This CD is offering 6.5% — and 5 more certificates of deposit with APYs of 6% or higher 

Enter the fine print: Most of the very highest-paying certificates of deposit right now are offered by credit unions that typically have membership requirements. Others have very short durations (like 6-8 months), so while the APY might be 6.17%, it doesn’t actually mean you’ll earn that full percentage if you’re not holding the CD for a full year.

Here are some of the CDs we found that pay 6% and up (details on them are below), as well as what to know before you get one.

Watch the term and early withdrawal penalties: “When you see a CD with a much higher rate than others, always ask carefully about the term during which you should leave your money frozen and if that term suits you,” says certified financial planner Alonso Rodriguez Segarra at Advise Financial.

Common CD terms typically range between 3-months and 5-years, with many terms falling in the realm of 6-months, 12-months and 24-months. Should you need to access your funds prior to maturity, prepare to be penalized. Different banks and credit unions have different early withdrawal penalties ranging from a few months’ worth of interest to a year’s worth of interest. 

Likewise, it’s essential to know if your return is paid monthly or at the end of the period. Some CDs pay interest earned each month, while others make investors whole once they’ve reached maturity.

Ask questions: “Read the fine print and if you don’t understand it, ask the bank anything you don’t understand, no matter how simple it may seem. Find out if there are penalties or if the rate can change over time,” says Segarra.

Make sure a CD fits into your overall financial plan: Before locking yourself into a CD, certified financial planner Mike Palmer at Ark Royal Wealth Management says you should take into consideration what the maturity of the CD is, how much you’re investing and what other sources of liquidity you have.

Indeed, as certified financial planner Amir Noor at United Financial Planning Group, says, “It’s best to sit down and review your personal financial plan and determine the best course of action. Whether or not you can lock in an arguably great rate has to be a decision made from the context of your broader financial goals.” (See some of the highest-paying CDs here.)

Look to see if you even qualify: Many credit unions have strict membership requirements — like you must live in a certain part of the country, or work for a certain employer — and if you don’t qualify, you can’t get their CDs. Here are the requirements for the CDs listed above:

• Financial Partners Credit Union is offering an 8-month special for new members only, with a maximum $5,000 deposit and $1,000 minimum deposit at 6.50%. This offer is only available to new members in Los Angeles, Orange, Riverside, San Diego, South San Francisco and Alameda.

• Northeastern Healthcare Credit Union is offering a December special for a 5-month share certificate (a credit union’s version of a CD) at 6.17% APY for new money only. That said, in order to qualify, you’ll need to be employed or associated with the healthcare industry either as an employee of Day Kimball Hospital, the board of directors at Women’s Board and Volunteer Services, a pharmacy, nursing home, ambulance service, United Social and Mental Health Services or as a physician, in a dental office and their staff. Their advertised rates are also based on a credit score of 680 or higher.

• Complex Community Federal Credit Union is touting a 6% APY on 6-month CDs with a $500 minimum new money deposit, no ability to auto renew and a 90-day dividends penalty for early withdrawal. To qualify for membership, you must live, work, worship or attend school in one of more than a dozen Texas counties including Lubbock, Midland and Ward.

• Empower Federal Credit Union is offering a 6% APY on 3-month share certificates with balances up to $100,000 and a minimum deposit of $500. Eligibility requirements include working for or being retired from a number of companies listed on their website including Paychex Inc, Hammermill, T-Mobile USA and hundreds of others. 

• Bayer Heritage Federal Credit Union is offering a seasonal “Santa Helper” special on 12-month share certificates with 6.183% APY on minimum opening deposits of $100 and maximum deposits of $100,000 through December 15th. To qualify for this offer, you need to be an employee of Bayer Corporation or live, work, worship or attend school in certain West Virginia, Ohio, South Carolina and Texas counties.

• Minimum deposits of $500 can earn 6% APY at Travis Credit Union on 4-month CDs with an existing or new TCU Checking Account with direct deposit and three direct deposits of new money totaling a minimum of $2,000 in your TCU checking account within 90 days of certificate account opening. To join TCU, you must live, work, worship or attend school in Solano, Yolo, Contra Costa, Merced, Napa, Alameda, Colusa, Placer, Sacramento, San Joaquin, Sonoma or Stanislaus counties, be military or civilian personnel of Travis Air Force Base or be immediate family members of current members.

With experts speculating that interest rates may decline in 2024, you may be wondering if now’s the time to invest in a CD paying an impressive 6%. Here’s what experts say you need to know if you’re trying to grab the best yields.