Financial institutions are currently offering competitive rates on 6-month certificates of deposit, providing savers with an option that balances safety and yield. A recent review identified ten leading accounts based on annual percentage yields, minimum deposit requirements, and customer service features.
Marcus by Goldman Sachs and Bread Savings both offer 6-month CDs with an APY of 4.05%. Marcus requires a minimum opening deposit of $500, while Bread Savings sets its minimum at $1,500. Interest compounds daily for both accounts. Early withdrawal penalties differ: Marcus charges 90 days' interest on the original principal, and Bread Savings applies a penalty of 90 days' simple interest based on the withdrawn amount.
Ally Bank provides a 6-month CD at 3.9% APY with no minimum opening deposit and no monthly maintenance fees. Customer service is available around the clock via telephone, chat, and email. The penalty for early withdrawal is 60 days' interest.
Synchrony Bank offers a 6-month CD at 3.75% APY, also with no minimum deposit or monthly fees. Interest compounds daily and is credited monthly. Early withdrawal incurs a penalty equal to 90 days' simple interest at the current rate.
America First Credit Union has a 6-month CD with 4% APY, requiring a $500 minimum deposit. Early withdrawal results in a penalty of 60 days of dividends. Membership requires an online application and meeting eligibility criteria.
Bank5Connect, an online-only bank, offers a 6-month CD at 3.2% APY with a $500 minimum deposit. Interest compounds monthly. The early withdrawal penalty is three months' interest.
Bask Bank's 6-month CD has a 3.85% APY and a $1,000 minimum deposit. Interest compounds daily. Early withdrawal leads to a penalty of 90 days' simple interest on the principal withdrawn.
EverBank requires a $1,000 minimum deposit for its 6-month CD, which offers 3.8% APY. Interest compounds daily. The penalty for early withdrawal is 45 days' simple interest.
Quontic Bank provides a 6-month CD at 3.75% APY with a $500 minimum deposit and no monthly service fees. Interest compounds daily and is credited monthly. Early withdrawal results in a penalty equal to the interest for the full term, potentially affecting the principal.
Limelight Bank offers a 6-month CD at 4% APY with a $1,000 minimum deposit. Interest compounds daily and is credited quarterly. The early withdrawal penalty is 90 days' interest.
The evaluation considered over 300 data points, focusing on APY, minimum opening deposit, compounding frequency, and customer service contact methods. Accounts were scored out of 25 points across these metrics.