Written by Theresa Stevens

Edited by Becca Stanek

Updated on 03/01/2025

A 6-month certificate of deposit (CD) is a short-term savings option that provides a guaranteed rate for six months. It can be a good option for people looking for predictable returns without a long-term commitment.

Read on to compare 6-month CD rates at various banks and credit unions, and learn more about this type of CD and how to find the best rate.

6-month CD rates

The best 6-month CD rates today are above a 4.50% annual percentage yield (APY), with some CDs on our list earning as much as 4.75% APY.

How to find the best 6-month CD rates

Finding the best rates for a 6-month CD involves comparing rates from financial institutions, including traditional banks, online banks and credit unions. Online banks tend to offer better CD rates than traditional banks because of lower overhead costs.

You'll also want to consider any minimum deposit requirements for the CD. In some cases, you may need to deposit a specific amount to open the CD and earn the advertised rate.

Here are the minimum deposit requirements to get a 6-month CD at popular banks and credit unions:

• Marcus by Goldman Sachs: $500
• Digital Federal Credit Union (DCU): $500
• Chase Bank: $1k
• Wells Fargo Bank: $2,500

Should you get a 6-month CD?

A 6-month CD can be a smart choice if you want to earn interest and lock up your savings for a short period of time. For example, if you plan to use $5,000 for a car down payment in six months' time, a 6-month CD can keep the money safe and earn a fixed rate while reducing the temptation to dip into the funds for other purchases. Beware, though, if you need to tap into your savings before the term ends: You may have to pay an early withdrawal penalty.

If you might need the money before the six months are up, a savings account could be a better option. This way, you maintain quick access to your money while still earning some interest.

What happens when a 6-month CD matures?

Once your CD reaches its maturity date, you’ll have the option to withdraw all the money (plus any interest earned) or roll it over into a new CD. Some financial institutions may automatically place your funds in another CD if they don’t hear from you within seven to 10 days after your CD matures.

Alternatives to a 6-month CD

• Long-term CDs: If you don’t anticipate needing the cash in six months, a longer-term CD could be worth considering. Products such as a 1- or 3-year CD lock in your rate for a longer period of time, which is beneficial if rates fall. However, if rates rise, you’ll be stuck with a lower rate until your CD matures.
• High-yield savings accounts: If you want more flexibility, a high-yield savings account allows you to access your money as needed, though some banks limit monthly withdrawals. High-yield savings accounts typically offer a higher rate than traditional savings accounts and often have rates comparable to those of CDs. However, unlike CDs, your rate can change at any time.
• Money market accounts: These accounts are worth considering if you want an account where you can both spend and save. Like checking accounts, money market accounts often come with a debit card and check-writing privileges while earning an interest rate on the balance, like a savings account. However, money market accounts generally offer lower rates than CDs.

CD rates by term and type

Best 6-month CD rates
Best 1-year CD rates
Best 18-month CD rates
Best 3-year CD rates
Best 4-year CD rates
Best 5-year CD rates
Best IRA CD rates
Best no-penalty CD rates

Frequently asked questions

Can I do a CD ladder with a 6-month CD?

Yes, you can incorporate a 6-month CD into a CD ladder strategy. A CD ladder involves opening several short-term and long-term CDs with different maturity dates. As each CD matures, you can either reinvest those funds in a new CD or spend the cash as you see fit. This strategy allows you to benefit from higher rates while still having funds available at regular intervals.

Are 6-month CDs worth it?

A 6-month CD is a good option if you’re looking for a safe, short-term savings product. Your rate will stay the same for the entire six months, so you’ll know exactly how much you’ll earn. However, it’s important to have a separate, easily accessible savings account for emergencies to avoid the need to cash out your CD and incur an early withdrawal penalty.

How much does a $10,000 CD make in six months?

It depends on your rate and compounding frequency. For example, let’s say you put $10,000 into a 6-month CD with a 4.75% interest rate and monthly compounding. After six months, your interest earnings will be about $240, making your new balance about $10,240.