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Updated on Sunday, January 10, 2021
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.
To find the best 6-year CDs, we used the DepositAccounts database to find 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
All rates expressed in annual percentage yield (APY) unless otherwise stated.
1. First National Bank of America — 1.30% APY, $1,000 minimum deposit
This 72-month CD from First National Bank of America easily earns one of the top spots. The CD will roll over automatically when it matures, or you can opt for a new CD term or withdraw your money altogether. First National allows for partial withdrawals but at a stiff penalty — you’ll lose 540 days’ interest on the amount you take out.
First National Bank of America is based in Michigan and is family-owned. The bank opened its doors in 1955.
2. Credit Human (60 to 83 months) — 1.30% APY, $500 minimum deposit
You can score this high rate from Credit Human on a 60- to 83-month certificate with a deposit of at least $500. They also offer a wide range of other CD terms. Dividends are compounded and credited monthly on this certificate. The early withdrawal penalty is $50 or 730 days’ dividends, whichever is higher.
Credit Human offers a number of ways to qualify for membership, including employees of partner organizations; active and retired members of the Armed Forces or National Guard; and people who live, work, worship or attend school in their service area. The easiest way to join the credit union is by opting to enroll in the American Consumer Council. Credit Human was founded in 1935 in San Antonio, Tex.
3. Evansville Teachers Federal Credit Union — 1.15% 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 $100, 7 days’ dividends or 180 days’ worth of interest, whichever is greatest.
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.
4. EmigrantDirect (60 to 120 months) — 1.00% APY, $1,000 minimum deposit
EmigrantDirect.com offers a lower but still good rate on its 60- to 120-month certificates of deposit, including its 6-year term. You need $1,000 to open an account here. Interest is compounded daily and credited monthly. The penalty for early withdrawals will be an amount equal to 180 days’ interest, whether earned or not, calculated at the rate on the principal amount.
EmigrantDirect is a digital-only division of Emigrant Bank.
5. MySavingsDirect (60 to 120 months) — 1.00% APY, $1,000 minimum deposit
MySavingsDirect offers a wide range of MyTerm Certificates of Deposit. Its 6-year term falls in 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, whether you’ve earned it or not.
Like EmigrantDirect on this list, MySavingsDirect is also a digital-only division of Emigrant Bank, which dates back to 1850.
6. Marcus by Goldman Sachs — 1.00% APY, $500 minimum deposit
A big name in the online banking space, Marcus by Goldman Sachs offers consistently competitive rates. This includes its high-yield 6-year CD, the longest term among its offerings, which requires an initial deposit of at least $500 and must be fully funded within 30 days of opening the account. Marcus makes a 10-day CD rate guarantee, so if the rate increases during that period, you can switch to that higher rate.
Just be careful of making an early withdrawal from the 6-year CD, as it will trigger a penalty of 270 days’ worth of simple interest on the principal.
Marcus by Goldman Sachs is the banking branch of investment giant Goldman Sachs, which traces its history back to 1869.
7. Chartway Federal Credit Union (60 to 71 months) — 0.85% APY, $0 minimum deposit
You can take advantage of Chartway FCU’s longest share certificate term with a $100 minimum. It earns at a competitive rate, which applies to certificates between 60 and 71 months. This rate is not applicable to accounts opened in North Carolina, Nevada, Texas, Utah or Virgina. The penalty for making an early withdrawal from this certificate will equal 180 days’ worth of interest. You’ll also pay $2 a month if you opt for paper statements.
Chartway FCU was 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 one of nine states, 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 Chartway’s We Promise Foundation, which benefits children with medical issues and illnesses.
8. INOVA Federal Credit Union — 0.70% APY, $200 minimum deposit
Earn with the 6-year CD rate from Inova FCU. You need at least $200 to deposit to open up INOVA’s 6-year certificate. There are no setup fees or service charges, but to open the account you’ll need to request information via an online form or by calling. 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. Membership is also open to those who join the Tru Direction Financial Literacy Program.
9. Third Federal Savings & Loan — 0.70% APY, $500 minimum deposit
The 72-month standard CD is the longest term offered by Third Federal Savings & 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, whether earned or not. This CD will automatically renew at maturity.
Third Federal is based in Cleveland, where it was founded back in 1938.
10. 1st Source Bank — 0.40% APY, $500 minimum deposit
You can get started with 1st Source Bank’s 6-year CD with just $500. Accrued interest is added to the principal annually, and the CD will self-renew at maturity. The penalty for an early withdrawal is 12 months’ interest that would have been 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.
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.
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 1.30% APY at the top all the way to 0.40%. Meanwhile, all the best 5-year CD rates offer a much better savings opportunity, ranging between 1.30% and 1.22% 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 (exchange-traded funds) 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 decreases when interest rates rise.