6 Month CD Calculator
Calculate returns on a 6-month certificate of deposit. See how much you'll earn with our free 6 month CD calculator and compare rates from top banks.
6 Month CD Details
6 Months (Fixed)
This calculator is specifically for 6-month CDs
Principal vs Interest
6-Month Growth Timeline
6 Month CD vs Other Terms
Compare how a 6-month CD compares to 3-month and 12-month terms with the same rate.
What is a 6 Month CD?
A 6-month CD is a short-term certificate of deposit that locks your money for exactly 6 months in exchange for a guaranteed interest rate. It offers a balance between higher returns than regular savings accounts and relatively quick access to your funds.
Our 6 month CD calculator helps you see exactly how much you'll earn over this short term, making it easier to decide if a 6-month CD fits your financial goals.
6 Month CD vs Other Terms
3 Month CD
- More frequent access
- Lower interest rates
- Best for very short-term goals
6 Month CD ⭐
- Balanced approach
- Competitive rates
- Good liquidity
- Ideal for emergency funds
12 Month CD
- Higher interest rates
- Less liquidity
- Better for longer-term goals
Current 6 Month CD Rates
6-month CD rates fluctuate based on Federal Reserve policy and economic conditions. As of 2024:
- Online Banks: Typically offer 4.5% - 5.5% APY
- Credit Unions: Often offer 4.0% - 5.0% APY
- Traditional Banks: Usually offer 3.5% - 4.5% APY
Use our 6 month CD calculator with current rates to see your potential returns. Always shop around and compare rates from multiple banks before investing.
Who Should Choose a 6 Month CD?
1. Emergency Fund Builders
A 6-month CD is perfect for building emergency funds. You earn competitive interest while maintaining relatively quick access to funds if needed (with penalty).
2. Short-Term Savers
If you have a specific goal 6-12 months away (vacation, down payment, etc.), a 6-month CD helps you earn more than a savings account.
3. Rate Environment Watchers
In a rising rate environment, 6-month CDs let you lock in current rates while keeping flexibility to reinvest at potentially higher rates soon.
6 Month CD Strategies
Laddering Strategy
Build a CD ladder with multiple 6-month CDs maturing at different times. This provides regular access to funds while maintaining competitive returns.
Reinvestment Strategy
After your 6-month CD matures, reinvest the principal and interest into another 6-month CD or a longer-term CD if rates have improved.
Blended Approach
Combine 6-month CDs with longer-term CDs to balance liquidity needs with maximum returns.