16 Best 6-Month CD Rates for October 2024
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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
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
The Fed dropped its benchmark rate on Sept. 18, 2024. As a result, banks and credit unions have started lowering CD rates. With a CD, you can lock in high rates while they’re still around.
Best 6-Month CD Rates
| Bank/institution | NerdWallet rating | Minimum deposit | APY | Learn more |
|---|---|---|---|---|
 Alliant Credit Union Certificate Learn more at Alliant Credit Union, Federally insured by NCUA | $1,000 Federally insured by NCUA | APY 4.45% | Learn more at Alliant Credit Union, Federally insured by NCUA | |
 Barclays Online CD | $0 Member FDIC | APY 5.10% | Read review | |
 Marcus by Goldman Sachs High-Yield CD | $500 Member FDIC | APY 4.30% | Read review | |
 Bask Bank CD | $1,000 Member FDIC | APY 4.80% | Read review | |
 Popular Direct CD | $10,000 Member FDIC | APY 4.50% | Read review | |
 Vio Bank CD | $500 Member FDIC | APY 4.70% | Read review | |
 Quontic Bank CD | $500 Member FDIC | APY 4.60% | Read review | |
 BMO Alto Certificate of Deposit | $0 Deposits are FDIC Insured | APY 4.70% | Read review | |
 LendingClub CD | $2,500 Member FDIC | APY 4.80% | Read review | |
 Live Oak Bank CD | $2,500 Member FDIC | APY 4.40% | Read review | |
 Synchrony Bank CD | $0 Member FDIC | APY 4.20% | Read review | |
 Sallie Mae Bank CD | $2,500 Member FDIC | APY 4.25% | Read review | |
 Lake Michigan Credit Union Certificate of Deposit | $500 Federally insured by NCUA | APY 4.55% | Read review | |
 Service Credit Union Share Certificate | $500 Federally insured by NCUA | APY 5.00% | Read review | |
 NASA Federal Credit Union Share Certificate | $1,000 Federally insured by NCUA | APY 4.80% | Read review | |
 First Internet Bank CD | $1,000 Member FDIC | APY 4.35% | Read review |
$1,000
Federally insured by NCUA
4.45%
Why We Like It
Alliant Credit Union has a six-month certificate with a solid rate and a somewhat low minimum of $1,000.
$0
Member FDIC
5.10%
Why We Like It
Barclays has a six-month CD with a strong rate and no minimum deposit requirement.
$500
Member FDIC
4.30%
Why We Like It
Marcus by Goldman Sachs offers a solid six-month rate and a low minimum opening requirement of $500.
$1,000
Member FDIC
4.80%
Why We Like It
Bask Bank has a competitive yield and a somewhat low minimum opening requirement of $1,000.
$500
Member FDIC
4.70%
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
Member FDIC
4.60%
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
Deposits are FDIC Insured
4.70%
Why We Like It
BMO Alto, an online-only division of BMO, offers a competitive six-month CD rate and no minimum requirement.
$2,500
Member FDIC
4.80%
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
Member FDIC
4.40%
Why We Like It
Live Oak Bank offers a highly competitive six-month CD rate. There's a somewhat high minimum.
$0
Member FDIC
4.20%
Why We Like It
Synchrony Bank has a wide range of CDs including a six-month term that has a solid rate.
$2,500
Member FDIC
4.25%
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.
$500
Federally insured by NCUA
4.55%
Why We Like It
Lake Michigan Credit Union offers solid CD rates and has membership available nationwide except for California residents.
$500
Federally insured by NCUA
5.00%
Why We Like It
Service Credit Union offers a six-month certificate with a low opening minimum of $500. Anyone can join by becoming a member of the nonprofit American Consumer Council, with a promo code to bypass the membership fee.
$1,000
Federally insured by NCUA
4.80%
Why We Like It
NASA Federal Credit Union has a competitive yield on its six-month share certificate and a somewhat low minimum deposit requirement of $1,000. Anyone can join by becoming a member of the nonprofit National Space Society.
$1,000
Member FDIC
4.35%
Why We Like It
First Internet Bank, one of the oldest online banks, has a strong rate for its six-month CD term and a somewhat low minimum deposit 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 for October 2024
Vio Bank: 4.70% APY, $500 minimum deposit.
Bask Bank: 4.80% APY, $1,000 minimum deposit.
Popular Direct: 4.50% APY, $10,000 minimum deposit.
Quontic Bank: 4.60% APY, $500 minimum deposit.
BMO Alto: 4.70% APY, no minimum deposit.
LendingClub Bank: 4.80% APY, $2,500 minimum deposit.
Live Oak Bank: 4.40% APY, $2,500 minimum deposit.
Synchrony Bank: 4.20% APY, no minimum deposit.
Marcus by Goldman Sachs: 4.30% APY, $500 minimum deposit.
Sallie Mae Bank: 4.25% APY, $2,500 minimum deposit.
Lake Michigan Credit Union: 4.55% APY, $500 minimum deposit.
Alliant Credit Union: 4.45% APY, $1,000 minimum deposit.
Barclays: 5.10% APY, no minimum deposit.
Service Credit Union: 5.00% APY, $500 minimum deposit.
NASA Federal Credit Union: 4.80% APY, $1,000 minimum deposit.
First Internet Bank: 4.35% APY, $1,000 minimum deposit.
6-month CD trends
NerdWallet picks’ average:
4.71% APY
National average:
1.81%
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 (click each link to read the full review):
Ally Bank® (Member FDIC).
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.
Choosing CDs:
Last updated on September 23, 2024
Methodology
On a monthly basis, we compare rates at over 40 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, 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, Bank5 Connect, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, CFG 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, Customers Bank, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First Internet Bank, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Forbright Bank, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, Jenius Bank, KeyBank, Lake Michigan Credit Union, Laurel Road Bank, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, 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, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo, Western Alliance Bank and Zynlo Bank.
To recap our selections...
NerdWallet's Best 6-Month CD Rates for October 2024
- Alliant Credit Union Certificate: 4.45% APY, $1,000 Minimum deposit
- Barclays Online CD: 5.10% APY, $0 Minimum deposit
- Marcus by Goldman Sachs High-Yield CD: 4.30% APY, $500 Minimum deposit
- Bask Bank CD: 4.80% APY, $1,000 Minimum deposit
- Popular Direct CD: 4.50% APY, $10,000 Minimum deposit
- Vio Bank CD: 4.70% APY, $500 Minimum deposit
- Quontic Bank CD: 4.60% APY, $500 Minimum deposit
- BMO Alto Certificate of Deposit: 4.70% APY, $0 Minimum deposit
- LendingClub CD: 4.80% APY, $2,500 Minimum deposit
- Live Oak Bank CD: 4.40% APY, $2,500 Minimum deposit
- Synchrony Bank CD: 4.20% APY, $0 Minimum deposit
- Sallie Mae Bank CD: 4.25% APY, $2,500 Minimum deposit
- Lake Michigan Credit Union Certificate of Deposit: 4.55% APY, $500 Minimum deposit
- Service Credit Union Share Certificate: 5.00% APY, $500 Minimum deposit
- NASA Federal Credit Union Share Certificate: 4.80% APY, $1,000 Minimum deposit
- First Internet Bank CD: 4.35% 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.
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.