Written bySophia Acevedo and Kit Pulliam;edited byLaura Grace Tarpley
Updated
CDs with at least 6% interest
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Compare 6% CDs
FAQs
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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.
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.
There isn't a nationwide bank offering a 6% CD right now, but there is one credit union with a CD that pays 6% APY (although you'll need to meet its membership eligibility requirements).
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.
Certificate of deposit with at least 6% interest
Institution
Term
Highest APY Available
Financial Partners Credit Union
8 months
6.00%
Compare other high-yield CDs
If you don't meet the membership eligibility requirements for the above credit union, bear in mind that various CDs offer 5% interest.
Compare 6% CD
One credit union offers a CD paying 6% APY. Read more about the opening requirements for the financial institution below.
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 special, 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).
6% interest CDs FAQs
How much interest will $25,000 earn in a 6% CD?
If you deposit $25,000 into a 1-year CD paying 6% APY, you'd earn around $1,500 in one year.
Is 6% for a CD good?
Yes, 6% APY for a CD is an excellent rate. Average CD rates are significantly lower than 6% APY.
What bank is paying 6% on CDs?
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.
Sophia Acevedo
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She is a banking expert, and has about three years of experience reviewing banking products and analyzing savings and CD trends.Sophia oversees Personal Finance Insider's banking vertical. She edits and writes bank reviews, banking guides, and banking, budgeting, and savings articles for the Personal Finance Insider team.Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services »Below are links to some of her most popular stories:
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Kit Pulliam
Personal Finance Insider editorial fellow
Kit Pulliam (they/them) is a Personal Finance Insider editorial fellow at Business Insider, specializing in banking. Kit joined Business Insider in January 2024. They cover bank reviews, savings rates, and more.Kit is an alumnus of Vanderbilt University, where they studied English and psychology. Kit previously worked as an editorial specialist at Tax Analysts. They are based in the DC area. You can email them at kpulliam@businessinsider.com.
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SoFi Checking and Savings Earn up to 4.60% APY on savings balances and up to a $300 bonus with qualifying direct deposit. FDIC Insured.
There is no minimum direct deposit amount required to qualify for the 4.60% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. To earn the $300 bonus, the customer must complete a direct deposit with a minimum initial deposit of $250 in a new SoFi Checking and Savings account within 45 days of clicking to qualify (offer expires 12/31/24).
As of May 2024, FPCU is offering a very high 6.00% APY special rate on an 8-month regular share certificate that is available to new members with a $1,000 minimum deposit and $5,000 maximum deposit.
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.
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.
Unlike traditional or high-yield savings accounts, which have variable APYs, most CDs lock your money into a fixed interest rate the day you open the account. That's why if you suspect that interest rates will soon drop, it can be a good idea to put money in a CD to preserve the high APY you would earn.
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.
Yes, 6% APY for a CD is an excellent rate. Average CD rates are significantly lower than 6% APY. What bank is paying 6% on CDs? It indicates an expandable section or menu, or sometimes previous / next navigation options.
The CME FedWatch Tool, which measures market expectations for federal funds rate changes, shows that most experts expect rates to sit between 4.50% and 5.25% by December 2024.
While they've stabilized in recent months, it's not hard to find CDs offering 5.00% APY if you know where to look. You can still get 5% CD rates at online banks, credit unions and even some traditional banks offering promotional CDs. Account details and annual percentage yields (APYs) are accurate as of April 11, 2024.
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.
CD rates reached a historical high of 18.65% in December 1980. As inflation continued and unemployment rose, the country faced a major recession from July 1981 to November 1982.
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