BEST OF
7 Best 6-Month CD Rates July 2021
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.
» Want to see a wider pool of high rates? See our list of the 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.
» Want to see a wider pool of high rates? See our list of the best high-interest accounts
Summary of Best 6-Month CD Rates July 2021
| Bank/Institution | NerdWallet Rating | Minimum Balance | APY | Learn More |
|---|---|---|---|---|
 Quontic Bank CD Learn more at Quontic Bank, Member FDIC | $500 Member FDIC | 0.55% With $500 minimum balance | Learn more at Quontic Bank, Member FDIC | |
 Bank5 Connect High-Yield CD | $500 Member FDIC | 0.35% With $500 minimum balance | Read review | |
 TAB Bank CD | $1,000 Member FDIC | 0.40% With $1,000 minimum balance | Read review | |
 Consumers Credit Union CD | $250 Federally insured by the NCUA | 0.40% With $250 minimum balance | Read review | |
 CIT Bank CD | $1,000 Member FDIC | 0.30% With $1,000 minimum balance | Read review | |
 TIAA Bank Basic CD | $1,000 Member FDIC | 0.40% With $1,000 minimum balance | Read review | |
 Sallie Mae Bank CD | $2,500 Member FDIC | 0.30% With $2,500 minimum balance | Read review |
at Quontic Bank, Member FDIC
Quontic Bank CD
Minimum Balance
Member FDIC
APY
With $500 minimum balance
at Quontic Bank, Member FDIC
Bank5 Connect High-Yield CD
Minimum Balance
Member FDIC
APY
With $500 minimum balance
TAB Bank CD
Minimum Balance
Member FDIC
APY
With $1,000 minimum balance
Consumers Credit Union CD
Minimum Balance
Federally insured by the NCUA
APY
With $250 minimum balance
CIT Bank CD
Minimum Balance
Member FDIC
APY
With $1,000 minimum balance
TIAA Bank Basic CD
Minimum Balance
Member FDIC
APY
With $1,000 minimum balance
Sallie Mae Bank CD
Minimum Balance
Member FDIC
APY
With $2,500 minimum balance
» 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:
Marcus by Goldman Sachs Bank (read NerdWallet's full review)
CIT Bank (read NerdWallet's full review)
Ally Bank (read NerdWallet's full review)
Best 6-month CD rates:
Quontic Bank: 0.55% APY, $500 minimum deposit.
Consumers Credit Union: 0.40% APY, $250 minimum deposit.
TAB Bank: 0.40% APY, $1,000 minimum deposit.
TIAA Bank: 0.40% APY, $1,000 minimum deposit.
Bank5 Connect: 0.35% APY, $500 minimum deposit.
CIT Bank: 0.30% APY, $1,000 minimum deposit.
Sallie Mae Bank: 0.30% APY, $2,500 minimum deposit.
Last updated on July 1, 2021
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 2021
- Quontic Bank CD: 0.55% APY, $500 Minimum Balance
- Bank5 Connect High-Yield CD: 0.35% APY, $500 Minimum Balance
- TAB Bank CD: 0.40% APY, $1,000 Minimum Balance
- Consumers Credit Union CD: 0.40% APY, $250 Minimum Balance
- CIT Bank CD: 0.30% APY, $1,000 Minimum Balance
- TIAA Bank Basic CD: 0.40% APY, $1,000 Minimum Balance
- Sallie Mae Bank CD: 0.30% APY, $2,500 Minimum Balance
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.
No. The Federal Reserve cut rates in March 2020, which encouraged banks and credit unions to lower their CD rates. Rates are likely to continue falling before they go up again. For more context, 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 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.
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.
