Competitive CD Rates as of October 7, 2024: Maximize Your Savings

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Certificates of Deposit (CDs) are excellent options for savers aiming to earn substantial returns on funds that are not needed immediately. As of October 4, 2024, CD rates have remained stable and are significantly higher than last year’s averages. The national average for a 6-month CD with a $25,000 deposit is currently at 1.86%, while a 1-year CD yields 1.88%. For those considering longer commitments, 2-year and 3-year CDs offer average rates of 1.65% and 1.58%, respectively.

According to Curinos, rates on three-month CDs have remained unchanged at 1.32% since last week, although they have seen a slight decline over the past month. The current national high for a three-month CD is an impressive 5.30%, which would generate over $325 in interest with a $25,000 deposit.

Opting for a top-rated six-month CD allows you to enjoy a combination of competitive interest rates and a short-term commitment. The national average APY for six-month CDs is 1.86%, a slight increase from 1.85% last week but down from 1.88% a month ago. The highest national rate for a 6-month CD is 5.25%, which could yield nearly $650 in interest on a $25,000 deposit.

For those willing to lock away their savings for a year, one-year CDs can offer even better returns. However, rates on 12-month CDs are gradually decreasing, with the national average APY now at 1.88%, down three basis points from last week and nine basis points from the previous month. The current national high for a 12-month CD is 5.37%, potentially earning around $1,340 in interest with a $25,000 deposit.

Longer-term CDs have experienced a decline in interest rates. The national average APY for 24-month CDs stands at 1.65%, a decrease of one basis point from last week and five basis points from a month ago. The highest rate for a 24-month CD is 4.76%, which would yield approximately $2,440 in interest on a $25,000 investment.

For three-year CDs, the national average APY is 1.58%, down one basis point from last week and from 1.61% a month ago. The highest rate available is 4.65%, which could net nearly $3,651 in interest for a $25,000 deposit.

Curinos established these average CD rates focusing on personal-use CDs, excluding specific categories such as promotional offers, relationship-based rates, and various other specialized CDs. The average rates mentioned are based on a $25,000 deposit, providing a clear picture of the current market landscape for savers looking to maximize their returns.