{"id":4231,"date":"2024-10-06T16:27:31","date_gmt":"2024-10-06T16:27:31","guid":{"rendered":"https:\/\/smartspending.ai\/current-cd-rates-for-october-2024\/"},"modified":"2024-10-06T20:07:52","modified_gmt":"2024-10-06T20:07:52","slug":"current-cd-rates-for-october-2024","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=4231","title":{"rendered":"Current CD rates for October 2024"},"content":{"rendered":"\n<div class=\"ArticleBody js-ArticleBody\">\n<p>A certificate of deposit (CD) is a time deposit account in which your money accrues interest at a fixed yield for a set period of time, or term. CD terms typically range from as short as a few months to as long as five years, or even longer. However, if you withdraw your funds before the CD\u2019s term ends, you\u2019ll likely be charged an early withdrawal penalty, which is typically some or all of the interest you\u2019ve accrued.<\/p>\n<div id=\"top-funnel-content-top\"><\/div>\n<div id=\"top-funnel-content-mid\"><\/div>\n<p>Find current CD rates and recent interest rate trends from Bankrate below. Here are the current national average annual percentage yields (APYs) for this week, according to Bankrate\u2019s most recent survey:<\/p>\n<ul>\n<li>1-year CD yield: 1.74 percent APY<\/li>\n<li>3-year CD yield: 1.41 percent APY<\/li>\n<li>5-year CD yield: 1.42 percent APY<\/li>\n<\/ul>\n<p>The national average rate for one-year and five-year CDs started to increase in February 2023, driven in part by rising Treasury yields and expectations of Federal Reserve rate increases. Since February 2023, the one-year CD average has been higher than the five-year CD average.<\/p>\n<p>In September 2024, the Fed cut rates by half of a percentage point, bringing the federal funds rate to a target range of 4.75-5 percent. Yields on competitive CDs had been decreasing gradually in the months leading up the rate cut. APYs on some CDs may decrease further in weeks and months following the latest rate decision. Prior to the rate cut, the Fed had held rates at a 23-year high since July 2023, in an effort to tame high inflation.<\/p>\n<h2>Latest average CD APYs: 3-month trend<\/h2>\n<p>Bankrate monitors the national average rates on various CD terms, including:<\/p>\n<table class=\"Table Table--stripedOdd Table--spacing1 align-middle\">\n<thead>\n<tr>\n<th>Date<\/th>\n<th>1-year CD<\/th>\n<th>3-year CD<\/th>\n<th>5-year CD<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>09\/30\/2024<\/td>\n<td>1.74%<\/td>\n<td>1.41%<\/td>\n<td>1.42%<\/td>\n<\/tr>\n<tr>\n<td>09\/23\/2024<\/td>\n<td>1.76%<\/td>\n<td>1.41%<\/td>\n<td>1.42%<\/td>\n<\/tr>\n<tr>\n<td>09\/16\/2024<\/td>\n<td>1.80%<\/td>\n<td>1.43%<\/td>\n<td>1.44%<\/td>\n<\/tr>\n<tr>\n<td>09\/09\/2024<\/td>\n<td>1.78%<\/td>\n<td>1.41%<\/td>\n<td>1.42%<\/td>\n<\/tr>\n<tr>\n<td>09\/02\/2024<\/td>\n<td>1.83%<\/td>\n<td>1.43%<\/td>\n<td>1.43%<\/td>\n<\/tr>\n<tr>\n<td>08\/26\/2024<\/td>\n<td>1.81%<\/td>\n<td>1.42%<\/td>\n<td>1.43%<\/td>\n<\/tr>\n<tr>\n<td>08\/19\/2024<\/td>\n<td>1.80%<\/td>\n<td>1.43%<\/td>\n<td>1.44%<\/td>\n<\/tr>\n<tr>\n<td>08\/12\/2024<\/td>\n<td>1.83%<\/td>\n<td>1.45%<\/td>\n<td>1.45%<\/td>\n<\/tr>\n<tr>\n<td>08\/05\/2024<\/td>\n<td>1.84%<\/td>\n<td>1.45%<\/td>\n<td>1.45%<\/td>\n<\/tr>\n<tr>\n<td>07\/29\/2024<\/td>\n<td>1.81%<\/td>\n<td>1.44%<\/td>\n<td>1.44%<\/td>\n<\/tr>\n<tr>\n<td>07\/22\/2024<\/td>\n<td>1.81%<\/td>\n<td>1.42%<\/td>\n<td>1.43%<\/td>\n<\/tr>\n<tr>\n<td>07\/15\/2024<\/td>\n<td>1.81%<\/td>\n<td>1.42%<\/td>\n<td>1.43%<\/td>\n<\/tr>\n<tr>\n<td>07\/08\/2024<\/td>\n<td>1.79%<\/td>\n<td>1.41%<\/td>\n<td>1.40%<\/td>\n<\/tr>\n<tr>\n<td>07\/01\/2024<\/td>\n<td>1.81%<\/td>\n<td>1.43%<\/td>\n<td>1.43%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>How Bankrate calculates the national average<\/h3>\n<p>In June 2023, Bankrate updated its methodology that determines the national average CD rates. More than 500 banks and credit unions are surveyed weekly to generate the national averages. Among these institutions are those that are broadly available and offer high yields, as well as some of the nation\u2019s largest banks.<\/p>\n<h2 data-beam-element-viewed data-id=\"br-h2-second-onpage-placement\" data-type=\"h2\" data-location=\"Banking, CDs\" data-position=\"h2_second_placement\" data-name=\"h2_second_placement\" data-text=\"Current CD Interest Rates\" data-outcome>Compare CD rates by term for October 2024<\/h2>\n<h3>Current 6-month CD rates<\/h3>\n<ul>\n<li>Barclays Bank \u2014 5.10% APY<\/li>\n<li>Bank5 Connect \u2014 5.05% APY<\/li>\n<li>America First Credit Union \u2014 4.80% APY<\/li>\n<li>LendingClub Bank \u2014 4.80% APY<\/li>\n<li>Bask Bank \u2014 4.70% APY<\/li>\n<\/ul>\n<p>See additional best 6-month CD rates.<\/p>\n<h3>Current 1-year CD rates<\/h3>\n<ul>\n<li>America First Credit Union \u2014 4.60% APY<\/li>\n<li>Live Oak Bank \u2014 4.60% APY<\/li>\n<li>CIBC Bank USA \u2014 4.56% APY <\/li>\n<li>Limelight Bank \u2014 4.50% APY<\/li>\n<li>Bask Bank \u2014 4.40% APY<\/li>\n<\/ul>\n<p>See additional best 1-year CD rates.<\/p>\n<h3>Current 3-year CD rates<\/h3>\n<ul>\n<li>SchoolsFirst Federal Credit Union \u2014 4.20% APY<\/li>\n<li>Synchrony Bank \u2014 4.00% APY<\/li>\n<li>America First Credit Union \u2014 4.00% APY<\/li>\n<li>Marcus by Goldman Sachs \u2014 3.90% APY<\/li>\n<li>Alliant Credit Union \u2014 3.80% APY<\/li>\n<\/ul>\n<p>See additional best 3-year CD rates.<\/p>\n<h3>Current 5-year CD rates<\/h3>\n<ul>\n<li>SchoolsFirst Federal Credit Union \u2014 4.35% APY<\/li>\n<li>Synchrony Bank \u2014 4.00% APY<\/li>\n<li>America First Credit Union \u2014 3.85% APY<\/li>\n<li>Marcus by Goldman Sachs \u2014 3.80% APY<\/li>\n<li>Alliant Credit Union \u2014 3.65% APY<\/li>\n<\/ul>\n<p>See additional best 5-year CD rates.<\/p>\n<p class=\"text-sm text-slate\"><i>Note: Annual percentage yields (APYs) shown are as of Oct. 3. Bankrate\u2019s editorial team updates this information weekly. APYs may have changed since they were last updated and may vary by region for some products.<\/i><\/p>\n<h2>Current CD rates FAQs<\/h2>\n<ul class=\"Accordion w-full wp-block-accordion\">\n<li x-id=\"['panel-how-do-the-federal-reserves-decisions-affect-cd-rates', 'heading-how-do-the-federal-reserves-decisions-affect-cd-rates']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-how-do-the-federal-reserves-decisions-affect-cd-rates')\" :aria-controls=\"$id('panel-how-do-the-federal-reserves-decisions-affect-cd-rates')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title mr-2 md:flex-1 my-0\">\n    How do the Federal Reserve\u2019s decisions affect CD rates?<br \/>\n<\/h3>\n<p><!-- htmlmin:ignore --><br \/>\n<\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-how-do-the-federal-reserves-decisions-affect-cd-rates')\" :aria-labelledby=\"$id('heading-how-do-the-federal-reserves-decisions-affect-cd-rates')\" x-show=\"expanded\" x-collapse role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n          The Federal Reserve\u2019s decisions on interest rates can affect CD rates. Once the central bank makes a decision to change the rate, competitive banks will generally move CD yields in the same direction. Broader macroeconomic conditions also influence CD rates.\n      <\/div>\n<\/div>\n<\/li>\n<li x-id=\"['panel-how-are-cd-interest-rates-determined', 'heading-how-are-cd-interest-rates-determined']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-how-are-cd-interest-rates-determined')\" :aria-controls=\"$id('panel-how-are-cd-interest-rates-determined')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title mr-2 md:flex-1 my-0\">\n    How are CD interest rates determined?<br \/>\n<\/h3>\n<p><!-- htmlmin:ignore --><br \/>\n<\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-how-are-cd-interest-rates-determined')\" :aria-labelledby=\"$id('heading-how-are-cd-interest-rates-determined')\" x-show=\"expanded\" x-collapse role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n          CD rates are determined by several factors. The decisions made by the Federal Reserve on the federal funds rate will likely influence CD rates.\u00a0Competition among banks and credit unions will also influence the payout on their CDs, as well as whether or not the financial institution needs deposits. In general, online banks tend to pay higher rates than banks with branches. Changes in Treasury yields and economic conditions also influence CD rates.\n      <\/div>\n<\/div>\n<\/li>\n<\/ul>\n<p>     <script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"How do the Federal Reserve's decisions affect CD rates?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The Federal Reserve\u2019s decisions on interest rates can affect CD rates. Once the central bank makes a decision to change the rate, competitive banks will generally move CD yields in the same direction. Broader macroeconomic conditions also influence CD rates.\"}},{\"@type\":\"Question\",\"name\":\"How are CD interest rates determined?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"CD rates are determined by several factors. The decisions made by the Federal Reserve on the federal funds rate will likely influence CD rates.\u00a0Competition among banks and credit unions will also influence the payout on their CDs, as well as whether or not the financial institution needs deposits. In general, online banks tend to pay higher rates than banks with branches. Changes in Treasury yields and economic conditions also influence CD rates.\"}}]}<\/script> <\/p>\n<h3>Learn more to maximize your earnings<\/h3>\n<div class=\"my-6\">\n<div class=\"ProductTileList\">\n<div class=\"ProductTile-wrapper\">\n<div class=\"ProductTile-content\">\n<p class=\"ProductTile-header\">Best jumbo CD rates<\/p>\n<p class=\"ProductTile-supportText\">Earn more on a larger deposit amount<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"ProductTile-buttonContainer\">\n<div class=\"ProductTile-button\">\n                <svg class=\"Icon Icon--xs text-white\" viewbox=\"0 0 24 24\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" focusable=\"false\"><path d=\"M8.168 21a1.39 1.39 0 0 1-.938-.379c-.51-.51-.51-1.35 0-1.86l6.744-6.75L7.23 5.242c-.51-.51-.51-1.35 0-1.86a1.32 1.32 0 0 1 1.859 0l7.681 7.689c.51.51.51 1.35 0 1.86l-7.681 7.69A1.29 1.29 0 0 1 8.15 21h.017Z\" class=\"icon-base\"><\/path><title>Caret Right<\/title><\/svg>            <\/div>\n<\/p><\/div>\n<div class=\"ProductTile-wrapper\">\n<div class=\"ProductTile-content\">\n<p class=\"ProductTile-header\">What you should know about CDs right now<\/p>\n<p class=\"ProductTile-supportText\">See how rates are trending<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"ProductTile-buttonContainer\">\n<div class=\"ProductTile-button\">\n                <svg class=\"Icon Icon--xs text-white\" viewbox=\"0 0 24 24\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" focusable=\"false\"><path d=\"M8.168 21a1.39 1.39 0 0 1-.938-.379c-.51-.51-.51-1.35 0-1.86l6.744-6.75L7.23 5.242c-.51-.51-.51-1.35 0-1.86a1.32 1.32 0 0 1 1.859 0l7.681 7.689c.51.51.51 1.35 0 1.86l-7.681 7.69A1.29 1.29 0 0 1 8.15 21h.017Z\" class=\"icon-base\"><\/path><title>Caret Right<\/title><\/svg>            <\/div>\n<\/p><\/div>\n<div class=\"ProductTile-wrapper\">\n<div class=\"ProductTile-content\">\n<p class=\"ProductTile-header\">Best high-yield savings rates<\/p>\n<p class=\"ProductTile-supportText\">Benefit from high APYs and flexibility<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"ProductTile-buttonContainer\">\n<div class=\"ProductTile-button\">\n                <svg class=\"Icon Icon--xs text-white\" viewbox=\"0 0 24 24\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" focusable=\"false\"><path d=\"M8.168 21a1.39 1.39 0 0 1-.938-.379c-.51-.51-.51-1.35 0-1.86l6.744-6.75L7.23 5.242c-.51-.51-.51-1.35 0-1.86a1.32 1.32 0 0 1 1.859 0l7.681 7.689c.51.51.51 1.35 0 1.86l-7.681 7.69A1.29 1.29 0 0 1 8.15 21h.017Z\" class=\"icon-base\"><\/path><title>Caret Right<\/title><\/svg>            <\/div>\n<\/p><\/div>\n<div class=\"ProductTile-wrapper\">\n<div class=\"ProductTile-content\">\n<p class=\"ProductTile-header\">Bankrate&#8217;s best banks of 2024<\/p>\n<p class=\"ProductTile-supportText\">Find the ideal bank for you<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"ProductTile-buttonContainer\">\n<div class=\"ProductTile-button\">\n                <svg class=\"Icon Icon--xs text-white\" viewbox=\"0 0 24 24\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" focusable=\"false\"><path d=\"M8.168 21a1.39 1.39 0 0 1-.938-.379c-.51-.51-.51-1.35 0-1.86l6.744-6.75L7.23 5.242c-.51-.51-.51-1.35 0-1.86a1.32 1.32 0 0 1 1.859 0l7.681 7.689c.51.51.51 1.35 0 1.86l-7.681 7.69A1.29 1.29 0 0 1 8.15 21h.017Z\" class=\"icon-base\"><\/path><title>Caret Right<\/title><\/svg>            <\/div>\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/www.bankrate.com\/banking\/cds\/current-cd-interest-rates\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A certificate of deposit (CD) is a time deposit account in which your money accrues interest at a fixed yield for a set period of time, or term. CD terms typically range from as short as a few months to as long as five years, or even longer. However, if you withdraw your funds before<\/p>\n","protected":false},"author":2,"featured_media":4232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[260,65,261],"class_list":{"0":"post-4231","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-current","9":"tag-october","10":"tag-rates"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/4231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4231"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/4231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/4232"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}