Competitive CD Rates for October 2024: Maximize Your Savings

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Certificates of Deposit (CDs) are an excellent option for savers looking to earn competitive returns on funds that are not needed immediately. As of October 2024, CD rates have remained stable and are significantly higher than last year's levels. The national average for a 6-month CD with a $25,000 deposit is currently at 1.87%, while a 1-year CD yields 1.89%. For those considering longer terms, 2-year and 3-year CDs offer average rates of 1.66% and 1.58%, respectively.

Interestingly, rates for three-month CDs have seen a slight decrease of one basis point since last week, now standing at 1.32% APY (as of October 1, 2024). This average APY has also dropped one basis point compared to a month ago.

The highest national rate for a three-month CD is currently an impressive 5.39%, which could generate over $330 in interest with a $25,000 deposit.

For those looking at six-month CDs, the combination of solid interest rates and a short commitment period makes them an attractive choice. The national average APY for six-month CDs is 1.87%, a slight increase from 1.85% last week but down from 1.88% a month ago. The top national rate for a 6-month CD is 5.25%, and by shopping around, you might find even better deals.

If you invest $25,000 in a six-month CD at a rate of 5.25%, you could earn nearly $650 in interest.

For savers willing to commit their funds for a full year, one-year CDs can offer even more appealing rates. However, rates on 12-month CDs have recently decreased, with the national average APY now at 1.89%, down three basis points from last week and eight basis points from the previous month. The highest national rate for a 12-month CD is currently 5.37%, which could yield over $1,340 in interest for a $25,000 deposit.

Longer-term CDs, such as those with two-year terms, have also seen a slight decline in rates. The national average APY stands at 1.66%, a one basis point drop from last week and down four basis points from a month ago. The highest national rate for a 24-month CD is currently 4.76%, which could earn nearly $2,440 on a $25,000 investment.

For three-year CDs, the national average APY is 1.58%, which has decreased by one basis point from last week and from 1.61% a month ago. The top rate for a 36-month CD is 4.65%, potentially netting almost $3,651 in interest on a $25,000 deposit.

To determine average CD rates, Curinos focused on personal-use CDs, excluding promotional offers and various specialized categories. The average rates mentioned above are based on a $25,000 deposit, providing a clear picture of the current CD landscape for savers.