Personal Finance Banking Certificates of Deposit
Written by Sophia Acevedo and Kit Pulliam; edited by Sarah Silbert
- Finding 6% interest CDs
- CDs with at least 6% interest
- Where to find the best CD rates
- Factors to consider for CDs
- FAQs
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- One local credit union has a 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.
While many CDs pay above the national average right now, finding a financial institution that offers 6% APY (Annual Percentage Yield) or more on a CD is pretty rare.
See if you qualify for a 6% interest CD. And don't worry if you aren't eligible — the best CD rates nationwide are still well above 5% APY.
Finding CDs offering 6% interest
There isn't a nationwide bank offering a 6% CD rates today, but there is one credit union with CDs that pays 6% APY (although you'll need to meet membership eligibility requirements).
California Coast Credit Union also has a 5-month Celebration Certificate with a 9.50% APY. This account only lets you deposit a maximum of $3,000. The credit union's membership eligibility requirements are also limited to people who live or work in San Diego or Riverside counties.
Certificate of deposit with at least 6% interest
| Institution | Term | Highest APY Available |
Financial Partners Credit Union | 8 months | 6.00% |
Financial Partners Credit Union is a Southern California-based financial institution. The credit union is offering an 8-month CD special paying 6.00% APY to new members (one CD per new member only). The CD has a minimum opening deposit of $1,000 and a maximum opening deposit of $5,000.
To open the CD, you must live in an eligible area in Southern California (Los Angeles County, Orange County, Riverside County, San Diego County, the city of San Francisco, or Alameda, California).
Where to find the best CD rates for a high APY
Online banks and credit unions with high-yield CDs
Traditional brick-and-mortar banks tend to offer the lowest rates, on average, on CDs and savings accounts. It's likely that you'll find more competitive rates, and even better terms, on CD offered by online banks and credit unions, which have lower overhead costs than banks with many physical locations.
Local institutions with high-yield CDs
If banking in person is important to you, check out what CD rates and terms your local bank branch or credit union has to offer.
Important factors to consider for high APY CDs
High CD interest rates may draw you to one particular CD offering, but there are a few important factors to consider before opening the account.
Minimum deposit requirements on high APY CDs
Some high-earning CDs require a minimum deposit of $500 or more to start earning interest.
Term length on high APY CDs
If you're saving for a specific savings goal with a CD, be sure that the term length matches your timeline. Typical term lengths range from three months to five years, though some banks and credit unions offer terms of up to ten years.
Early withdrawal penalties on high APY CDs
You'll usually have to pay a fee if you need to take your money out before the CD maturity date.
Most institutions charge a portion of your interest earnings as an early withdrawal penalty, with a higher fee for longer terms.
6% interest CD FAQs
Are there really CDs offering 6% interest?
There is one credit union paying 6% APY on a CD, Financial Partners Credit Union. You'll have to meet certain eligibility requirements to join this credit union, though.
Why do some banks offer much higher CD rates than others?
Online banks tend to have fewer costs than traditional brick-and-mortar banks, while credit unions serve smaller communities. For these reasons, online banks and credit unions can offer higher rates on CDs.
Are CDs with 6% interest risky?
CDs with a high interest rate are no more risky than CDs with a low interest rate, all else being equal. CDs are insured for up to $250,000 per institution, so there's no risk of losing your initial deposit. However, if you make an early withdrawal you'll likely have to forfeit some of your interest.
Can I get a 6% CD with no minimum deposit?
It's possible, but unlikely in the current environment. Financial Partners Credit Union requires a minimum deposit of $1,000 for its 6%, 8-month CD.
Is it smart to lock into a long-term CD now if rates might rise further?
If you suspect rates may rise in the future, consider implementing a CD ladder strategy or exploring alternative CD options, such as a bump-up CD or a step-up CD, which have built-in rate increases.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Personal Finance Insider editorial fellow
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceKit has spent their career making complicated concepts more accessible to the average person. As a tutor in math and reading comprehension after college, they melded the certainty of numbers with the flexibility of words, a skill that has served them in the personal finance field since.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.ExpertiseTheir expertise includes:
- Certificates of deposit
- Savings accounts
- Checking accounts
- CD rates
- Bank reviews
EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
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