Best 6-month CD Rates For July 2024 | Bankrate (2024)

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Best 6-month CD Rates For July 2024 | Bankrate (1)Written by

Karen Bennett

Best 6-month CD Rates For July 2024 | Bankrate (2)Edited by

Marc Wojno

Best 6-month CD Rates For July 2024 | Bankrate (3)Reviewed by

Greg McBride, CFA

Best available rates across different account types for Sunday, July 7, 2024

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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for . Learn more about who we are and our promise to guide you through life’s financial journey.

What To Know First

For many savers, a six-month certificate of deposit (CD) is the sweet-spot term, enabling them to tuck away money long enough to earn a higher rate while still providing a shorter withdrawal horizon than CDs that require a commitment of one year or more. Six months isn't a long time, but it's long enough to help put you on track toward your savings goals.

Bankrate's picks for the top 6-month CD rates

  • Bask Bank — 5.35% APY, $1,000 minimum deposit
  • Popular Direct — 5.35% APY, $10,000 minimum deposit
  • Vio Bank — 5.25% APY, $500 minimum deposit
  • America First Credit Union — 5.25% APY, $500 minimum deposit
  • First Internet Bank of Indiana — 5.13% APY, $1,000 minimum deposit
  • Marcus by Goldman Sachs — 5.10% APY, $500 minimum deposit
  • Quontic Bank — 5.05% APY, $500 minimum deposit
  • Bank5 Connect — 5.05% APY, $500 minimum deposit
  • Alliant Credit Union — 5.00% APY, $1,000 minimum deposit
  • LendingClub Bank — 5.00% APY, $2,500 minimum deposit

Note: Annual percentage yields (APYs) shown were updated between June 30, 2024 and July 6, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

On This Page

  • Bankrate's picks for the top 6-month CD rates
  • How to find the best 6-month CD rates
  • When should you get a 6-month CD?
  • Alternatives to 6-month CDs
  • 6-months CD FAQs
  • Research methodology

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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.

Certificate of Deposit (CD)

CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.

Checking account

Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.

Savings / Money Market Accounts (MMA)

Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.

The "Bankrate Partner average" is calculated from the average of the top savings account offers from the institutions we track, included on this page as of 7/7/2024. "National average" is determined by Bankrate's comprehensive national survey of savings accounts and CDs.

On This Page

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

Note: Annual percentage yields (APYs) shown were updated between June 30, 2024 and July 6, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

Bask Bank

Best 6-month CD Rates For July 2024 | Bankrate (4)

Rating: 4.4 stars out of 5

4.4

Overview

Bask Bank began offering CDs in 2022, and its four CD terms range from six months to two years. The bank also offers a savings account with a competitive APY and another savings account that earns American Airlines miles.

Bask Bank has been around since 2020 and is a division of Texas Capital Bank.

Read Bankrate's Expert Bask Bank Review

5.35% APY

$1,000 minimum deposit

Popular Direct

Best 6-month CD Rates For July 2024 | Bankrate (5)

Rating: 4 stars out of 5

4.0

Overview

Popular Direct CDs are for established savers, since the CDs have a $10,000 minimum deposit requirement. The CDs come in eight fixed terms ranging from three months to five years.

Popular Direct’s High-Rise savings account also offers a competitive yield and requires a $5,000 minimum deposit. All Popular Direct deposit accounts are opened through Popular Bank.

Read Bankrate's Expert Popular Direct Review

5.35% APY

$10,000 minimum deposit

Vio Bank

Best 6-month CD Rates For July 2024 | Bankrate (6)

Rating: 4.6 stars out of 5

4.6

Overview

Vio Bank is an online-only bank that is a division of MidFirst Bank, based in Oklahoma City. It offers CDs and a high-yield savings account with competitive rates. CD terms range from six months to 10 years.

Read Bankrate's Expert Vio Bank Review

5.25% APY

$500 minimum deposit

America First Credit Union

Best 6-month CD Rates For July 2024 | Bankrate (7)

Rating: 5 stars out of 5

5.0

Overview

America First Credit Union was founded in 1939 in Salt Lake City. It has CDs with terms ranging from three months to five years. The minimum opening deposit for CDs is $500.

It also offers a variety of checking and savings accounts.

Read Bankrate's Expert America First Credit Union Review

5.25% APY

$500 minimum deposit

First Internet Bank of Indiana

Best 6-month CD Rates For July 2024 | Bankrate (8)

Rating: 4.6 stars out of 5

4.6

Overview

First Internet Bank of Indiana is an FDIC-insured financial institution that operates online and has no branches. It opened in 1999 and offers products in all 50 states.

First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.

Read Bankrate's Expert First Internet Bank of Indiana Review

5.13% APY

$1,000 minimum deposit

Marcus by Goldman Sachs

Best 6-month CD Rates For July 2024 | Bankrate (9)

Rating: 4.9 stars out of 5

4.9

Overview

Marcus by Goldman Sachs is an online bank that offers a variety of CDs, three no-penalty CD terms and a savings account. The bank began offering its deposit products in November 2017, and they earn competitive yields.

A brand of Goldman Sachs Bank USA, Marcus made its debut in October 2016 with just unsecured personal loans before it introduced its savings account and CDs.

Read Bankrate's Expert Marcus by Goldman Sachs Review

5.10% APY

$500 minimum deposit

Quontic Bank

Best 6-month CD Rates For July 2024 | Bankrate (10)

Rating: 4 stars out of 5

4.0

Overview

Quontic Bank is an online bank that offers CDs as well as savings, money market and checking accounts.

A $500 minimum deposit is required to open a Quontic Bank CD and five terms are offered, ranging from six months to five years.

Read Bankrate's Expert Quontic Bank Review

5.05% APY

$500 minimum deposit

Bank5 Connect

Best 6-month CD Rates For July 2024 | Bankrate (11)

Rating: 4.9 stars out of 5

4.9

Overview

Bank5 Connect is an online division of BankFive, a community bank in Massachusetts that dates to 1855.

Bank5 Connect offers six terms of CDs, a savings account and a checking account. It is a member of the Depositors Insurance Fund (DIF), which protects savers whose deposits exceed the $250,000 insurance limit of the Federal Deposit Insurance Corp. (FDIC).

Read Bankrate's Expert Bank5 Connect Review

5.05% APY

$500 minimum deposit

Alliant Credit Union

Best 6-month CD Rates For July 2024 | Bankrate (12)

Rating: 4.7 stars out of 5

4.7

Overview

Alliant Credit Union was founded in 1935 as the United Airlines Employees’ Credit Union. It is one of the largest credit unions in Illinois and has 600,000 members nationwide.

Alliant offers six terms of CDs with competitive APYs and a reasonable minimum deposit requirement. It also offers IRA CDs, a high-yield savings account and a high-yield checking account.

Read Bankrate's Expert Alliant Credit Union Review

5.00% APY

$1,000 minimum deposit

LendingClub Bank

Best 6-month CD Rates For July 2024 | Bankrate (13)

Rating: 4.3 stars out of 5

4.3

Overview

LendingClub is an online bank that offers six terms of CDs ranging from six months to five years. A $2,500 minimum deposit is required.

In addition to CDs, LendingClub offers a high-yield savings account and a rewards checking account.

Read Bankrate's Expert LendingClub Bank Review

5.00% APY

$2,500 minimum deposit

In the news

The Federal Reserve didn’t raise rates for the third time in a row during its December 2023 meeting. 94 percent of economists polled by Bankrate believe the Fed may start cutting rates in 2024.

After 11 rate increases, a long-term CD might be worth considering in this current rate environment. That can help you build a CD ladder for the long term. But in the short term, a six-month CD can earn more than a top-yielding savings account.

How to find the best 6-month CD rates

Traditionally, CDs with longer maturities offer higher yields. But in this current rate environment, shorter-term CDs are proving to have the highest yields.

The national average on any deposit product is usually much lower than the highest yields available. That’s why shopping around for a competitive yield is so important.

Top six-month CDs generally have higher APYs than top savings accounts. It’s possible for some CDs – especially one-year CDs and 18-month CDs – to have higher APYs than six-month CDs. But generally, two-year CDs and CDs with longer terms have lower APYs in the current rate environment.

In addition to a competitive APY, you’ll also want to consider minimum deposit requirements and early withdrawal penalties.

The advantage of a six-month CD is that you know you’ll be able to access the money in a shorter time frame. Since a CD typically has an early withdrawal penalty, you have to be willing to keep your money in the CD until the end of the term or lose out on some of the interest earnings.

When should you get a 6-month CD?

A six-month CD is great for someone who needs to keep money safe – and untouched – for a term of six months as CDs have early withdrawal penalties. This should be money that you can’t afford to lose. You might consider investing some of your money in riskier, higher-yielding investments such as stocks, provided you can afford the risk because such investments can earn much more than an FDIC- or NCUA-insured CD with a guaranteed APY. But you could also lose all of your money in an investment.

For those times when you’re unsure about when you’ll need access to your money, a high-yield savings account at an FDIC-insured bank is always a smart place for your money. Just make sure you’re within the FDIC’s guidelines and following the FDIC’s rules.

A six-month CD can be the perfect option for someone who doesn’t need the money for a period of half a year, and is tempted to spend the money. The realization that there’s an early withdrawal penalty attached to your CD might be the proper reminder to leave your money untouched, and let it earn interest.

Alternatives to 6-month CDs

When considering a six-month CD, compare it to other available accounts to determine when other options might be a better decision. Some alternatives to consider:

  • Savings accounts: With a savings account, you won’t face the early withdrawal penalties like you do if you break your six-month CD before it matures.
  • Money market accounts: These accounts allow you to access your money in ways that you can’t with a CD. And there’s a good chance you’ll get a better yield on a six-month CD earning a top yield than with a money market account.

6-month CD FAQs

Research methodology

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield (APY), the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.

When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.

Best 6-month CD Rates For July 2024 | Bankrate (2024)

FAQs

Best 6-month CD Rates For July 2024 | Bankrate? ›

Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

Who has the highest paying 6 month CD right now? ›

Best 6-Month CD Rates
  • TotalDirectBank – 5.51% APY.
  • My Banking Direct – 5.50% APY.
  • DR Bank – 5.50% APY.
  • Presidential Bank – 5.50% APY*
  • Vibrant Credit Union – 5.50% APY*
  • Greenwood Credit Union – 5.50% APY.
  • INOVA Federal Credit Union – 5.35% APY.
  • Bask Bank – 5.35% APY.

How high will CD rates go in 2024? ›

Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.

Are there any 6% CDs out there? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

What bank is paying 5% on CDs? ›

Featured Nationally Available Deposit Rates
Account NameAPY (Annual Percentage Yield) Accurate as of 7/12/2024Minimum Account Opening Balance
Ponce Bank 3 Month CD, powered by Raisin5.25%$1
Barclays 1 Year Online CD5.00%$0
Freedom Bank 1 Year No Penalty CD5.00%$1
Barclays 6 Month Online CD4.85%$0
6 more rows

Are there any 7% CDs? ›

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

Where can I get 7% interest on my money? ›

As of July 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Should I lock in a CD now or wait? ›

How CDs work. Unlike traditional or high-yield savings accounts, which have variable APYs, most CDs lock your money into a fixed interest rate the day you open the account. That's why if you suspect that interest rates will soon drop, it can be a good idea to put money in a CD to preserve the high APY you would earn.

What is the best CD rate for $100,000? ›

Best Jumbo CD Rates for July 2024
BEST NATIONAL JUMBO CDs
CD Bank5.20% APY$100,000
Luana Savings Bank4.42% APY$100,000
Kinecta Federal Credit Union4.25% APY$100,000
Best non-Jumbo option: TotalDirectBank5.51% APY$25,000
46 more rows

Where are interest rates headed in 2024? ›

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. Here's where mortgage interest rates are headed for the rest of 2024 and how that will impact the housing market as a whole.

What is the highest yielding CD right now? ›

The highest certificates of deposit (CDs) rates today are offered by Nano Bank (6.00%), Merchants Bank of Indiana (5.92%), Shoreham Bank (5.50%) and HAB Bank (5.48%).

Why are 6 month CD rates higher? ›

Short-term CD rates are more competitive than long-term ones because there's an inverted yield curve. You might still prefer a long-term CD if you want to lock in a rate for a few years because savings rates are good overall.

What is the highest CD rate at Capital One? ›

Capital One's 12 and 18-month CDs have the highest annual percentage yields (APYs), 5.00% and 4.45%. The bank regularly offers promotional CDs with higher rates. Currently, a 10-month CD offers 5.10% APY. Capital One yields are more competitive than many big banks, though several online banks offer similar rates.

What will CD rates be in 2024? ›

CD Rates Forecast 2024

The CME FedWatch Tool, which measures market expectations for federal funds rate changes, shows that most experts expect rates to sit between 4.50% and 5.25% by December 2024.

What is the best CD rate at Chase bank? ›

Chase CD Rates
Chase CDStandard APY*Relationship APY*
1 month0.01%0.02%
3 months0.01%2.00%
12 months0.01%2.00%
15 months0.01%2.50%
10 more rows
Jun 28, 2024

How many CDs can you have at one bank? ›

There's no limit on the number of CDs you can have, and it's possible to have multiple CDs at the same bank or different financial institutions.

Who is paying the most on CDs right now? ›

The highest certificates of deposit (CDs) rates today are offered by Nano Bank (6.00%), Merchants Bank of Indiana (5.92%), Shoreham Bank (5.50%) and HAB Bank (5.48%). You can see the full list of the highest-paying CDs here.

What is the current yield on a 6 month CD? ›

Vio Bank: 5.25% APY, $500 minimum deposit. Bask Bank: 5.35% APY, $1,000 minimum deposit. Popular Direct: 5.35% APY, $10,000 minimum deposit.

What is the 6 month CD rate at bank of America? ›

Bank of America CD rates
AccountTermAPY
Standard Term CD28 – 89 days0.03%
Standard Term CD90 – 179 days4.00%
Standard Term CD6 – 120 months0.03%
Flexible CD12 months4.25%
5 more rows

How much can you make on a 6 month CD? ›

Highest 6-Month CD Rates Today
Financial ProvidersCD TermAPY
EagleBank6 months5.40%
HomeTown Bank6 months5.38%
Tri-County Bank & Trust6 months5.35%
First Federal of Lakewood6 months5.35%
6 more rows
Jun 26, 2024

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