Top CD Rates 2023: 6-Month CD 5.25% APY

A 6-month CD 5.25% APY - truly one of the best promotional CD offers that I’ve seen thus far in 2023 at the time of this taping. And that’s what I’ll be talking about in today’s video:

- which bank is offering this CD
- what you need to know before buying this CD
- how to buy this CD step-by-steep and
- some key considerations to note when buying this CD.

SOURCES

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[SteveWaage]

Jennifer, that was a lot of work on your part for us... bless you soul!

[stephensantandera]

I rarely comment on videos, but that was an excellent, professional, complete video!! Very well done! 👍🏻

[thomasc]

Thank you, Jennifer. These kinds of short term, high yield, savings options are invaluable, especially those with liquidity for emergency funds. And your introduction to the variety of online banks out there is so helpful. I think you've successful removed the doubt and certainty associated with online banks. In the long run, this will result in ever greater competition among the banks and higher yields for the CD and money market funds. You are very thoroughly and intelligently filling the informational void with respect to the availability of these beneficial online products. Please continue, as your efforts are very much appreciated.

[kmistry]

Jennifer - you are doing an amazing job to educating people and thanks for sharing this deal.

[kenbakameyer]

Watched your post yesterday, researched it, scanned my passport and Social Security card, then went online created an account. Wasn’t asked for any sort of ID verification or proof of residency .
Linked my bank account and received immediate response.
Successful transaction! Too easy!
Thanks for sharing excellent financial advice.

[alamedavigilante]

Thanks Jennifer! I did the Marcus one. I prefer the fewer restrictions, lower minimum balance, and less snooping into my personal info. Don't think I'll bite on the Newtek offer but thanks for doing all that work so we can compare offers!

[byteme]

Hey Jennifer, you forgot to mention that you also need to add the Birth Certificate of your first born, for collateral.

[cesarebeccaria]

Thanks, Jennifer. Your videos introduced my wife and me to CD and T-Bill ladders. We now have both in our Fidelity accounts (taxable. IRA, and Roth IRA). Lack of autoroll on 17 week T-Bills makes us keep up with what's going on, but that's OK. Doing something is more fun than just watching. One thing, for the 1 year rung of our CD ladder, I chose Chase. Not the highest rate, but the least likelihood that I'll have to get my money back from the FDIC! 🙂

[alreppine]

Thanks for all you do for us. Your information is always thorough yet clear. I was in the Fidelity site yesterday and there is a Chase 5.1% 12 month CD with a $1K minimum (no fractional option). The Newtek CD discussed is a lot of hassle to set up. I wasn’t asked all this info for a 30K credit card or buy a car (without a 2 day review) let alone trying to open a bank account and deposit money. A 30 page document from a 300 M bank? All the effort required makes me sense this CD, while attractive is a one trick pony.

[samkeino]

Jennifer, CIT bank is now offering a high interest savings rate of 4.75%. I found this out while exploring your brief video on CDs from the same bank

[jesusraza]

Thanks, great information, you are awesome.
I just located CD @ 5.50% APY for 19 months at HYPERION BANK.
Your thoughts?

[petestandley]

Good that you included the cautions about Taxes. With many treasury rates in the 5% ballpark these days, and a lot of states with tax rates in the 5% ballpark, that means you have to be getting 0.25% better rates to even break even (and it gets to be an even larger spread if you have a local income tax as well). Add in the complexity and sometimes headaches of adding more and more locations to park your money and sticking with the Treasury options keeps looking good (assuming you already have an account there).

It can be easy to get drawn to the Higher APY advertised, but what really matters is how much you keep after the government grabs their taxes from you.

[shawnmahoney]

Jennifer
Thanks for your thorough information, it had me further investigate Newtek with my three CPA advisors (all siblings).
I opened two separate CD accounts for just above the minimum and it was not easy. Their screens have changed slightly and kicked me out multiple times. Linking my account at my bank also took longer than expected. My money did not show up in the CD account until the third day…the suspense was painful. I suspect only the “patience of Jobe” crowd will join up.
I look at this all as a learning experience but the rate should ease my trauma.
Thanks again for your presentation. Plus…if you have to rely on your husband to find your Social Security card ??……he deserves at the very least a “snuckums”as a shout-out….

[perez]

This is awesome information. You explained everything very clearly and easy to understand. New subscriber!

[janetcampbell]

Thanks Jennifer for doing all that work. You're the best.

[jroysdon]

Thanks for the info! I opened an 18-month CD for 5% APY with Ally Bank. Process took less than a minute and just a few clicks as I already have an Ally HYS account.

I get that banks have to jump through "Know Your Custom" hoops. But I really don't want yet another account for a teaser rate that I'll just be closing in 6 months.

Also, just because money is FDIC insured, doesn't mean you'll get it any time soon after a bank failure. It can take many weeks or even a month. Best to have many baskets for one's eggs.

[rjahn]

Thanks I was just thinking of buying a 6 month and your video popped up!!

[mrhood]

My bank was calling me last week nonstop.
I went last month and they offered a 3.8% 1yr cd and a 2yr was 2.8%😮
Im concerned because banks are going under where to park $. Any advice would be well appreciated

[MissJ]

Your video is so clear, concise and informative.