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6% CD Rates: Where To Get Them and What You Need To Know

  • It’s possible to get a 6% certificate of deposit, but currently, they’re only offered by credit unions, not banks.
  • Pros of a 6% CD include locked-in interest rates and a relatively high rate of return.
  • Cons of a CD include required membership of a credit union and the inability to access funds before CD maturity without incurring penalties.
  • These institutions currently offering high-yield CDs are Gainbridge, Financial Partners Credit Union, Empower Federal Credit Union and California Coast Credit Union.
  • Alternatives to 6% CD rates include 5% CDs offered by online banks as well as high-yield savings accounts and money market accounts.

When it comes to making the most of your money, interest rates matter. That’s true of bank accounts but also of other investments, including certificates of deposits. Often, rates for CDs hover around the low single digits — between 2.00 and 3.00% APY. But better rates are on the horizon.

Can you get 6% on a CD? It turns out these far higher-than-average rates are possible, but you may have to do a little digging and paperwork to get them.

In this comprehensive guide to 6% CD rates, we’ll touch on important topics like:

  • Can you get 6% on a CD?
  • Pros and cons of a 6% CD
  • Which banks offer 6% CDs?

Our top picks for cd rates

Can you get 6% on a CD?

It is possible to get a 6% certificate of deposit, but these sought-after savings rates won’t be available at every bank. In fact, no banks currently offer a 6% CD. However, several credit unions advertise 6% interest rates on certificates of deposit.

Keep in mind that even if you find a credit union that offers CDs with a high rate of return, you’ll still need to meet eligibility requirements to join the credit union itself. Many of those institutions reserve membership for applicants who work with a specific employer, live in a specific area or tick a certain box (i.e., they’re a military vet or attend a local college).

Even as a credit union member, you may need to meet additional conditions to earn the 6% rate, such as:

Some rates are considered promotional and only offered to new members.

If you aren’t eligible to join a credit union that offers a 6% CD rate, all is not lost. Some of the best CDs offer a 5% rate of return, and that’s still a very respectable ROI.

Pros and cons of a 6% CD

Recently, the FDIC put the national average interest rate of a 12-month CD at 1.81%. That makes 6% CD rates extremely favorable. 

Before you put your savings into a new CD, you should know the pros and cons of this very tempting savings option.

  • 6% CD rates are higher than the 5% CD rate offered by banks
  • 6% is much higher than the national average rate for a 12-month CD of just 1.81%
  • CD funds are protected by the National Credit Union Administration for up to $250,000 (similar to FDIC protection available for bank deposits)
  • Certificates of deposit are a fairly low-risk investment, with rates locked in and your funds less vulnerable to market shifts
  • All current 6% CDs are offered by credit unions, which require membership
  • You may have to meet other requirements to qualify for a top-tier 6% rate
  • Money put into a CD is locked in for the duration of the CD’s term
  • There may be penalties for withdrawing money from your CD before it matures

How to get 6% on a CD

Once you know you can get 6% on a CD, you must figure out where and how to snag that premium rate. In most cases, this will involve going to a credit union, not a bank. 

If you’re set on finding a 6% CD, you’ll need to start by exploring credit unions with membership guidelines that match your personal demographics. Some credit unions will look at where you live, where you work or if you belong to a certain group, such as a local church or labor union. 

Once you find a credit union you can qualify for, go ahead and send in your application. Then, you just need to open the CD itself.

Before you decide which credit union to join, look at the specific characteristics of available 6% CDs. In particular, compare these details:

Which banks offer 6% CDs?

Currently, no banks are offering 6% CDs, but some credit unions have 6% CD rates.

Financial Partners Credit Union

With over eight decades of service and some $2 billion in assets, Financial Partners Credit Union is a solid institution trusted by 85,000 members. 

To get its 6.00% APY CD offering, you must:

*New members who open an eight-month regular share CD with the maximum deposit allowed of $5,000 may be eligible for an extra-premium rate of 6.50% APY.

Empower Federal Credit Union

Empower Federal Credit Union serves members living in any of the eight covered counties in New York, with a concentration on the central part of the state. To be approved, applicants must also be current or retired employees of an EFCU-associated company or closely related to an existing credit union member.

Once you’re a member, you can open a 6.00% APY CD subject to the following terms:

California Coast Credit Union

California Coast Credit Union is celebrating its 95th anniversary in 2024. As part of the festivities, the institution is offering a special celebration certificate investment with a whopping 9.50% APY. 

This is a limited-time offer, and investors must meet these requirements:

Alternatives to 6% CDs

One important thing to note is that CDs with 5% and 6% rates are usually limited to short-terms like three-month CDs or six-month CDs. And those rates could disappear altogether once your CD has matured. Whether you’re looking for noncredit union investment options today or want to put a plan in place in case 6% CD rates dry up down the road, these alternatives may be just the ticket.

5% CDs

While 6% CDs are still relatively hard to find, 5% CDs are far more prevalent, especially at credit unions and online-only banks. This 1% dip in interest isn’t desirable, but neither is it a total disappointment. It’s still well above the national average 12-month CD interest rate of 1.81%, and it’s comparable to or slightly higher than many interest rates tied to money market and high-yield savings accounts.

Here are some examples of financial institutions offering CDs with a minimum of 5.00% APY:

High-yield savings accounts

High-yield savings accounts pay out higher-than-average interest rates. This often tiptoes into 4.00% APY or higher, with some online banks offering APY of over 5.00%. These rates line up with many of the advertised interest rates for CDs, but the two investment options have very different terms.

While a certificate of deposit is a termed account, meaning you’re essentially locking up your money for the duration of the investment, savings accounts offer more accessibility. You can make regular deposits and withdrawals without penalty, though you may be assessed fees if you exceed your institution’s monthly or yearly transaction limit.

Another difference between CDs and savings accounts is how stable your interest rate is. The interest rate you’re given when you open a CD will remain the same until the investment matures. However, saving accounts with variable APY might have interest rates that go up or down depending on the market.

Here are some of the best high-yield savings accounts of 2024:

Money markets

Money market accounts combine the best aspects of checking and savings accounts. You’re free to make transactions, and you’ll usually get a debit card to use at ATMs and for point-of-service purchases. But there may be transaction limits you’ll need to abide by in exchange for interest rates that are significantly higher than you’d get with a regular checking or savings account.

The biggest advantage of an MMA over a CD is freedom. You can access your money and add to the account at will. But CDs have those locked-in interest rates and typically offer higher APY than you’d get with an MMA.

Here are some examples of MMA account rates as of May 2024:

FAQ: 6% CD rates

What bank is paying 6% on CDs?

At present, no banks are paying 6% APY on a certificate of deposit. However, you can find some credit unions offering 6% CD rates.

You can also get 5% CD rates at some banks or use alternative savings approaches, such as a high-yield savings account or money market account, to maximize the return on your investment.

What are the eligibility requirements for a 6% CD?

Eligibility requirements for a 6% CD differ depending on the institution. Currently, all 6% CD offers are attached to credit unions, so you’ll need to become a member of that credit union to make a deposit. You may also have to meet other guidelines, such as making a minimum deposit or agreeing to a shorter CD term.

Are there early withdrawal penalties with a 6% CD?

All certificates of deposit are considered locked investments, meaning there’s a penalty for withdrawing funds before the investment matures. The amount of that penalty can range significantly. 

The minimum penalty amount is set by the federal government, but there’s no maximum penalty, meaning each institution can set top fees at whatever rate it wishes. Some banks offer no-penalty CDs, but currently, no penalty-free CDs have a 6% interest rate.

What is the highest-paying CD right now?

The highest-paying CD rate right now can be found at California Coast Credit Union. To celebrate its 95th year in business, CCCU is offering a 9.50% APY celebration certificate. This CD is only available for a five-month term, deposits must be between $500 and $3,000, and you must deposit new money (no account transfers) to open the CD.

Financial Partners Credit Union also has a favorable eight-month CD rate of 6.00% APY available to members who meet certain requirements.

Is a 6% CD worth it?

6% CD rates are quite advantageous, especially considering the national average interest rate on a 12-month CD is around 1.81%. You’d be stacking up more than triple the interest you’d earn on a standard account with an average APY. 

The potential downsides of a 6% CD include required membership to an associated credit union and the inability to withdraw deposited funds without penalty until the CD matures.

About the Author

Alana Luna (Musselman)
Alana Luna (Musselman) Writer & Content Strategist

Alana Luna (Musselman) is a versatile storyteller with over a decade of writing experience. She is passionate about helping people build their business through unique and engaging content.

Some examples of her current freelance projects include building content strategies for small businesses, completing industry research to build case studies, crafting buyer guides and more.

She has a passion and keen ability to simplify complex ideas through storytelling to make it easier for readers to understand hard-to-digest information. To accomplish this, Alana’s writing holds strong three principles – content that educates, engages and entertains.