CDs offering 6% interest (2024)

FAQs

Are there any 6% CDs out there? ›

You can find 6% CD rates at a few financial institutions, but chances are those rates are only available on CDs with maturities of 12 months or less. Financial institutions offer high rates to compete for business, but they don't want to pay customers ultra-high rates over many years.

Can You Get a 7% CD Account? There was a lot of excitement in August 2023 about a few credit unions offering 7% APYs on certificates. But those rates were offered for a limited time only and are no longer available. However, the nation's best CD rates are still well above 5%, with some pushing toward 6%.

As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

One local credit union has CD paying 6% APY. To open a 6% APY CD, you may need to meet certain eligibility requirements. There are also banks and credit unions with CDs paying over 5% APY, which are available nationwide.

This means that the investment will take about 12 years to double with a 6% fixed annual interest rate. This calculator flips the 72 rule and shows what interest rate you would need to double your investment in a set number of years.

While the quest for a 6% return on your savings today may require some effort, CDs and high-yield savings accounts are two viable options to consider. These accounts offer competitive interest rates, safety through FDIC insurance and ease of management.

DCB Bank savings account interest rates

This private sector lender is offering an interest rate of 8% for savings account customers maintaining balances ranging from Rs 10 lakh to Rs 2 crore.

What credit union has the highest CD rates? ›

Digital Federal Credit Union has an account that pays over 6% APY, but you must meet membership requirements to get started. You also won't earn this high interest rate on your entire Digital FCU savings balance. Plenty of savings accounts are available around the U.S. and still offer great rates — over 5% APY.

Traditional certificates of deposit (CDs) offer a fixed interest rate for a fixed term without the ability to withdraw or add to the principal. Specialty CDs include bump-up, add-on, no-penalty, jumbo, and individual retirement account (IRA) CDs.

The national average CD rate on a 6-month term is 1.79% APY (Annual Percentage Yield), according to the FDIC. However, there are much higher interest rates on 6-month CDs right now. The best CD rate for a 6-month term is TotalDirectBank 6 Month CD APY available at 5.51%.

After being in a steady decline since 2000, CD sales are actually rising. Last, almost 37 million CDs were sold — up nearly three percent year over year. Here are all the reasons I collect CDs and think you should, too.