Best 6-Month CD Rates for November 2023

These banks and credit unions offer the highest payout on 6-month CDs

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The annual percentage yields (APYs) listed below are up to date as of the date of publication on this article. Our methodology consists of reviewing CD rates every weekday morning and updating the information below accordingly.

Certificates of deposit (CDs) can be a good way to safely earn interest if you don't need immediate access to your cash. And a 6-month CD might provide the perfect deposit vehicle if your saving horizon is short. These are the top certificate of deposit rates available from our partners, followed by a ranking of some of the best CD rates nationwide.

In the News

Today’s CD rates are higher than we’ve seen in more than 20 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame decades-high inflation. Though the Fed held its benchmark rate steady for a second consecutive meeting on Nov. 1—after 11 hikes in the previous 12 meetings—it has indicated that an additional increase is still on the table. CD rates closely follow the fed funds rate, so if the Fed implements a further increase, that could nudge CD rates higher still.

We've ranked the highest-paying CDs with approximately 6-month terms (includes terms ranging from 5 to 9 months) by drawing on the most current rate data from about 200 banks and credit unions that offer certificate products nationwide. Those requiring a minimum deposit of up to $25,000 are eligible for our list.

In cases where more than one institution pays the same top rate, we've prioritized CDs by the shortest term, then the CD requiring a smaller minimum deposit. Then, if there's still a tie, the institutions are listed alphabetically.

Best 6-Month CD Rates

  • Financial Partners Credit Union – 6.50% APY*
  • Minnequa Works Credit Union – 6.14% APY
  • TotalDirectBank – 5.76% APY
  • Credit Human – 5.75% APY
  • Interior Federal Credit Union – 5.75% APY
  • Presidential Bank – 5.75% APY
  • BluPeak Credit Union – 5.75% APY
  • Forbright Bank – 5.75% APY
  • Bayer Heritage Federal Credit Union – 5.65% APY
  • Merrick Bank – 5.65% APY
  • Prime Alliance Bank – 5.55% APY
  • Bask Bank – 5.55% APY
  • Popular Direct – 5.55% APY
  • KS State Bank – 5.55% APY
  • All In Credit Union – 5.54% APY

Detailed information on these top-paying, nationally available 6-month CDs is provided, including specifics about minimum deposits and early withdrawal penalties. Information is also provided on how to easily join the credit union for credit union CDs.

Looking for a wider selection of CDs? See our picks for the best CD rates to see terms ranging from three months to 10 years.

Financial Partners Credit Union – 6.50% APY*

  • Term (months): 8
  • Minimum deposit: $1,000
  • Early withdrawal penalty: 3 months of interest
  • Membership: Anyone can join Financial Partners if they're a member of the American Consumer Council and if they keep $25 or more in a FPCU savings account.

*The maximum deposit amount for this CD is $5,000.

Minnequa Works Credit Union – 6.14% APY

  • Term (months): 6
  • Minimum deposit: $500
  • Early withdrawal penalty: 3 months of interest
  • Membership: Anyone can join Minnequa Works by agreeing to a complimentary membership in the historical society for the Steelworks Museum and Steelworks Center of the West.

TotalDirectBank – 5.76% APY

  • Term (months): 6
  • Minimum deposit: $25,000
  • Early withdrawal penalty: 1 month of interest
  • About: TotalDirectBank is an online-only operation of City National Bank of Florida, established in Miami in 1970.

Credit Human – 5.75% APY

  • Term (months): 6–11
  • Minimum deposit: $500
  • Early withdrawal penalty: Greater of $50 or 9 months of interest
  • Membership: Anyone can join Credit Human by agreeing to a complimentary membership in the nonprofit American Consumer Council and keeping at least $5 in a member savings account.

Interior Federal Credit Union – 5.75% APY

  • Term (months): 7
  • Minimum deposit: $500
  • Early withdrawal penalty: 1 month of interest
  • Membership: Anyone can join Interior Federal by signing up for a free membership in the New Mexico Wildlife Federation and keeping $25 or more in a savings account.

Presidential Bank – 5.75% APY

  • Term (months): 7
  • Minimum deposit: $1,000
  • Early withdrawal penalty: 6 months of interest
  • About: Founded in 1985, Presidential Bank is based in Bethesda, Maryland, with 10 branches throughout the D.C. area. It also was one of the first banks to offer bank accounts over the internet, as early as 1995.

BluPeak Credit Union – 5.75% APY

  • Term (months): 9
  • Minimum deposit: $1,000
  • Early withdrawal penalty: 3 months of interest
  • Membership: Based out of San Diego, anyone nationwide can join BluPeak by making a $25 donation to KPBS.

Forbright Bank – 5.75% APY

  • Term (months): 9
  • Minimum deposit: $1,000
  • Early withdrawal penalty: 3 months of interest
  • About: Formerly Congressional Bank, an FDIC member since 2003, Forbright Bank is the result of a 2022 rebranding. It operates four physical branches in Maryland and Virginia, as well as serves nationwide customers online.

Bayer Heritage Federal Credit Union – 5.65% APY

  • Term (months): 6
  • Minimum deposit: $100
  • Early withdrawal penalty: Lesser of all earned interest or 2 months of interest on the amount withdrawn
  • Membership: Anyone can join Bayer Heritage FCU, headquartered in New Martinsville, West Virginia, by joining the American Consumer Council at no cost.

Merrick Bank – 5.65% APY

  • Term (months): 9
  • Minimum deposit: $25,000
  • Early withdrawal penalty: 3 months of interest
  • About: Primarily a credit card issuer and consumer finance provider, Merrick Bank offers online-only certificates of deposit.

Prime Alliance Bank – 5.55% APY

  • Term (months): 6
  • Minimum deposit: $500
  • Early withdrawal penalty: 1 month of interest
  • About: Established in 2004, Prime Alliance operates one branch in metropolitan Salt Lake City, while also offering deposit products online to customers throughout the U.S.

Bask Bank – 5.55% APY

  • Term (months): 6
  • Minimum deposit: $1,000
  • Early withdrawal penalty: 3 months of interest
  • About: Bask Bank is a division of FDIC-insured Texas Capital Bank, headquartered in Dallas. As an online-only bank, Bask has no physical branches.

Popular Direct – 5.55% APY

  • Term (months): 6
  • Minimum deposit: $10,000
  • Early withdrawal penalty: 4 months of interest
  • About: Popular Direct is the online-only arm of Popular Bank, the U.S. banking subsidiary of Popular, Inc., which serves banking customers in the U.S., Puerto Rico, and the Caribbean.

KS State Bank – 5.55% APY

  • Term (months): 7
  • Minimum deposit: $25,000
  • Early withdrawal penalty: 6 months of interest
  • About: Established in 1969, KS State Bank operates six branches in Kansas and one in Phoenix, while serving online customers nationwide.

All In Credit Union – 5.54% APY

  • Term (months): 6
  • Minimum deposit: $1,000
  • Early-withdrawal penalty: 3 months of interest
  • Membership: Anyone can join All In by signing up for a free membership in the Fort Rucker/Wiregrass Chapter of the Association of United States Army, keeping at least $5 in a savings account, and paying a one-time fee of $1.

Pros and Cons of 6-Month CDs

Pros
  • Offers a locked rate for 6 months

  • Can deter temptation to spend down savings

  • May pay more than a savings account

  • Carries almost no risk

Cons
  • Withdrawing early will incur a penalty

  • Only one deposit is allowed

  • If rates rise, you'll be locked at a lower APY

  • If rates drop, you may regret not opening a longer CD

Pros Explained

  • Offers a locked rate for 6 months: Unlike a savings or money market account, whose rate can be reduced at any time, a 6-month CD is guaranteed to pay the agreed upon APY for the full six months.
  • Can deter temptation to spend down savings: Since withdrawing funds from a CD will incur a penalty, it can be less tempting to withdraw CD funds for an unplanned purchase than it is to dip into a liquid savings account.
  • May pay more than a savings account: By agreeing to a 6-month CD term, you may be able to score a higher annual percentage yield (APY) than what you can earn on a savings or money market account.
  • Carries almost no risk: CDs opened with an FDIC bank or NCUA credit union are federally insured against potential institution failure, meaning up to $250,000 of your deposits—per person and per institution—are protected.

Cons Explained

  • Withdrawing early will incur a penalty: Anytime you request to cash out a CD before its maturity date, the bank or credit union will hit you with an early withdrawal penalty, which will reduce the interest you earned and the balance you're paid out.
  • Only one deposit is allowed: The amount of your CD will be the amount of your initial deposit. Except for special "add-on CDs," you cannot deposit additional funds in a CD after it's opened.
  • If rates rise, you'll be locked at a lower APY: If the economy is seeing rising rates, you may find you're locked into a 6-month rate that is worse than you can get with newer CDs.
  • If rates drop, you may regret not opening a longer CD: In a declining rate environment, you'll be happy to have your 6-month rate guaranteed, but may wish you had extended it further with a longer-term certificate.

Alternatives to 6-Month CDs

Six-month CDs are one of many savings vehicles you can choose from. Below are some other options which may suit you even better.

Shorter or Longer CDs

If six months feels too long for you to give up access to your funds, you could choose a shorter-term CD. Three months is a commonly offered term, and some institutions even offer 1- and 2-month CDs. Beware, however, that these ultra-short certificates often pay rates that are worse than a high-yield savings or money market account, making them a poor choice.

If instead you feel you could stretch to a longer CD term, you may be able to snag a higher APY. But additionally, you'll be able to keep your locked rate for longer, which is useful if rates go down in the future. The market is full of competitive 1-year CD options, for instance, as it is one of the most popular certificate terms.

Liquid Accounts

Unlike a CD, a liquid account allows you to freely deposit and withdraw funds as you like. If committing your funds to a 6-month CD is giving you pause because you're not sure you can live without the funds for that many months, a high-yield savings or money market account may be a better choice.

The best high-yield savings accounts and best money market accounts often pay rates competitive with the best 6-month CDs. But in different rate environments, one or the other can be a leading rate choice. Even if the savings rate you can earn is lower than the best 6-month CD, though, it comes with the no-strings-attached advantage of leaving your funds completely available.

Another type of liquid account you could choose if you have investments at brokerage firm is a cash reserve account. These accounts that hold your uninvested funds can sometimes pay rates competitive with high-yield savings and money market accounts. But often they pay much less, so it's important to check rates before deciding where you'll stash your cash.

Bonds or Bond Funds

Short-term corporate bonds are another alternative. Though you can certainly buy a bond mutual fund or ETF, and exit whenever you like, keep in mind that unlike CDs, corporate bonds and bond funds can lose value. Bonds are generally less risky than stocks, but their value can still go down.

Another common bond option is U.S. Treasury I bonds, which pay an interest rate pegged to beat inflation. However, these bonds are not suited to a six-month horizon as you cannot withdraw the funds for any reason during the first year.

One bond option you could consider instead of a 6-month CD is a U.S. Treasury bill. T-bills allow you to lend money to the U.S. government for a short, fixed amount of time. Considered one of the safest investments in the world, T-bills offer durations ranging from 4 weeks to 1 year.

Frequently Asked Questions (FAQs)

What Is a 6-Month CD?

Certificates of deposit (CDs) are financial products that provide a fixed interest rate on your deposit as long as you leave your money with the issuing bank or credit union for a specified period of time.

CDs are typically offered in maturities ranging from three months to 10 years. In general, the longer the duration of the CD, the higher the rate of interest the financial institution is willing to offer, although that can be reversed in times of rising rates. Although 6-month CDs don't tie up your money for very long, they also may not offer the kind of yields you would find with a longer maturity.

Virtually all CDs are offered by federally insured banks or credit unions, with bank deposits protected by FDIC insurance and credit union deposits guaranteed by the National Credit Union Association (NCUA). This means that deposits up to $250,000 are secure, even if the institution itself falls into financial trouble. It's always a good idea to check that the bank or credit union is an FDIC or NCUA member.

Depository institutions set their own interest rates for CDs, and those rates can differ dramatically from one bank or credit union to another. According to the data Investopedia compiles from about 200 CD-issuing institutions across the country, the top certificates pay three to five times more than the industry average for products of the same duration, and sometimes even eight to 10 times more. So it's a good idea to shop around and find one that pays on the higher end of the spectrum.

Who Are 6-Month CDs Good For?

CDs tend to offer higher yields than traditional savings and money market accounts, especially in a low-interest rate environment. A 6-month CD may be a good option if you know that you won't need access to your funds for at least six to nine months. That includes people saving for a down payment on a home or setting aside funds for a big trip.

Like savings accounts, almost all CDs are FDIC- or NCUA-insured. So you can't lose your principal at one of these institutions as long as your deposit doesn't exceed $250,000. In contrast, investing in stocks and even corporate bonds can be risky in that short of a time window. Should they lose value over a six-month stretch, you'll have to incur a loss.

Choosing a CD over a savings or money market account is also a good idea if you're worried you'll be tempted to spend some of your savings, rather than keep it in the bank, since CDs require you to keep your funds in the CD until maturity.


What Happens If You Take Your Money Out Early?

Most financial institutions will deduct some of the interest that's accrued in your account if you withdraw funds from a CD before the maturity date. Losing three, or even six, months' worth of interest is fairly typical in the case of a 6-month CD, so there's a strong incentive to leave your money untouched until the certificate reaches maturity.

Some places offer "no-penalty" CDs, but there's a rub: They tend to offer lower yields than standard CDs. What's more, they often require that you pull out the entire balance and close the account if you make an early withdrawal.

All banks and credit unions charge an early withdrawal penalty if you opt to withdraw CD funds before maturity. But the penalties vary widely, so it's important to investigate whether an institution's penalty policy is mild, reasonable, or onerous before you commit.

Can I Lose Money on a 6-Month CD?

Since you can't lose money on a CD due to bank failure (unless you have more than $250,000 on deposit at a single institution), CDs are exceptionally safe. There is, however, one scenario in which you could lose some of the principal of your initial deposit, but it's fortunately preventable by doing your homework.

Most bank and credit union policies on early withdrawal penalties will only reduce the interest earnings on your CD. But a small number of institutions have such harsh penalty calculations that the penalty can actually deduct from your principal. These CDs are to be avoided, as you never know if an emergency will require you to cash out your CD early.

Why Don't I See Any Bank Names I Recognize in Your Ranking?

The country's largest banks are often the worst payers when it comes to savings and CD interest rates. In fact, some of the biggest players pay essentially zero interest. The key is to shop around, and to be open to holding some of your savings at a different institution than where you do your primary banking. Electronic transfers between banks are very easy with online banking, so you can easily keep your checking account and a small reserve account at your primary bank, but then sock away much of your savings in a CD at another institution.

Our rankings of the best CD rates will always list the best nationwide rates available that day, regardless of which institutions are advertisers or sponsors on our site.

Rate Collection Methodology Disclosure

Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide, and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the CD's minimum initial deposit must not exceed $25,000.

Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.

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Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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  2. TreasuryDierct. "Treasury Bills: FAQs."

  3. FDIC. "Fact Sheet."