Looking to grow your savings without locking your money away for years? A 6-month certificate of deposit (CD) can be the sweet spot between safety, flexibility, and a better yield on your savings than a typical savings account can offer.
Our team evaluated dozens of accounts to determine the 10 best 6-month CDs available today. Find out where you can earn the most on your savings with minimal fees, low deposit requirements, and excellent customer service.
Best 6-month CDs
The following is a snapshot of our picks for the best 6-month CDs available today. Keep reading for more details about these accounts.
BEST 6-MONTH CDs
| FINANCIAL INSTITUTION | APY | MINIMUM OPENING DEPOSIT |
| Ally Bank | 3.5% | $0 |
| Synchrony Bank | 4.1% | $0 |
| America First Credit Union | 3.95% | $500 |
| Marcus by Goldman Sachs | 4.1% | $500 |
| Bread Savings | 4% | $1,500 |
| Bank5Connect | 4% | $500 |
| Bask Bank | 3.9% | $1,000 |
| Everbank | 3.6% | $1,000 |
| Quontic Bank | 3.5% | $500 |
| Limelight Bank | 4.15% | $1,000 |
Note that all interest rates, fees, and requirements are accurate as of the publish date. Please verify account details directly with the financial institution.
Ally Bank
- APY: 3.5%
- Minimum opening deposit: $0
Ally Bank’s 6-month CD currently offers 3.5% APY with no monthly maintenance fees or minimum opening deposit requirement. Another perk: Ally offers around-the-clock customer service via telephone, chat, and email.
Note that the penalty for making an early withdrawal from this account is 60 days’ interest.
Synchrony Bank
- APY: 4.1%
- Minimum opening deposit: $0
Synchrony Bank’s 6-month CD boasts 4.1% APY with no monthly maintenance fees or minimum balance requirements. Interest on this account is compounded daily and credited monthly.
The penalty for making an early withdrawal from this CD is equal to 90 days’ simple interest at the current rate.
America First Credit Union
- APY: 3.95%
- Minimum opening deposit: $500
Depositors who prefer a credit union over a traditional bank may be interested in America First Credit Union’s 6-month CD. This short-term CD offers 3.95% APY with a minimum of $500 required to open an account.
The penalty for making an early withdrawal from this account is equal to 60 days of dividends.
To become a member of America First Credit Union, you’ll need to submit an online application and meet certain eligibility requirements.
Marcus by Goldman Sachs
- APY: 4.1%
- Minimum opening deposit: $500
The Marcus by Goldman Sachs 6-month CD offers 4.1% APY — more than 2.5 times the national average. Interest compounds daily. You must deposit a minimum of $500 to open an account.
The penalty for making an early withdrawal from this account is 90 days’ interest on the original principal balance at the interest rate in effect for the account.
Bread Savings
- APY: 4%
- Minimum opening deposit: $1,500
Bread Savings offers CDs with terms ranging from three months to five years. Its 6-month CD offers an impressive 4% APY, though the minimum opening deposit for this account is the highest on our list at $1,500. Interest is compounded daily and credited monthly.
Bank5Connect
- APY: 4%
- Minimum opening deposit: $500
Bank5Connect is an online-only bank offering competitive rates on its deposit products. The current rate for a 6-month CD is 4% APY, and a minimum of $500 is needed to open an account. Interest compounds monthly, which is less frequent than most of the accounts we reviewed.
The penalty for making an early withdrawal from this account is equal to three months’ interest.
Bask Bank
- APY: 3.9%
- Minimum opening deposit: $1,000
Bask Bank’s 6-month CD has a higher minimum opening deposit at $1,000. So, this account may not be the best option if you’re still working on building up your savings.
Those who do qualify benefit from 3.9% APY and daily interest compounding. The penalty for making a withdrawal before your CD hits maturity is 90 days’ simple interest based on the principal amount withdrawn.
EverBank
- APY: 3.6%
- Minimum opening deposit: $1,000
EverBank’s 6-month CD requires a minimum opening deposit of $1,000, but it offers a competitive 3.6% APY, which is more than double the national average for 6-month CDs. Interest on this CD compounds daily.
The penalty for making an early withdrawal is 45 days’ simple interest.
Quontic Bank
- APY: 3.5%
- Minimum opening deposit: $500
Quontic’s 6-month CD currently provides 3.5% APY with a minimum deposit of $500 to open an account. Interest compounds daily and is credited monthly. There are no monthly service fees.
One major drawback of this CD: The penalty for making an early withdrawal is equal to the interest for the full length of the term, which means you could lose part of your principal deposit if you withdraw your funds too soon.
Limelight Bank
- APY: 4.15%
- Minimum opening deposit: $1,000
Limelight offers CDs with terms ranging from 6 to 36 months. Its 6-month term offers the highest rate of 4.15% with a minimum deposit of $1,000 required. Interest compounds daily and is credited quarterly.
The penalty for early withdrawals from the 6-month CD is equal to 90 days’ interest.
Interest on a 6-month Certificate of Deposit (CD) typically compounds daily or monthly and is calculated using the Annual Percentage Yield (APY). The APY represents the total amount of interest earned if the funds remain in the account for a full 365 days. For a 6-month term, you will earn roughly half of the stated annual yield over the 180-day holding period. Interest can be paid out at maturity or credited periodically back to the CD balance.
If you break the CD contract early, the issuing bank will charge an early withdrawal penalty. For a 6-month CD, this penalty usually equals 1 to 3 months of earned interest. If you withdraw funds very early in the term before earning enough interest, the penalty may be deducted from your principal deposit.
It depends on your flexibility needs:
6-Month CD: Locks in a fixed interest rate for the entire term, protecting you if market interest rates fall, but restricts access to your cash. HYSA: Offers complete liquidity without withdrawal penalties, but the interest rate is variable and can drop at any time.
Yes, as long as the opening financial institution is insured by the FDIC (for banks) or the NCUA (for credit unions). Federal deposit insurance protects your principal and accrued interest up to $250,000 per depositor, per insured institution.
When the CD matures, the bank provides a grace period (typically 7 to 10 days). During this window, you can:
Withdraw the entire principal plus interest without penalty.
Transfer the balance to another account or a different CD term.
Do nothing, which usually causes the bank to automatically roll the funds into a new 6-month CD at the prevailing interest rate.
Manoj Sharma is a Senior Writer on the banking team at Tax Assistant. He provides information on budgeting, bank accounts, the banking industry, and other related topics. Using original data and methodologies, he helps you identify the best financial institutions, accounts, and products tailored to your needs. Manoj holds a degree in Journalism and Political Science from Syracuse University. All articles are strictly reviewed and fact-checked by our panel of expert Chartered Accountants, including CA Devendra Saini, CA Nikhil Khunteta, and CA Ankit Goyal
