Best 6-Month CD Rates

Half a year: How much can you earn with a 6-month CD?

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Six-month certificates of deposit (CDs) are a good option if you don’t want to set your money aside for a year or more, but you’d like to earn a bit more than you would from a savings account. Because 6-month CDs often don’t come with the higher rates that longer term-length CDs offer, it’s especially important to shop around for the best rates.

We review more than 150 banks and credit unions every weekday to find the best 6-month CD rates. For this list, we also include CDs ranging from 5-months to 9-months (noted in the insights below, where applicable). All accounts are available nationwide and are insured by either the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). Here are the best rates as of July 1, 2022.

Best 6-Month CD Rates

Bank or Credit Union APY Minimum Deposit Early Withdrawal Penalty
Department of Commerce Federal Credit Union (6-Month to 11-Month) 2.32% $25,000 90 days of dividends
Department of Commerce Federal Credit Union (6-Month to 11-Month) 2.22% $500 90 days of dividends
NASA Federal Credit Union (9-Month) 2.00% $10,000 All interest earned up to 182 days
Main Street Bank (7-Month) 1.76% $1,000 50% of interest earned
TotalDirectBank 1.75% $25,000 1 month of interest
Luana Savings Bank 1.61% $1,000 3 months of interest
TAB Bank (9-Month) 1.55% $1,000 3 months of interest
EFCU Financial 1.50% $500 3 months of interest
Pima Federal Credit Union (9-Month) 1.50% $10,000 Contact bank for terms
iGObanking (8-Month) 1.45% $1,000 3 months of interest
Merrick Bank 1.35% $25,000 1% of balance
CommunityWide Federal Credit Union 1.30% $1,000 Complex formula; exercise caution

Below are the top certificate of deposit rates available from our partners, followed by a ranking of some of the best CD rates nationwide.

Department of Commerce Federal Credit Union (6-Month to 11-Month)

The Department of Commerce Federal Credit Union was chartered in 1964 and has two branches in Washington, D.C.—one at the U.S. Department of Commerce and another at the White House. It also has a branch in Silver Springs, Maryland. Those who do not live in the D.C. area can manage their accounts online or via a mobile app available for Android and Apple devices.

DOCFCU membership is available to anyone who lives, works, worships, or attends school in Washington, D.C., is a family member of a current member, or is a current or former employee of the U.S. Department of Commerce or its contractors, the National Oceanic and Atmospheric Administration, the White House Management and Administration Office, or the Executive Office of the President. Those who do not meet these eligibility requirements can gain eligibility by joining the American Consumer Council.

NASA Federal Credit Union (9-Month)

Started in 1949 by members of the scientific community, NASA Federal Credit Union serves over 177,000 members nationwide. Anyone can join the credit union by becoming a member of the National Space Society. You can join via the NASA Federal Credit Union application page, and your first year of membership is complimentary. Members are also required to sign up for a primary savings account with a minimum deposit of $5.

Main Street Bank (7-Month)

A 2017 merger between Marlborough Savings Bank and North Middlesex Savings Bank formed Main Street Bank, headquartered in Marlborough, Massachusetts. Both predecessors date back to the 19th century.

Main Street Bank has 10 locations in Massachusetts, but anyone nationwide can open and manage an account online or through a mobile app available for Android and Apple devices. In addition to CDs, Main Street Bank offers checking, savings, and money market accounts, as well as mortgages, auto loans, and other forms of personal lending.

TotalDirectBank

TotalDirectBank is a division of City National Bank of Florida, which was founded more than 70 years ago. TotalDirectBank keeps the product lineup simple, with money market accounts and CDs with terms of up to five years. Anyone in the U.S. (except those in Florida, Puerto Rico, American Samoa, Guam, Northern Mariana Islands, and U.S. Virgin Islands) can open a money market or CD account.

Luana Savings Bank

Luana Savings Bank was founded in 1908 and has a total of six branch offices—three in central Iowa and three in northeast Iowa. One of its primary focuses is agricultural lending, but it also offers a full suite of personal banking options, including CDs, checking and savings accounts, auto loans, home loans, personal loans, and more. 

Those who do not live in central or northeast Iowa can manage accounts through Luana's online banking options, which include a mobile app available on Android and iOS devices.

TAB Bank (9-Month)

TAB Bank is an online banking institution that has been in operation since 1998. It offers checking, savings, and money market accounts in addition to CDs. It also can handle business accounts.

 Customers can manage their accounts through the bank's website or through its mobile app available on Android and Apple devices.

EFCU Financial

EFCU Financial was established in Baton Rouge, Louisiana, in the 1930s as the 13th federal credit union in the U.S. It began with 178 members and $941.70. After several name and affiliation changes since its beginnings, it took its current name in 2015.

The credit union has eight branches in the Baton Rouge area, but membership is available nationwide with online and mobile banking and access to shared branches through the CO-OP Shared Branch Network and ATMs through the Allpoint network.

Pima Federal Credit Union (9-Month)

Pima Federal Credit Union started in 1951 when a group of teachers in Tucson, Arizona, decided to pool their funds together. Since then, it has grown into a larger company with over $766 million in assets and over 60,000 members. 

While Pima's physical locations include eight branches across the Tucson area, customers nationwide can access the credit union's standard banking product offerings with a $20 donation to any of three Tucson-area community organizations.

iGObanking (8-Month)

iGObanking is the online wing of Flushing Bank, an FDIC-insured commercial bank with branches throughout New York. It offers checking, savings, and money markets, as well as CDs. Though the traditional CDs come in terms of six months or one year, the bank also offers “GiftsforBanking” CDs that come with longer term lengths and require a higher minimum balance but reward customers with both interest and a free gift from a catalog.

Merrick Bank

Merrick Bank has been around since 1997 and specializes primarily as a major issuer of Visa credit cards. The bank also provides personal loans and loans for boats and other recreational vehicles.

As far as CDs go, terms range from six months to five years. 

CommunityWide Federal Credit Union

CommunityWide Federal Credit Union was founded in 1967 and is based in northern Indiana. If you don’t meet its employment-based membership criteria or have a family member who’s already a member, you can easily join by becoming a member of a partner organization such as the Marine Corps League of St. Joseph Valley, which starts at $15 per year. You must deposit $5 in savings. It’s also part of the CO-OP shared branching network.

What Is a 6-Month CD?

A 6-month CD is a special type of term savings account where you make an agreement with the bank or credit union not to deposit or withdraw any money during the 6-month period. You can usually still withdraw the money if you absolutely need it, but you’ll pay a stiff penalty—known as an early withdrawal penalty—for doing so.

After the six months is over, your CD will generally renew, that is, the funds will roll over into a new 6-month CD. However, you’ll get a short window—known as a grace period—during which you can withdraw the money in the CD if you wish. The grace period is established by the bank, and at the end, the CD will be locked in again for another six months.

Who Is a 6-Month CD Best For?

In general, CDs are good for people who are sure that they won’t need the money while it’s locked away. The national average APY for 6-mo CDs is typically higher than that for savings accounts.

But six months is a relatively short term length, so this type of CD is best for people who can’t lock away money for a long time. You may want to use it to save up for a goal that is coming up soon. For example, you could use a 6-month CD to save for a summer vacation. On the other hand, if you’re saving for a down payment on a house five years from now, look for a longer-term CD, which typically provides a higher rate. 

CDs can also be a good way to save money if you’ve had past problems with tapping into your savings account too early while you’re saving up for other things. A 6-month CD is a good choice for this because you’ll still get access to your money once every six months, but the early withdrawal penalties might be just the buffer you need to let your money sit without being tempted to tap into the CD too early. 

What Are the Alternatives to a 6-Month CD?

Six-month CDs are only one of several options for term length. If you’d feel more comfortable with more frequent access to your money, choose a shorter-term CD. Three-month CDs are also available at many banks, and some offer CDs in even shorter term lengths. 

Keep in mind, though, that typically the shorter the term length, the lower the interest rate on the CD. That’s why many people choose longer-term CDs. But do your research. Once you get into CDs with terms of three years and longer, a longer term doesn’t always get you a higher rate. 

If you’re not sure about this whole locking-your-money-away thing, you can also always choose a high-yield savings account. Many banks and credit unions offer high-yield savings accounts with higher rates than short-term CD lengths.

If you prefer instant account access, we have partnered with the following banks to bring you the high-yield savings and money market account offers displayed in the table.

Article Sources

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  1. FDIC. "Weekly National Rates and Rate Caps—Weekly Update."