The best 6-month CD rates for September 2022

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A 6-month CD can be purchased. CDs for short-termThis allows you to maintain a fixed interest for a limited time. If you aren’t comfortable spending your money for longer than six months, this may be a good option.

These are our top choices for CDs that last 6 months.

CD rates for 6-months at the biggest US banks

According to the APY Index, the average national APY for a 6-month CD was 0.34% as of September 2022. FDIC.

It may be beneficial to bank with a company that you are familiar with. These are some rates that you can expect to earn on a 6-month CD from some of the most well-known institutions.

It is unique:Ally allows you open a CD for $0 and you will earn a great rate of interest. Ally CDs have a lower early withdrawal penalty that some of our top picks. 

For a 6-month CD, interest: 1.75% APR

6-month CD early withdrawal penalty 60-day interest

You need to be aware of these things:Ally does not have physical branches. You will have to be comfortable banking online only. Higher interest rates may be offered by other financial institutions.

It is unique:Capital One offers a competitive interest rate on 6-month CDs. You don’t need to make a minimum deposit. 

6-month CD early withdrawal penaltySimple interest for 90 days

For a 6-month CD, interest: 1.65% APY

You need to be aware of these things:Your banking experience will vary depending on where your live. There are branches of the bank in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, Washington, DC, and Louisiana. Your banking experience can be done online if you do not live in any of these locations.

It stands out because:First Internet Bank of Indiana offers 6-month CDs at a great rate. And contrary to what its name might lead you to believe this bank is only available to residents of all 50 states.

For a 6-month CD, interest: 2.02% APY

6-month CD early withdrawal penaltyInterest for 180 days

You need to be aware of these things:First Internet Bank of Indiana compounded your interest monthly and not daily. This will depend on how much money you have in your CD. It is possible to find a bank that charges less early withdrawals from 6-month CDs.

It stands out because:Synchrony offers CDs at higher interest rates than other financial institutions.

For a 6-month CD, interest: 2% APY

6-month CD early withdrawal penalty 90-day interest

You need to be aware of these things:Synchrony, an online-only institution is not allowed to have branches. 

It stands out because:TAB Bank has excellent rates. You get to choose how you receive your interest — keep it in your CD, receive a check, or transfer the money to another TAB bank account.

For a 6-month CD, interest:2.69% Annual Percentage Yield

6-month CD early withdrawal penaltyInterest for 90 days

You need to be aware of these things: TAB Bank does not have an ATM network. TAB will charge a $1 inquiry fee and a $2 withdrawal fee if you use an ATM provided by an outside provider. You might consider opening multiple types bank accounts.

It is unique:Marcus requires only $500 upfront to open a CD. Most banks require at least $1,000. Marcus, however, is not required. Marcus offers a 6-month CD with a good interest rate. 

For a 6-month CD, interest:2.00% APY

6-month CD early withdrawal penaltyInterest for 90 days

You need to be aware of these things: Marcus is an internet-only bank. This means that you might not be able access to your account quickly.

It stands out because:Bethpage’s $50 minimum to open a CD is lower than most banks or credit unions. A competitive interest rate will also be offered to you.

For a 6-month CD, interest: 1.75% APR

6-month CD early withdrawal penaltyInterest for 90 days

You need to be aware of these things: A member is required to open an account with a credit union. Bethpage Federal Credit Union requires that you open a savings account of at least $5. You might also consider the following options if you are only looking to get a CD.

What were other CDs that didn’t make it?

• Nationwide CDDespite having a low minimum deposit, Nationwide CDs offer higher interest rates. However, our top choices pay higher interest rates.
• Quontic Certificate Of DepositQuontic’s 6-month CD has a great interest rate, but our top picks have lower early withdraw penalties or higher interest rates.
• TIAA Basic Certificate Of DepositTIAA offers CDs with solid interest rates, but our top choices have higher rates and smaller opening deposits.
• Citi Fixed Rate Deposit CertificatesCiti pays offers good rates but our top picks offer higher interest rates.
• Bank5Connect High-Yield Certificate for DepositBank5 Connect allows you to open CDs with at minimum $500. However, the 6-month CD isn’t as competitive as long-term CDs.
• Standard Certificate from Navy Federal Credit UnionNavy Federal Credit Union offers solid interest rates. However, our top picks have much higher rates.
• NBKC CDNBKC offers competitive interest rate on long-term CDs. However, its short-term CDs don’t offer the same strong rates. 
• Live Oak Bank CDLive Oak Bank offers a competitive rate of interest, but you’ll need to deposit $2,500 minimum. 
• Sallie Mae Certificate Of DepositSallie Mae offers a strong interest rate. However, you will need to make a minimum $2,500 deposit. 
• Find CDThe long-term interest rates at Discover are competitive, but the short-term CDs have lower rates. To get a CD, you will also need $2,500.
• Pentagon Federal Credit Union Money Market CertificateThe interest rate at Pentagon Federal Credit Union is competitive, but early withdrawal penalties are higher than our top picks. 
• Popular Direct CDPopular Direct offers great rates for long-term CDs but not as strong for short-term CDs. To open a CD, you’ll need at least $10,000.
• Charles Schwab Bank Certificate Of DepositCharles Schwab has broker CDs. This means that Charles Schwab does not actually own the CD. Charles Schwab is a middleman between you and the bank who owns the CD. You may prefer to open a CD directly with your bank depending on the way it works.
• American Express CDAmerican Express has a great interest rate. However, our top picks have even better rates.
• BMO Harris CDBMO Harris requires that a minimum deposit of $1,000-$5,000 be made before a CD can be opened. 
• CIT Bank Certificate of Deposits – CD: Higher interest rates are offered by other institutions on our list.

Which bank is most reliable?

We have compared the financial institutions’ websites. Better Business Bureau score. BBB grade businesses on the basis of customer complaints, transparency and honesty about business practices, as well as responses to customer questions. Here’s each company’s score

Capital One doesn’t currently have a rating as its profile is still being updated. Ally was given a C- because of the high volume of customer complaints against it and the 3 unresolved ones. 

Capital One is our only list member that has been involved with a recent public controversy.

2020 The Office of the Comptroller of Currency demanded Capital One in order to pay $80 Million in a Settlement that said the bank had inefficient security practices, which comprised personal information of bank credit cardholders.

Our recommendations are sound and trustworthy.

Personal Finance Insider’s mission to help smart people make better financial decisions is our goal. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print between different products so that you don’t have to.

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