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5 Best 6-Month CD Rates July 2020

Spencer TierneyJuly 1, 2020

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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 July 2020

BankNerdWallet Rating APYMinimum DepositLearn More
BMO Harris Bank CD

BMO Harris Bank CD

0.70%

$5,000

Read review
TIAA Bank CD

TIAA Bank CD

0.75%

$5,000

Read review
Sallie Mae Bank CD

Sallie Mae Bank CD

0.75%

$2,500

Read review
Live Oak Bank CD

Live Oak Bank CD

3.5

/5

0.70%

$2,500

Bank5 Connect CD

Bank5 Connect CD

0.75%

$500

Read review

BMO Harris Bank CD

BMO Harris Bank CD

APY

0.70%

With $5000 minimum balance

Minimum Balance

$5,000

Member FDIC


Why we like it

BMO Harris's 6-month online CD has different rates based on what minimum deposit you select. The rate paired with a $5,000 minimum is competitive. However, the offering isn't available if you're a resident of the following states: Arizona, Illinois, Indiana, Kansas, Minnesota, Missouri or Wisconsin.

Read Full Review

TIAA Bank CD

TIAA Bank CD

APY

0.75%

With $5000 minimum balance

Minimum Balance

$5,000

Member FDIC


Why we like it

The online bank has solid rates for short- and long-term CDs, though it requires a high opening minimum.

Read Full Review

Sallie Mae Bank CD

Sallie Mae Bank CD

APY

0.75%

With $2500 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

3.5

NerdWallet rating 
Live Oak Bank CD

APY

0.70%

With $2500 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 CD

Bank5 Connect CD

APY

0.75%

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

» 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: 0.75% APY, $2,500 minimum deposit.

  • Live Oak Bank: 0.70% APY, $2,500 minimum deposit.

  • BMO Harris: 0.70% APY, $5,000 minimum deposit.

  • Bank5 Connect: 0.75% APY, $500 minimum deposit.

  • TIAA Bank: 0.75% APY, $5,000 minimum deposit.

Last updated on July 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 July 2020

Frequently asked questions