Calendar Template 6 Month

The 12 best 6-month CD rates right now Don’t miss out on the top rates that 6-month CDs are offering today. Getty Images/iStockphoto

Over the last 18 months, the Federal Reserve has raised its benchmark rate 11 times to try and temper stubborn inflation, causing the key rate to land at its highest point in 22 years. That, in turn, has resulted in significantly higher rates on lending products like credit cards, mortgages and personal loans — making it a lot more expensive to borrow money. Just take today’s average 30-year fixed mortgage rate, for example, which now hovers well above 7%. That’s over twice as high as it was in 2020 and 2021.

But while borrowers are paying a lot more in interest these days, savvy savers are using this opportunity to their advantage. After all, the rates on lending products weren’t the only ones to tick upward recently. The APYs on interest-bearing accounts have also increased in recent months, and savers are now raking in the returns on the money they’ve deposited into high-yield savings accounts and certificates of deposit (CDs). 

For example, right now, it’s easy to find CDs offering rates above 4.5%. But if you opt for a shorter-term CD, there may be an opportunity to earn even higher rates. Take 6-month CDs, for example, which currently offer some of the highest rates available, making this a great time to invest in one.  

Start exploring your top CD options here.

The 12 best 6-month CD rates right now

If you’re looking for a 6-month CD with a high APY, the top options include: 

Financial Partners Credit Union — 6.50%: This CD from Financial Partners Credit Union is technically an 8-month CD, not a 6-month CD, but it’s worth including due to the excellent rate it currently offers. This CD requires a minimum deposit of $1,000 and has a maximum deposit amount of $5,000. A penalty of three months’ interest is assessed if you withdraw your money early.TotalDirectBank — 5.76% APY: The 6-month CD from this online-only bank has a minimum deposit requirement of $25,000, which has to be made via ACH — so it may be best for savers who have significant amounts of cash to deposit into a CD. If you withdraw your money early, you’ll pay a penalty worth one month of interest.Credit Human Federal Credit Union — 5.75% APY: This 6-month CD can be opened with a minimum deposit of $500. If you take your money out before the CD matures, though, you’ll pay a penalty of $50 or 9 months of interest, whichever is greater.USAlliance Financial – 5.75% APY: To open this CD, you’ll need to make a minimum deposit of $500. There is also a penalty worth six months of interest if you withdraw your money early.Presidential Bank — 5.75% APY: This CD from Presidential Bank is a 7-month CD, not a 6-month CD, but if you’re comfortable with the idea of leaving your money in the account for an extra month, it may be worth considering due to the high APY it offers. There’s a minimum deposit requirement of $1,000, though, and if you withdraw your money early, you’ll pay a penalty worth six months of interest.Bayer Heritage Federal Credit Union – 5.65% APY: If you have $100 to deposit in a CD, you can open this account with Bayer Heritage FCU. That low minimum deposit requirement makes it more accessible than many other CDs, but note that there’s an early withdrawal penalty of either all earned interest or 2 months of interest on the amount withdrawn, whichever is less. Prime Alliance Bank – 5.55% APY: A minimum deposit of $500 is required to open this CD with Prime Alliance Bank, and while there is an early withdrawal penalty, it’s much lower than many other CDs. You’ll pay a penalty worth one month of interest for withdrawing your money early.Latino Community Credit Union – 5.55% APY: You can open this CD with a minimum deposit of $500, but if you remove your money before the CD has matured, you’ll pay a penalty worth three months of interest. All In Credit Union — 5.54% APY: This CD requires a minimum deposit of $1,000 to open. If you withdraw your money before the maturity date, you’ll owe a penalty worth three months of interest.Popular Direct – 5.51% APY: You’ll need to make a deposit of $10,000 to open this CD with Popular Direct. If you withdraw your money before the 6-month term is up, though, you’ll have to pay four months of interest as a penalty.Bank5 Connect — 5.50% APY: This CD requires a $500 minimum deposit to open. If you opt to withdraw your money before the maturity date, you’ll pay a penalty worth four months of interest.Dow Credit Union – 5.50% APY: You’ll need to make a minimum deposit of $500 to open this CD, and if you withdraw your money early, you’ll pay a penalty worth three months of interest in return.

Learn more about the rates you could earn with today’s top CDs.

The bottom line

If you’re looking for an opportunity to capitalize on today’s high interest rates, a 6-month CD could be a smart option. While long-term CDs typically offer the highest rates, that’s not the case currently. Shorter-term CDs offer some of the top rates available today — and if you opt to deposit your money into one, you’ll get access to your savings, and the interest it earns, in a matter of months. But before you make any decisions, be sure to read the fine print and consider both your short- and long-term financial goals to make sure that the CD you’re choosing is a good fit for your overall financial plan.

MoneyWatch: Managing Your Money More More

Thanks for reading CBS NEWS.

Create your free account or log in for more features.