While a 6 month certificate of deposit or CD has its advantages, it also has its own disadvantages. The advantage is that with a 6 month CD, you don’t have to tie your money up for a long time while it earns a decent interest. In addition, you can move your money easily whenever there is a higher CD rate offer. The disadvantage is that, typically, short-term CDs have lower rates than long-term CDs. However, if you are really interested only on short term CDs then below are the banks which offer the best 6 month CD rate with $1,000 or less minimum opening deposit for September 2012:
1. AloStar Bank of Commerce – 0.76%APY
2. Ally Bank High Yield CD – 0.75%APY
3. AbleBanking – 0.75%APY. ableBanking, a division of Northeast Bank, is a new online savings program, FDIC insured with no fees and gives money to any charity you choose. That’s the equivalent of 0.25% of your average balance to give away each year or $25 to give to a charity of your choice when you become a customer.
4. Ascencia, a division of PBI Bank – 0.70%APY. Only $500 is required by Ascencia to earn its 6 month CD rate of 0.70%APY.
5. OneWest Bank CD – 0.70%APY