For our list of the best six-month CD rates, we researched 154 banks and credit unions, 129 of which offer six-month CDs. In addition to high rates, we looked for standout features such as low minimum deposit requirements and user-friendly application processes. We also opened our own accounts with three of our top four banks to provide you with firsthand experience on opening a CD to help you make an informed decision.
Featured CDs
Our Picks For The Best 6-Month CD Rates
A six-month CD is a safe investment that guarantees a fixed rate on your short-term savings until your CD matures.
We at the MarketWatch Guides team bring you the country’s best CD rates based on data from Curinos, a research firm that compiles information from over 3,600 banks each day. We’ve also thoroughly researched the top six-month CDs at over 100 financial institutions. We focused on six-month CDs with high APYs, low minimum deposit requirements and high scores in our banking reviews (read more in our rating methodology).
Our picks for the banks with the best six-month CD rates are:
- Synchrony Bank (4.40% APY)
- Marcus by Goldman Sachs (4.75% APY)
- BMO Alto (4.80% APY)
- Bask Bank (5.00% APY)
To provide you with a personal look at these CDs, researchers with the MarketWatch Guides team opened accounts with our top recommended institutions. In this article, we offer you our first-hand experiences with the application process and customer service of each bank.
Whether you’re looking for the top rate available in the U.S. or a great deal with a leading bank, we’ve got you covered. Our picks for the highest six-month CD rates have competitive APYs and are available across the country.
Synchrony 6-Month CD
4.6
6-Month APY4.40%Minimum Deposit Requirement$0
Our Experience Opening a Synchrony Bank CD
We opened a nine-monthSynchrony Bank CDand funded it with $100. In general, we found setting up an account with Synchrony Bank to be user-friendly and transparent. We especially liked the:
- Tracker bar to show your application progress
- Clear communication of CD interest rates and tier information
- Seamless account integrations and the ability to set up recurring deposits
But we did find some shortfalls in the process:
- The bank didn’t indicate whether funding was in progress for internal transfers. Instead, it just listed our balance as $0 after we funded the account.
- Synchrony asked for an account or card number to connect to a customer service representative, which we luckily had on hand. The bank then required going through seven voice prompts before we were connected to a person.
- We couldn’t connect our budgeting software via Plaid. Instead, we had to do so manually.
Why We Like Synchrony Bank
While there were a few annoying aspects of the application process, they don’t outweigh how easy the process was as a whole or the bank’s excellent APY and lack of minimum deposit requirements. Another aspect we love is that Synchrony lets you withdraw interest earnings at any time without penalty, though keep in mind that the bank will charge a penalty of 90 days’ worth of simple interest if you withdraw your principal before maturity.
Rate History for Synchrony’s 6-Month CD
| Date | Synchrony 6-Month CD APY | National Average 6-Month CD APY |
| Today (September 13, 2024) | 4.40% | 2.54% |
| Last Week | 4.40% | 2.54% |
| Last Month | 4.80% | 2.52% |
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Pros and Cons
Pros Competitive APY on regular and individual retirement account (IRA) CDs No minimum deposit or balance requirements Lets you withdraw interest early without paying a penalty 15-day rate guarantee for non-IRA CDs Cons Early withdrawal penalty if you take principal out No branches or in-person customer support
Marcus by Goldman Sachs 6-Month CD
4.5
6-Month APY4.75%Minimum Deposit Requirement$500
Our Experience Opening a Marcus by Goldman Sachs CD
We took out a 14-month Marcus CD with $500 and noticed that Marcus made it easy to adjust the account after we opened it. We also liked that:
- The application gave the option to open multiple accounts at once
- There was the option to later make the account into a joint account by calling the bank
- You can add money to the CDwithin 30 days after opening it, which we did a few weeks later
- It gave the highest rate available when we transferred funds, not just when we opened our CD
There were some hiccups with the account setup and transparency, though, such as:
- Linking an external account manually was slow, with it taking two or three days to receive the micro-deposits Marcus used to verify our ownership.
- The highest APY wasn’t visible on the main website. We only found it by searching online and clicking a sponsored link. This isn’t always the case, but it’s annoying nonetheless.
Why We Like Marcus
Marcus by Goldman Sachs’ biggest draws are its high yields and variety of CD terms and types. We also particularly liked how easy it is to adjust the account once it’s open. The bank allows you to make additional deposits for the first 30 days by phone, which is a rare option for CDs. Just make sure to do some Google searching before opening your account to make sure you’re getting the best rate the bank is currently offering.
Rate History for Marcus by Goldman Sachs’ 6-Month CD
| Date | Marcus 6-Month CD APY | National Average 6-Month CD APY |
| Today (September 13, 2024) | 4.75% | 2.54% |
| Last Week | 4.75% | 2.54% |
| Last Month | 5.10% | 2.52% |
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Pros and Cons
Pros Competitive APY Rate guarantee gets you the highest APY Marcus offers for your CD within 10 days of account opening Allows additional deposits within 30 days of account opening No early withdrawal penalty for pulling interest from the account Cons $500 minimum opening deposit Early withdrawal penalty for removing principal amount from the CD No branches or in-person customer support
BMO Alto 6-Month CD
4.3
6-Month APY4.80%Minimum Deposit Requirement$0
Our Experience Opening a BMO Alto CD
We opened a six-month BMO Alto CD and funded it with $2,500. We were impressed with the application process and website. Highlights included:
- Straightforward, short application process
- Simple, intuitive menus and interfaces to find statements and notices
- Higher APYs on your CD if rates increase before you fund your account
- Clearly displays your CD maturity date, which few other banks show
We experienced several technical issues that made the process frustrating, though:
- The application system asked us to turn on location sharing on our computer, which we found intrusive.
- The site automatically logged us out of our account even when we were actively using the site.
- We ran into a technical error when we tried to link our bank account. It wouldn’t link with the third-party provider, so we had to manually verify it, which took two days.
Why We Like BMO Alto
BMO Alto’s rates are the main benefit, and the bank’s six-month CD offers its highest rate. We also like that the online bank doesn’t require a minimum balance or minimum opening deposit for CDs. However, your account will be closed if you don’t fund it within 10 days. And it’s not the easiest bank to get customer service from. BMO Alto only offers account support via its website or phone number — it doesn’t have a mobile app or branch support.
Rate History for BMO Alto’s 6-Month CD
| Date | BMO Alto 6-Month CD APY | National Average 6-Month CD APY |
| Today (September 13, 2024) | 4.80% | 2.54% |
| Last Week | 4.80% | 2.54% |
| Last Month | 4.80% | 2.52% |
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Pros and Cons
Pros Six-month term has the bank’s highest CD rate No minimum deposit or minimum balance requirement May allow interest to be transferred to an eligible account before the CD matures Cons Early withdrawal penalty for taking principal out of the account No mobile app No online customer support or in-person support from the parent company’s branches
Bask Bank 6-Month CD
4.1
6-Month APY5.00%Minimum Deposit Requirement$1,000
Why We Like Bask Bank
Again, it’s all about the rates: Bask Bank’s six-month CD has a highly competitive return. We also love that you can get your questions answered by a bank representative online via secure message, a feature not all banks offer. However, Bask also has a $1,000 minimum deposit.
Rate History for Bask Bank’s 6-Month CD
| Date | Bask Bank 6-Month CD APY | National Average 6-Month CD APY |
| Today (September 13, 2024) | 5.00% | 2.54% |
| Last Week | 5.10% | 2.54% |
| Last Month | 5.30% | 2.52% |
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Pros and Cons
Pros Competitive APY Penalty-free interest withdrawals Customer support by phone, email and secure messages Cons $1,000 minimum opening deposit and minimum balance requirement Early withdrawal penalty for taking principal out No branches or in-person support
Rates accurate as of September 13, 2024.
Best 6-Month CD Rates Compared
Filters
Our CD Review Rating
At Least
Synchrony Our CD Review Rating 4.6 6 Month CD APY*4.40% |
Marcus by Goldman Sachs Our CD Review Rating 4.5 6 Month CD APY*4.75% |
BMO Alto Our CD Review Rating 4.3 6 Month CD APY*4.80% |
Bask Bank Our CD Review Rating 4.1 6 Month CD APY*5.00% |
| Financial Institution | Our CD Review Rating | 6 Month CD APY* | Visit Site | Learn More |
|---|---|---|---|---|
SynchronyVisit Synchrony.comLearn More | 4.6 | 4.40% | Visit Synchrony.com | Learn More |
Marcus by Goldman SachsVisit Marcus.comLearn More | 4.5 | 4.75% | Visit Marcus.com | Learn More |
BMO AltoVisit Alto.BMO.comLearn More | 4.3 | 4.80% | Visit Alto.BMO.com | Learn More |
Bask BankVisit BaskBank.comLearn More | 4.1 | 5.00% | Visit BaskBank.com | Learn More |
| Financial Institution | Our CD Review Rating | 6 Month CD APY* | Visit Site | Learn More |
|---|---|---|---|---|
SynchronyVisit Synchrony.comLearn More | 4.6 | 4.40% | Visit Synchrony.com | Learn More |
Marcus by Goldman SachsVisit Marcus.comLearn More | 4.5 | 4.75% | Visit Marcus.com | Learn More |
BMO AltoVisit Alto.BMO.comLearn More | 4.3 | 4.80% | Visit Alto.BMO.com | Learn More |
Bask BankVisit BaskBank.comLearn More | 4.1 | 5.00% | Visit BaskBank.com | Learn More |
No results were found.
Highest 6-Month CD Rates Today
The table below includes the highest six-month CD rates available today.
| Financial Providers | CD Term | APY | Compounding Frequency |
|---|---|---|---|
| HAB Bank | 6 months | 5.50% | daily |
| Southwest Heritage Bank | 6 months | 5.40% | daily |
| HomeTown Bank | 6 months | 5.38% | monthly |
| First Federal of Lakewood | 6 months | 5.35% | quarterly |
| Amerant Bank | 6 months | 5.35% | monthly |
| Citizens Bank and Trust in Covington | 6 months | 5.35% | monthly |
| Central Bank | 6 months | 5.34% | monthly |
| Leader Bank | 6 months | 5.25% | |
| Lone Star State Bank of West Texas | 6 months | 5.25% | quarterly |
| FVCbank | 6 months | 5.25% | monthly |
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How To Find the Best 6-Month CD Rate
When you’re looking for the best six-month CD, you may be tempted to choose the financial institutions with the highest interest rate — in fact, according to our recent MarketWatch Guides CD survey, this was the number one reason people gave for choosing their CD provider. However, there should be more involved in choosing your CD than just a high APY. You should also consider factors such as:
- Minimum balance: Be aware that some institutions have much higher minimum balance requirements than others. While some banks have a $0 minimum deposit for a six-month CD, others have minimum deposits of $1,000 or even $2,500.In our MarketWatch Guides CD survey, over 24% of respondents chose a CD provider for its low minimum deposit requirement.
- Customer service: Make sure the financial institution you choose can answer any questions you have quickly and accurately. Beware of institutions that don’t have a phone number or a mobile app, as this could make it harder for you to get information about your CD if you have a question.
- Rollovers: It’s also important to know what happens to your money when your CD matures. Many banks will roll your money into a new CD, but often at a lower interest rate than you were getting previously. Some banks will stop the interest on your CD but leave it in your account unless you proactively open a new CD or transfer it.
- Type of CD: If you might need to withdraw your money before the six months are up, consider a no-penalty CD. These usually sacrifice a few percentage points of interest for the possibility of withdrawing your money early without a penalty.
MARKETWATCH GUIDES TIP
The highest CD rates can often be found with smaller banks and credit unions. This is because smaller banks sometimes offer higher rates to attract clients, and credit unions are member-focused, not-for-profit institutions that return profits to their members in the form of better dividends.
Is Now the Right Time to Buy a 6-Month CD?
According to the financial experts we interviewed, now is a good time to open a six-month CD. This term length often has the most favorable rates, higher than longer-term CDs.
“While CDs with shorter maturities tend to pay lower rates of interest, currently, short-term CDs are priced higher than long-term CDs,” said Anand Talwar, head of deposits and president at the Ally Invest Group of Ally Financial.
Over this past year, the six-month CD rates we track from online banks and credit unions have increased and held relatively steady for the last few months – though experts predict rates could drop later in the year, given the Federal Reserve’s indication it plans to cut interest rates several times in 2024. However, at the Fed's Wednesday meeting, no immediate changes were made.
Ask an Expert
Michael Collins
Founder, WinCap Financial
"Some of the language in [Wednesday's] statement indicated that the economy is in a strong place, but progress on inflation has stalled in recent months. The Fed's message could be summarized in that they will cut rates when the data warrants. Thus far cuts have not been warranted.
I would expect rate changes on long- and short-term CDs to be minimal after today’s announcement, but once we have a hint that cuts are closer to the horizon, we would expect short-term rates to fall first."
“The best time to invest in a CD is when interest rates are higher, purchase a CD with a predetermined rate of return and lock in that rate until maturity. "
- Rob Williams, managing director of Wealth Management at Charles Schwab
Below is a glance at average CD rate trends over the past decade.
>> Related: Learn more about historical CD rates.
How Do 6-Month CDs Work?
When you open a six-month CD, you typically deposit a lump sum for six months, and your money earns a guaranteed APY that can sometimes beat other types of bank accounts. While the nation’s average interest rate for six-month CDs is 1.79%, according to the Federal Deposit Insurance Corp. (FDIC), our top recommendations all offer more than three times that rate.
If you commit to a six-month CD, you can’t withdraw your money early or you’ll usually pay a penalty (unless you opened a penalty-free CD with a lower interest rate). You can, however, usually withdraw the interest on your CD early. Our CD survey showed that while 19% withdrew the interest on their CD early, a full 64% kept their full CD amount invested until the maturity date.
>> Related: Learn more about how CDs work.
How Much Can You Earn With a 6-Month CD?
When you open a six-month CD, your rate will be expressed as an APY, but you won’t earn a year’s worth of interest during a term this short. Because your money will only earn interest for six months, not a full year, you’ll likely earn just under half of the APY when your CD matures (depending on how your interest is compounded).
CD CALCULATOR
Certificates of deposit generally have higher interest rates, but less flexibility, than savings accounts. Enter your deposit, CD term and annual percentage yield (APY) to see what you would earn on a certificate of deposit.
CD INFORMATION
YOUR ENDING BALANCE $1,025
Total Interest Earned
$25
Initial Balance
$1,000
For example, on a six-month CD with a $1,000 balance at a 5.00% APY, you can expect to earn just under $25 in interest, not $50. The median CD amount in our survey was $10,800, so at 5.00% APY for six months, you would earn $266.71.
Almost 28% of our survey respondents, over half of whom took out a CD in the last two years, earned an annual APY of 5.00% or more on their six-month certificate of deposit.
"If you’re looking for a stable investment that can provide guaranteed returns, CDs can be a great addition to other assets you have in your investment portfolio, such as stocks and bonds," said Mary Hines Droesch, head of consumer and small business products at Bank of America.
>> Related: Learn more about CD ladders.
Factors To Consider When Choosing a 6-Month CD
To pick the right six-month CD, consider the following factors:
- Financial institution: Consider the reputation, customer service experience and financial products the credit union or bank offers. Ensure it also has National Credit Union Administration (NCUA) or FDIC insurance to protect CD deposits up to $250,000. Almost half of our survey respondents used a traditional bank to open a CD, followed by 21% who used an online bank.
- CD term: Make sure a six-month term is the right fit. You might prefer a shorter term for quicker cash access or a somewhat longer term for a better rate. In our survey, 28% of people chose their CD term based on when they needed access to their money.
- Interest rates: Compare rates and compounding schedules across financial institutions. Research any rate guarantees and variable-rate CD features as well.
- CD types: Check for special six-month CDs that might better fit your needs, such as no-penalty, rate-bump, IRA or education CDs. One in five respondents in our survey chose a CD provider based on the specialty CDs it provided.
- Minimum opening deposit and minimum balance: You’ll need enough money to meet the account’s minimum deposit and minimum balance requirements.
- Early withdrawal penalties: Check how much (or whether) the bank charges if you withdraw interest or principal before your CD’s term ends.
- Special features: You might consider banks that let you make additional deposits in CDs, provide loyalty awards when you renew your CD or offer savings tools in your online account.
In our MarketWatch Guides CD survey, two of the top reasons survey respondents chose to open a CD were to take advantage of high interest rates and savings goals.
>> Related: Learn more about the best CD rates.
Alternatives to 6-Month CDs
While six-month CDs are safe short-term investments that currently pay attractive interest rates, their downside is that you often can’t access your money before your CD matures without paying a penalty. Here are some alternatives to a six-month CD you may want to consider:
High-Yield Savings Accounts (HYSAs)
High yield savings accounts pay interest rates similar to CDs and allow you to withdraw your money at any time. But because HYSAs have variable rates, if interest rates drop, your account will pay less interest.Almost 43% of our CD survey respondents considered an HYSA before opening a CD.
Money Market Accounts (MMAs)
Money market accounts pay interest rates that are competitive with HYSAs and CDs, and they may allow you to write checks and use a debit card. If you want a deposit account with flexibility and a high interest rate, a money market account could be a strong choice. More than 33% of our CD survey respondents considered an MMA before they opened a CD.
Bonds
Bond yields are currently very high, and bonds can be resold if you need your money before your bond matures. However, some bonds have more risk than CDs, as companies could default on their bonds and not repay you. Bonds are also generally sold in increments of $1,000, so if you need to invest less, a CD might be a better choice. Bonds were also a popular consideration for those in our survey — nearly 23% of respondents considered bonds before ultimately opening a CD.
1-Year CD
While six-month CDs are currently paying high interest rates, you may get a lower rate when you renew your CD. One-year CD rates are currently very competitive, and if you can live without your funds for an entire year, you’ll lock your rate in for longer. Respondents in our CD survey told us that the interest rate mattered the most when considering the term of their CD.
| Features | 6-Month CDs | High-Yield Savings Accounts | Money Market Accounts | Bonds |
|---|---|---|---|---|
| Type of investments | Time deposit | Savings account | Savings account | Debt security |
| APY | Typically fixed | Variable | Variable | Fixed or variable |
| Timeline | 6-month fixed term | No fixed term | No fixed term | Fixed term |
| Risk | Low | Low | Low to moderate | Moderate to high |
| Ease of Access | Limited access until maturity | Immediate access | Immediate access | Varies |
| Initial Deposit | Varies | Typically low | Typically low | Varies |
| Insured by the FDIC or NCUA | Typically | Typically | Typically | No |
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>> Related: Learn about the best 3-month CDs.
6-Month CD Rates: FAQs
Experts recommend choosing the longest CD term you can in order to lock in high interest rates before they drop. However, make sure you won’t need the money during the term length you choose, because you’ll likely be charged an early withdrawal penalty if you take principal out before your CD matures.
Since six-month CD rates are currently higher than rates for some longer-term CDs, you can use a six-month CD in a mini ladder, rounding it out with nine-, 12- and 18-month CDs. Divide the money you want to invest into four parts, then open CDs with four different terms to take advantage of both higher APYs and faster access to your funds.
Banks and credit unions with the highest rates are offering APYs up to 5.50% for a six-month term. Keep in mind that some financial institutions have minimum deposit requirements of $1,000 or more for CDs.
The amount of money you should put into a six-month CD depends on how much money you can afford not to access during that time. A six-month CD is a safe place to earn interest on those funds. Don’t put money you’ll need for upcoming bills into a CD, as you might be charged an early withdrawal penalty if you have to take your principal out early.
It’s unlikely that you’d lose money on a six-month CD if it was issued by afederally insured bank or credit union. However, if you withdraw principal from the CD before it reaches its maturity date, you could lose several months’ worth of interest as a penalty.
If a six-month CD matures the same year it was purchased, you’ll pay taxes on the interest earned within that year. If the six-month term spans two calendar years, you’ll report and pay taxes on the interest earned on two consecutive tax returns.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
For our list of the best six-month CD rates, we selected the highest-scoring financial institutions in our review of CDs. These banks and credit unions provide CD products available to customers throughout the U.S. and earn high scores for offering low or no minimum opening deposit and competitive yields on six-month terms.
For the account opening process with these CDs, we opened each account with the necessary minimum deposit and measured the speed and thoroughness of the account opening process, ease of use of the account website, speed of our deposit to fund the account, rewards and features available to account holders, and our experience with customer service chat and phone options.
- Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
- Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
- Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
- Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank,Alliant Credit Union,Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank,Bank of America, Bank of Hope, Bank Purely, Bank5 Connect,Barclays,Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union,BMO,BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect,Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial,Chase Bank, Chime, CIBC USA, CIT Bank,Citibank, Citizens,Citizens Bank, Colorado Federal Savings Bank, Comerica Bank,Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union,Discover Bank, East West Bank, Emigrant Direct,EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC,Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union,LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank,Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union,Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal),PNC Bank, Popular Direct, Presidential Bank, Provident Bank,Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union,SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank,Synchrony Bank, Synovus Bank,TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank),Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade,USAA Bank, USAlliance Financial, Valley National Bank,Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank,Wells Fargo, Western State Bank, Zions Bank,Zynlo Bank
*Data accurate at time of publication
**Rates accurate as of September 12, 2024
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at [email protected].
