Editor's Note: APYs listed in this article are up-to-date as of the time of publication but they may fluctuate as the Fed rate changes. CNBC Select will update as changes are made public.
If you want to lock in high CD rates but need access to that cash soon a six-month CD can be a happy medium. After half a year, you could grow your savings more than some high-yield savings accounts, and be assured the rate you signed up with was locked in place.
CNBC Select analyzed and compared dozens of CD accounts, to find the best in a variety of categories. See our methodology for more information on how made our picks.
Best six-month CD rates
- Best for high APY: Bank5 Connect - 4.35% APY
- Best from a big bank: Marcus by Goldman Sachs® - 4.40% APY
- Best for no minimum deposit: BMO Alto - 3.00% APY
- Best for a large deposit: Popular Direct - 4.15% APY
- Best from a credit union: Alliant Credit Union - 3.60% APY
Best for high APY
Bank5 Connect CDs
Annual Percentage Yield (APY)
From 0.85% to 4.35% APY
Terms
From 6 months to 36 months
Minimum deposit
$500
Monthly fee
None
Early withdrawal penalty fee
There's an early withdrawal penalty equal to 3 months of interest for CDs with terms less than one year, and an early withdrawal penalty equal to 6 months of interest for CDs with terms of one year or greater
Terms apply.
Pros
- Above-average APYs
- Range of CD terms
- No monthly fee
- Offers "24 Month Investment CD" to add funds during CD term
Cons
- $500 minimum deposit
- You can't access your money before your CD term ends
- Early withdrawal penalty fees apply
- No physical branch locations
Best from a big bank
Marcus by Goldman Sachs® CDs
Annual Percentage Yield (APY)
From 3.85% to 4.05% APY
Terms
From 6 months to 6 years
Minimum deposit
$500
Monthly fee
None
Early withdrawal penalty fee
The penalty is based on the term of your CD and the principal. For CD terms of less than 1 year, the penalty is 90 days' interest on the principal balance at the interest rate in effect for the CD. For terms between 1 year and 5 years, the penalty is 180 days' interest. For CDs with terms of more than 5 years, the penalty is 270 days' interest. No-penalty CDs are not subject to penalty after seven days.
Early withdrawal penalty = interest rate ÷ 365 (or 366) × penalty days × original principal balance
Terms apply.
Pros
- Above-average APYs
- Low $500 minimum opening deposit
- 10-Day CD rate guarantee
- Offers no-penalty and bump-up CDs
Cons
- No-penalty CD requires you to withdraw your entire principal and interest balance at once.
- No physical branch locations
Best for no minimum deposit
BMO Alto CDs
Annual Percentage Yield (APY)
From 2.00% to 2.75% APY
Terms
From 6 months to 60 months
Minimum deposit
None
Monthly fee
None
Early withdrawal penalty fee
An early withdrawal of principal before maturity will cost an early withdrawal penalty. The penalty is calculated using the interest rate applicable to the CD at the time of early withdrawal. If the amount of the penalty exceeds the amount of your accrued and unpaid interest, then a reduction of principal would be required in order to pay the penalty:
Terms apply.
Pros
- Above-average APYs
- Range of CD terms
- No minimum deposit
- No monthly fee
Cons
- You can't access your money before your CD term ends
- Early withdrawal penalty fees apply
- No physical branch locations
Best for a large deposit
Popular Direct CDs
Annual Percentage Yield (APY)
From 3.30% to 4.20% APY
Terms
From 3 months to 60 months
Minimum deposit
$10,000
Monthly fee
None
Early withdrawal penalty fee
For terms less than 91 days: The fee is 89 days simple interest; For terms equal to or greater than 91 days but less than 12 months: The fee is 120 days simple interest; For terms equal to or greater than 12 months but less than 36 months: The fee is 270 days simple interest; For terms equal to or greater than 36 months but less than 60 months: The fee is 365 days simple interest; For terms equal to or greater than 60 months: The fee is 730 days simple interest
Terms apply.
Pros
- Above-average APYs on terms from 3 months to 60 months, with a solid range for both short and long-term savers.
- No monthly fees, so your earnings stay intact throughout your term.
- Has physical branch locations, a rare perk for an online-focused bank.
Cons
- $10,000 minimum deposit required to open, making it one of the higher barriers to entry among CD options.
- Your money is locked in for the duration of the term, so it’s important to feel confident about your timeline before opening.
- Early withdrawal penalties are among the steepest we’ve seen, ranging from 89 days of interest for very short terms all the way up to 730 days for terms of 60 months or more.
Best from a credit union
Alliant Credit Union CDs
Annual Percentage Yield (APY)
From 3.10% to 3.75% APY
Terms
From 3 months to 60 months
Minimum balance
$1,000 minimum deposit
Monthly fee
None
Early withdrawal penalty fee
Early withdrawal penalty may apply. For CD term of 17 months or less, penalty is number of days the certificate is open, up to 90 days; for CD term of 18 to 23 months, penalty is number of days the certificate is open, up to 120 days; for CD term of 24 to 48 or 60 months, penalty is number of days the certificate is open, up to 180 days; for during 7-day grace period for new certificates, penalty is 7 days (no dividends are earned), a penalty will be applied from the principal balance.
Terms apply.
Pros
- Above-average APYs on terms from 3 to 60 months, covering a wide range of savings timelines in one place.
- Jumbo CDs are available for savers with larger deposits, offering an even higher rate for balances of $75,000 or more.
- No monthly fees, so your earnings stay intact throughout your term.
- Alliant Credit Union membership is open to anyone, so there’s no barrier to joining.
Cons
- $1,000 minimum deposit required to open, which is on the higher side compared to some other CD options.
- The highest APY is reserved for Jumbo CDs that require a deposit of $75,000 or more, making the top rate out of reach for most savers.
- Your money is locked in for the duration of the term, so it’s worth being certain about your timeline before opening.
- Early withdrawal penalties apply and vary by term length, ranging from up to 90 days of interest for shorter terms to up to 180 days for longer ones.
- No physical branch locations, so all banking is handled online or by phone.
Compare savings accounts
More on our top six-month CDs
Bank5 Connect
Bank5 Connect's six-month CD currently offers a solid 4.35% APY and the bank also offers a special add-on CD option for those who have a longer savings horizon. The "24-Month Investment CD" lets savers deposit additional funds throughout their term versus just the one deposit upfront. For the six-month CD specifically, there's a low $500 minimum deposit.
CD terms offered
6 months, 12 months, 15 months, 18 months, 21 months, 24 months, 36 months
Monthly fee
None
Early withdrawal penalty fee
There's an early withdrawal penalty equal to 3 months of interest for CDs with terms less than one year, and an early withdrawal penalty equal to 6 months of interest for CDs with terms of one year or greater
Marcus by Goldman Sachs
While many of the best six-month CDs we found are offered by lesser-known banks, Marcus by Goldman Sachs® stands out for its institutional name. If you're more comfortable banking with a big name, its six-month CD is for you. It offers a nice 4.40% APY with a $500 minimum deposit.
CD terms offered
6 months, 9 months, 12 months, 18 months, 2 years, 3 years, 4 years, 5 years, 6 years
Monthly fee
None
Early withdrawal penalty fee
If you withdraw the balance of the entire principal amount from your CD account before maturity, you'll be charged an early withdrawal penalty based on the term of your CD and the principal (except in the case of a No-Penalty CD). Here's how early withdrawal penalties are calculated:
- Less than 1 year: 90 days' interest on the original principal balance at the interest rate in effect for the CD
- 1 year to 5 years: 180 days' interest on the original principal balance at the interest rate in effect for the CD
- More than 5 years: 270 days' interest on the original principal balance at the interest rate in effect for the CD
Early Withdrawal Penalty = Interest Rate ÷ 365 (or 366) × Penalty Days × Original Principal Balance
BMO Alto
BMO Alto offers a solid 3.00% APY on its six-month CD with no minimum deposit required. The zero minimum requirement lets just about any saver take advantage, no matter their balance.
CD terms offered
6 months, 12 months, 24 months, 36 months, 48 months, 60 months
Monthly fee
None
Early withdrawal penalty fee
An early withdrawal of principal before maturity will incur an early withdrawal penalty. The penalty is calculated using the interest rate applicable to the CD at the time of early withdrawal. If the amount of the penalty exceeds the amount of your accrued and unpaid interest, then a reduction of principal would be required to pay the penalty:
- 11 months or less: You'll be charged 90 days' interest
- 12 months or more: You'll be charged 180 days' interest
Popular Direct
Popular Direct offers a high 4.15% APY on its six-month CD with a $10,000 minimum deposit requirement. If you have large savings you want to keep safe for a short-term goal, Popular Direct's six-month CD is a good place.
CD terms offered
3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months
Monthly fee
None
Early withdrawal penalty fee
- For terms less than 91 days: The fee is 89 days simple interest
- For terms equal to or greater than 91 days but less than 12 months: The fee is 120 days simple interest
- For terms equal to or greater than 12 months but less than 36 months: The fee is 270 days simple interest
- For terms equal to or greater than 36 months but less than 60 months: The fee is 365 days simple interest
- For terms equal to or greater than 60 months: The fee is 730 days simple interest
Alliant Credit Union
Alliant Credit Union offers a six-month CD with a solid 3.60% APY and a $1,000 minimum. For those who would rather put their cash with a credit union and get community membership perks, this is a good savings option. Plus, membership is open to anyone.
CD terms offered
3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months
Monthly fee
None if you select eStatements
Early withdrawal penalty fee
- For CD term of 17 months or less, the penalty is the number of days the certificate is open, up to 90 days.
- For CD term of 18 to 23 months, the penalty is the number of days the certificate is open, up to 120 days.
- For CD term of 24 to 48 or 60 months, the penalty is the number of days the certificate is open, up to 180 days.
- During the 7-day grace period for new certificates, the penalty is 7 days (no dividends are earned), a penalty will be applied from the principal balance
When you should choose a 6-month CD
Choosing a CD typically comes down to how long you want to keep your money locked up. With short CD terms, like six months, you can save (and grow) your money for short-term goals, such as a vacation. Long-term CDs like a three- or five-year option are great for longer-term goals like saving up for a down payment on a home.
Alternatives to 6-month CDs
If you're looking to have more flexibility to withdraw your funds without having to worry about getting charged a penalty fee, you can also opt to save with a high-yield savings account. Although CDs typically offer higher APYs than high-yield savings accounts, you can still find competitive rates at around 5.00% APY.
FAQs
Are 6-month CDs worth it?
A six-month CD is worth it as long as you're getting a solid return and you can keep your cash locked up for six months without having to withdraw early, thus paying a penalty and forfeiting earnings.
What is an average return on a 6-month CD?
The national average return on a 6-month CD is currently 1.49%. Online banks, however, offer much higher returns — as high as 4.55% APY right now.
Who has the highest-earning CD right now?
For a six-month CD, the highest return on this list is currently a 4.30% APY. Outside 6-month CDs, the highest rate depends on the term you're looking for. Currently, one-year CDs are offering the highest return in the market.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every CD review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of savings products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best six-month CDs.
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Our methodology
To determine the best six-month CDs, CNBC Select analyzed dozens of options offered by online and brick-and-mortar banks, including credit unions. We found that the APY offered by online banks and credit unions far outpaced those offered by most national brick-and-mortar banks.
When ranking the top six-month CDs, we prioritized the ones offering the highest APYs. We then compared six-month CDs by looking at their minimum deposit requirements, penalties for early withdrawals, ease of use and industry rankings. We ranked our top picks by best overall, best for no minimum deposit, best for a large deposit, best from a big bank and best from a credit union.
All of the CDs included on this list are NCUA- or FDIC-insured up to $250,000 per person. The rates and fee structures banks advertise for their CD accounts are not guaranteed forever. They are subject to change without notice and they often fluctuate in accordance with the Fed rate. If you open a CD account, however, you're often locked into that APY offered at account opening for the entire term length.
Your earnings depend on the CD term length, the amount you deposit, the APY offered when you opened the account and any associated fees. Generally, a larger deposit and a higher interest rate will earn you the most money. Any early withdrawals may result in penalty fees that lower your principal balance/earnings.
To open a CD account for the first time at a bank, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.
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