Competitive CD Rates as of October 9, 2024: Maximize Your Earnings
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Certificates of Deposit (CDs) are an excellent choice for those seeking a low-risk investment that generates income on funds you don't need immediately. As of October 8, 2024, the latest data from Curinos indicates that rates for various CD terms remain competitive, providing opportunities for savers to maximize their returns.
Current Rates Overview
Three-Month CDs: The national average rate for three-month CDs stands at 1.32%, unchanged from the previous week and down two basis points from a month ago. The highest national rate currently available is 5.30%, which could yield over $325 in interest on a $25,000 deposit.
Six-Month CDs: For those looking for a balance between interest and commitment, six-month CDs offer attractive rates. The national average APY is 1.86%, slightly down from 1.87% last week. The top rate available is 5.25%, potentially earning nearly $650 in interest with a $25,000 investment.
One-Year CDs: If you can commit your savings for a year, one-year CDs are offering impressive rates. The national average APY is currently 1.88%, down one basis point from last week. The highest rate for a 12-month CD is 5.37%, which could generate over $1,340 in interest on a $25,000 deposit.
Two-Year CDs: Rates for two-year CDs have seen a decline, with the national average APY at 1.65%. The highest available rate is 4.76%, which could yield approximately $2,440 in interest on a $25,000 investment.
Three-Year CDs: The national average APY for three-year CDs is 1.57%, down from 1.61% last month. The highest rate available is 4.65%, potentially netting nearly $3,651 in interest for a $25,000 deposit.
Conclusion
When considering a certificate of deposit, it’s essential to shop around to find the best rates available. By locking in competitive rates, you can maximize your returns on these low-risk investments. For more detailed information on average CD rates, Curinos has focused on personal-use CDs, excluding promotional and specialized categories.
Stay informed and make the most of your savings by exploring the current competitive rates on CDs today!