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7 Best 6-Month CD Rates March 2020

Spencer TierneyMarch 2, 2020

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Summary of Best 6-Month CD Rates March 2020

BankAPYMinimum DepositLearn More
TIAA Bank CD

TIAA Bank CD

1.10%

$5,000

Read review
Popular Direct CD

Popular Direct CD

0.85%

$10,000

Read review
PurePoint® Financial CD

PurePoint® Financial CD

0.75%

$10,000

Read review
Sallie Mae Bank CD

Sallie Mae Bank CD

1.30%

$2,500

Read review
First Tech Federal Credit Union CD

First Tech Federal Credit Union CD

0.75%

$500

Read review
Vio Bank CD

Vio Bank CD

0.80%

$500

Read review
PenFed Credit Union CD

PenFed Credit Union CD

0.85%

$1,000

Read review

TIAA Bank CD

TIAA Bank CD

APY

1.10%

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

Popular Direct CD

Popular Direct CD

APY

0.85%

With $10000 minimum balance

Minimum Balance

$10,000

Member, FDIC


Why we like it

Popular Direct has a steep opening minimum, but its six-month rate may be worth it.

Read Full Review

PurePoint® Financial CD

PurePoint® Financial CD

APY

0.75%

With $10000 minimum balance

Minimum Balance

$10,000

Member, FDIC


Why we like it

PurePoint offers a stellar six-month rate, but its opening minimum is one of the highest.

Read Full Review

Sallie Mae Bank CD

Sallie Mae Bank CD

APY

1.30%

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

First Tech Federal Credit Union CD

First Tech Federal Credit Union CD

APY

0.75%

With $500 minimum balance

Minimum Balance

$500

Member, NCUA


Why we like it

First Tech Federal offers a competitive yield for a six-month term and a low minimum of $500. Membership to the credit union is opened to anyone by paying an $8 fee to become a member of the Financial Fitness Association.

Read Full Review

Vio Bank CD

Vio Bank CD

APY

0.80%

With $500 minimum balance

Minimum Balance

$500

Member, FDIC


Why we like it

Vio Bank, online division of MidFirst Bank, features a strong combination of a high six-month CD rate and a lower minimum than other online banks.

Read Full Review

PenFed Credit Union CD

PenFed Credit Union CD

APY

0.85%

With $1000 minimum balance

Minimum Balance

$1,000

Member, NCUA


Why we like it

Unlike most credit unions, PenFed's membership is open to everyone. Its six-month CD rate is solid and it has a lower minimum deposit than many other financial institutions.

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: 1.30% APY, $2,500 minimum deposit.
  • Vio Bank: 0.80% APY, $500 minimum deposit.
  • Popular Direct: 0.85% APY, $10,000 minimum deposit.
  • PurePoint Financial: 0.75% APY, $10,000 minimum deposit.
  • First Tech Federal Credit Union: 0.75% APY, $500 minimum deposit.
  • TIAA Bank: 1.10% APY, $5,000 minimum deposit.
  • PenFed Credit Union: 0.85% APY, $1,000 minimum deposit.

Last updated on March 2, 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 March 2020

Frequently asked questions

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

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.

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 what CDs can earn with 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. See this month's best six-month CD rates.