13 Best 6-Month CD Rates for December 2023
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ALSO CONSIDER: Best online savings accounts || Best checking accounts || Best high-interest accounts
Six-month CD rates can play a role in boosting your short-term savings, especially in some saving strategies such as CD ladders. Here's a list of our picks.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
ALSO CONSIDER: Best online savings accounts || Best checking accounts || Best high-interest accounts
Six-month CD rates can play a role in boosting your short-term savings, especially in some saving strategies such as CD ladders. Here's a list of our picks.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
The Federal Reserve raised rates to the highest levels in more than two decades, which is good news for your bank accounts. Take advantage of today’s high rates by opening a federally insured certificate of deposit.
Best 6-Month CD Rates
| Bank/institution | NerdWallet rating | Minimum deposit | APY | Learn more |
|---|---|---|---|---|
 CIT Bank CD | $1,000 Member FDIC | APY 5.00% | Read review | |
 Bask Bank CD | $1,000 Member FDIC | APY 5.55% | Read review | |
 Popular Direct CD | $10,000 Member FDIC | APY 5.55% | Read review | |
 Vio Bank CD | $500 Member FDIC | APY 5.35% | Read review | |
 Quontic Bank CD | $500 Member FDIC | APY 5.05% | Read review | |
 BMO Alto Certificate of Deposit | $0 Deposits are FDIC Insured | APY 5.50% | Read review | |
 TAB Bank CD | $1,000 Member FDIC | APY 5.27% | Read review | |
 LendingClub CD | $2,500 Member FDIC | APY 5.30% | Read review | |
 Live Oak Bank CD | $2,500 Member FDIC | APY 5.20% | Read review | |
 Synchrony Bank CD | $0 Member FDIC | APY 5.25% | Read review | |
 Marcus by Goldman Sachs High-Yield CD | $500 Member FDIC | APY 5.10% | Read review | |
 Sallie Mae Bank CD | $2,500 Member FDIC | APY 5.10% | Read review | |
 Ally Bank High Yield CD | $0 Member FDIC | APY 5.00% | Read review |
$1,000
5.00%
Why We Like It
Online-based CIT Bank offers a solid six-month rate with a minimum of $1,000, which is lower than some online banks have.
$1,000
5.55%
Why We Like It
Bask Bank has a competitive yield and a somewhat low minimum opening requirement of $1,000.
$500
5.35%
Why We Like It
Vio Bank is an online-only bank division of MidFirst Bank. Its CDs have solid rates and a low minimum of $500.
$500
5.05%
Why We Like It
Quontic Bank is a digital bank with a low minimum of $500 and a competitive rate on its six-month CD.
$0
5.50%
Why We Like It
BMO Alto, an online-only division of BMO, offers a competitive six-month CD rate and no minimum requirement.
$1,000
5.27%
Why We Like It
TAB Bank is an online bank with competitive CD yields and a somewhat low minimum of $1,000.
$2,500
5.30%
Why We Like It
The online bank’s six-month CD, its shortest term, has a solid yield. The minimum opening requirement of $2,500 is somewhat higher than other online banks have.
$2,500
5.20%
Why We Like It
Live Oak Bank offers a highly competitive six-month CD rate. There's a somewhat high minimum.
$0
5.25%
Why We Like It
Synchrony Bank has a wide range of CDs including a six-month term that has a solid rate.
$500
5.10%
Why We Like It
Marcus by Goldman Sachs offers a solid six-month rate and a low minimum opening requirement of $500.
$2,500
5.10%
Why We Like It
Known for its student loans, Sallie Mae also has high-yield certificates of deposit. The minimum of $2,500 is higher than at some banks.
$0
5.00%
Why We Like It
Ally offers a wide range of CDs, including a six-month CD with a decent rate, and has no opening minimum.
Want to compare more options? Here are our other top picks:
» Want to see more options? Check out our list of the best CD rates overall
Best 6-month CD rates for December 2023
Vio Bank: 5.35% APY, $500 minimum deposit.
Bask Bank: 5.55% APY, $1,000 minimum deposit.
Popular Direct: 5.55% APY, $10,000 minimum deposit.
Quontic Bank: 5.05% APY, $500 minimum deposit.
CIT Bank: 5.00% APY, $1,000 minimum deposit.
BMO Alto: 5.50% APY, no minimum deposit.
TAB Bank: 5.27% APY, $1,000 minimum deposit.
LendingClub Bank: 5.30% APY, $2,500 minimum deposit.
Live Oak Bank: 5.20% APY, $2,500 minimum deposit.
Synchrony Bank: 5.25% APY, no minimum deposit.
Marcus by Goldman Sachs: 5.10% APY, $500 minimum deposit.
Sallie Mae Bank: 5.10% APY, $2,500 minimum deposit.
Ally Bank: 5.00% APY, no minimum deposit.
No-penalty CDs offer more freedom
When you withdraw your money from a CD before the term expires, you generally pay a penalty of at least several months’ of interest earned.
Some providers, however, allow you to withdraw your money before the term expires, with no penalty. Keep in mind that rates may be a little lower for these no-penalty CDs.
The following banks offer no-penalty CDs:
Marcus by Goldman Sachs Bank (read NerdWallet's full review).
CIT Bank (read NerdWallet's full review).
Ally Bank (read NerdWallet's full review).
Synchrony Bank (read NerdWallet's full review).
See CD rates by term and type
Compare the best rates for various CD terms and types:
How do CDs work?
Learn more about choosing CDs, understanding CD rates, and opening and closing CDs.
For choosing CDs:
Last updated on December 1, 2023
Methodology
On a monthly basis, we compare rates at over 30 financial institutions, pulled from our full list, that we’ve seen to be consistently competitive. On a quarterly basis, we analyzed our full list, excluding banks that offered brokered CDs, since those accounts work differently from standard bank CDs. Higher rates might be available elsewhere.
We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, Alaska USA Federal Credit Union, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best 6-Month CD Rates for December 2023
- CIT Bank CD: 5.00% APY, $1,000 Minimum deposit
- Bask Bank CD: 5.55% APY, $1,000 Minimum deposit
- Popular Direct CD: 5.55% APY, $10,000 Minimum deposit
- Vio Bank CD: 5.35% APY, $500 Minimum deposit
- Quontic Bank CD: 5.05% APY, $500 Minimum deposit
- BMO Alto Certificate of Deposit: 5.50% APY, $0 Minimum deposit
- TAB Bank CD: 5.27% APY, $1,000 Minimum deposit
- LendingClub CD: 5.30% APY, $2,500 Minimum deposit
- Live Oak Bank CD: 5.20% APY, $2,500 Minimum deposit
- Synchrony Bank CD: 5.25% APY, $0 Minimum deposit
- Marcus by Goldman Sachs High-Yield CD: 5.10% APY, $500 Minimum deposit
- Sallie Mae Bank CD: 5.10% APY, $2,500 Minimum deposit
- Ally Bank High Yield CD: 5.00% APY, $0 Minimum deposit
Frequently asked questions
A CD, or certificate of deposit, is a type of savings account that keeps money locked up for a set period or term, generally three months to five years. The longer the CD term, the higher the rate tends to be. See this month's best six-month CD rates.
It depends on your savings goals and how sure you are that you won't need your funds before the CD term expires. Having to pay an early withdrawal penalty, generally up to one year's worth of interest, can be a blow to your savings. Common CD terms range from three months to five years; if you want to play it safe, go for a shorter CD term or a no-penalty CD.
Yes. The Federal Reserve has raised its rate multiple times since March 2022, which encourages banks and credit unions to raise their CD rates. Learn more about Fed rate increases or, if you want a broader financial picture, see our explainer on historical CD rates.
A no-penalty CD is a type of CD that doesn’t have a penalty for withdrawing money before the term ends. It can be appealing if you want the traditionally higher yield of a CD, compared to regular savings accounts, and think you might need the money sooner than planned. See the best no-penalty CD rates.
It depends on what's more important to you: rates or access to your money. The current CD rates tend to be higher than the best savings account rates, but you sacrifice access to money in CDs. If that doesn't work for you, check out our list of best online savings accounts.
You should only get a CD if you know you won’t need those funds during its term. Pulling money out of a CD before its expiration date will likely result in an early withdrawal fee, which is typically a percentage of the interest earned.
» Thinking of a longer term for higher yields? Check out the best three-year CD rates
CD rates are quoted as an annual percentage yield, or APY, which is how much the account earns in one year including compound interest. Banks generally compound interest monthly or daily.
» See future CD earnings using our CD calculator
It depends on the level of risk you want to take. Investment, or brokerage, accounts can have higher returns than CDs, but CDs guarantee returns. They're typically federally insured for up to $250,000 and offer fixed interest rates. Brokerage accounts can be riskier, since you aren’t protected against losses.
No. CDs are meant for savings you can set aside and leave untouched. Consider a high-yield savings account for money you may need in a pinch.
A CD ladder can be a helpful strategy if you don’t want to go all in on one CD, especially if you want to catch higher CD rates down the road. It works like this: you open multiple CDs at different terms, such as three months, six months, and one year, which frees up part of your funds more regularly than having, say, just a three-year CD. Each time a CD matures, you can either reinvest in a new CD or withdraw your money.
