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7 Best 6-Month CD Rates September 2020

Spencer TierneySeptember 1, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Six-month CD rates can play a role in boosting your short-term savings. Here's a list of our picks.

Summary of Best 6-Month CD Rates September 2020

Sallie Mae Bank CD

Sallie Mae Bank CD

APY

0.50%

With $2,500 minimum balance

Minimum Balance

$2,500

Member FDIC


Why we like it

Known for its student loans, Sallie Mae also has high-yield certificates of deposit. The minimum is higher than at some banks.

Read Full Review
Live Oak Bank CD

Live Oak Bank CD

3.0

NerdWallet rating 
Live Oak Bank CD

APY

0.60%

With $2,500 minimum balance

Minimum Balance

$2,500

Member FDIC


Why we like it

Live Oak Bank offers a highly competitive six-month CD rate. There's a somewhat high minimum.

Bank5 Connect High-Yield CD

Bank5 Connect CD

APY

0.45%

With $500 minimum balance

Minimum Balance

$500

Member FDIC


Why we like it

Bank5 Connect provides a range of short-term CDs and its opening minimum of $500 is low.

Read Full Review

HSBC Direct CD

HSBC CD

APY

0.50%

With $1,000 minimum balance

Minimum Balance

$1,000

Member FDIC


Why we like it

HSBC Direct offers three online CDs, including a six-month term, and its opening minimum requirement of $1,000 is lower than many online bank CDs.

Read Full Review

Ally Bank High Yield CD

Ally Bank CD

APY

0.40%

With $0 minimum balance

Minimum Balance

$0

Member FDIC


Why we like it

Ally offers a wide range of CDs, including a decent six-month CD, and has no opening minimum.

Read Full Review

Synchrony Bank CD

Synchrony Bank CD

APY

0.50%

With $2,000 minimum balance

Minimum Balance

$2,000

Member FDIC


Why we like it

Synchrony Bank has a wide range of CDs including a six-month term that has a solid rate.

Read Full Review
TAB Bank CD

TAB Bank CD

3.0

NerdWallet rating 
TAB Bank CD

APY

0.50%

With $1,000 minimum balance

Minimum Balance

$1,000

Member FDIC


Why we like it

TAB Bank is a Utah-based online bank that boasts a competitive rate plus a relatively low minimum to open.

» Want to see more options? Check out our list of the best CD rates overall

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 three banks offer no-penalty CDs:

Best 6-month CD rates:

  • Sallie Mae Bank: 0.50% APY, $2,500 minimum deposit.

  • Live Oak Bank: 0.60% APY, $2,500 minimum deposit.

  • Ally Bank: 0.40% APY, no minimum deposit.

  • Bank5 Connect: 0.45% APY, $500 minimum deposit.

  • TAB Bank: 0.50% APY, $1,000 minimum deposit.

  • HSBC Direct: 0.50% APY, $1,000 minimum deposit.

  • Synchrony Bank: 0.50% APY, $2,000 minimum deposit.

Last updated on September 1, 2020

Methodology

We featured easy-to-join financial institutions that NerdWallet has vetted and reviewed with the highest rates for six-month CDs. Higher rates might be available elsewhere.

To recap our selections...

NerdWallet's Best 6-Month CD Rates September 2020

Frequently asked questions