When it comes to building a solid savings plan, one vital component is finding the right way to maximize the returns on your money. After all, it’s easier to meet your financial goals or cover costly emergencies if you’re regularly depositing money into your savings while earning interest at a high rate. 

But if you want to get the most from your interest earnings, a regular savings account probably won’t cut it. The average interest rate on a regular savings account is currently just 0.47% — which doesn’t come close to keeping pace with inflation. So, if your savings are parked in that type of account, you’re probably leaving money on the table.

That’s especially true in today’s high-rate environment. For example, both high-yield savings accounts and certificates of deposit (CDs) offer rates that far surpass what you can get with a regular savings account, and if you opt for a longer-term CD — like a 6-year CD — you can lock in one of today’s top CD rates for a full six years. That’s a big benefit for savers, given that it’s unclear what could happen with rates in the future. 

Want to get started? Find today’s best CD account options here.

10 best 6-year CD rates for February 2024 (up to 4.35% APY)

If you want to lock in a CD rate for a full six years, there are a handful of good options to consider, including:

• First National Bank of America — 4.35% APY: This CD requires a minimum opening deposit of $1,000 and the maximum deposit amount is $1 million; the early withdrawal penalty is equal to 540 days of interest
• Department of Commerce Federal Credit Union — 4.34% APY: This CD requires a minimum opening deposit of $500; the early withdrawal penalty is equal to 180 days of interest
• Luana Savings Bank — 4.09% to 4.19% APY: This CD requires a minimum opening deposit of $2,000 to earn the 4.09% APY or a minimum opening deposit of $100,000 to earn the 4.19% APY; the early withdrawal penalty is equal to three years of interest
• Marcus by Goldman Sachs — 4.00% APY: This CD requires a minimum opening deposit of $500 and the maximum deposit amount is $1 million; the early withdrawal penalty is equal to 270 days of interest
• Liberty Federal Credit Union — 3.00% APY: This CD requires a minimum opening deposit of $1,000; an early withdrawal penalty may be charged if you withdraw your money before the CD maturity date
• Affinity Plus Federal Credit Union — 3.00% APY: This CD is technically a 66-month CD rather than a 6-year CD; it requires a minimum opening deposit of $1,000; the early withdrawal penalty is equal to 180 days of interest
• EmigrantDirect.com — 2.75% APY: This CD requires a minimum opening deposit of $1,000; the early withdrawal penalty is equal to 180 days of interest
• BluPeak Credit Union — 2.45% APY: This CD requires a minimum opening deposit of $1,000; the early withdrawal penalty is equal to 180 days of interest
• Flagstar Bank — 2.25% APY: This CD requires a minimum opening deposit of $500; the early withdrawal penalty is equal to 180 days of interest
• MySavingsDirect — 2.00% APY: This CD requires a minimum opening deposit of $1,000; the early withdrawal penalty is equal to 180 days of interest

Explore your best CD rate options online now.

The bottom line

While rates on 6-year CDs aren’t necessarily as high as what’s being offered on shorter-term CDs, this type of longer-term CD can still be a great choice for many savers, as it allows you to lock in a high interest rate for a full six years. That protects you from future rate drops, which would cut into your interest earnings if you kept your money in a variable-rate account, like a high-yield savings account. But if you want to start earning at today’s best rates, you may want to move quickly. Rates are expected to drop at some point this year — so if you wait, you could miss out on the opportunity to earn a top rate on your CD account.