Best 6-Month CD Rates for January 2023

Best 6-Month CD Rates for January 2023

Dean Mitchell /

A 6-month certificate of deposit, or CD, can be an excellent vehicle for short-term savings. Unlike in the stock market, your money is safely protected in an FDIC or NCUA-insured account. You also won’t be tempted to withdraw it early, unless you’re willing to pay a penalty.

What Are the Best 6-Month CD Rates?

As of January 2023, the national average rate for 6-month CDs is 0.81% and 0.33% for savings accounts. You can maximize your potential earnings by choosing a CD account that pays more. Here are the best 6-Month CD rates available now.

Financial Institutions With the Highest 6-Month CD Rates

Take a closer look at the financial institutions offering the best annual percentage yields on 6-month CDs.

Marcus by Goldman Sachs

Marcus by Goldman Sachs, Member FDIC, offers the lowest rate on this list, but it’s still well above the national average — and it’s a good option for beginner savers, since you can open an account for as little as $500.

Synchrony Bank

Synchrony allows you to add to the initial deposit within 10 days of opening the account — and you can withdraw earned interest without a penalty.

Vio Bank

Vio Bank compounds interest on its CDs daily, and you can open a CD account online.

CIT Bank

CIT Bank also offers daily compounding interest to boost the account’s earning potential, and you can manage the account through the bank’s mobile app.

Bask Bank

Bask Bank CDs renew automatically at the end of the term, unless you choose to roll the funds into a different account or change the term.

Merrick Bank

Merrick Bank’s 6-month CD requires an exceptionally high opening deposit, but you can choose to have the interest credited to the account or deposited in your checking account each month.

First Internet Bank

First Internet Bank’s 6-month CD is one of the top paying 6-month CDs available now, but make sure you won’t need the money before the term ends. The early withdrawal penalty will take all of the interest it earned.

Popular Direct

Popular Direct pays an impressive APY on a 6-month CD, but the minimum opening deposit is much higher than average. It does offer customer support 24/7.

Live Oak Bank

Live Oak Bank’s 6-month CD offers an APY that’s more than double what you’d get with the bank’s CD accounts with terms of 18 months and longer. It will automatically renew at the current interest rate if you don’t withdraw the funds within 10 days of the maturation date.

Signature Federal Credit Union

Signature Federal Credit Union offers the highest rate available for a 6-month CD. To open an account, you’ll need to meet the credit union’s eligibility requirements, which include employment with the U.S. Postal Service or select other institutions or having immediate family or household members who are already members of the credit union.

6-Month CDs vs. High-Yield Savings Accounts

Putting your money in a CD means you won’t be able to access it without paying a penalty. If you know you’ll need the money before the end of the term, a high-yield savings account may be a better option, since both types of accounts tend to offer higher yields than you find on regular savings accounts.

A 6-month CD has an advantage if you’re saving for a specific purpose, like a vacation or down payment, as long as you can get a higher rate than a high-yield savings account. Investing money in the stock market for such a short period of time may be too risky, and the CD’s withdrawal penalty should make you think twice before you cash it in for an impulse purchase.

How Much Can You Earn on a 6-month CD?

The amount you can earn on a 6-month CD depends on how much you deposit, the APY and how often the interest compounds. For example, if you deposit $1,000 in a 6-month CD with a 4.00% APY that compounds daily, you can earn $20.20 by the end of the term. If the interest compounds monthly, the CD can earn $20.17.

By comparison, depositing $1,000 in a 6-month CD with an APY of 3.75% can yield $18.57. This is still significantly higher than the national average, which would earn just $4.06 during the same term.

Final Take

If you won’t need access to your money for six months, locking in a rate with a 6-month CD may be a smart choice — as long as you meet the financial institution’s requirements to earn the top rate. To maximize your earnings, look for a CD account that pays a higher APY than you’ll find in a high-yield savings account.


  • Who has the highest 6-month CD rates?
    • Signature Federal Credit Union has the highest 6-month CD rate as of January 2023.
    • If you’re related to or live with a current credit union member, work for select organizations or are willing to join through the American Consumer Council, you may be eligible for membership and can open an account.
  • Can you get 6% on a CD?
    • No bank or credit union is currently offering a 6.00% APY on a certificate of deposit. However, you may find a savings account or interest-earning checking account that pays an APY of 6% or more.
  • Who has the highest-paying CD right now?
    • The highest-paying CDs right now are available at credit unions: Pen Air Credit Union, Unify Federal Credit Union and Signature Federal Credit Union.
    • You’ll need to meet the eligibility requirements to join one of these credit unions and get these rates.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 23, 2023.

GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

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