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Best 6-Month CD Rates for November 2022

Six-month CD rates are on the rise as inflation eats into traditional savings growth.

A certificate of deposit, or CD, is a type of savings account offered by banks and credit unions that pays higher yields than a standard savings account as long as account holders agree to not to withdraw the money for a specific period of time. CDs offer a fixed interest rate that's generally higher than national average annual percentage yield, or APY, for a savings account, which is currently 0.16% according to CNET's sister site, Bankrate

CDs offered by banks and credit unions are considered low-risk because their value is insured by either the Federal Deposit Insurance Corporation or National Credit Union Administration for up to $250,000 per person.

What is a 6-month CD?

A six-month CD has a fixed period, or "term," of six months in which a bank will pay interest that compounds during that term. After the maturity date, funds can be accessed without incurring an early withdrawal penalty, generally a portion of the interest that has been earned. CDs typically have a grace period of seven to 10 days. That amount of time allows customers to decide if they want to withdraw the funds, purchase another type of CD or let the CD automatically renew. 

CNET's picks for the best 6-month CD rates 

Best 6-month CD rates

Bank APY Minimum deposit
Hanscom Federal Credit Union 4.25% $1,000
Bask Bank 4.00% $1,000
First Internet Bank 3.87% $1,000
Bank5 Connect 3.60% $500
Popular Direct 3.40% $10,000
TAB Bank 3.35% $1,000
Synchrony Bank 3.25% $0
Marcus by Goldman Sachs 3.00% $500
Live Oak Bank 3.00% $2,500
Ally Bank 2.75% $0

Note: Annual percentage yields, or APYs, shown are as of Nov. 11, 2022. CNET's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.

More details on the best 6-month CD rates

Hanscom Federal Credit Union
  • APY: 4.25%
  • Minimum deposit: $1,000
  • Early withdrawal penalty: Three months of interest

Details: Membership at Hanscom Federal Credit Union is open to anyone who's a member or works for a partner organization, employed by the Federal government or affiliated with the military. For a complete list of eligibility options, visit Hanscom's website. Share certificate terms range from three to 48 months, with current specials available for 19- and 48-month share certificates.

Bask Bank
  • APY: 4.00%
  • Minimum deposit: $1,000
  • Early withdrawal penalty: Three months of interest

Details: Bask Bank is an online-only bank that offers competitive APYs on savings accounts and CDs. It just began offering CDs this year. There is a $1,000 minimum balance required to open a CD with terms ranging from six months to one year. 

First Internet Bank of Indiana
  • APY: 3.87%
  • Minimum deposit: $1,000
  • Early withdrawal penalty: 180 days of interest

Details: First Internet Bank, the first online-only bank in the US, launched in 1999. This bank offers eight CD terms with competitive yields ranging from three months to five years. The minimum deposit of $1,000 is accessible to many savers, but the early withdrawal penalty is much higher than competing banks. Savers should be certain that the money used to fund a CD from this bank can remain in place for the duration of the term to avoid high penalties.

Bank5 Connect
  • APY: 3.60%
  • Minimum deposit: $500
  • Early withdrawal penalty: Three months of interest

Details: Bank5 is the online division of BankFive, a Massachusetts community bank that launched in 2013. Bank5 offers seven CD terms and guarantees 100% protection against loss, regardless of the CD's account balance -- even for balances that are more than $250,000. A 24-month CD will allow additional funds to be added once the CD is established.

Popular Direct
  • APY: 3.40%
  • Minimum deposit: $10,000
  • Early withdrawal penalty: 89 days of simple interest

Details: Popular Direct is best for established savers with a high $10,000 minimum deposit requirement to open all CD accounts. This online bank, launched in 2016, offers competitive APYs across eight CD terms for up to five years. Customer service is available 24/7.

TAB Bank
  • APY: 3.35%
  • Minimum deposit: $1,000 
  • Early withdrawal penalty: 90 days of interest

Details: TAB Bank, which opened in 1998, originally focused on serving over-the-road truckers and small to midsize businesses. Today, it offers competitive rates on savings and CD accounts nationally through its online banking services. The bank has one physical location in Utah and no ATM network. It offers a variety of CD terms with a $1,000 minimum deposit that is accessible to many savers.

Synchrony Bank
  • APY: 3.25%
  • Minimum deposit: $0
  • Early withdrawal penalty: 90 days of interest

Details: Synchrony Bank is an online-only bank that takes advantage of limited overhead to offer attractive rates for deposit accounts. Transactions can be handled via its website or mobile app. Synchrony Bank has 11 types of CDs, including such account types as bump-up or no-penalty CDs that provide greater flexibility. Customers can also set up a CD ladder, which allows you to connect a series of CD accounts of varying terms to provide greater access to deposits. 

Marcus by Goldman Sachs
  • APY: 3.00%
  • Minimum deposit: $500
  • Early withdrawal penalty: 90 days of simple interest

Details: Marcus by Goldman Sachs is the online banking arm of the New York-based multinational investment bank and financial services firm. While this is the eighth largest bank in the US, all deposits must be electronically transferred using its mobile app because there are no branches or ATMs available. Marcus by Goldman Sachs offers nine fixed-rate CDs with competitive yields and three no-penalty CDs. 

Live Oak Bank
  • APY: 3.00%
  • Minimum deposit: $2,500
  • Early withdrawal penalty: 90 days of interest

Details: Live Oak Bank offers savings and CD accounts with competitive yields that can be opened and managed through its mobile app. Standard CDs come in terms ranging from six months to five years. The minimum deposit of $2,500 may be cost prohibitive for new savers.

Ally Bank
  • APY: 2.75%
  • Minimum deposit: $0
  • Early withdrawal penalty: 60 days of simple interest

Details: Ally is another online-only bank that offers a robust set of deposit products, loans and services. The bank offers high-yield CDs that range from three months to five years, bump-up CDs that adjust to a higher APY, if available, and no-penalty CDs. You can handle all of your banking needs through its mobile app for free through the Allpoint ATM network. There are no fees with any of its accounts and 24/7 customer support is available via phone, chat or email.

FAQs

Why should I get a 6-month CD?

A certificate of deposit is a savings product that offers higher rates of interest than traditional savings or money market accounts in exchange for agreeing not to access the funds for a fixed period of time before the maturity date. You should purchase a six-month CD if you want to earn a higher rate of interest and you're fine with allowing your money to remain undisturbed for at least six months.

How should I choose a 6-month CD?

There are several factors involved in choosing the best CD term to suit your financial needs. Understanding the variety of CD types and terms will help you decide which account works best for you. Traditional CDs that offer fixed terms, ranging from three months to five years, generally have strict maturity dates and don't allow you to modify the initial deposit after opening. 

Compare the interest rate and APY to find the highest paying options, then determine if there's a minimum deposit required. Finally, you'll need to understand if the CD offers only an automatic renewal process or if it lets you opt out to manage the process manually. In some cases, a CD will also allow you to determine when interest is dispersed. 

How much are the fees and penalties associated with 6-month CDs?

Fees vary depending on the institution. Most CDs charge a penalty for withdrawing money before the maturity date has passed. The fee is generally based on a percentage of the interest earned.

Can I lose money purchasing a 6-month CD?

Unless you are purchasing a CD offered by a brokerage account, CDs purchased through a bank or credit union are insured by the FDIC or NCUA for up to $250,000 per person. Any interest compounded is also covered by the insurance, making it a low-risk investment. 

What are alternatives to a 6-month CD?

CD terms can vary from three months to five years. Generally, CDs with longer terms of maturity pay higher interest rates. Additionally, there are other safe savings accounts to consider, such as high-yield savings accounts or I bonds.

Methodology

CNET reviews CD rates based on the latest APY information from issuer websites. We evaluated CD rates from more than 50 banks, credit unions and financial companies. We selected the CDs with the highest APY for six-month terms from among the organizations we surveyed.

Banks surveyed include: Alliant Credit Union, Ally Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Barclays, BMO Harris, Bread Savings, BrioDirect, Capital One, CFG Community Bank, Citizens Access, Colorado Federal Savings Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, First Internet Bank of Indiana, First Tech Federal Credit Union, FNBO Direct, GO2bank, Golden 1 Credit Union, HSBC Bank, Huntington Bank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Merrick Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Quontic Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, Synchrony Bank, TAB Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, USAA Bank, Vio Bank and Wells Fargo.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.