Here's How Much $5,000 Would Earn in a 6-Month CD Now

Right now, the national average APY for a 6-month CD is just 1.58%. But APYs vary a lot from bank to bank, and some of the top 6-month CD's right now are paying closer to 3.50% or even 3.75% APY.

Here's what a $5,000 deposit will earn with those rates, and where to find the top APYs today.

How much you can earn from a 6-month CD right now

Depending on the APY you lock in, here's what your earnings on a $5,000 deposit would look like with a 6-month CD:

• At 1.58% APY (national average): ~$39
• At 3.00% APY: ~$74
• At 3.50% APY: ~$87
• At 3.75% APY: ~$93

Rates can be drastically different from bank to bank, even for the exact same 6-month CD term. One bank might offer 1.00% APY, while another pays 3.75% or more. That's a big difference for something that's otherwise the same product: same term, same FDIC insurance, same basic service.

Also, some banks are offering oddball CD terms like 8-month or 11-month promos, which sometimes sneak in with even higher APYs than standard options. These limited-time offers are worth a look if you're aiming for max yield on short-term cash.

When a 6-month CD makes sense

CDs are best for money you know you won't need for a little while -- think money goals that are 3 to 12 months out.

Putting your money in a CD means a guaranteed return, with no market risk.

That being said, it only really makes sense if the rates are a decent amount higher than high-yield savings accounts. And, if there's no widely anticipated drop in rates in the coming months.

Some of the best high-yield savings accounts offer similar APYs to 6-month CDs, but with full liquidity. Even if rates drop a little over the next six months and you earn a few dollars less, to some that added flexibility of access to funds is worth the tradeoff.

A few things to keep in mind with CDs

Here's what to consider before locking your funds into a 6-month CD:

• Fed rate moves: If the Fed continues cutting rates, today's 6-month CDs could look like a great move in hindsight. But right now according to CME Groups' FedWatch tool, most interest rate traders believe rates will hold steady through April 2026.
  Early withdrawal penalties: Most 6-month CDs have penalties if you take your money out early. That can eat into your earnings fast, so only commit if you're sure you won't need the funds.
• Auto-renewal traps: When the term ends, some banks auto-renew into another CD term, usually at a lower rate. Set a calendar reminder to take action before it rolls over.

Personally, I like recommending short-term CDs for overflow savings -- the kind I won't touch unless something weird happens. It's a low-effort way to squeeze a little more return out of idle money.

See today's top CD rates and compare offers.