Best 6-month CD rates for November 2024

Written by
Karen Bennett
Edited by
Marc Wojno
Reviewed by
Greg McBride, CFA

Best available rates across different account types for Thursday, November 21, 2024

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Current 1 year CD trends
Bankrate Partner average
4.16% APY
National average
1.77% APY

On This Page

Bankrate's picks for the best 6-month CD rates

Note: Annual percentage yields (APYs) shown were updated between Nov. 14, 2024 and Nov. 20, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

Bank5 Connect_logo

Bank5 Connect

3.9 Bankrate savings score

  • Annual percentage yield

    4.50%

  • Min. deposit to open

    $500

Why Bank5 Connect?

Bank5 Connect is an online division of BankFive, a community bank in Massachusetts that dates to 1855. Bank5 Connect offers seven terms of CDs, a savings account and a checking account. It is a member of the Depositors Insurance Fund (DIF), which protects savers whose deposits exceed the $250,000 insurance limit of the Federal Deposit Insurance Corp. (FDIC).

Bask Bank_logo

Bask Bank

4.5 Bankrate savings score

  • Annual percentage yield

    4.45%

  • Min. deposit to open

    $1,000

Why Bask Bank?

Bask Bank began offers six CD terms ranging from three months to two years. The bank also offers a savings account with a competitive APY and another savings account that earns American Airlines miles.

Popular Direct_logo

Popular Direct

3.5 Bankrate savings score

  • Annual percentage yield

    4.45%

  • Min. deposit to open

    $10,000

Why Popular Direct?

Popular Direct CDs are for established savers, since the CDs have a $10,000 minimum deposit requirement. The CDs come in eight fixed terms ranging from three months to five years. Popular Direct’s Select savings account also offers a competitive yield and requires a $100 minimum deposit. All Popular Direct deposit accounts are opened through Popular Bank.

First Internet Bank of Indiana_logo

First Internet Bank of Indiana

4.6 Bankrate savings score

  • Annual percentage yield

    4.35%

  • Min. deposit to open

    $1,000

Why First Internet Bank of Indiana?

First Internet Bank of Indiana is an FDIC-insured financial institution that operates online and has no branches. It opened in 1999 and offers products in all 50 states. First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.

Ally Bank_logo

Ally Bank

4.6 Bankrate savings score

  • Annual percentage yield

    4.30%

  • Min. deposit to open

    $0

Why Ally Bank?

Ally Bank is an online-only bank formerly known as GMAC Bank. Ally offers seven terms of CDs, a no-penalty CD and two terms of a Raise Your Rate CD. The Sandy, Utah-based bank also offers a savings account, an interest-bearing checking account and a money market account. Ally has 11 million customers with deposit accounts.

Quontic Bank_logo

Quontic Bank

4.0 Bankrate savings score

  • Annual percentage yield

    4.25%

  • Min. deposit to open

    $500

Why Quontic Bank?

Quontic Bank is an online bank that offers CDs as well as savings, money market and checking accounts. A $500 minimum deposit is required to open a Quontic Bank CD and six terms are offered, ranging from three months to five years.

Alliant Credit Union_logo

Alliant Credit Union

4.7 Bankrate savings score

  • Annual percentage yield

    4.20%

  • Min. deposit to open

    $1,000

Why Alliant Credit Union?

Alliant Credit Union was founded in 1935 as the United Airlines Employees’ Credit Union. It is one of the largest credit unions in the nation and has 800,000 members nationwide. Alliant offers eight terms of CDs with competitive APYs and a reasonable minimum deposit requirement. It also offers IRA CDs, a high-yield savings account and a high-yield checking account.

Salem Five Direct_logo

Salem Five Direct

3.2 Bankrate savings score

  • Annual percentage yield

    4.20%

  • Min. deposit to open

    $10,000

Why Salem Five Direct?

Salem Five Direct offers a range of CD terms, including numerous “Special” CDs with high yields and IRA CDs. At $10,000, the minimum balance required to open this Special CD is higher than a lot of other online banks. There are also Regular CDs offered, which have a minimum balance of $500 or $2,500, depending on the term.

SchoolsFirst Federal Credit Union_logo

SchoolsFirst Federal Credit Union

4.5 Bankrate savings score

  • Annual percentage yield

    4.10%

  • Min. deposit to open

    $500

Why SchoolsFirst Federal Credit Union?

SchoolsFirst serves the education community in California. Certain school employees, certain retired school employees and immediate family members of SchoolsFirst Federal Credit Union members are eligible to join. SchoolsFirst offers CDs ranging from 30 days to five years. To open a CD, a $500 minimum deposit is required. If you put in more money you may be rewarded with a higher APY, as SchoolsFirst has five rate tiers: $500, $20,000, $50,000, $100,000 and $250,000.

Marcus by Goldman Sachs_logo

Marcus by Goldman Sachs

4.5 Bankrate savings score

  • Annual percentage yield

    4.10%

  • Min. deposit to open

    $500

Why Marcus by Goldman Sachs?

Marcus by Goldman Sachs is an online bank that offers a variety of CDs, three no-penalty CD terms and a savings account. The bank began offering its deposit products in November 2017, and they earn competitive yields. A brand of Goldman Sachs Bank USA, Marcus made its debut in October 2016 with just unsecured personal loans before it introduced its savings account and CDs.

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In the news

During the Federal Reserve’s latest meeting on Nov. 7, rates were reduced by a quarter of a percentage point, or 25 basis points, placing the target range for the federal funds rate at 4.5-4.75 percent. Previously, the Fed lowered rates by 50 basis points during its Sept. 18 meeting, setting the benchmark range to 4.75-5 percent.

Although the Fed hinted that more rate cuts are on the way, Chairman Jerome Powell says the Federal Open Market Committee will continue to make their decisions “meeting by meeting.” Only time will tell how much the next rate cut will be. 

Bankrate’s Q2 Economic Indicator Survey revealed 88 percent of economists we polled expected the Fed to cut interest rates at some point in 2024, with more than half (53 percent) correctly projecting the Fed to cut rates for the first time in September. Around 24 percent predict a December rate cut.

A long-term CD might be worth considering in this current rate environment. That can help you build a CD ladder for the long term. But in the short term, a six-month CD can earn more than a top-yielding savings account.

How to find the best 6-month CD rates

Traditionally, CDs with longer maturities offer higher yields. But in this current rate environment, shorter-term CDs are proving to have the highest yields. 

The national average on any deposit product is usually much lower than the highest yields available. That’s why shopping around for a competitive yield is so important.

Top six-month CDs generally have higher APYs than top savings accounts. It’s possible for some CDs – especially one-year CDs and 18-month CDs – to have higher APYs than six-month CDs. But generally, two-year CDs and CDs with longer terms have lower APYs in the current rate environment. 

In addition to a competitive APY, you’ll also want to consider minimum deposit requirements and early withdrawal penalties. 

The advantage of a six-month CD is that you know you’ll be able to access the money in a shorter time frame. Since a CD typically has an early withdrawal penalty, you have to be willing to keep your money in the CD until the end of the term or lose out on some of the interest earnings.

When should you get a 6-month CD?

A six-month CD is great for someone who needs to keep money safe – and untouched – for a term of six months as CDs have early withdrawal penalties. This should be money that you can’t afford to lose. You might consider investing some of your money in riskier, higher-yielding investments such as stocks, provided you can afford the risk because such investments can earn much more than an FDIC- or NCUA-insured CD with a guaranteed APY. But you could also lose all of your money in an investment.

For those times when you’re unsure about when you’ll need access to your money, a high-yield savings account at an FDIC-insured bank is always a smart place for your money. Just make sure you’re within the FDIC’s guidelines and following the FDIC’s rules. 

A six-month CD can be the perfect option for someone who doesn’t need the money for a period of half a year, and is tempted to spend the money. The realization that there’s an early withdrawal penalty attached to your CD might be the proper reminder to leave your money untouched, and let it earn interest.

Determining if a CD should be part of your portfolio depends on what you’re trying to accomplish. Probably the most important is the time horizon of the specific dollars in question. Since CDs offering the highest rates typically have an early withdrawal penalty, it’s key to be clear on when you need the money. Time horizon, plus the interest rate and penalty comparison between short- and long-term will be your determining factors. — Sean Mason, Investment Advisor Representative, Fresno Financial Advisors

Alternatives to 6-month CDs

When considering a six-month CD, compare it to other available accounts to determine when other options might be a better decision. Some alternatives to consider:

  • Savings accounts: With a savings account, you won’t face the early withdrawal penalties like you do if you break your six-month CD before it matures.
  • Money market accounts: These accounts allow you to access your money in ways that you can’t with a CD. And there’s a good chance you’ll get a better yield on a six-month CD earning a top yield than with a money market account.

6-month CD FAQs

Research methodology

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield (APY), the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund.

When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.