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7 Best 6-Month CD Rates for May 2022

May 1, 2022

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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.

Live Oak Bank CD

4.0

NerdWallet rating 
Live Oak Bank CD

Minimum deposit

$2,500

Member FDIC

APY

1.25%

Why we like it

Live Oak Bank offers a highly competitive six-month CD rate. There's a somewhat high minimum.

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Quontic Bank CD
Learn more

at Quontic Bank, Member FDIC

Quontic Bank CD

5.0

NerdWallet rating 
Quontic Bank CD

Minimum deposit

$500

Member FDIC

APY

0.95%
Learn more

at Quontic Bank, Member FDIC


Why we like it

Quontic Bank is a digital bank with a low minimum and competitive rate on its six-month CD.

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PenFed Credit Union Money Market Certificate

5.0

NerdWallet rating 
PenFed Credit Union Money Market Certificate

Minimum deposit

$1,000

Federally insured by the NCUA

APY

0.65%

Why we like it

Pentagon Federal Credit Union offers nationwide membership, and its money market certificates, its CD equivalent, have a relatively low minimum and solid rates, including for its six-month term.

Federally insured by NCUA.

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Capital One 360 CD

2.5

NerdWallet rating 
Capital One 360 CD

Minimum deposit

$0

Member FDIC

APY

0.60%

Why we like it

Capital One has a competitive 6-month CD rate and no minimum to open.

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Synchrony Bank CD

5.0

NerdWallet rating 
Synchrony Bank CD

Minimum deposit

$0

Member FDIC

APY

0.75%

Why we like it

Synchrony Bank has a wide range of CDs including a six-month term that has a solid rate.

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TAB Bank CD

5.0

NerdWallet rating 
TAB Bank CD

Minimum deposit

$1,000

Member FDIC

APY

0.75%

Why we like it

TAB Bank is a Utah-based online bank that boasts a competitive rate plus a relatively low minimum to open.

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TIAA Bank Basic CD

5.0

NerdWallet rating 
TIAA Bank Basic CD

Minimum deposit

$1,000

Member FDIC

APY

0.65%

Why we like it

The online bank has solid rates for short- and long-term CDs, and a somewhat low minimum compared to other online banks.

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:

  • Live Oak Bank: 1.25% APY, $2,500 minimum deposit.

  • Quontic Bank: 0.95% APY, $500 minimum deposit.

  • Synchrony Bank: 0.75% APY, no minimum deposit.

  • Pentagon Federal Credit Union: 0.65% APY, $1,000 minimum deposit.

  • TAB Bank: 0.75% APY, $1,000 minimum deposit.

  • TIAA Bank: 0.65% APY, $1,000 minimum deposit.

Last updated on May 1, 2022

Methodology

On a monthly basis, we compare rates at over 20 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 80 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.

To recap our selections...

NerdWallet's Best 6-Month CD Rates for May 2022

Frequently asked questions