Bankrate Cd Rates

CD rates in the 1980s. Beginning our look at historical CD interest rates, the early 1980s saw two recessions in the first two years. During the first recession — which lasted from January 1980 to July 1980 — the federal funds rate (shown in gray in the graphic that looks at historical CD rates by year) saw a drastic drop between April and May, falling 6.63 percentage points.

BankCD.com

Certificates of Deposit

Government-insured. Nationwide deposits by mail, phone, online or at a branch if nearby.

More Nationawide CD Rates

Months (mo)
Years (yr)

Term	APY	Notes*	Minimum	Bank
1-mo	0.50	p	$5,000	MutualOne Bk
1-mo	0.25	b,p	$1,000	Beal Bk USA
1-mo	0.20	p	$500	3rd Fed S&L
7-mo	0.45	p	$500	Marcus
7-mo	0.35	p	$500	My Banking Direct
7-mo	0.35	p	$500	NY Comm Bk
16-mo	0.40	p,r7	$1,000	Dollar Savings Direct
16-mo	0.40	p,r7	$1,000	EmigrantDirect
19-mo	0.40	i,p	$1,000	Capitol Fed
39-mo	0.45	i	$100	3rd Fed S&L
39-mo	0.45	p	$500	3rd Fed S&L
3.5-yr	0.70	i,p	$1,500	TIAA Bk
3.5-yr	0.55	i,p	$1,000	Capitol Fed
49-mo	0.80	b,i,n,p	$10,000	NASA FCU
55-mo	1.05	p	$500	3rd Fed S&L
7-yr	1.24	i,n,p	$40,000	Northrop Grumman FCU
7-yr	1.00	i,n,p	$2,500	AFFCU
7-yr	0.75	n,p	$1,000	Pentagon Fed CU
7-yr	0.60	i,p	$2,500	Discover Bk
10-yr	0.60	i,p	$2,500	Discover Bk

Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

*Notes: Example, 'b,i,p' means that the account can be opened as a Business account, or an IRA, or a regular Personal account.

a18: Maximum age is 18.
a23: Maximum age is 23.
a50: Minimum age is 50.
b: Business account.
e: Rate guaranteed until specific date.
f: Variable rate.
g1: Not available in CA, FL, NY or PA.
i: IRA.
k: Brokered; issued by an FDIC-insured bank and sold by a brokerage.
m0: Maximum $20,000.
m1: Maximum $10,000.
m2: Maximum $501.
m3: Maximum $25,000.
m4: Maximum $2,000.
m5: Maximum $35,000.
m6: Maximum $50,000.
m7: Maximum $5,000.
n: NCUA-insured. Anybody can join (unless Note 'o' is indicated) otherwise workarounds for membership restrictions usually available.
o: Military and their family only.
p: Personal account.
r0: Requires $1 checking account with one monthly direct deposit or bill payment.
r1: Requires one monthly direct deposit or ACH auto debit, and 10 debit card transactions.
r2: Requires $200/month direct deposit.
r3: Requires $100 checking account.
r4: Requires one monthly direct deposit, ACH payment, or online bill payment, and 15 debit card transactions.
r6: Requires 10 monthly debit card transactions.
r7: Requires $1 savings account.
r8: Requires $1,000 in direct deposits and 15 debit card purchases monthly.
r9: Requires $25 savings account.
r10: Requires $5 savings account.
r11: Requires one monthly electronic deposit from payroll, pension, social security, or annuity; and 7 electronic withdrawals.
r14: Requires 15 transactions/month.
r16: Requires one monthly direct deposit, one online bill payment, and 15 debit card transactions.
r21: Requires $1 checking account with one monthly net pay direct deposit; 10 checks, ACH withdrawals, and/or debit card transactions.
r22: 1st year APY.

Information subject to change; deemed reliable but not guaranteed. Please verify with the financial institution before depositing and notify us of discrepancies immediately.

Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry, and has been online since 1996. Hundreds of top publications rely on Bankrate. The minimum opening deposit for a regular certificate of deposit is $1,000 and a jumbo certificate of deposit minimum is $100,000. 18 month Rising CD rates are at 2.03 percent with an APY of 2.05 percent. 3-year Rising CD rates are at 2.08 percent with an APY of 2.10 percent. Five-Year Certificates of Deposit (CD) are generally the longest term CD that most banks will offer. They tend to offer the highest rates but require the longest commitment. Five year CDs are especially popular in a declining interest rate environment as depositors can lock money in at the highest rate possible for the longest period of time. During this period, online 1-year CD rates bottomed out in a range of 0.80% to 1.00%. The 1YrOCD Index has fallen below this range which indicates that we’re now seeing all-time low 1-year CD rates at most online banks. Why 1-year CD rates? One-year CD rates provide a good benchmark for both rate watchers and issuing financial institutions alike.

Anytime you deposit into a CD, you promise to leave the money there for a set period of time. When you get a 6-month CD, the money remains in the deposit account for six months. Because you're willing to lock the money away, a bank might be willing to pay you a higher yield on the money.

Summary of Best 6-Month CD Rates March 2021

Bank	APY	Minimum deposit for APY
Quontic Bank	0.60%	$500
Limelight Bank	0.50%	$1,000
First Internet Bank of Indiana	0.45%	$1,000
Navy Federal Credit Union	0.45%	$1,000
Bethpage Federal Credit Union	0.40%	$50
TIAA Bank	0.40%	$1,000
Bank5 Connect	0.35%	$500
Golden 1 Credit Union	0.35%	$500
Delta Community Credit Union	0.35%	$1,000
EmigrantDirect	0.35%	$1,000
SchoolsFirst Federal Credit Union	0.35%	$20,000

Note: The APYs (Annual Percentage Yields) shown are as of March 1, 2021. The rates for some products may vary by region.

Above are the top widely available 6-month CD rates. Compare these offers, then calculate how much interest you would earn when your CD matures.

Savers looking to get a little extra boost and lock in a yield for a set period of time often look into certificates of deposit (CDs). A CD can help you work toward your savings goals, whether they're long-term or short-term.

CD yields tend to follow the path of Treasurys and may be impacted by the Federal Reserve's actions. However, once you lock in a yield, you can expect it to be consistent for the entire term of the CD - even if rates fall.

Here's what you need to know about using a 6-month CD to your advantage.

Bankrate’s guide to choosing the right CD rate

Why you can trust Bankrate

Bankrate has more than four decades of experience in financial publishing, so you know you're getting information you can trust. Bankrate was born in 1976 as 'Bank Rate Monitor,' a print publisher for the banking industry, and has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.

Methodology for Bankrate’s Best CD Rates

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 Federal Deposit Insurance Corp. (FDIC) or by the National Credit Union Share Insurance Fund (NCUA).

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.

Top banks offering 6-month CD rates for March 2021

Quontic Bank: 0.60% APY, $500 minimum deposit to open

Quontic Bank is an online bank that offers four terms of CDs: 6 months, 1 year, 2 years and 3 years. All CDs require a minimum of $500 to open.

Quontic Bank also offers a high-yield savings account and money market account. Both pay competitive yields and have low minimum opening deposits.

Limelight Bank: 0.50% APY, $1,000 minimum deposit

Limelight Bank is a division of Capital Community Bank. It has its headquarters in Provo, Utah.

Limelight Bank only offers CDs on its website and requires a minimum deposit of $1,000 on all four of its CD terms. You'll have to look elsewhere if you're looking for a CD with a term of longer than three years.

First Internet Bank of Indiana: 0.45% APY, $1,000 minimum deposit

First Internet Bank of Indiana was the first FDIC-insured financial institution to operate entirely online, according to the bank's website. First Internet Bank of Indiana first opened in February 1999 and is available 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.

Navy Federal Credit Union: 0.45% APY, $1,000 minimum deposit

Navy Federal Credit Union has more than 9 million members and is the world's largest credit union. It has a global network of 340 branches. Navy Federal Credit Union has its headquarters in Vienna, Virginia.

Membership at Navy Federal Credit Union is open to all Department of Defense and Coast Guard Active Duty, civilian, contract personnel, veterans and their families.

In addition to CDs, Navy Federal Credit Union also offers checking and savings accounts, loans and credit cards.

Bethpage Federal Credit Union: 0.40% APY, $50 minimum deposit

Bethpage Federal Credit Union was founded in 1941 for people working at Grumman.

Bethpage Federal Credit Union is located in Bethpage, New York. It has more than 400,000 members and offers nine terms of CDs. The three-month CD is the shortest term and the five-year CD is the longest term. Bethpage also offers a 39-month bump-up CD.

Besides CDs, Bethpage offers checking accounts, savings accounts, loans and other financial products.

TIAA Bank: 0.40% APY, $1,000 minimum deposit to open

TIAA Bank is a division of TIAA, FSB. TIAA Bank has 10 financial centers, all located in Florida.

TIAA offers CD terms ranging from three months to five years. It also offers a Bump Rate CD, which allows a one-time rate bump if rates go higher. TIAA Bank has a service called CDARS (Certificate of Deposit Account Registry Service) for customers with high deposits who need expanded FDIC insurance coverage.

Bank5 Connect: 0.35% APY, $500 minimum deposit

Bank5 Connect is a division of BankFive. Bank5 Connect has been around since 2013 and BankFive has a history dating back to 1855.

Bank5 Connect offers CDs, a savings account and a checking account.

Golden 1 Credit Union: 0.35% APY, $500 minimum deposit

Golden 1 Credit Union has 1 million members and is headquartered in Sacramento, California. Golden 1 Credit Union has 72 branches in California, and has been around since 1933. Membership to Golden 1 Credit Union is open to all Californians.

Non-Californians can join Golden 1 Credit Union if they are a registered domestic partner or family member of a member. They can also join if they're a member of one of the select employee groups.

In addition to CDs, Golden 1 Credit Union also offers a money market account, checking and savings accounts. The credit union also has credit cards and loans.

Delta Community Credit Union: 0.35% APY, $1,000 minimum deposit

Delta Community Credit Union began as the Delta Employees Credit Union in 1940. It was started by eight Delta Air Lines employees.Delta Community Credit Union has more than 400,000 members and has 26 branches in metro Atlanta and three branches outside of Georgia.

Anyone living or working in metro Atlanta and employees of more than 150 businesses are welcome at Delta Community Credit Union. Delta Air Lines, Chick-fil-A and UPS are some of the eligible businesses.

EmigrantDirect: 0.35% APY, $1,000 minimum deposit to open

EmigrantDirect is a division of Emigrant Bank.

EmigrantDirect has CDs with terms ranging from 16 months to 10 years. All of these CDs require a $1,000 minimum deposit.

On the savings side, EmigrantDirect has its American Dream Savings Account.That savings account doesn't have fees or service charges.

SchoolsFirst Federal Credit Union: 0.35% APY, $20,000 minimum deposit

SchoolsFirst Federal Credit Union was formed during the Great Depression in 1934. The credit union, created by school employees, has 50 branches.

SchoolsFirst Federal Credit Union has low minimum balances and CD terms from as short as 30 days to as long as five years. CDs at this credit union have four balance tiers: $500, $20,000, $50,000 or $100,000.

Coronavirus and Your Money

The COVID-19 pandemic has created financial hardships for millions of Americans.

While CD rates are not likely to rise in this environment, their stability can offer some comfort to those who have extra cash on hand. The rate on a CD stays the same during the deposit term and the account holder knows exactly when that term will end. With their locked-in interest rates, CDs are also a great choice to avoid the stock market's ups and downs.

Finding the best 6-month CD rates

To find the best 6-month CD rates, savers need to answer two questions:

How much yield can I reasonably expect to earn?
What direction are interest rates headed?

Rates are stabilizing. If you’re looking for a short-term CD, it’s best to shop around for the best CD rates.

The lower the CD term length, the less interest you can expect to earn. To find the best 6-month CD rates, evaluate offers from online banks and credit unions. Try to avoid accounts with high fees and minimum deposit requirements.

6-month CD FAQs

Who should open a 6-month CD?

Six months is one of the shortest terms available for savers interested in CDs. It’s a product that’s best for consumers with specific short-term goals who are looking for a temporary place to keep money that will be used soon for a specific purpose, like funds for an upcoming wedding, vacation or home down payment. A six-month CD could also be a place to keep cash that you’re hoping to put into a riskier investment vehicle.

The longer the term of your CD, the higher the yield you’ll likely have at your disposal. That means 6-month CD yields are typically relatively low. Consider whether it makes more sense to keep your money in a more liquid account, like a savings or money market account. That way, you won’t run the risk of losing interest if you need the money you stashed away before the six month time clock runs out.

Comparing 6-month CDs vs. other savings vehicles

When considering a 6-month CD, it's a good idea to compare it to other available accounts and understand when it might be the right choice for you - and when other options might turn out to be a better decision.

6-month CD vs. savings account

Because you're willing to keep your money in a CD for a set period of time, you usually end up with a higher rate with a CD than a savings account. In fact, you might have a rate that is up to 10 basis points higher on a 6-month CD than on a savings account.

However, savings accounts are more accessible. With a savings account, you won't face the early withdrawal penalties like you do if you tap your 6-month CD before it matures.

6-month CD vs. money market account

There's a good chance you'll get a better yield on a 6-month CD than on a money market account. So, if you're looking for a better yield in a safe account, it can make sense to use a CD instead of a money market account.

On the other hand, a money market account is much more accessible than a 6-month CD. You might even be able to use a debit card to access the funds in the money market account - something you can't do with a CD.

6-month CD vs. 1-year CD vs. 5-year CD

Better yields are generally available on CDs with longer maturities. So, if you're willing to lock up your money for a year - or even up to five years - you could receive a better rate.

However, the advantage of a 6-month CD is that you know you'll be able to access the money in a shorter time frame. Because a CD typically comes with 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.

How to make the most of a 6-month CD

A 6-month CD works well with short-term savings goals. If you want to set money aside for a specific purpose, but you're worried that you'll be tempted to tap into the funds, a 6-month CD can help make the money harder to get to. You can keep the money safe in an FDIC-insured (or NCUA-insured) account until it's needed.

You can also make use of a 6-month CD in an emergency fund ladder. By setting up a CD ladder that includes shorter-term CDs, it's possible to take advantage of slightly higher yields while knowing that a portion of your money will be available for unexpected expenses in the near future.

Maximize the power of compound interest

Anyone struggling to save money could benefit from having a 6-month CD. Because you could face an early withdrawal penalty, you may be less tempted to tap into your savings prematurely.

Best 1 Year Cd Rates

Annual percentage yield, or APY, includes the effect of compounding. It's the interest earned on your initial deposit in addition to the interest earned on top of other interest earnings.

Things to keep in mind with a 6-month CD

Before you get a 6-month CD, it's important to understand the potential drawbacks. The early withdrawal penalty is probably the biggest issue. If you access your funds before the six months is up, you'll pay a penalty.

Plus, the yield often isn't much higher on a 6-month CD than you'd see with a traditional savings account. You can shop around for the highest rates, but you might need to meet deposit minimums in order to take advantage of the best yields.