The Best Rates on CDs with a Term of Six Months

How much money can you make from a certificate of deposit valid for six months?

If you don't want to put your money away for more than a year, but you still want to earn a little more than you normally would from your bank's savings account, put your money into a certificate of deposit (CD) with a term of six months is a decent choice to consider. The following are the most competitive prices as of the 3rd of June 2022:

The best rates on CDs with a term of six months

Bank or Credit Union	APY	Minimum Deposit	Early Withdrawal Penalty
NASA Federal Credit Union (9-Month)	1.60%	$10,000	All interest earned up to 182 days
TAB Bank (9-Month)	1.55%	$1,000	3 months of interest
Quontic Bank	1.26%	$500	All interest earned
Merrick Bank	1.26%	$25,000	1% of balance
Limelight Bank	1.25%	$1,000	3 months of interest
Live Oak Bank	1.25%	$2,500	3 months of interest
Genisys Credit Union (7-Month)	1.25%	$500	90 days of dividends
Evansville Teachers Federal Credit Union (8-Month)	1.25%	$1,000	3 months of interest with a $50 minimum
Department of Commerce Federal Credit Union (6-Month to 11-Month)	1.24%	$25,000	90 days of dividends
TAB Bank (6-Month)	1.20%	$1,000	3 months of interest
Department of Commerce Federal Credit Union (6-Month to 11-Month)	1.14%	$500	90 days of dividends
Interior Federal Credit Union	1.12%	$500	1 month of interest

The greatest rates on certificates of deposit now offered by some well-known banks and credit unions are listed below.

NASA Federal Credit Union (6-Month and 9-Month)

NASA Federal Credit Union was established in 1949 by active people in the scientific community. If you are a part of the National Space Society, you will be eligible to join the cooperative credit union. You start by filling out an application on their website, and the cost of your membership for the first year will be waived. In addition, members are needed to open a primary savings account with a minimum deposit of five dollars.

TAB Bank (6-Month and 9-Month)

Since 1998, customers have been able to conduct banking business with TAB Bank through the convenience of the internet. In addition to certificates of deposit, it provides access to checking, savings, and money market accounts. Additionally, it can manage business accounts. Customers can manage their accounts via the bank's website or via the mobile app, which is compatible with devices running Android and Apple operating systems.

Quontic Bank

Quontic is a bank that operates primarily through its website and has its headquarters in New York. Although it is based in the New York area and has three locations there, including its headquarters, its primary business is online banking. It began operations in 2005 and, as of December 2020, had accumulated assets worth more than $1.3 billion. Customers can discover traditional alternatives such as checking, savings, money market accounts, an online banking app, and certificates of deposit (CDs). Mortgages are another service that the bank provides.

Merrick Bank

Since its founding in 1997, Merrick Bank has primarily established itself as a significant Visa credit cards issuer as its primary business focus. Various loans are offered by the bank. When it comes to certificates of deposit, maturities might run anywhere from one to even five years.

Limelight Bank

Limelight Bank is the online section of Capital Community Bank, established in 1993, and is a financial organization that the FDIC insures. Limelight Bank has an emphasis on being environmentally responsible and community-oriented. It is a part of its aim to use CD deposits as fuel to fuel loans for national solar product providers to construct additional solar energy projects throughout the country. Despite having its headquarters in Utah, the company welcomes any citizen or resident of the United States who is at least 18 years old to establish an account. One can purchase CDs with maturities of six months, one year, or eighteen months from Limelight Bank.

Live Oak Bank

Since its founding in 2008, Live Oak Bank has been a relatively recent addition to banking. Since then, it has emphasized providing small business loans to enterprises operating in specialized areas, such as veterinary clinics, craft breweries, and solar energy companies. However, it has been expanding into personal banking in recent times, and it currently provides a wide variety of attractive savings options. In addition to an online savings account, you can select certificates of deposit with terms ranging from six months to five years.

Genisys Credit Union (7-Month)

Genisys Credit Union was established in 1936 in Michigan, and it has since grown to possess a total of assets worth $3.8 billion. It offers both traditional banking products and traditional banking accounts online to its more than 200,000 customers. It has 32 branch locations spread out across the states of Michigan, Minnesota, and Pennsylvania. You can join Genisys in one of three ways:

If you live in one of the three states where branches are situated.
If you are connected to a current Genisys member by blood.
If you donate $5 to either the Arthritis Foundation or the Paint Creek Center for the Arts.

Evansville Teachers Federal Credit Union (8-Month)

In 1936, a handful of educators in the Evansville area came together to form the Evansville Teachers Federal Credit Union to combine their funds and provide loans. At the start, there was merely a small field of membership for the credit union, which included the board of education and Evansville College in Evansville. In 1992, the credit union joined with Owensboro Public Schools Federal Credit Union, which allowed it to include other organizations. Its consumer CDs and services include checking, savings, money market accounts, and loans and certificates of deposit, ranging from three months to six years. To join the credit union, you will need to either be related to, or live with, an existing member, or you will need to either work for or become a member of an organization that falls within the credit union's field of membership. For instance, the annual dues for the Mater Dei Friends and Alumni Association (MDFAA) are only $5, allowing anyone to become a member. You will also be required to open a savings account and keep a minimum balance of $5 in it.

Department of Commerce Federal Credit Union (6-Month to 11-Month)

This credit union was formed in 1964. One of its branches is located at the White House and another within the United States Department of Commerce. In addition to that, there is a location in Silver Springs, Maryland. Those individuals who do not currently satisfy these qualifications for qualifying have the opportunity to do so by becoming members of the American Consumer Council.

Interior Federal Credit Union

The Interior Federal Credit Union was founded in 1935 and had its headquarters in the United States Department of the Interior Building in Washington, District of Columbia. Online banking, banking at over 5,500 shared branches across the country, and banking at over 55,000 shared ATM locations are all available to members. Employees employed by the Department of the Interior, one of its bureaus, or one of its contractors are eligible for membership, as are the families of such individuals. Bureaus that fall under the Department of the Interior include the U.S. Fish and Wildlife Service, the National Park Service, the Bureau of Reclamation, the United States Geological Survey, the Bureau of Indian Affairs, the Bureau of Ocean Energy Management Regulation and Enforcement (BOEMRE), the Bureau of Land Management, and the Office of Surface Mining. Additionally eligible for membership are people who work for, volunteer for, or are partners with various organizations. On the Interior Federal Credit Union website, one can get a comprehensive list.

Frequently Asked Questions (FAQs)

What exactly is a six-month CD?

When you purchase a certificate of deposit (CD) for six months, you sign with the financial institution agreeing that you will not add any new money to the account or take any money out of the account during that time period. In most cases, you will still be able to withdraw the money if you need it. In that case, you will be asked to pay a hefty early withdrawal penalty. Your certificate of deposit will typically renew itself once the initial six months have passed. At that point, the money will be transferred to a new certificate of deposit for a period of six months. However, you will be granted a grace period. In the duration of this time, you will be able to access the money at your discretion.

For whom is a six-month CD best suited?

Those who are confident that they won't require the funds while it's locked up are typically suitable candidates for certificates of deposit (CDs). The annual percentage yield (APY) on CDs with a term of six months is often higher than the APY on savings accounts on a national average basis. Because six months is quite a short length of time, this particular sort of certificate of deposit is best suited for individuals who cannot put money away for long periods. You may put it toward saving up for something approaching rapidly in the near future. For instance, you may put the money you save from a six-month CD toward a trip over the summer. If you have faced difficulties with withdrawing money from your savings account way too soon while you're trying to save up, purchasing CDs can be another effective option to put money aside for the future.

What are some alternatives to purchasing a CD for 6 months?

Select a certificate of deposit (CD) with a shorter term if you'd feel more at ease with more regular access to your money. CDs with terms of six months are just one of many different duration possibilities available. Some financial institutions offer CDs with terms of even shorter duration, and numerous financial institutions currently provide CDs with terms of three months. When it comes to CDs with maturities of three years or longer, the longer the term does not always translate to a greater interest rate. However, it is crucial to remember that the interest rate on the CD will generally be lower if the term duration is shorter. Due to this, a lot of individuals choose CDs with longer terms. However, it would be best if you did some research. You always have the option of opening a high-yield savings account if you're not sure if you want to commit to the idea of putting your funds away for good.