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The Top 6 Month CD Rates for July 2019

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.

The top 6-month CD rates

Short-term certificate of deposit (CD) accounts offer investors a safe opportunity to squirrel away money for a future expense. If you’re looking for a brief solution for storing your cash and want to earn more interest than a typical savings account will offer, a 6 month CD can make a lot of sense. (It’s also a good place to start if you’re building a CD ladder.)

Using information from DepositAccounts.com, another LendingTree company and a database of offerings at more than 17,100 banks and credit unions, we found the five banks and five credit unions with the top 6 month CD rates. If there was a tie, we chose the institution with the smaller minimum-deposit requirement. We pulled these rates on July 5, 2019, and we excluded promotional offerings. The national average APY on 6 month CDs (among banks and credit unions) is 0.91%, according to the DepositAccounts.com database. These options outperform that average by a long shot. (You may also want to view our picks for the overall best CD rates.)

Banks with the best 6-month CD rates

BankAPYMinimum deposit amount
Banesco USA2.60%$1,500
MutualOne Bank2.53%$500
My eBanc2.40%$5,000
DollarSavingsDirect2.15%$1,000
ableBanking2.35%$1,000

Banesco USA — 2.60% APY, $1,500 minimum deposit amount

6 Month CD from Banesco USAOpen a BaneSmart Certificate of Deposit from Banesco USA to earn at some of the best CD rates. The 6 Month CD earns at a top rate on all balances below $250,000. You’ll need at least $1,500 to open the account.

Founded in 2006, Banesco USA is a part of Banesco International, a financial institution with a presence in 15 countries. Banesco USA has four business centers in South Florida and one in San Juan, Puerto Rico.

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MutualOne Bank — 2.53% APY, $500 minimum deposit

6 Month CD from MutualOne BankFor the best adjacent 6-month CD rate at MutualOne Bank, consider its 7-month CD instead. You’ll have to wait just one more month for maturity, which is worth it considering the much higher rate on this account. You can open the account online with just $500. The early withdrawal penalty equals 90 days’ interest.

MutualOne Bank is a Massachusetts state-chartered mutual bank. It was originally Framingham Co-operative Bank when founded in 1889 and became MutualOne Bank in 2012.

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My eBanc — 2.40% APY, $5,000 minimum deposit

6 Month Online Time Deposit from My eBancA high-yield 6-month Online Time Deposit at My eBanc requires an opening deposit of at least $5,000. You can easily open the account online. The account doesn’t charge any maintenance fees. However, making an early withdrawal from the 6-month CD will trigger a penalty equal to 90 days’ worth of interest.

My eBanc is a division of BAC Florida Bank of Coral Gables, Fla., which is part of The Pellas Group. The CD program, open to all foreign and domestic customers, is designated as a “BAC Internet Time Deposit.” Overseas CDs based on the euro are not insured by the FDIC.

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DollarSavingsDirect — 2.15% APY, $1,000 minimum deposit

6 Month CD from DollarSavingsDirectDollarSavingsDirect offers a select few CDs, including its high-yield 24-month CD. Interest is compounded daily and credited monthly. You’ll need at least $1,000 to open an account. It’s best to avoid an early withdrawal, as you’ll lose 90 days interest whether earned or not.

DollarSavingsDirect is an online banking division of Emigrant Bank, which was founded in 1850.

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on DollarSavingsDirect’s secure website

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ableBanking — 2.35% APY, $1,000 minimum deposit

6 Month CD from ableBankingFor another competitive 6-Month CD rate, check out ableBanking. You’ll need at least $1,000 to open an account, which you can do online. Early withdrawals will trigger a penalty of 90 days’ interest.

ableBanking was founded by former professionals from brick-and-mortar banks. A solely-online bank, ableBanking is a division of Maine-based Northeast Bank, founded in 1872. CD accounts are open to all U.S. residents over 18 years of age.

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Credit unions with the best 6-month CD rates

Credit UnionAPYMinimum deposit amount
Andrews Federal Credit Union2.86%$1,000
Communitywide Federal Credit Union2.35%$2,000
Pinnacle Federal Credit Union2.20%$500
State Department Federal Credit Union2.06%$500
Bellco Credit Union2.00%$500

Andrews Federal Credit Union — 2.86% APY, $1,000 minimum deposit

8 Month Certificate Special from Andrews Federal Credit UnionTo earn the top credit union rate, head to Andrews Federal Credit Union for its slightly longer 8-Month Share Certificate. It earns at a rate comparable to longer-term CDs and higher than the top 6-month CD rate from a bank/ You’ll need at least $1,000 to open the account either online or at an Andrews FCU branch. The early withdrawal penalty equals 90 days of dividends.

Andrews Federal Credit Union was founded in 1948 and is headquartered in Suitland, Md. It currently serves over 120,000 members worldwide. Andrews FCU membership includes residents of Washington, DC, Maryland, Virginia and New Jersey, including Joint Base Andrews and Joint Base McGuire/Dix/Lakehurst. It serves military installations abroad in central Germany, Belgium and The Netherlands. Andrews FCU also extends membership to Select Employee Groups throughout Maryland, Virginia and New Jersey.

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on Andrews Federal Credit Union’s secure website

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Communitywide Federal Credit Union — 2.35% APY, $2,000 minimum deposit

6 Month Share Certificate from Communitywide Federal Credit UnionWith at least $2,000, you can open a high-yield 6-month CW Certificate Account online. The early withdrawal penalty from this account is equal to the amount withdrawn multiplied by the remaining days left in the term.

Founded as a credit union to provide quality financial services to individuals in South Bend, Ind., Communitywide Federal Credit Union has grown to offer their services to various communities within Indiana as well as the digital world.

Anyone can become a member by donating to a list of organizations including the Y.M.C.A. If you’re a member of the Michiana Goodwill Boosters or Marine Corps. League of St. Joseph Valley, you’re also eligible to become a member.

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on Communitywide Federal Credit Union’s secure website

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Pinnacle Federal Credit Union — 2.20% APY, $500 minimum deposit

6 Month CD from Pinnacle Federal Credit UnionIf you’ve got a few hundred dollars to stash away, consider parking your funds in a Pinnacle Federal Credit Union Share Certificate. The 6-Month Certificate requires at least $500 to open (as do the other certificate accounts). Early withdrawals from this account trigger a penalty of 90 days’ dividends. You can open an account online or at one of the credit union’s two New Jersey branches.

Pinnacle Federal Credit Union has been a not-for-profit credit union since 1962. It serves Edison, N.J. and the surrounding county with its two physical branches.Pinnacle Credit Union offers membership to employees of select partner companies and their family members. The credit union currently serves over 300 companies and 20,000 members. You can also join by becoming a member of the American Consumer Council. PCU will pay the $5 membership fee.

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on Pinnacle Federal Credit Union’s secure website

State Department Federal Credit Union — 2.06% APY, $500 minimum deposit

6 Month Certificate from State Department Federal Credit UnionWith another low minimum deposit requirement, State Department Federal Credit Union requires just $500 to open an account. There are no service charges and interest is compounded daily. An early withdrawal from this account will lose you either 30 days of dividends on the amount withdrawn or the amount of dividends earned since the date of issuance, whichever is less.

Founded in 1935, SDFCU is headquartered in Alexandria, Va. Customers also have access to the CO-OP Shared Branch network.

State Department FCU membership is open to employees of The U.S. Department of State. Eligibility is also determined through select organization membership, an immediate family member or the American Consumer Council. You and your employees may also apply for SDFCU membership as a group.

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on State Department Federal Credit Union’s secure website

NCUA Insured

Bellco Credit Union — 2.00% APY, $500 minimum deposit

6 Month CD from Bellco Credit UnionWith just $500, you can open a 6 Months Bellco CD. The amount of the early withdrawal penalty is 90 days interest on the amount withdrawn.

Bellco was founded in 1936 and maintains several branches throughout Colorado. You can join Bellco Credit Union if you live or work in select Colorado counties, are related to a member, work for a Bellco Select Employee Group or are a member of Consumers United Association. Non-Colorado residents may also be eligible through Bellco Foundation membership.

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Pros and cons of using 6 month CDs

Pros:

  • The CD rates offered by banks and credit unions are generally higher than those on savings accounts.
  • The rates are fixed and guaranteed for the length of their term.
  • The discipline of keeping the funds in the CD means the money will be available upon maturity. (Note: Most banks offer a seven-day grace period to reinvest or withdraw the investment, after which the funds will roll over into a new CD. However, you are not guaranteed the same rate.)

Cons:

  • Six-month CD rates are lower than those offered on longer CD investment terms.
  • To tap into the CD funds — even for emergencies — consumers must accept a loss through penalties, which can include a percentage of the funds, a percentage of the earned interest, or a combination of both. A typical penalty on a short-term CD is between 30 and 90 days’ worth of interest earnings.
  • If you’re not confident you can do without access to the funds for six months, you may be better off putting your money in a traditional savings account, which is likely to earn less interest than a CD.
  • Since CD rollovers may reset at a different percentage rate, consumers must speak with the bank before the grace period ends to ensure they are getting the best deal.

Using a 6 month CD for laddering

A CD ladder comprises small-amount CDs with varying terms and respective interest rates that contribute to a long-term investment strategy. After the 6 month CD matures, investors can withdraw the funds for a predetermined expense. Or, they can reinvest the money into a longer-term CD with a better rate. By staggering the maturity dates on short-term CDs, consumers have access to their cash on a regular, predictable basis.

Where can you open a CD account?

Consumers can open 6 month CD accounts (or longer) from banks and credit unions. Bank and credit union CD rates are based on Federal Reserve rates, and there may be strategic times to pursue these short-term instruments following a rate increase.

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.

Gabby Hyman
Gabby Hyman |

Gabby Hyman is a writer at MagnifyMoney. You can email Gabby here

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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 8/5/2019

Offer rules:Discover customers can benefit from a $200 bonus by opening a Discover Online Savings account for the first time by August 5, 2019, which is the same date this offer ends. You’ll then need to deposit at least $25,000 into the account by August 19, 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 August 19, 2019.

The bonus will be credited to your account by September 2, 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 “MM719” 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 are no fees associated with this account. Keep in mind that the bonus is considered interest and will be reported on a 1099-INT form.

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on Discover Bank’s secure website

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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

BBVA — $100 bonus with $10,000 minimum deposit

Offer ends 8/31/2019

Offer rules: You can earn the $100 bonus by opening a new BBVA Money Market Account and bringing the balance to at least $10,000 by August 31 and maintaining that so you have at least that much in the account on November 30.

Who’s eligible: This bonus offer is available to residents of all states except Alabama, Alaska, Arizona, California, Colorado, Florida, Hawaii and Texas.

Further, you must be a new BBVA consumer money market account customer who has not had a BBVA money market account or received a money market account cash bonus in the past 12 months.

Account details: The BBVA Money Market Account earns interest at a competitive rate of 2.50% APY on balances $10,000 and over. Any balances below that will still earn at the solid rate of 2.00% APY.

There is a $15 monthly Service Charge that you can waive by maintaining an account balance of at least $10,000 or with an automatic recurring $25 monthly transfer from a BBVA checking account.

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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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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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