Can You Get 6% on a CD? Here’s the Real Deal

May, 22 2025

Scroll through money forums or bank ads and you'll spot one number flashing more than usual: 6%. Is it actually possible to get a 6% rate on a CD this year? Bank websites make big promises, but sifting through the fine print can make your head spin.

CD rates have surged since interest rates started climbing a couple years back. But anything promising 6% or more sounds too good to be true, and honestly, it usually is—unless you know exactly where to look, and what to watch out for. Most big banks hover way below that number. The ones that throw out a big fat 6% often want you to lock up your money in a short-term promo with strings attached, like tiny deposit windows or quirky eligibility rules.

Searching for top rates isn't just about chasing the highest number. It’s also about making sure your cash stays safe and you don’t get tripped up by hidden rules. If 6% CDs are what you’re after, I’ll show you exactly how close you can really get, what banks are offering right now, and whether it beats what you’d get from a high-yield savings account anyway.

• Why 6% Catches Everyone’s Eye
• What’s Actually Happening With CD Rates in 2025
• Finding the Highest CD Yields: Where to Look
• Risks and Catches With High CD Rates
• How CDs Stack Up Against High-Yield Savings
• Tips for Getting the Most From Your Savings

Why 6% Catches Everyone’s Eye

The thought of getting 6% interest on a CD grabs attention for a simple reason—it dwarfs what most people have earned from savings over the past decade. For years, CD rates just sat there, barely topping 1%, so seeing anything with a 6% on it feels like missing out if you don’t act fast.

Back in the late ‘90s, CD rates could easily clear 5%. After that, the financial crisis hit, then a stretch where the average CD barley crawled to 2%. In 2022, things started heating up again—rate hikes from the Fed sent banks scrambling to offer better deals. By mid-2023, some lucky folks caught promos at 5% or even 5.5% for certain CD terms. But a true 6% CD? That’s still rare, and that alone makes people perk up.

The math is pretty simple too. A $10,000 deposit in a regular savings account earning 0.5% brings in about $50 a year. At 6%, the same chunk of cash lands you $600 in a year, and you don’t have to guess why that sounds attractive.

Plus, with inflation still making headlines, people want a place to park cash that actually grows faster than prices at the grocery store. The idea of snagging a 6 percent CD feels like finally beating the banks at their own game—for once, savers get a win.

What’s Actually Happening With CD Rates in 2025

It’s easy to get the impression that 6 percent CD offers are everywhere right now. The truth: average CD rates in May 2025 aren't even close. Most national averages for 1-year CDs are sitting around 4.3% APY, while 5-year CDs barely push beyond 4.1%. Credit unions sometimes do better, but 6% still isn’t the norm.

So, why are you hearing so much about 6%? Short answer: there are a handful of promo offers, but they usually come with a catch—like super short 3-month terms, limits on how much you can stash in, or strict customer eligibility (think “only for new members from this zip code”). Big banks almost never go above 5% right now, but some online banks and credit unions are pushing the envelope with limited-time specials to grab attention.

If you want to see how things have looked this year, check out this simple comparison of average CD rates in early 2025:

Term	Average National CD Rate (APY)	Best Available CD Rate (APY)
1 Month	1.5%	3.0%
3 Months	2.8%	4.7%
6 Months	3.2%	5.1%
12 Months	4.3%	5.4%
5 Years	4.1%	5.2%

Notice how 6% is nowhere in the averages. If you spot a 6% offer, it's probably a promo. Read the fine print! Some banks put a cap on deposits (like $1,000 max), or end the promo after a couple months. Also, if you break the CD early, you'll likely lose a chunk of your earned interest.

If you’re hunting for high rates, check online banks and credit unions first. They often throw out their best numbers to rope in new customers. Just make sure the institution is FDIC- or NCUA-insured so your money’s covered if anything goes south.

Finding the Highest CD Yields: Where to Look

Hunting down the best 6 percent CD is part strategy, part patience. Right now, you won’t find 6% offers at your local branches of Chase, Wells Fargo, or Bank of America. The big banks play it safe, usually sticking with lower rates. The real action is happening at lesser-known online banks, digital credit unions, and even some regional banks looking to rope in new customers.

Online-only banks like BMO Alto, Bread Financial, and Upgrade make headlines with CD rates over 5.25%, but it’s rare to see a true 6% from a trusted, FDIC-insured place. Occasionally, smaller credit unions offer short-term CD specials at or very close to 6%, but you’ll need to fit their membership requirements—sometimes based on where you live or who you work for. Last month, a couple of Midwest credit unions briefly advertised 6-month CDs touching 6%, but only for deposits under $5,000 or for folks in specific counties.

If you want to chase the high yields, here’s where to check first:

• Rate comparison sites: Websites like Bankrate, NerdWallet, or DepositAccounts update daily lists of the latest top CD rates. Don’t just trust banner ads—dig into the details.
• Direct-to-consumer banks: Names like Ally, Marcus by Goldman Sachs, and Synchrony usually sit near the top, though as of late May 2025, they’re more in the 5.00%-5.40% range.
• Local credit unions: These sometimes push out one-time promotional rates for new money. You'll often need to become a member, which can be as simple as making a small charity donation or living in a certain area.
• Promo offers: Be careful—some sky-high rates only apply to small balances, or have a short registration window. Always read the fine print.

One big tip: Always check that the bank or credit union is FDIC- or NCUA-insured before you sign up. That way, your cash is protected up to $250,000, even if the bank goes out of business. If a website or email pushes a wild CD rate but the institution isn’t on those lists, skip it—there are way too many shady players right now.

The search for high CD yields takes a bit of work, but if you keep your eyes on rate trackers and check your local credit unions every few weeks, you can snag one of the best deals going. Just move fast, because the highest rates don’t stick around long.

Risks and Catches With High CD Rates

Chasing that 6% CD rate sounds cool, but there are some real catches you need to watch for. Not every high rate is as awesome as it looks at first glance. Here’s what banks and online offers might not tell you upfront.

• Short-Term Promos: Some banks throw out a flashy 6% number, but it vanishes fast—usually after a short promo window (maybe just 3-6 months). After that, your money drops down to a meh rate. Don’t get sucked in by "teaser" rates unless you’re good at jumping from one promo to the next.
• Early Withdrawal Penalties: CDs lock your cash up. If you need your money before the term ends, you’ll usually pay a penalty. This can wipe out tons of your hard-earned interest. Some banks even eat into your principal if you bail early.
• Deposit Minimums: Some of the highest CD rates require you to plunk down thousands of bucks. If you don’t have a lot to park, you may not qualify for the top rates.
• Location Restrictions: Oddly, a few community banks and credit unions that hand out these big rates are super picky about where you live or work. They might say “6%,” but good luck grabbing it unless you’re in their backyard.
• Online-Only Offers: Some killer rates come from banks you’ve never heard of that work fully online. While FDIC or NCUA insurance is legit, it can take longer to get your hands on your money if you need it in a rush.

To make things clearer, check out this table showing a breakdown of catches on some real CD offers floating around as of May 2025:

Bank/Credit Union	6% CD Rate Term	Minimum Deposit	Key Catch
Community Star Bank	7 months	$10,000	Local residents only
PromoOnline Bank	5 months	$2,500	Rate drops after 5 months
Trust Financial CU	12 months	$5,000	Early withdrawal wipes out 6 months' interest

Bottom line: Always read the fine print. If it feels a little too good for your instincts, double check the details—especially the penalty section and where the bank actually operates. It’s easy to get caught up in the hype, but that’s how people end up earning less than they expected.

How CDs Stack Up Against High-Yield Savings

When you’re weighing CDs against high-yield savings accounts, there are some real-life tradeoffs to look at. The big draw for CDs is their fixed rate—if you lock in a good number, especially if you find a 6 percent CD, you’re set for the whole term. No surprises, no dips. On the flip side, high-yield savings accounts give you instant access to your cash and rates that can move up if the Fed keeps hiking, but those rates can also go back down just as quickly.

Let’s get specific. Right now in May 2025, most top high-yield savings accounts are paying around 4.5% to 5%. Online banks are usually at the higher end. Big brick-and-mortar banks? Usually much lower, sometimes well under 1%. For CDs, you’ll see short-term promos near 5.5% at some online-only banks, but true no-strings 6% CDs are rare.

Check out this quick comparison:

Account Type	Top Nationwide Rate (May 2025)	Access to Funds	Rate Changes?
12-Month CD	Up to 5.75%	Penalty for early withdrawal	No (fixed)
High-Yield Savings	About 4.7%	Anytime (up to 6/pm for online)	Yes (variable)
Big Bank Regular Savings	0.01%–0.10%	Anytime	Yes (variable)

If you need to tap your cash at a moment’s notice, a high-yield savings account gives you that flexibility, and most online banks let you move money in a day or less. For a CD, pulling money early means taking a hit—sometimes losing three to six months’ worth of interest, depending on the term. Some banks even dip into your principal for early withdrawals on longer-term CDs.

People use CDs when they know they won’t need the cash before maturity, like saving for a major expense that’s a year or two away. High-yield savings is better for your emergency fund or anything unpredictable. One thing to look out for: both account types are covered by FDIC insurance up to $250,000 per depositor, per bank, so you don’t have to stress about losing money if the bank goes under.

If you really want to squeeze the most from your savings, some folks ladder multiple CDs with different maturity dates, so you always have some cash coming available while still getting higher fixed rates.

Tips for Getting the Most From Your Savings

If you want your savings to actually grow and not just sit there, you need a plan. Grabbing the highest rate can help, but there are smarter ways to stretch every dollar—especially if you’re eyeing a 6 percent CD but not sure if it’s the right fit.

• Shop Around, Don’t Rush: Banks and credit unions throw out all kinds of promos. Some online banks are offering CDs that barely cross 5.25%, and those rare 6% teaser rates often come with weird restrictions. Always compare a few before you decide.
• Read the Fine Print: Those eye-popping rates might only last three months, or require you to stash in $10,000 up front. Check for penalties if you need your cash early—some banks hit you with three to six months of lost interest.
• Try a CD Ladder: Don't tie up all your money in one long CD. Split your money across different terms, so some of it frees up sooner. That way, you can grab newer rates as they pop up, without getting stuck.
• Look Beyond Traditional Banks: Online banks and credit unions frequently beat rates you’ll find at the big brick-and-mortar places. In early 2025, some online-only banks advertised 5.50% APY on short-term CDs—way above the national average of 1.80%.
• Check FDIC/NCUA Insurance: Safety still matters. Make sure your money’s covered up to $250,000 per bank by the FDIC (for banks) or NCUA (for credit unions).

Take a look at this table showing how current CD rates stack up at different places as of May 2025:

Bank/Credit Union	Term	APY (%)	Min. Deposit
Popular Online Bank	12 months	5.50	$500
Credit Union X	9 months	5.70	$1,000
Regional Bank Y	18 months	4.30	$2,500
Big Brand Bank	12 months	1.80	$1,000

Finally, keep your goals in mind. If you need cash soon, don’t get locked up too long just for a slightly higher rate. For money you won’t touch for a year or more, those higher CDs or even a high-yield savings account can give you a real edge over inflation—and definitely over big name banks offering under 2%.