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8 Best 6-Month CD Rates for July 2022

Jul 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.

Best 6-Month CD Rates

Live Oak Bank CD

4.0

NerdWallet rating 
Live Oak Bank CD

Minimum deposit

$2,500

Member FDIC

APY

1.10%

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

1.26%
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.

Read Full Review

Synchrony Bank CD

5.0

NerdWallet rating 
Synchrony Bank CD

Minimum deposit

$0

Member FDIC

APY

1.05%

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

4.5

NerdWallet rating 
TAB Bank CD

Minimum deposit

$1,000

Member FDIC

APY

1.20%

Why we like it

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

Read Full Review

TIAA Bank Basic CD

5.0

NerdWallet rating 
TIAA Bank Basic CD

Minimum deposit

$1,000

Member FDIC

APY

1.10%

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

Marcus by Goldman Sachs High-Yield CD

5.0

NerdWallet rating 
Marcus by Goldman Sachs High-Yield CD

Minimum deposit

$500

Member FDIC

APY

1.05%

Why we like it

Marcus by Goldman Sachs offers a solid six-month rate and a low minimum opening requirement of $500.

Read Full Review

Popular Direct CD

4.5

NerdWallet rating 
Popular Direct CD

Minimum deposit

$10,000

Member FDIC

APY

1.10%

Why we like it

Online bank Popular Direct has a strong rate on its six-month CD rate, but its opening minimum of $10,000 is hefty.

Read Full Review

Sallie Mae Bank CD

4.5

NerdWallet rating 
Sallie Mae Bank CD

Minimum deposit

$2,500

Member FDIC

APY

1.50%

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

» 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: 1.50% APY, $2,500 minimum deposit.

  • Quontic Bank: 1.26% APY, $500 minimum deposit.

  • TAB Bank: 1.20% APY, $1,000 minimum deposit.

  • TIAA Bank: 1.10% APY, $1,000 minimum deposit.

  • Live Oak Bank: 1.10% APY, $2,500 minimum deposit.

  • Popular Direct: 1.10% APY, $10,000 minimum deposit.

  • Synchrony Bank: 1.05% APY, no minimum deposit.

  • Marcus by Goldman Sachs: 1.05% APY, $500 minimum deposit.

Last updated on July 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 July 2022

Frequently asked questions