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Best 6-Month CD Rates for June 2024: Up to 5.15%

  • Six-month CDs offer higher interest rates than traditional savings accounts, but your money is accessible in the near future, unlike longer-term CDs.
  • Be certain you won’t need the money before the CD term ends, or you might face a penalty that could offset any interest earned.
  • When calculating APY on a six-month CD, you’re only entitled to half of that annual return.
  • BMO Alto delivers the best six-month CD rate.
  • Barclays and Quontic are also excellent choices, offering high APYs and daily compounding.
  • Featured CDs:

Looking to boost your savings and get more money to put toward a vacation or deposit? A six-month CD could be the solution. 

With so many banks and rates out there, finding the best six-month CD rates can feel like an almighty task. 

In this guide, we break down everything you need to know about six-month CDs, including:

  • How six-month CDs work and their benefits 
  • Top banks with competitive CD rates 
  • Factors to consider when choosing the right CD

Our top picks for cd rates

Our top picks for the best 6-month CDs

Bank APY Min deposit Compounding frequency
Barclays 5.00% $0 Daily
BMO Alto 5.15% $0 Monthly
Marcus 4.80% $500 Daily
PenFed 3.00% $1,000 Daily
Quontic 5.05% $500 Daily
Sallie Mae 4.80% $2,800 Daily
Synchrony 4.80% $0 Daily


Why we like it

Barclays’ six-month CD can help you increase your savings without committing over a long period. High APY, zero minimum deposit and daily compounding interest make it a stellar choice. 

For example, if you set $1,500 aside for a vacation to Sicily, Barclays’ six-month CD helps you earn $37.50 extra.

Barclays 6-month CD: An overview

APY Minimum deposit Compounding frequency
5% $0 Daily

*Figures are correct as of May 2024.

BMO Alto

Why we like it

BMO Alto delivers the best six-month CD interest rate, accelerating your short-term savings growth. With no minimum deposit requirement and a high APY, it’s an excellent choice for savers at any level. 

Let’s say you have $3,000 to put toward a car, and it’ll take several months to save up for the full deposit. A BMO Alto six-month CD would grow those existing funds a bit faster in the meantime. You’d earn approximately $75 in interest-free money off your new car.

BMO Alto 6-month CD: An overview

APY Minimum deposit Compounding frequency
5.15% $0 Monthly

*Figures are correct as of May 2024.


Why we like it

Marcus by Goldman Sachs provides a reputable option for savers seeking a competitive return on a six-month CD. A unique advantage of a Marcus CD is its rate guarantee. Even if interest rates dip before your CD matures, you’re assured of earning the APY you were offered at the time of opening. 

Perhaps you got a tax refund that you want to earn interest on but will need it in half a year. A Marcus six-month CD could be a reasonable fit.

Marcus 6-month CD: An overview

APY Minimum deposit Compounding frequency
4.80% $500 Daily

*Figures are correct as of May 2024.


Why we like it

While PenFed’s six-month Money Market Certificate APY isn’t the highest on the market, it comes with the stability of partnering with a credit union. If you’re a member or qualifying member with at least $1,000 to deposit, it’s worth considering. 

For instance, you might plan to repaint a few rooms and upgrade your bathroom fixtures. If you have $2,000 earmarked for renovations, putting it into a PenFed six-month Money Market Certificate would yield around $30 in interest while your vision takes shape. 

PenFed 6-month CD: An overview

APY Minimum deposit Compounding frequency
3.00% $1,000 Simple interest (calculated daily, paid at maturity)

*Figures are correct as of May 2024.


Why we like it

Quontic Bank has a relatively low minimum deposit requirement, making it accessible to savers at various levels. Thanks to its high APY and daily compounding interest, Quontic is one of the best options for making your funds work harder for you.

For example, say you’ve already saved $5,000 for a sleek new kitchen you’ll add at the end of the year. You could earn an extra $127 or so in interest over six months. That boost would be enough to cover the cost of a trendy new faucet.

Quontic 6-month CD: An overview

APY Minimum deposit Compounding frequency
5.05% $500 Daily

*Figures are correct as of May 2024.

Sallie Mae

Why we like it

Sallie Mae’s minimum deposit requirement is higher than other banks we’ve looked at, but its six-month CD rate is lower. If you already have an account and feel comfortable using Sallie Mae’s products, it’s a logical choice.

Let’s say you land a new job as a graphic designer in Los Angeles and plan to relocate within the next few months. Putting $8,000 in a Sallie Mae six-month CD would boost those funds by $192 over six months. 

Sallie Mae 6-month CD: An overview

APY Minimum deposit Compounding frequency
4.80% $2,500 Daily

*Figures are correct as of May 2024.


Why we like it

If you want to make the most of your savings over six months, Synchrony’s CD is a clever way to invest short-term. There’s no minimum deposit, and the APY is about average compared to the other six-month CDs we’ve featured on this list. 

Maybe you’re planning a big trip for your anniversary, and you’ve budgeted $5,000 for travel costs. A Synchrony six-month CD would bump up your final balance. With its current interest rate, you’d earn around $120 in interest over six months.

Synchrony 6-month CD: An overview

APY Minimum deposit Compounding frequency
4.80% $0 Daily

*Figures are correct as of May 2024.

What is a 6-month CD?

A six-month CD is a type of savings account that helps your money grow faster without tying it up for years. However, there’s a catch. You can’t touch that money for six months. In exchange for your patience, the best CDs reward you with a higher interest rate than you would typically get from a regular savings account. 

Who benefits most from a six-month CD?

How do 6-month CD rates work?

Let’s demystify how a CD impacts your hard-earned money:

Withdrawing funds before the maturity date usually comes with a penalty from the bank. These penalties will offset some or all of the interest earned, so be very careful. A six-month CD is best suited for money you’re confident you won’t need within that time frame.

6-month CD rates today

Past interest rate hikes from the Federal Reserve led to higher CD rates, but recent stabilization could see CD rates drop in the coming months. In a poll of 100 economists by Reuters, the majority said the Fed will wait until September 2024 to cut interest rates, which have held steady at 5.25% and 5.50% for a while. 

As such, now’s the time to lock in high CD yields. If the Fed cuts interest rates, CD rates will likely follow. Unless your CD has a fixed APY, your CD’s interest rate will drop. If banks earn less interest on loans, they’ll have less money to reward savers via high-yield accounts such as CDs. 

Pros and cons of 6-month CDs

Considering a 6-month CD? Here’s a Breakdown of the pros and cons.

  • Guaranteed return on your investment for the term
  • Low risk of losing money compared to stocks
  • Potentially higher interest rates than a traditional savings account
  • Less restrictive than longer-term CDs
  • Lower interest rates than longer-term CDs and savings accounts
  • Limited access to your money until the term ends
  • Potential for interest rates to decrease during the six months

How much can you earn with a 6-month CD? 

APY can be somewhat misleading when it comes to CDs with terms shorter than a year. Keep in mind, APY is an annual percentage, and you’re looking at a six-month investment. 

Here’s a quick guide to what would accrue if you invested $3,000 over six months with our banks’ CDs:

Bank Name APY 6-month CD earnings on $3,000
Barclays 5% $75.00
BMO Alto 5.15% $77.25
Marcus 4.8% $72.00
PenFed 3% $45.00
Quontic 5.05% $75.75
Sallie Mae 4.8% $72.00
Synchrony 4.8% $72.00

*Figures are correct as of May 2024.

How to choose the best 6-month CD rates

Choosing the right six-month CD can be a smart way to grow your savings while keeping money accessible in the near future. Here are the most important factors to look at when comparing different options. 


APY is the interest rate you’ll earn over a full year, expressed as a percentage. It’s essentially the growth rate of your savings in the CD. There’s a catch with six-month CDs, though. Unlike one-year CDs, as your money is locked up for half a year, you only earn half of the advertised APY.

For example, Barclays CD offers a 5% APY on a six-month CD. Over those six months, you’d actually earn around 2.5% interest on your deposit.

Early withdrawal penalty

An early withdrawal penalty is a fee your bank charges if you withdraw your money from the CD before the maturity date of six months. Penalties vary, but they always offset any interest you earn, so avoiding them is paramount.

Imagine you open a six-month CD with a $1,000 deposit and a 3% early withdrawal penalty. If you needed the money after three months and withdrew it, the bank might subtract three months’ worth of interest, around $15, as a penalty. 

Compounding schedule

The compounding schedule reflects how often interest gets added back to your principal balance. 

With daily compounding APY, your interest is calculated and added to your balance each day. This means you earn interest on your interest, creating a snowball effect. Weekly or monthly compounding are also good options, while simple interest, calculated once at maturity, is less advantageous. 

The impact of compounding frequency is more noticeable over longer terms, but can still give your six-month CD earnings a small boost.


CDs offered by FDIC-insured banks and NCUA-insured credit unions are protected against bank failure, up to $250,000 per depositor, per insured institution. This guarantees you’ll get your money back, even if the bank encounters financial difficulties.

Peace of mind matters. Always confirm that your chosen bank or credit union is FDIC or NCUA-insured before opening a CD. 

Minimum deposit requirement

Many CDs require a minimum deposit to open the account, but some have lower or even no minimum deposit requirements such as the Synchrony CD, making them more accessible. If you have several hundred dollars to save, look for a CD with a low or no minimum deposit requirement. 

CD term

CD term is the length of time your money is locked up in the CD. While six-month CDs are a common option, you can also get three-month CDs or CDs with terms of several years.

Generally, CDs with longer terms offer higher APYs. That said, a six-month CD strikes a good balance between getting a better return than a regular savings account and making your money accessible soon.

How to open a 6-month CD

Opening a six-month CD is a straightforward process. Here’s what you can expect:

Is a 6-month CD worth it?

A six-month CD can be a smart financial move if:

Alternatives to a 6-month CD

Here are a couple of alternative savings options to consider, along with how interest rates typically stack up.

High-yield savings accounts

This type of savings account typically offers higher interest rates than a standard savings account. However, even the best high-yield savings accounts have APYs that are variable and could tank at any time. 

Money market accounts

The best money market accounts provide higher-than-average APYs because banks use the funds for highly liquid, short-term and low-risk assets. The downside of a money market vs a savings account is that they usually come with higher minimum balance requirements.

FAQ: Best 6-month CD rates

Who offers the highest 6-month CD rates?

Six-month CD rates vary, but currently, BMO Alto has the highest rate. Quontic and Barclays also have high yields compared to other CDs.

Are there 6% CD rates?

It may be possible to find 6% CD rates, but rates fluctuate based on economic conditions. Instead of aiming for a specific number, focus on finding the best available rate at the time.

Is a 6-month CD worth it?

A six-month CD is a savvy choice if you have a short-term savings goal, as CDs vs savings accounts offer higher returns. Just be sure you won’t need the money before the term ends.

How is a 6-month CD compounded?

With CDs, interest is compounded daily, weekly or monthly. Daily compounding is the best as compounding interest is like earning interest on your interest. It’s often referred to as ‘interest on interest’ and can significantly boost your earnings over time, especially with longer investments.

What is the average rate of a 6-month CD?

The average CD rate changes frequently, so it’s best to check each bank’s website for up-to-date information.

About the Author

Imogen Sharma
Imogen Sharma Finance Contributor

Imogen Sharma is an experienced writer, specializing in business, culture, and financial guidance for young adults. She has contributed to articles for Varo Bank, Lendzi, MoneyTips and Indeed, providing invaluable insights into budgeting, financial planning, and lines of credit.

As a dedicated self-employed writer, she cherishes the opportunity to share her knowledge and experience with others, offering advice so they can master their bank accounts and secure their financial futures. Her articles, published in CMSWire, Reworked, WalletGenius and The Customer, serve as actionable guides to help people make solid financial decisions.

Prior to her writing career, Imogen honed her financial acumen in management roles, excelling in P&L analysis, budgeting and HR. During her tenure at Smith & Wollensky in London, her strategic contributions contributed to a 2% increase in EBITDA over a year, demonstrating her ability to drive financial performance and organizational success.

Imogen’s writing style combines expertise with accessibility, making complex financial topics easily understandable and actionable. With a focus on the long game, she encourages readers to approach financial matters with enthusiasm and determination.