How Do You Find Competitive Rates for a Six-Month CD?


Quick Answer

To find competitive rates for a six-month CD, visit the Bankrate website, and select Six-Month Certificate of Deposit from the drop-down menu. This allows you to view a list of associated rates from numerous financial institutions offering six-month certificates of deposit with various balance requirements.

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Full Answer

The Bankrate website lists financial institution names, ratings, APY, rate and the minimum deposit required for six-month certificates of deposit. Modify the APY and minimum deposit settings to filter results accordingly. Utilize the glossary tool for clarification on the rate terminology. The APY represents the total interest to be earned based on an institution's compounding methodology. Some of the common institutions that offer certificates of deposit include AloStar Bank of Commerce, California First National Bank, EH National Bank, Colorado Federal Savings Bank and Goldwater Bank.

With a certificate of deposit, an investor agrees to deposit a certain amount of money for a fixed time period, reports the Houston Chronicle. Accessing the funds early can result in several fees and charges. Certificates of deposit are available for a minimum of a 30-day investment period but it is possible to secure them for several years. A set interest rate determines the earnings on a CD. The Federal Deposit Insurance Corporation guarantees amounts in this type of investment instrument.

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