If six months feels too long for you to give up access to your funds, you could choose a shorter-term CD. Below are some other options which may suit you even better. Six-month CDs are one of many savings vehicles you can choose from.

If rates drop, you may regret not opening a longer CD: In a declining rate environment, you'll be happy to have your 6-month rate guaranteed, but may wish you had extended it further with a longer-term certificate.

If rates rise, you'll be locked at a lower APY: If the economy is seeing rising rates, you may find you're locked into a 6-month rate that is worse than you can get with newer CDs.

Except for special ' add-on CDs,' you cannot deposit additional funds in a CD after it's opened.

Only one deposit is allowed: The amount of your CD will be the amount of your initial deposit.

Withdrawing early will incur a penalty: Anytime you request to cash out a CD before its maturity date, the bank or credit union will hit you with an early withdrawal penalty, which will reduce the interest you earned and the balance you're paid out.Carries almost no risk: CDs opened with an FDIC bank or NCUA credit union are federally insured against potential institution failure, meaning up to $250,000 of your deposits-per person and per institution-are protected.May pay more than a savings account: By agreeing to a 6-month CD term, you may be able to score a higher annual percentage yield (APY) than what you can earn on a savings or money market account.Can deter temptation to spend down savings: Since withdrawing funds from a CD will incur a penalty, it can be less tempting to withdraw CD funds for an unplanned purchase than it is to dip into a liquid savings account.Offers a locked rate for 6 months: Unlike a savings or money market account, whose rate can be reduced at any time, a 6-month CD is guaranteed to pay the agreed upon APY for the full six months.If rates drop, you may regret not opening a longer CD If rates rise, you'll be locked at a lower APY Latino Community Credit Union – 5.55% APY.Bayer Heritage Federal Credit Union – 5.65% APY.Financial Partners Credit Union – 6.50%*.Then, if there's still a tie, the institutions are listed alphabetically. In cases where more than one institution pays the same top rate, we've prioritized CDs by the shortest term, then the CD requiring a smaller minimum deposit.

Those requiring a minimum deposit of up to $25,000 are eligible for our list. We've ranked the highest-paying CDs with approximately 6-month terms (includes terms ranging from 5 to 9 months) by drawing on the most current rate data from about 200 banks and credit unions that offer certificate products nationwide. CD rates closely follow the fed funds rate, so if the Fed implements a further increase this year, that could nudge CD rates higher still. 20-after 11 hikes in the previous 12 meetings-it has indicated that an additional increase in 2023 is still on the table. Though the Fed held its benchmark rate steady on Sept. Today’s CD rates are higher than we’ve seen in more than 20 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame decades-high inflation.

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