19 February 2025

Competitive Certificate of Deposit Rates as of October 4, 2024

Discover competitive rates on Certificates of Deposit (CDs) as of October 4, 2024. Learn about average and top rates for 3-month, 6-month, 1-year, 24-month, and 36-month CDs to maximize your savings returns.

Competitive Certificate of Deposit Rates as of October 4, 2024

Competitive Certificate of Deposit Rates as of October 4, 2024

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Certificates of Deposit (CDs) are a valuable tool for savers looking to earn competitive returns on cash that isn't needed immediately. As of October 3, 2024, the rates for various CD terms remain attractive, providing opportunities for both short-term and long-term savings.

Current CD Rates Overview

According to data from Curinos, the rates for three-month CDs have held steady at 1.32% APY, a slight decrease of one basis point from the previous month. The national high for a three-month CD currently stands at 5.30%, which could yield over $325 in interest on a $25,000 deposit.

For those considering six-month CDs, the national average APY is 1.86%, a minor increase from last week’s 1.84%, but down from 1.88% a month ago. The top national rate for a six-month CD is 5.25%, allowing savers to earn nearly $650 in interest with a $25,000 investment.

If you’re willing to commit your savings for a full year, one-year CDs offer even more enticing rates. The average APY for 12-month CDs is currently 1.89%, down two basis points from last week and eight basis points from a month prior. The highest rate available for a 12-month CD is 5.37%, which could generate over $1,340 in interest on a $25,000 deposit.

Longer-Term CD Rates

For those considering a two-year CD, the national average APY is 1.65%, reflecting a slight decline from last week and the previous month. The current high for a 24-month CD is 4.76%, which could yield approximately $2,440 in interest on a $25,000 investment.

The average APY for three-year CDs is 1.58%, down from 1.61% last month, with the highest rate reaching 4.65%, potentially netting almost $3,651 in interest for a $25,000 deposit.

Conclusion

To summarize, the current landscape for CDs presents competitive rates across various terms. Savers looking to maximize their returns should consider shopping around for the best offers, especially for shorter-term CDs that currently boast high national rates.

For a comprehensive understanding of average CD rates, Curinos focused on personal-use CDs, excluding promotional offers and specialized categories. The average rates mentioned are based on a $25,000 deposit, providing a clear picture of potential earnings for savers.