11 Best 6-Month CD Rates for February 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.
So far, the Federal Reserve has continued to raise rates in 2023, which is good news for your bank account. Take advantage of rising rates with one of the accounts below.
Best 6-Month CD Rates
| Bank/institution | NerdWallet rating | Minimum deposit | APY | Learn more |
|---|---|---|---|---|
 Marcus by Goldman Sachs High-Yield CD | $500 Member FDIC | 3.75% | Read review | |
 Synchrony Bank CD | $0 Member FDIC | 3.90% | Read review | |
 Popular Direct CD | $10,000 Member FDIC | 4.50% | Read review | |
 Sallie Mae Bank CD | $2,500 Member FDIC | 3.75% | Read review | |
 Live Oak Bank CD | $2,500 Member FDIC | 4.35% | Read review | |
 Bank5 Connect High-Yield CD | $500 Member FDIC | 3.80% | Read review | |
 Bask Bank CD | $1,000 Deposits are FDIC Insured | 4.45% | Read review | |
 Vio Bank CD | $500 Member FDIC | 4.25% | Read review | |
 Lake Michigan Credit Union Certificate of Deposit | Not yet rated | $500 Federally insured by NCUA | 3.85% | Read review |
 CIT Bank CD | $1,000 Member FDIC | 4.15% | Read review | |
 TAB Bank CD | $1,000 Member FDIC | 4.25% | Read review |
Minimum deposit
$500
Member FDIC
APY
3.80%
Why We Like It
Bank5 Connect provides a range of short-term CDs and its opening minimum of $500 is low.
Minimum deposit
$1,000
Deposits are FDIC Insured
APY
4.45%
Why We Like It
Bask Bank has a competitive yield and a somewhat low minimum opening requirement of $1,000.
Minimum deposit
$500
Member FDIC
APY
4.25%
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.
Minimum deposit
$500
Federally insured by NCUA
APY
3.85%
Why We Like It
Despite its name, Lake Michigan Credit Union provides membership beyond Michigan, including to people who contribute $5 to the ALS Foundation. The credit union’s 6-month share certificate has a competitive yield and a low minimum deposit of $500.
Minimum deposit
$1,000
Member FDIC
APY
4.15%
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.
Minimum deposit
$1,000
Member FDIC
APY
4.25%
Why We Like It
TAB Bank is an online bank with competitive CD yields and a somewhat low minimum of $1,000.
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
Popular Direct: 4.50% APY, $10,000 minimum deposit.
Live Oak Bank: 4.35% APY, $2,500 minimum deposit.
Bask Bank: 4.45% APY, $1,000 minimum deposit.
Vio Bank: 4.25% APY, $500 minimum deposit.
TAB Bank: 4.25% APY, $500 minimum deposit.
CIT Bank: 4.15% APY, $1,000 minimum deposit.
Synchrony Bank: 3.90% APY, no minimum deposit.
Bank5 Connect: 3.80% APY, $500 minimum deposit.
Lake Michigan Credit Union: 3.85% APY, $1,000 minimum deposit.
Sallie Mae Bank: 3.75% APY, $2,500 minimum deposit.
Marcus by Goldman Sachs: 3.75% APY, $500 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).
How do CDs work?
Learn more about the journey of choosing, opening and closing CDs.
For choosing CDs:
For understanding CD rates:
For opening CDs:
For closing CDs:
See CD rates by term and type
Compare the best rates on certificates of deposit for various CD terms and types:
See CD rates by bank
If you want to see CD rates at specific banks, here’s a quick list of both traditional and online banks’ CDs (and one brokerage’s offering):
Last updated on February 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, BMO Harris, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Commerce Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, Fifth Third Bank, First Foundation, First National Bank, First Republic Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, Golden 1 Credit Union, Hope Credit Union, Huntington Bank, Industrial 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, PurePoint Financial, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, Scarlet, SchoolsFirst Federal Credit Union, Security Service 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, TIAA 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 February 2023
- Marcus by Goldman Sachs High-Yield CD: 3.75% APY, $500 Minimum deposit
- Synchrony Bank CD: 3.90% APY, $0 Minimum deposit
- Popular Direct CD: 4.50% APY, $10,000 Minimum deposit
- Sallie Mae Bank CD: 3.75% APY, $2,500 Minimum deposit
- Live Oak Bank CD: 4.35% APY, $2,500 Minimum deposit
- Bank5 Connect High-Yield CD: 3.80% APY, $500 Minimum deposit
- Bask Bank CD: 4.45% APY, $1,000 Minimum deposit
- Vio Bank CD: 4.25% APY, $500 Minimum deposit
- Lake Michigan Credit Union Certificate of Deposit: 3.85% APY, $500 Minimum deposit
- CIT Bank CD: 4.15% APY, $1,000 Minimum deposit
- TAB Bank CD: 4.25% APY, $1,000 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, in a big way. The Federal Reserve has raised its rate multiple times in 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.
