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- One credit union has CDs paying 6% APY: Financial Partners Credit Union.
- 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 paying around 4% to 5% APY, depending on the term.
Finding CDs offering 6% interest
There isn't a nationwide bank offering a 6% CD rate today, but there is one local credit union with a CD 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.
You can compare these CD terms with the best 6-month CD rates to see how local CDs compare to nationally available CDs of shorter term lengths.
Certificate of deposit with 6% interest
| Institution | Term | Highest APY Available |
Financial Partners Credit Union | 8 months | 6.00% |
Financial Partners Credit Union
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 CDs 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
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 each of this credit union, though.
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.
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.
Right now, the only financial institution offering a 6% interest CD requires a minimum opening deposit. The lowest minimum opening deposit option for 6% CDs comes from Financial Partners Credit Union, which requires a $1,000 minimum opening deposit.
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.
*The annual percentage yield (APY) is accurate as of November 7, 2024 and subject to change at the Bank's discretion. Refer to product's website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. **Earn 5.00% APY when you deposit at least $250 per month, earn 4.00% standard APY if minimum isn't met. ***Rate are determined by balance tiers and amount deposited. Earn 4.80% APY with balances over $250,000 and 4.50% APY for balances under $250,000. ****0.25% APY on balances under $5,000. Rates as of 5/3/2024. CIT Bank is a division of First-Citizens Bank & Trust Company, a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposit accounts are insured up to $250,000 per depositor, for each account ownership category. Deposits held under the names First Citizens Bank & Trust Company and CIT Bank are not separately insured but must be combined for purposes of determining whether a depositor has exceeded the federal insurance deposit limit. *****SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
