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The Best 6-Year CD Rates

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

If you want to earn the highest CD rates, you generally need to invest in a longer-term CD. When the bank or credit union gets to keep your money for an extended period of time, it rewards you with higher interest rates.

Higher rates can make a 6-year term an appealing choice when considering CDs. However, there aren’t as many 6-year CDs available as with other CD terms. Most banks don’t offer this particular term, often maxing out at five years or skipping to 7-year CDs. In our analysis, we managed to find nine great choices when sorting through long-term CD data from DepositAccounts.com, a LendingTree-owned company.

To find the best 6-year CDs, we first looked at the highest 6-year CD rates available nationwide. Then we ranked each by APY, taking the accounts’ minimum deposit requirements into consideration for wider availability. We also made sure to include institutions with great health ratings so you know you’re working with a reputable bank with FDIC or NCUA insurance.

The Best 6-year CD rates

Institution

APY

Minimum deposit amount

INOVA FCU

3.25%

$200

Chartway FCU

3.10%

$500

Goldman Sachs Bank USA

3.05%

$500

Third Federal Savings and Loan

2.90%

$500

Evansville Teachers FCU

2.90%

$1,000

New Buffalo Savings Bank

1.76%

$1,000

MySavingsDirect

1.65%

$1,000

1st Source Bank

1.50%

$500

EmigrantDirect

1.50%

$1,000

INOVA FCU— 3.25% APY, $200 minimum deposit

Earn the best 6-year CD rate from Inova FCU. You need at least $200 to deposit and open up INOVA’s 6-year certificate. The penalty for an early withdrawal from this account is equal to 180 days’ of dividends.

Headquartered in Indiana, INOVA Federal was originally founded to serve the employees of Miles Laboratories in 1942. You can join INOVA through your employer or other organization, or through an immediate family member who is already an INOVA member.

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on INOVA Federal Credit Union’s secure website

NCUA Insured

Chartway FCU— 3.10% APY, $500 minimum deposit

You can take advantage of Chartway FCU’s longest share certificate term of 71 months starting with $500. It earns at a competitive rate, which applies to certificates between 60 and 71 months. The penalty for making an early withdrawal from a 71-month certificate will equal 180 days’ worth of interest.

Chartway FCU started as NorVA N.A.S. Federal Credit Union by civilian workers at the Norfolk Naval Air Station in 1959. Today, you can join Chartway if you live, work, go to school or worship in select areas in Texas, Utah or Virgina, you work for a select partner employer or you have an immediate family member who is a member. You may also join by donating $10 to the We Promise Foundation, Chartway’s philanthropic arm.

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on Chartway Federal Credit Union’s secure website

NCUA Insured

Goldman Sachs Bank USA— 3.05% APY, $500 minimum deposit

A big name in the online banking space, Goldman Sachs Bank USA, also known as Marcus by Goldman Sachs, offers consistently competitive rates. This includes its high-yield 6-year CD, the longest term among its offerings. It requires an initial deposit of at least $500 within 10 days after opening the account. Marcus by Goldman Sachs makes a 10-day CD rate guarantee, so if the rate increases during that period, you can snag that higher rate.

Just be careful of making an early withdrawal from the 6-year CD as it will trigger a penalty of 365 days’ worth of simple interest on the principal.

An entirely online bank, Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA, the banking branch of investment giant Goldman Sachs, which traces its history back to 1869.

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on Goldman Sachs Bank USA’s secure website

Member FDIC

Third Federal Savings and Loan— 2.90% APY, $500 minimum deposit

The 72-month standard CD is the longest term offered by Third Federal Savings and Loan. It earns at a competitive rate and requires only $500 to open and start saving. The penalty for an early withdrawal from a 72-month CD equals 18 months’ interest.

Third Federal is based in Cleveland, where it was founded back in 1938.

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on Third Federal Savings And Loan (OH)’s secure website

Member FDIC

Evansville Teachers FCU— 2.90% APY, $1,000 minimum deposit

The 6-year certificate is Evansville Teachers FCU’s longest term and earns at a competitive interest rate alongside the credit union’s other certificates. You’ll need at least $1,000 to open an account. The penalty for an early withdrawal will equal either $100 or 180 days’ worth of interest, whichever is greater.

ETFCU was founded in 1936 by several teachers in Evansville, Ind. who needed better financial services. Today, you can be eligible for Evansville Teachers FCU membership not just as a teacher, but also through select employers or organizations, or a family or household member. You may also join by donating $5 to the Mater Dei Friends & Alumni Association.

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on Evansville Teachers Federal Credit Union’s secure website

NCUA Insured

New Buffalo Savings Bank— 1.76% APY, $1,000 minimum deposit

With at least $1,000, you can start saving your money in a 6-year CD from New Buffalo Savings Bank at a pretty solid rate. Interestingly, no matter which term you have, the early withdrawal penalty will equal six months’ of interest.

New Buffalo Savings Bank was founded in 1921, and maintains its headquarters and a few branches in the New Buffalo, Mich. area.

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on New Buffalo Savings Bank’s secure website

Member FDIC

MySavingsDirect— 1.65% APY, $1,000 minimum deposit

MySavingsDirect offers a wide range of MyTerm Certificates of Deposit. Its 6-year term falls in between its range of 60 to 120 month terms available at the given APY. Plus, interest is compounded daily for faster savings growth. You’ll need at least $1,000 to open an account. Making an early withdrawal from this account will trigger a penalty of 180 days’ worth of interest.

MySavingsDirect is a digital-only division of Emigrant Bank which dates back to 1850.

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on MySavingsDirect’s secure website

Member FDIC

EmigrantDirect—1.50% APY, $1,000 minimum deposit

EmigrantDirect offers a lower but still decent rate on its 60- to 120-month certificates of deposit, including its 6-year term. You need $1,000 to open an account here. The penalty for early withdrawals will be an amount equal to 180 days’ interest.

Like MySavingsDirect, EmigrantDirect is another digital-only division of Emigrant Bank.

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on EmigrantDirect.com’s secure website

Member FDIC

1st Source Bank— 1.50% APY, $500 minimum deposit

You can get started with 1st Source Bank’s 6-year CD with just $500. The penalty for an early withdrawal is 12 months’ interest earned on the amount withdrawn.

1st Source Bank was established back in 1863 in South Bend, Ind. It has branches in Florida, Indiana and Michigan.

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on 1st Source Bank’s secure website

Member FDIC

Is it worth getting a 6-year CD?

It can be worth getting a 6-year CD if you’re signing up for the highest rates on our list. Perhaps it would make a solid addition to a CD ladder you’re building. Let’s say you have $1,000 to deposit into a CD. Depositing that into the highest-earning 6-year CD above, at 3.25% APY, will result in $215 total interest earned. Making that same deposit into the best 5-year CD at 3.35% APY yields about $182.

But this is just looking at the top rates for both terms. In truth, 6-year CD rates aren’t always competitive enough to make them a reliable investment. In fact, 5- and 7-year CD terms consistently have much better rates, despite the small one-year difference.

When we compare 6-year CD rates with 5-year CD rates, the 6-year yields struggle to keep up. You can see above that the best 6-year CD rates jump from 3.25% APY at the top all the way to just above 1%. Meanwhile, all the best 5-year CD rates offer a much better savings opportunity ranging between 3.35% and 3.20% APY. No matter which 5-year CD you pick from the list, you’re bound to yield some solid earnings.

We tend to expect that the longer the CD term, the higher the rate will be, but we just don’t see that when comparing 6-year CDs with other long-term CDs. On the whole, 6-year CD terms are bookended by better-earning products. Opening 5- and 7-year CDs will give you a wider product selection to choose from and a better chance at growing your savings.

Alternative long-term investments

Other than 5- and 7-year CDs, Ken Tumin, founder of DepositAccounts.com (which similar to MagnifyMoney, is owned by LendingTree) suggests turning to individual bonds to beef up your savings. “Much like a CD ladder, the same technique can be used with individual bonds (Treasury, municipal, corporate, etc.) to build steady savings over time,” he offered. Note that non-Treasury bonds do have some default risk that CDs don’t carry when they have FDIC/NCUA insurance.

Another alternative to a bond ladder is a mutual fund or an ETF of bonds. Unlike a ladder, the value of a bond mutual fund or ETF fluctuates with interest rates. This can give you the chance to boost your savings when interest rates go down. However, the opposite is also true, where the value of your bonds decrease when interest rates rise.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

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Best of

Best Savings Account Bonus Offers

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

There’s no shortage of checking account bonus offers, with everyone from small local banks to the big household names offering hundreds of dollars to new customers. Banks know it’s hard to get you to leave your old bank, especially when you’re comfortable with the accounts you have. But what better way to entice you than with a big cash bonus?

You’ll find these bonus offers attached to more checking accounts than savings accounts. After all, checking accounts are a crucial part to banking, as they allow you to easily access your money for purchases and transfers.

That’s not to say there aren’t any opportunities to earn money with a new savings account. We’ve found five of the best savings account bonus offers as of the date of publishing. It’s easy to go straight for the highest amount, but pay attention to the bank and the account you’re getting ready to open. Make sure it’s a bank you actually want to do business with.

Further, double check that you’ll be happy with the new account for months to come. It can take months to meet the offer requirements and even longer to actually receive the bonus. If there’s a monthly fee on the account, you could be stuck paying that unnecessary fee, especially if you can’t meet the balance requirements to waive it. You may not even be happy with the interest rate on the account, which might make the savings account bonus offer not entirely worth it.

The 5 best savings account bonus offers in 2019

Methodology

To find the best savings account bonus offers, we looked for the highest bonus amounts offered. Below, you’ll find the five biggest bonus offers on savings accounts being offered. Offers are current as of this publication date and we will update the article periodically to show the freshest ranking.

Citi — $500 bonus with $15,000 minimum deposit

Offer ends 6/30/2019

Offer rules: You must be a new Citibank customer and open a Citibank Account Package, which includes a checking and savings account. Within 30 days of opening these accounts, you must deposit at least $15,000 in either of these two accounts with money new to Citibank, and maintain a minimum balance across both accounts of $15,000 for 60 days.

After meeting the above requirements, you’ll get $400 in bonus money deposited into your checking account (or savings account if you’ve closed the checking account). If you make at least two ACH deposits into the checking account portion of the Account Package within 60 days of opening the account, you’ll receive an additional $100.

Who’s eligible: You must be a new customer to Citibank and enroll in the bank’s “$400/$500 Checking and Savings Offer” either in person, over the phone, or online.

Account details: There’s a $25 monthly maintenance fee, which you can avoid be keeping a minimum of $10,00 deposited across both accounts (which you’ll want to do anyone in order to qualify for the bonus, which requires a minimum of $15,000). You may not want a checking account and are free to close it, but keep in mind in order to get the $100 bonus (to bring the total amount to $500) you need to make the ACH deposits into a checking account, not a savings account.

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on Citi’s secure website

Discover — $200 bonus with $25,000 minimum deposit

Offer ends 6/3/2019

Offer rules:Discover customers can benefit from a $200 bonus by opening a Discover Online Savings account for the first time by June 3, 2019, which is the same date this offer ends. You’ll then need to deposit at least $25,000 into the account by June 17, 2019.

If you can’t meet that minimum amount, you can earn a $150 bonus instead by depositing at least $15,000 into the new account by June 17, 2019.

The bonus will be credited to your account by July 1, 2019.

Who’s eligible: You must be a new Discover savings customer to qualify for this savings account bonus offer. You must not have had a savings account that was co-branded or an affinity account provided by Discover either.

You can apply for the offer with the code “MM519” either online or by phone.

Account details: Discover’s Online Savings Account earns at a competitive interest rate of 2.10% on all balances. There’s no monthly service fee and Discover promises no hidden fees. You’ll only face a charge for excessive withdrawals, stop payments, insufficient funds and outgoing wire transfers. Discover will waive the first excessive withdrawal, insufficient funds or stop payment fee you encounter each calendar year. Keep in mind that the bonus is considered interest and will be reported on a 1099-INT form.

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Learn More Secured

on Discover Bank’s secure website

Member FDIC

Chase — $150/$350 bonus with $10,000 minimum deposit

Offer ends 7/15/2019

Offer rules: In another bonus offer from Chase, you can get $150 when you open a new Chase Savings account. You’ll need to deposit at least $10,000 in new money (not previously held with Chase or its affiliates) within 20 business days and maintain at least that minimum balance for 90 days.

Want to do more banking with Chase and open a Chase Total Checking account, too? Opening both a new checking and savings account can get you a $350 bonus, as long as you follow the above savings account rules and set up direct deposit on your new checking account.

Who’s eligible: You’re eligible for the Chase Savings account bonus offer if you are not already a Chase savings customer. You also cannot have had an account that was closed within 90 days or with a negative balance.

If you close this new savings account within six months after opening, Chase will deduct the bonus amount from the account at closing.

Account details: The Chase Savings account earns interest at a nominal rate of 0.01% APY, which isn’t ideal for savings growth. There is a $5 monthly fee on the account. You can waive the fee with one of the following, each statement period:

  • A daily balance of at least $300
  • At least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid® Card
  • An account owner who is younger than 18
  • Linking this account to a Chase Premier Plus Checking, Chase Sapphire Checking or Chase Private Client Checking account

You could also face a $5 fee for each excessive transaction you make over the six-transfer limit per statement cycle.

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on Chase Bank’s secure website

Associated Bank — $100 bonus with $10,000 minimum deposit

Offer ends 12/31/2019

Offer rules: Opening a new Associated Bank Money Market account can get you a $100 bonus. You’ll need to deposit at least $10,000 in new money (held outside Associated Bank) at opening and maintain at least that much in the account for 90 days to receive the bonus.

The bonus will be paid within 120 days of account opening if you meet the requirements. The account must be open at that time. You must also keep the account open for at least 12 months.

Who’s eligible: You can redeem this offer online or by taking a coupon sent via email to an Associated Bank branch. This offer is limited to one per household. Households who have or have had an Associated Bank Money Market account within the last six months do not qualify. You must be 18 years or older to apply for the bonus. If you close the new account within 12 months of opening, Associated Bank can deduct the bonus amount from your funds at closing.

Account details: The Associated Bank Money Market account is a true money market account, with the ability to write convenience checks and access Associated Bank and MoneyPass ATMs. It earns interest, too, between 0.05% and 1.00% APY. You can earn at higher rates by having a higher balance and a qualifying Associated checking account.

The money market account does charge a $16 fee, which you can waive by maintaining a $1,000 minimum balance.

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on Associated Bank, NA’s secure website

Member FDIC

First Tennessee — $50 bonus with $5,000 minimum deposit

Offer ends 6/30/2019

Offer rules: When you open a new First Tennessee Money Market Savings account with at least $2,000 you have a chance at earning a $50 bonus. To snag the offer, you must also deposit a total of at least $5,000 in the first 30 days of account opening. Your deposits must be made from accounts outside of First Tennessee Bank.

Who’s eligible: To redeem the offer, you can open the account online with the Promo code “SVSC50.” You can also visit a First Tennessee branch and present a copy of the offer. You must be a resident of Alabama, Arkansas, Georgia, Kentucky, Mississippi, Tennessee or certain parts of Virginia (Bristol, Weber City, Gate City) to qualify. You must also be a new customer to the bank, meaning households with current consumer savings accounts or accounts closed within the past 12 months at First Tennessee Bank or Capital Bank cannot redeem the offer.

Account details: The bank’s Money Market Savings account earns interest according to balance tiers, so the higher your balance, the higher the rate. Overall, however, the rates are relatively low, ranging between 0.01% and 1.00% APY. You’ll need $250,000 or more to earn at the highest level.

You can access your Money Market Savings funds through ATM or check. There is a $9 monthly fee on the account. You can waive the fee with either a qualifying checking account or if your total combined balance in First Tennessee accounts is at least $5,000.

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on First Tennessee’s secure website

How do these accounts compare to the best online savings accounts?

When looking for the best online savings accounts, you won’t find much overlap here. Bonus offers tend to come from brick-and-mortar banks, as incentives for you to place your deposits with them.

Online banks still win by and large. But don’t let these financial carrots mislead you into thinking they are the best on the market — many of the best accounts are being offered by online banks these days. Online accounts tend to have the highest interest rates and the lowest fees — what more could you want? That’s why you’ll find most sign-up bonuses being offered by brick-and-mortar banks.

Know the pros and cons. You should figure out whether it’s worth it for you to open a new account with a traditional bank just for a bonus offer. Don’t forget, you can’t open a new account for a bonus offer and close it immediately. Qualifying for and receiving the bonus takes months. You could even lose your bonus offer if you close the account too soon. Plus, a savings account bonus offer is a short-term boost in savings, rather than the ongoing growth of a high-yield account. It won’t help your savings situation if your new account charges a monthly fee that you can’t waive, either.

Factor in fees. If you do desperately want to snag a couple hundred dollars by opening a new account, make sure you won’t be paying a monthly fee for the months you have the account. That way, you won’t lose any of that bonus right off the bat. Again, double check the account’s closing terms to ensure you won’t lose the bonus at closing, either. It’s also important to be able to meet the account’s minimum balance requirements. It may not make sense for you to keep $10,000 in a low-earning account just to earn a $200 bonus, for example.

Do the math. Let’s say you do deposit and maintain $10,000 in a new savings account that has an interest rate of 0.01%, which is typical of brick-and-mortar savings accounts. After a year, you’ll have earned $1 in interest. Add that to your $200 bonus and you can add a whopping $201 to your savings. Now, if you were to forgo the bonus offer and deposit your $10,000 into a high-yield savings account with a 2.25% APY, you’ll earn just over $227 after a year (with monthly compounding) — a better savings boost than the savings account bonus offer.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

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