Today's best 6-month rate on a nationwide certificate of deposit (CD) is 5.55% APY, available from Newtek Bank. That's more than three times what you can earn with a CD paying the FDIC's national average rate of 1.57% for 6 months, and is one of more than 15 leading offers in our ranking below. If you deposited $20,000 at a high rate of 5.50%, for example, you'd earn about $542 after 6 months. Compare that to a rate of 1.50%, which would earn only about $150. To help you always find the highest 6-month CD returns, we've been reviewing rates from hundreds of nationally available banks and credit unions every weekday since 2019. Our resulting daily ranking of the best-paying options includes CDs with terms of 5-9 months, and in addition to yields, we lay out the details of minimum deposits and early withdrawal penalties for every ranked CD. Below are the top CD rates available from our partners, followed by the best CD rates that we've found fromour researchthat are available to U.S. customers everywhere. If you're interested in another CD term, you may also like reviewing our overall ranking of the best nationwide CD rates. At the Fed's most recent meeting in March, the committee decided to hold rates steady—the fifth meeting in a row it has done so—but said again that it expects to cut rates later this year. The Fed's dot plot shows that Fed members believe there will be three rate cuts later this year. CD yields closely follow the fed funds rate. Back in October, CD rates reached peaks not seen in more than 20 years. But now, the Fed’s holding pattern has caused CD rates to plateau. Once it appears the Fed is ready to make a rate cut, CD rates are expected to fall. You can find our ranking of the highest CD rates with terms of 5–9 months below. In cases where more than one institution pays the same annual percentage yield, we've prioritized CDs by the shortestterm, then the CD requiring a smallerminimum deposit, and if still a tie, alphabetically by institution name. Looking for a wider selection of CDs? See our picks for the best CD rates to see terms ranging from three months to 10 years. Detailed information on these top-paying, nationally available 6-month CDs is provided below, including specifics about minimum deposits and early withdrawal penalties. Information is also provided on how to easily join the credit union for credit union CDs. *Account must be funded with new money to the bank. *Account must be funded with new money to the bank. *Quoted rate requires signing up for electronic statements. Otherwise, the APY is 0.25% lower. When asked in March what they would invest in if they had an extra $10,000,8% of Investopedia readerssaid they would open a CD, in fourth place behind individual stocks, ETFs, and stock index funds. That’s down from 11% in December and 9% in January. The change likely comes as stock markets have closed at new highs in 2024, with the. While investors may be more interested in stocks than in CDs right now, CDs are always a good option for those looking for safer investments. To make it easy for you to find the best CD rates, Investopedia tracks over 200 banks and credit unions that offer CDs. Like other CDs, the rates for 6-month CDs depend on the federal funds rate; as the federal funds rate goes up, CDs tend to, as well. If the fed rate goes up, it might be a good time to look for a new CD. The list above features many internet-only banks and credit unions. Internet-only financial service companies tend to have lower operating costs than brick-and-mortar institutions, so they may offer better rates and lower fees. Before deciding on one of the CDs above, you may want to explore local or regional banks and credit unions in your area. Our list of the top CDs only includes CDs that are available nationwide. Although the rates above are very good, you may find a better APY at a regional bank or credit union. Aside from rates, here are some important CD features to look for: Six-month CDs are one of many savings vehicles you can choose from. Below are some other options which may suit you even better. If six months feels too long for you to give up access to your money, you could choose a shorter-term CD. Three months is a commonly offered term, and some institutions even offer 1- and 2-month CDs. Beware, however, that these ultra-short certificates often pay rates that are worse than a high-yield savings or money market account, making them a poor choice. If instead you feel you could stretch to a longer CD term, you may be able to snag a higher APY. But additionally, you'll be able to keep your locked rate for longer, which is useful if rates go down in the future. The market is full of competitive 1-year CD options, for instance, as it is one of the most popular certificate terms. See the best rates for a variety of CD terms to explore your options: When your CD term comes to maturity, the deposit plus interest is released to you. Depending on the bank and the account, you have a few different options. You can keep the money, roll it into a new CD at the same bank, or deposit it into a new account at a different bank. If you don't make a decision, the money may be rolled into a new CD or sent to you. The bank or credit union will usually provide notice of the CD's maturity a month or two ahead of time. Unlike a CD, a liquid account allows you to freely deposit and withdraw funds as you like. Common types of liquid accounts include: Depending on the rate environment, either liquid accounts or CDs may offer the best rates. Even if the savings rate you can earn is lower than the best 6-month CD, though, it comes with the no-strings-attached advantage of leaving your funds completely available. CD rates are determined by a number of factors, including: Certificates of deposit (CDs) are financial products that provide a fixed interest rate on your deposit as long as you leave your money with the issuing bank or credit union for a specified period of time. CDs are typically offered in maturities ranging from three months to 10 years. In general, the longer the duration of the CD, the higher the rate of interest the financial institution is willing to offer, although that can be reversed in times of rising rates. Although 6-month CDs don't tie up your money for very long, they also may not offer the kind of yields you would find with a longer maturity. Virtually all CDs are offered by federally insured banks or credit unions, with bank deposits protected by FDIC insurance and credit union deposits guaranteed by the National Credit Union Association (NCUA). This means that deposits up to $250,000 are secure, even if the institution itself falls into financial trouble. It's always a good idea to check that the bank or credit union is an FDIC or NCUA member. Depository institutions set their own interest rates for CDs, and those rates can differ dramatically from one bank or credit union to another. According to the data Investopedia compiles from about 200 CD-issuing institutions across the country, the top certificates pay three to five times more than the industry average for products of the same duration, and sometimes even eight to 10 times more. So it's a good idea to shop around and find one that pays on the higher end of the spectrum. CDs tend to offer higher yields than traditional savings and money market accounts, especially in a low-interest rate environment. A 6-month CD may be a good option if you know that you won't need access to your funds for at least six to nine months. That includes people saving for a down payment on a home or setting aside funds for a big trip. Like savings accounts, almost all CDs are FDIC- or NCUA-insured. So you can't lose your principal at one of these institutions as long as your deposit doesn't exceed $250,000. In contrast, investing in stocks and even corporate bonds can be risky in that short of a time window. Should they lose value over a six-month stretch, you'll have to incur a loss. Choosing a CD over a savings or money market account is also a good idea if you're worried you'll be tempted to spend some of your savings, rather than keep it in the bank, since CDs require you to keep your funds in the CD until maturity. Most financial institutions will deduct some of the interest that's accrued in your account if you withdraw funds from a CD before the maturity date. Losing three, or even six, months' worth of interest is fairly typical in the case of a 6-month CD, so there's a strong incentive to leave your money untouched until the certificate reaches maturity. Some places offer "no-penalty" CDs, but there's a rub: They tend to offer lower yields than standard CDs. What's more, they often require that you pull out the entire balance and close the account if you make an early withdrawal. All banks and credit unions charge an early withdrawal penalty if you opt to withdraw CD funds before maturity. But the penalties vary widely, so it's important to investigate whether an institution's penalty policy is mild, reasonable, or onerous before you commit. Since you can't lose money on a CD due to bank failure (unless you have more than $250,000 on deposit at a single institution), CDs are exceptionally safe. There is, however, one scenario in which you could lose some of the principal of your initial deposit, but it's fortunately preventable by doing your homework. Most bank and credit union policies on early withdrawal penalties will only reduce the interest earnings on your CD. But a small number of institutions have such harsh penalty calculations that the penalty can actually deduct from your principal. These CDs are to be avoided, as you never know if an emergency will require you to cash out your CD early. A CD ladder is an investing strategy that allows you to leverage high CD rates while maintaining ready access to your money, without paying early withdrawal fees. You divide the total amount of money you want to invest, and invest those amounts in individual CDs with different maturity dates. When a CD matures, you reinvest that money into a new CD. A 6-month CD can be used with a CD ladder in any way, depending on your needs; it could be the shortest-term account, the longest-term account, or somewhere in the middle. The country's largest banks are often the worst payers when it comes to savings and CD interest rates. In fact, some of the biggest players pay essentially zero interest. The key is to shop around, and to be open to holding some of your savings at a different institution than where you do your primary banking. Electronic transfers between banks are very easy with online banking, so you can easily keep your checking account and a small reserve account at your primary bank, but then sock away much of your savings in a CD at another institution. Our rankings of the best CD rates will always list the best nationwide rates available that day, regardless of which institutions are advertisers or sponsors on our site. We researched and reviewed over 250 banks, credit unions, and financial institutions to find the best CD rates you see above on this list. While we write individual reviews for most, we do not always write reviews for those we would not recommend. Below are the banks, credit unions, and financial institutions we researched along with links to individual company reviews to help you learn more before making a decision: 1st Source Bank, 5star Bank, ableBanking, Abound Credit Union, Achieva Credit Union, Affinity Federal Credit Union, Affinity Plus Federal Credit Union, Air Force Federal Credit Union, Alabama Credit Union, Allegacy Federal Credit Union, Alliant Credit Union, Ally Bank, Amerant Bank, American 1 Credit Union, American Express, American Heritage Credit Union, Andrews Federal Credit Union, Apple Federal Credit Union, Banco do Brasil Americas, Banesco USA, Bank of Baroda, Bank5 Connect, Bank7, Texas Capital Bank, bankESB (Easthampton Savings Bank), BankUnitedDirect, Barclays, BBVA Bank, Bellco Credit Union, Blue Federal Credit Union, BMO, BMO Alto, BrioDirect, Cadets Federal Credit Union, California Coast Credit Union, Capital One, Capitol Federal Savings Bank, CD Bank, CFG Bank, Chase Bank, Chevron Federal Credit Union, CIBC (Agility Banking), CIT Bank, Citibank, Citizens Access, Citizens Trust Bank, Colorado Federal Savings Bank, Bread Savings, Communitywide Federal Credit Union, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Corporate America Family Credit Union (CAFCU), Credit Union of Denver, Credit Union of the Rockies, Digital, Federal Credit Union, Discover Bank, DollarSavingsDirect, Dover Federal Credit Union, Dow Credit Union, Evergreen Bank Group, RocklandTrust Bank, Elements Financial, EmigrantDirect.com, Liberty Federal Credit Union, Fidelity Investments, Financial Partners Credit Union, Financial Resources Federal Credit Union, First Financial Credit Union, First Financial Northwest Bank, First Internet Bank, First National Bank of America, First Technology Federal Credit Union, Fort Bragg Federal Credit Union, Garden Savings Federal Credit Union, Georgia Banking Company, Georgia's Own Credit Union, GreenState Credit Union, Greenwood Credit Union, Grow Financial Federal Credit Union, GTE Financial, Gulf Coast Bank & Trust Company, Hanscom Federal Credit Union, Heritage Bank, Hiway Federal Credit Union, Home Loan Investment Bank, Home Savings Bank, Hope Credit Union, HSBC Direct, Hughes Federal Credit Union, Hyperion Bank, Ideal Credit Union, iGObanking, Interior Federal Credit Union, Justice Federal Credit Union, Kinecta Federal Credit Union, KS State Bank, La Capitol Federal Credit Union, Lafayette Federal Credit Union, Lake Michigan Credit Union, Langley Federal Credit Union, Latino Community Credit Union, Limelight Bank, Live Oak Bank, Luther Burbank Savings, MYSB Direct, MAC Federal Credit Union, Main Street Bank, MainStreet Bank, MapleMark Bank, Marcus by Goldman Sachs, Market USA Federal Credit Union, Matadors Community Credit Union, MECU Credit Union, Merrick Bank, Michigan State University Federal Credit Union, Mills42 Federal Credit Union, Mountain America Credit Union, MTC Federal Credit Union, MutualOne Bank, My Banking Direct, My eBanc, My Savings Direct, NASA Federal Credit Union, Nationwide by Axos Bank, Navy Federal Credit Union, nbkc, NexBank, North Country Savings Bank, Northern Bank Direct, Northfield Bank, Northpointe Bank, Nuvision Federal Credit Union, Oklahoma Central Credit Union, One American Bank, OneUnited Bank, Pacific National Bank, Paramount Bank, PARDA Federal Credit Union, Partner Colorado Credit Union, Patelco Credit Union, Pen Air Federal Credit Union, PenFed Credit Union, People's Credit Union, First Service Credit Union, Pinnacle Federal Credit Union, Popular Direct, Premier America Credit Union, Presidential Bank, FSB, Prime Alliance Bank, PSECU (Pennsylvania State Employees Credit Union), Quontic Bank, Quorum Federal Credit Union, Rising Bank, Merrimack Valley Credit Union, Salal Credit Union, Sallie Mae Bank, Santa Clara County Federal Credit Union, Signature Federal Credit Union, Spectrum Credit Union, SRP Federal Credit Union, State Bank of India Chicago, State Bank of India New York, State Bank of Texas, State Department Federal Credit Union, Summit Credit Union, Sun East Federal Credit Union, Superior Choice Credit Union, Synchrony Bank, TAB Bank, Teachers Federal Credit Union, Technology Credit Union, The Federal Savings Bank, , EverBank, TotalDirectBank, Transportation Federal Credit Union, TruStone Financial Credit Union, UNIFY Financial Credit Union, Expedition Credit Union, United States Senate Federal Credit Union, United Texas Bank, University Federal Credit Union, US Bank, USAlliance Financial, USPS Federal Credit Union, Velocity Credit Union, VeraBank, Vio Bank, Virtual Bank, WebBank, Webster Bank, Wells Fargo, Western Vista Credit Union, Wings Financial Credit Union, XCEL Federal Credit Union, BankPurely, Umbrella Bank, giantbank.com, CapEd Credit Union, Zeal Credit Union, Finworth, Coastal1 Credit Union, Service Credit Union, National Cooperative Bank, Premier Members Credit Union, Bank of America, Flagstar Bank, 1st MidAmerica Credit Union, INOVA Federal Credit Union, Genisys Credit Union, Ivy Bank, Heartland Credit Union, Luana Savings Bank, Spectra Credit Union, Workers Credit Union, Credit Human, EFCU Financial, Poppy Bank, Credit One Bank, Vibrant Credit Union, CFBank, Department of Commerce Federal Credit Union, Seattle Bank, Crescent Bank, Pima Federal Credit Union, Cross River Bank, USAA, Great River Federal Credit Union, Brilliant Bank, Merchants Bank of Indiana, LendingClub, Chartway Credit Union, First Central Savings Bank, AgFed Credit Union, North American Savings Bank, Pelican State Credit Union, First Community Credit Union, Bask Bank, Skyla Credit Union, SkyOne Federal Credit Union, 3Rivers Federal Credit Union, Utah First Credit Union, Pasadena Federal Credit Union, Magnifi Financial, AloStar, Primis Bank, Farmers Insurance Federal Credit Union, Tampa Bay Federal Credit Union, Veridian Credit Union, Republic Bank, Salem Five Direct, All In Credit Union, Bethpage Federal Credit Union, Self-Help Federal Credit Union, Forbright Bank, Jovia Financial Credit Union, Sun Canyon Bank, Fortera Credit Union, Partners 1st Federal Credit Union, SouthEast Bank, American Bank, Newtek Bank, CBC Federal Credit Union, Vanguard, All America Bank, Amalgamated Bank, Citizens State Bank, AmBoy Direct, Republic Bank of Chicago, Oklahoma Community Credit Union, BluPeak Credit Union, Valley Direct, Bayer Heritage Federal Credit Union, First Harvest Credit Union, Orion Federal Credit Union, Wellby Financial, FedChoice Federal Credit Union, CoVantage Credit Union, Choice First Bank, Sandia Area Federal Credit Union, OMB Bank, Minnequa Works Credit Union, Securityplus Federal Credit Union, Bank of South Texas, T Bank. Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs to customers nationwide, and determines daily rankings of the top-paying certificates in every major term. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the CD's minimum initial deposit must not exceed $25,000. Banks must be available in at least 40 states. And while some credit unions require you to donate to a specific charity or association to become a member if you don't meet other eligibility criteria (e.g., you don't live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology. Investopedia collects and analyzes CD rates from over 200 banks to identify the best deals available. We use this data to rank each CD and bank to provide unbiased, comprehensive information to ensure our readers make the right decision for their needs. Investopedia launched in 1999, and has been helping readers find the best 6-month CDs since2020. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. FDIC. "National Rates and Rate Caps." Board of Governors of the Federal Reserve System. "March 19-20, 2024 FOMC Meeting." Federal Reserve System. "Open Market Operations." Vibrant Credit Union. "We Are Vibrant." TreasuryDierct. "Treasury Bills: FAQs." FDIC. "Fact Sheet."In the News
Best 6-Month CD Rates
Newtek Bank – 5.55% APY
My Banking Direct – 5.50% APY
Corporate America Family Credit Union – 5.50% APY
Vibrant Credit Union – 5.50% APY*
TotalDirectBank – 5.45% APY
Genisys Credit Union – 5.41% APY
MutualOne Bank – 5.40% APY*
NASA Federal Credit Union – 5.40% APY
Mills42 Federal Credit Union – 5.35% APY*
Rising Bank – 5.35% APY
Home Savings Bank – 5.35% APY
DR Bank – 5.35% APY
Climate First Bank – 5.34% APY
Prime Alliance Bank – 5.30% APY
CommunityWide Federal Credit Union – 5.30% APY
ableBanking – 5.30% APY
Popular Direct – 5.30% APY
Capitol Federal Savings Bank – 5.30% APY
First Central Savings Bank – 5.30% APY
Forbright Bank – 5.30% APY
Compare the Best 6-Month CDs
Institution Rate (APY) Term Minimum Deposit Early Withdrawal Penalty Newtek Bank 5.55% 6 months $2,500 3 months of interest My Banking Direct 5.50% 5 months Any amount 1 month of interest Corporate America Family Credit Union 5.50% 7 months $1,000 2 months of interest Vibrant Credit Union 5.50% APY 9 months $5 All earned interest TotalDirectBank 5.45% 6 months $25,000 1 month of interest Genisys Credit Union 5.41% 9 months $500 3 months of interest MutualOne Bank 5.40% 6 months $500 3 months of interest NASA Federal Credit Union 5.40% 9 months $10,000 All earned interest up to 6 months Mills42 Federal Credit Union 5.35% 6 months $500 3 months of interest Rising Bank 5.35% 6 months $1,000 3 months of interest Home Savings Bank 5.35% 6 months $5,000 3 months of interest DR Bank 5.35% 9 months $500 6 months of interest Climate First Bank 5.34% 6 months $500 None Prime Alliance Bank 5.30% 6 months $500 1 month of interest CommunityWide Federal Credit Union 5.30% 6 months $1,000 Complex formula; exercise caution ableBanking 5.30% 6 months $5,000 3 months of interest Popular Direct 5.30% 6 months $10,000 4 months of interest Capitol Federal Savings Bank 5.30% 8 months $1,000 3 months of interest First Central Savings Bank 5.30% 9 months $500 3 months of interest Forbright Bank 5.30% 9 months $1,000 3 months of interest Pros and Cons of 6-Month CDs
Pros
Cons
Fast Fact
How to Find the Best 6-Month CD Rates
Alternatives to 6-Month CDs
Shorter or Longer CDs: What CD Term Has the Best Rates?
Liquid Accounts
Bonds or Bond Funds
How Are CD Rates Determined?
Frequently Asked Questions
What Is a 6-Month CD?
When Should You Get a 6-Month CD?
What Happens If You Take Your Money Out Early?
Can I Lose Money on a 6-Month CD?
How Do You Use a 6-Month CD in a CD Ladder?
Why Don't I See Any Bank Names I Recognize in Your Ranking?
Financial Institutions We Reviewed
How We Pick the Best 6-Month CDs
Why You Should Trust Us
Guide to CDs
:max_bytes(150000):strip_icc()/Best6-MonthCDRates-ce5c86761c2e4b7eb74b722fd81f7965.jpg "Best 6-Month CD Rates for April 2024 (1)")
FAQs
Who has the highest paying 6-month CD right now? ›
Best 6-Month CD Rates
- Newtek Bank – 5.55% APY.
- TotalDirectBank – 5.51% APY.
- My Banking Direct – 5.50% APY.
- DR Bank – 5.50% APY.
- Vibrant Credit Union – 5.50% APY*
- NASA Federal Credit Union – 5.50% APY.
- MutualOne Bank – 5.40% APY*
- Mills42 Federal Credit Union – 5.35% APY*
Key takeaways. The national average rate for one-year CD rates will be at 1.15 percent APY by the end of 2024, McBride forecasts, while predicting top-yielding one-year CDs to pay a significantly higher rate of 4.25 percent APY at that time.
Where can I earn 5% on a CD? ›The best CD rates: our top picks*
- Alliant Credit Union: Rates up to 5.15%
- First Internet Bank: Rates up to 5.31%
- EverBank: Rates up to 5.05%
- Synchrony: Rates up to 5.25%
- Marcus by Goldman Sachs: Rates up to 5.00%
- MYSB Direct: Rates up to 5.20%
- TAB Bank: Rates up to 5.27%
- Capital One 360: Rates up to 4.80%
While longer-term CDs may tie up your funds for years, a 6-month CD allows you to access your money relatively quickly. If you suddenly need your $5,000 for an emergency or a more lucrative investment opportunity arises, you won't have to wait years to access your funds without incurring hefty penalties.
Are there any 6% CDs? ›Can You Get 6% on a CD? Earning 6% interest on a CD can be done, but you might have to do some digging to find an account that works for you, and you'll probably have to join a credit union. Currently, no banks offer 6% CDs, but some credit unions do. To open an account with a credit union, you need to become a member.
What is the best CD rate for $100,000? ›Compare the Highest Jumbo CD Rates
| Institution | Rate (APY) | Minimum Deposit |
|---|---|---|
| GTE Financial | 5.38% | $100,000 |
| Credit One Bank | 5.35% | $100,000 |
| Third Federal Savings & Loan | 5.25% | $100,000 |
| CD Bank | 5.25% | $100,000 |
If you're in a position to save in today's higher interest rate environment, investments like CDs could help accelerate your savings. CD rates have skyrocketed since 2022: 1-year CD rates have increased more than twelve-fold, with 3-year and 5-year CDs up nearly six-fold and five-fold, respectively.
What are the predictions for interest rates in 2024? ›Mortgage rate predictions 2024
The MBA's forecast suggests that 30-year mortgage rates will fall into the 6.4% to 6.7% range throughout the rest of 2024, and Fannie Mae is forecasting the same. NAR believes rates will average 7.1% this quarter and fall to 6.5% by the end of 2024.
You can access your cash after six months without the risk of an early withdrawal penalty. You may get a higher interest rate than a traditional savings account. Some of the best six-month CDs offer rates that are significantly higher than savings accounts at traditional, brick-and-mortar banks and credit unions.
Is anyone paying 5% on CDs? ›Numerous banks offer 5% APY on CDs, including but not limited to Northern Bank Direct, Newtek Bank, and TotalDirectBank. How much interest will $5,000 earn in a 5% in a 12-month CD?
How much money should I put in a CD? ›
The specific amount you put into a CD depends on your personal finances. The best way to decide how much money to put into a CD is to figure out how much cash you can afford to part with for an extended amount of time. While that amount will be different for everyone, you should keep a few things in mind.
Should I lock in a 5% CD now? ›Remember, it's possible that in two or three years from now, CDs will be paying 2.5% interest at best. So if you can lock in a 5-year CD at 5% now, that means that once things reach that point, you'll continue to earn more interest on your money while savers opening new CDs will be signing up to earn much less.
What is the biggest negative of putting your money in a CD? ›Banks and credit unions often charge an early withdrawal penalty for taking funds from a CD ahead of its maturity date. This penalty can be a flat fee or a percentage of the interest earned. In some cases, it could even be all the interest earned, negating your efforts to use a CD for savings.
What if I put $20,000 in a CD for 5 years? ›How much interest would you earn? If you put $20,000 into a 5-year CD with an interest rate of 4.60%, you'd end the 5-year CD term with $5,043.12 in interest, for a total balance of $25,043.12.
Are there any 7% CDs? ›What banks are offering 7% interest on CDs? Currently, no U.S. banks or credit unions are offering 7% APY on CDs. During August 2023, a few credit unions were offering 7% interest on CDs, but those were limited-time offers that are no longer available.
What is the highest yielding CD right now? ›Here are Bankrate's top picks for banks with the best CD rates.
- Citizens Access — 1 year - 5 years, 3.35% – 5.00% APY, $5,000 minimum deposit.
- Sallie Mae Bank — 6 months - 5 years, 4.00% – 4.95% APY, $2,500 minimum deposit.
- Synchrony Bank — 3 months - 5 years, 0.25% – 4.90% APY, no minimum deposit.
A Bank of America CD can help grow your savings, but many banks offer higher CD rates. The top six-month CD is yielding around 5.30% APY as of May. 4, 2024.