The Best 6-Month CD Rates of 2019
A 6-month CD is a great way to earn a higher APY on your savings without having to wait a year or longer for your return. We have found the best 6-month CD rates available nationwide.
That’s higher than it was at this time last year.
Interest rates overall are beginning to stall, which means it’s best to opt for short-term CDs.
Generally, CD yields are based on interest rates set by the Federal Reserve. There’s a possibility that the Fed will cut rates this year. We’ll tell you what the Fed indicated about potential rate cuts in 2019.
The top spot on our list is held by Popular Direct, which is paying 2.45% with a $10,000 minimum.
In total, there are now 12 banks offering 2.28% APY or better on nationally available 6-month CDs.
These CDs are, of course, a great place to invest for short-term financial obligations, like a wedding or family vacation. But they can also be useful financial tools for a CD ladder.
RATE SEARCH: Shop CD rates.
Top 6-Month CD Rates: Nationally Available Banks
|First Internet Bank||2.09%||$1,000|
Credit union and community bank CDs can often be the best game in town for those who live in the right place or work for a certain employer.
To find the best 6-month CD rates, always compare offers from both online banks and credit unions.
The Fed impact
The national average for 6-month CDs sank to a record low of 0.14% APY in September 2013 and remained there as recently as June 2014.
Back in February 2007, before irresponsible mortgage lending led the economy over a cliff, the average return for 6-month CDs was 3.50% APY.
But after the Federal Reserve stepped in to talk the markets off a ledge by holding interest rates down to allow the economy to rebuild to full capacity, it kept them there for seven years.
That era finally concluded in December 2015 when the Fed’s rate-setting committee launched what was expected to be a series of gradual rate hikes over the next several years.
Now there’s discussion of cutting rates again, and by as much as 50 basis points. We’ll have to wait and see what the impact of rate cuts could have on yields, but some banks have already sliced rates on retail products in anticipation.
RATE SEARCH: Compare CD rates.
Disclaimer: The rates above were verified July 16., 2019. Banks and credit unions should be contacted directly to determine eligibility for opening accounts with that institution, as well as to verify current rates.