts with high fees and minimum deposit requirements. 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.

6-month CD FAQs

Bankrate’s methodology for choosing the 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 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.

Banks we monitor

These financial institutions are featured in our CD rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank 5 Connect, Bank of America, Bank of the West, Barclays, BB&T, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens Access, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, E-Trade Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, LegacyTexas Bank, Limelight Bank, Live Oak Bank, M&T Bank, MySavingsDirect, Navy Federal Credit Union, PenFed Credit Union, PNC Bank, Popular Direct, Purepoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Suntrust Bank, Synchrony Bank, TD Bank, TIAA Bank, UFB Direct, Union Bank (California), U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.

Written by
Libby Wells
Contributing writer
Libby Wells covers banking and deposit products. She has more than 30 years’ experience as a writer and editor for newspapers, magazines and online publications.
Edited by
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Reviewed by
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