bank rates

Where To Find The Best 6-Month CDs

This might be a good time to go short if you think interest rates are finally hitting bottom and will start heading upward this fall.

Just don’t settle for a 6-month certificate of deposit that’s paying the national average of 1.07% APY — or less.

These top-paying CDs are available nationwide:

2.30% APY with a $1,000 minimum deposit from Ebank, an online bank with one office in Atlanta.

2.25% APY with a $500 minimum deposit from GMAC Bank, an online bank run by the auto financing company.

2.25% APY with a $500 minimum deposit Ascencia Bank, an online operation of Porter Bancorp, which also owns PBI Bank of Louisville, Ky.

You can often find deals that are just as good — sometimes even better — at credit unions and community banks that only accept deposits from members or local customers.

Here are a few examples:

CommunityWide FCU, which serves a residents of the South Bend and Elkhart, Ind., area, is paying 2.70% with a minimum deposit of $2,000.

Severn Bank, of Annapolis, Md., is paying 2.25% with a $1,000 minimum deposit.

Imperial Capital Bank, with branches in California, Nevada and Maryland, is paying 2.10% with a $2,000 minimum deposit.

Stephen Colbert dives into the fray over slimy lending with a hilarious look at the effort to legitimize payday loans — and 780% interest rates — in Congress. Catch the video on Bankaholic’s Personal Finance Blog, which you can always reach by clicking on the “finance” tab above.

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Comments (4)
1 Star2 Stars3 Stars4 Stars5 Stars (7 votes, average: 3.57 out of 5)
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4 Existing Comments
  1. Andy said:
    on April 16th at 11:57 pm

    Ascencia is already down to 2.15% APY.

  2. Charles said:
    on April 24th at 03:03 pm

    Most of these are not that strong of financial institutions…
    http://www.bauerfinancial.com/ratings.html
    You can check them out for star ratings here…

  3. Robert said:
    on April 24th at 03:15 pm

    I’m thinking about putting some money into Discover Bank’s 5 year CD with a 3.60% APY. According to that chart, that would be close to the rate back in April 2007 for a 6 month CD. Not sure what a 5 year CD was back then, but I’m sure it was much higher. Anyway, if I keep the money in there for two years as hopefully rates tick upward, then I can withdraw the money and even with penalties still have a better return than I’d get on a lot of the savings accounts and CD’s that are hovering around 2.0 – 2.7% and rates just seem to keep going lower.

  4. I doubt it said:
    on May 13th at 10:56 pm

    Robert-

    I doubt it. Most CDs stipulate that if you withdraw/close EARLY you are paid ZERO interest or the penalty for early withdraw is greater than interest paid to date!!!