The best 6-month CD rates of May 2026: Earn up to 4.35% APY

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

If you want to lock in the current market's high certificates of deposit (CD) rates but need access to that cash in a short amount of time, a six-month CD can be just right.

After just half a year, you can grow your savings more than in a traditional savings account and even in some high-yield savings accounts. Plus, with a CD, the fixed interest rate guarantees the return you're offered when you sign up; with a high-yield savings account, your variable interest rate can change anytime.

To determine which six-month CDs are best, CNBC Select analyzed and compared dozens of CD accounts. The ones we selected for our ranking offer APYs well above the national six-month CD average of 1.49%. All the banks on this list are FDIC- or NCUA-insured, the latter if a credit union. (See our methodology for more information on how we chose the best six-month CD accounts.)

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Bank5 Connect's six-month CD currently offers a solid 4.35% APY and the bank also offers a special add-on CD option for those who have a longer savings horizon. The "24-Month Investment CD" lets savers deposit additional funds throughout their term versus just the one deposit upfront. For the six-month CD specifically, there's a low $500 minimum deposit.

CD terms offered

6 months, 12 months, 15 months, 18 months, 21 months, 24 months, 36 months

Monthly fee

None

Early withdrawal penalty fee

There's an early withdrawal penalty equal to 3 months of interest for CDs with terms less than one year, and an early withdrawal penalty equal to 6 months of interest for CDs with terms of one year or greater

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While many of the best six-month CDs we found are offered by lesser-known banks, Marcus by Goldman Sachs® stands out for its institutional name. If you're more comfortable banking with a big name, its six-month CD is for you. It offers a nice 4.40% APY with a $500 minimum deposit.

CD terms offered

6 months, 9 months, 12 months, 18 months, 2 years, 3 years, 4 years, 5 years, 6 years

Monthly fee

None

Early withdrawal penalty fee

If you withdraw the balance of the entire principal amount from your CD account before maturity, you'll be charged an early withdrawal penalty based on the term of your CD and the principal (except in the case of a No-Penalty CD). Here's how early withdrawal penalties are calculated:

• Less than 1 year: 90 days interest on the original principal balance at the interest rate in effect for the CD
• 1 year to 5 years: 180 days interest on the original principal balance at the interest rate in effect for the CD
• More than 5 years: 270 days interest on the original principal balance at the interest rate in effect for the CD

Early Withdrawal Penalty = Interest Rate ÷ 365 (or 366) × Penalty Days × Original Principal Balance

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BMO Alto offers a solid 3.00% APY on its six-month CD with no minimum deposit required. The zero minimum requirement lets just about any saver take advantage, no matter their balance.

CD terms offered

6 months, 12 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

An early withdrawal of principal before maturity will cost an early withdrawal penalty. The penalty is calculated using the interest rate applicable to the CD at the time of early withdrawal. If the amount of the penalty exceeds the amount of your accrued and unpaid interest, then a reduction of principal would be required to pay the penalty:

• 11 months or less: You'll be charged 90 days interest
• 12 months or more: You'll be charged 180 days interest

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Popular Direct offers a high 4.10% APY on its six-month CD with a $10,000 minimum deposit requirement. For those with large savings that they want to keep safe for a short-term goal, Popular Direct's six-month CD is a good place to park it.

CD terms offered

3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None

Early withdrawal penalty fee

• For terms less than 91 days: The fee is 89 days simple interest
• For terms equal to or greater than 91 days but less than 12 months: The fee is 120 days simple interest
• For terms equal to or greater than 12 months but less than 36 months: The fee is 270 days simple interest
• For terms equal to or greater than 36 months but less than 60 months: The fee is 365 days simple interest
• For terms equal to or greater than 60 months: The fee is 730 days simple interest

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Alliant Credit Union offers a six-month CD with a solid 3.90% APY and a $1,000 minimum. For those who rather put their cash with a credit union and get community membership perks, this is a good savings option. Plus, membership is open to anyone.

CD terms offered

3 months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, 60 months

Monthly fee

None if you select eStatements

Early withdrawal penalty fee

• For CD term of 17 months or less, penalty is number of days the certificate is open, up to 90 days
• For CD term of 18 to 23 months, penalty is number of days the certificate is open, up to 120 days
• For CD term of 24 to 48 or 60 months, penalty is number of days the certificate is open, up to 180 days
• For during 7-day grace period for new certificates, penalty is 7 days (no dividends are earned), a penalty will be applied from the principal balance

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Choosing a CD typically comes down to how long you want to keep your money locked up. With short CD terms, like six months, you can save (and grow) your money for short-term goals, such as a vacation. Long-term CDs like a three- or five-year option are great for longer-term goals like saving up for a down payment on a home.

If you're looking to have more flexibility to withdraw your funds without having to worry about getting charged a penalty fee, you can also opt to save with a high-yield savings account. Although CDs typically offer higher APYs than high-yield savings accounts, you can still find competitive rates at around 5.00% APY.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every CD review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of savings products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best six-month CDs.

To determine the best six-month CDs, CNBC Select analyzed dozens of options offered by online and brick-and-mortar banks, including credit unions. We found that the APY offered by online banks and credit unions far outpaced those offered by most national brick-and-mortar banks.

When ranking the top six-month CDs, we prioritized the ones offering the highest APYs. We then compared six-month CDs by looking at their minimum deposit requirements, penalties for early withdrawals, ease of use and industry rankings. We ranked our top picks by best overall, best for no minimum deposit, best for a large deposit, best from a big bank and best from a credit union.

All of the CDs included on this list are NCUA- or FDIC-insured up to $250,000 per person. The rates and fee structures banks advertise for their CD accounts are not guaranteed forever. They are subject to change without notice and they often fluctuate in accordance with the Fed rate. If you open a CD account, however, you're often locked into that APY offered at account opening for the entire term length.

Your earnings depend on the CD term length, the amount you deposit, the APY offered when you opened the account and any associated fees. Generally, a larger deposit and a higher interest rate will earn you the most money. Any early withdrawals may result in penalty fees that lower your principal balance/earnings.

To open a CD account for the first time at a bank, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

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