Best 6 Month Cd Rates
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- 6 Month Branch Certificates of Deposit 2021. Six month certificates of deposit (CDs) provide depositors with a short term vehicle for keeping money safe and earning interest. With a six month CD, depositors agree to leave their money in the account for six months in return for a fixed rate of interest over this period.
- Most of the best CD providers on my list above have 3-month and 6-month terms with rates that exceed regular savings rates. And even if you bought a long-term CD and needed the money sooner than you’d expected because of an emergency, you can still spend the money.
- The current 6 Month interest rate below is for the Standard CD/IRA Product and was calculated for the State of California. The rate of 0.03% is 0.74% lower than the average 0.77%. Also it is 2.32% lower than the highest rate 2.35 Updated May, 2020 on Bank of America's secure website.
Getting a 6-Month CD Rate
A 6-month CD can be a smart option for new investors who seek higher interest rates than you can get from other types of short-term investments — especially investors who aren’t ready to lock their cash up for long.
Find the best IRA CD rates from credit unions and banks by comparing APY, term, minimum deposit required and early withdrawal penalty charges. 0.40%-1.25% (6 months-5 years). One of the best short-term savings vehicles is the 6-month CD: a certificate of deposit with a six-month term. Savers and investors who buy 6-month CDs are typically looking for interest rates on deposits that are higher than more liquid financial products, such as a standard savings account.
Certificates of deposit, also known as CDs, are bank accounts with very generous interest rates in exchange for locking your money in place for a predetermined period of time. CDs are a popular choice among everyday consumers because they’re essentially risk-free, as long as the bank is FDIC-insured. CDs are also extremely flexible, since term lengths can vary from a few months to several years. On the shorter end of this spectrum are 6-month CDs: certificates of deposit that can be withdrawn after six months. Since 6-month CDs have such a short term, 6-month CD rates are among the lowest for certificates of deposits.
CDs are a great place to invest for short-term financial obligations, like a wedding or family vacation. They can also be useful financial tools for a CD ladder.
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8 best 6-month CD rates of July 2020
- Ally – 0.65% APY
- Barclay’s – 0.65% APY
- Capital One – 0.25% APY
- Charles Schwab – 0.15% APY
- Discover – 0.45% APY
- Marcus – 0.60% APY
- Synchrony – 0.50% APY
- TIAA Bank – 0.75% APY
Ally – 0.65% APY
Ally offers 6-month CDs with a Ten Day Best Rate Guarantee, meaning if interest rates go up within the first 10 days after opening, the bank will honor the higher rate.
Barclay’s – 0.65% APY
If you don’t have a lot of money to invest, Barclay’s is a great choice. There is no minimum balance to open an account as long as you’re earning at least $0.01 per day in interest.
Capital One – 0.25% APY
Capital One’s online-only CDs are federally insured just like normal certificates of deposit, but are convenient and can be set up from anywhere. Interest payments can be received monthly or in a lump sum at the end of the term. Capital One does not have a minimum balance requirement.
Charles Schwab – 0.15% APY
Charles Schwab offers short-term CDs with fixed interest rates that are less risky than its other trading services. You can also take advantage of convenient online tools and CD maturity alerts. Schwab CD OneSource® lets you reinvest and purchase CDs through other issuers, while being able to track all your investments in one place.
Discover – 0.45% APY
In addition to its 6-month CD, Discover offers certificates of deposit with terms all the way up to 10 years. Although the interest rate on its 6-month CD is modest, the rate jumps to 1.50% for a 12-month CD.
Marcus – 0.60% APY
Marcus CD accounts can be opened online in minutes, as long as you can meet the minimum $500 balance. The bank also honors a 10-day rate guarantee, meaning you’ll get a higher interest rate if it goes up in the first 10 days after your account is opened.
Synchrony – 0.50% APY
Synchrony offers its 6-month CD account holders a competitive interest rate. However, you’ll have to invest at least $2,000 to open a certificate of deposit. Like most other banks, Synchrony charges penalties for early withdrawal of funds, but you can withdraw from your interest balance at any time.
TIAA Bank – 0.75% APY
This 6-month CD has one of the highest interest rates, but also the highest minimum balance; you must invest at least $5,000 to open an account. However, TIAA’s unique “yield pledge” promises that its interest rates will always be within the top 5% of competitors.
Compare the 8 best 6-month CD rates of April 2020
Disclaimer: Current rates as of 6/30/2020.
What is a 6-month CD?
Best 6 Month Cd Rates Today
A 6-month CD is a certificate of deposit that “matures” in six months. After choosing an amount to invest, you won’t have access to those funds for six months, unless you pay a steep penalty fee for a withdrawal. After the term has ended, you’ll get your original investment back, plus the interest it accrued. In exchange for keeping your cash locked in the account, CDs often offer higher interest rates than any other deposit accounts (such as checking, savings, and money market accounts). Use our CD calculator to see how much money you can earn over a single CD term.
6-month CDs vs. other savings vehicles
6-month CDs vs Savings Accounts
A high-yield savings account is still the best place to stash the majority of your savings, because it allows you to withdraw and transfer funds up to six times every month, while still earning respectable interest. Meanwhile, you can’t withdraw a single cent from a certificate of deposit until the term expires (unless you want to pay a penalty fee). If you’d like to invest some of your savings in an account with a small-but-guaranteed rate of return, a CD might be a perfect solution. But only set aside cash you’re sure you won’t need for the duration of the CD’s term, and park the rest of your savings in a high-yield savings account.
6-month CDs vs Money Market Accounts
Like a savings account, money market accounts offer more flexibility than a 6-month CD. You’ll be able to withdraw from a money market account up to six times per month without penalty fees. Some money market accounts require a relatively high minimum balance, however, so a 6-month CD could be a better choice if you have limited funds to work with. While money market accounts often yield higher interest rates than savings accounts at a traditional brick-and-mortar bank, they still won’t be quite as high as a certificate of deposit.
6-month CDs vs 1-year and 3-year CDs
Certificates of deposit are available in a wide variety of lengths, including six months, one year, and three years. The longer the term, the higher the interest rate, so a 3-year CD will generate more interest than a 6-month CD. Just keep in mind that you won’t have access to your funds for a much longer period of time.
The final word
6-month CD rates aren’t as lucrative as long-term CD rates, but a 6-month CD is still a decent option for people who are new to investing and want to try a very low-risk option first. The best 6-month CD rates can top 1%, giving you a few bucks at the end of the term you can use toward your next investment.
High-Rate 12-Month CD
Looking for a slightly longer term—and slightly higher rate? Then our 12-month certificate of deposit (CD) could be the better choice.
- One of the best rates around
- Get a great guaranteed rate of return over 12 months
- Keep track of your CD with online and mobile banking
- Open one with just $500
More high-rate CDs to help you achieve your savings goals.
| TERM | APY* | |
|---|---|---|
| 30 Day | 0.05% | Apply Now |
| 3 Month | 0.25% | Apply Now |
| 5 Month | 0.15% | Apply Now |
| 9 Month | 0.30% | Apply Now |
| 12 Month | 0.60% | Apply Now |
| 18 Month | 0.45% | Apply Now |
| 24 Month | 0.45% | Apply Now |
| 30 Month | 0.45% | Apply Now |
| 36 Month | 0.45% | Apply Now |
| 48 Month | 0.45% | Apply Now |
| 60 Month | 0.45% | Apply Now |
Annual Percentage Yields (APY) are variable and effective as of 03/06/2021. CD rates are fixed upon opening the account. Early withdrawal penalties apply.
It’s easy to open a BrioDirect high-rate CD: Complete an online application right now in minutes. All you need is your contact information, driver’s license, passport or state I.D. and Social Security number.
Why should I choose a BrioDirect high-yield CD?
We offer great rates, which can make a BrioDirect CD an excellent way to achieve your savings goals.
post_content);?>-->Is opening a BrioDirect account simple?
Yes! You can complete a BrioDirect account application online in minutes.
post_content);?>-->What do I need to open my account?
You just need your contact information, driver’s license, passport or state I.D. and Social Security number.
post_content);?>-->How do I make my initial deposit?
The easiest way is through an automated clearinghouse (ACH) payment from an existing checking or savings account. You can also fund via Check or Wire, click here to learn more.
Have a question about how ACH works? Please call 877-369-BRIO and speak to a client service representative.
post_content);?>-->Is my money safe and secure with BrioDirect?
BrioDirect is the online brand of Sterling National Bank. Founded in 1888, Sterling is rated one of “America’s 100 Best Banks” by Forbes and an FDIC insured institution. Your deposit account is provided by Sterling National Bank, and you will be a Sterling National Bank client when you open your account.
post_content);?>-->Is there a penalty if I take my money out of a CD?
Yes, if you take money out of a CD before the end of its term, you will be subject to an early withdrawal penalty. Please view product disclosures for details.
post_content);?>-->3% Cd Rates Fdic Insured
I already have a deposit account with Sterling National Bank. How does this impact my FDIC insurance coverage?
Accounts that are opened via briodirectbanking.com and marketed by BrioDirect are Sterling National Bank accounts. Deposits in these accounts are made with Sterling National Bank. For purposes of determining how much FDIC insurance is applicable to your accounts, you need to consider not only the BrioDirect online savings or CD accounts that you maintain, but also all other accounts you maintain at Sterling National Bank. If you have a question about your FDIC insurance coverage, please call 877-369-BRIO and speak to a client service representative.
post_content);?>-->What are fixed rate products?
Best 6 Month Cd Rates In Bergen County Nj
Fixed rate products allow clients to lock in a particular rate upon opening the account, for a set amount of time. BrioDirect High-Yield CDs are fixed-rate products. Early withdrawal penalties apply. We have many terms available! Pick a term that works best for your savings goals. View Terms