BEST OF

11 Best 6-Month CD Rates for February 2023

Spencer Tierney
By Spencer Tierney 

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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.

🤓Nerdy Tip

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

NerdWallet rating 

4.0

/5
Bank5 Connect High-Yield CD

Minimum deposit

$500

Member FDIC

APY

3.80%

NerdWallet rating 

2.5

/5
Bask Bank CD

Minimum deposit

$1,000

Deposits are FDIC Insured

APY

4.45%

NerdWallet rating 

4.5

/5
Vio Bank CD

Minimum deposit

$500

Member FDIC

APY

4.25%

Minimum deposit

$500

Federally insured by NCUA

APY

3.85%

NerdWallet rating 

3.0

/5
CIT Bank CD

Minimum deposit

$1,000

Member FDIC

APY

4.15%

NerdWallet rating 

4.5

/5
TAB Bank CD

Minimum deposit

$1,000

Member FDIC

APY

4.25%

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:

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

Frequently asked questions