Current CD rates for October 2024

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’s term ends, you’ll likely be charged an early withdrawal penalty, which is typically some or all of the interest you’ve accrued.

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’s most recent survey:

• 1-year CD yield: 1.74 percent APY
• 3-year CD yield: 1.41 percent APY
• 5-year CD yield: 1.42 percent APY

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.

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.

Latest average CD APYs: 3-month trend

Bankrate monitors the national average rates on various CD terms, including:

How Bankrate calculates the national average

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’s largest banks.

Compare CD rates by term for October 2024

Current 6-month CD rates

• Barclays Bank — 5.10% APY
• Bank5 Connect — 5.05% APY
• America First Credit Union — 4.80% APY
• LendingClub Bank — 4.80% APY
• Bask Bank — 4.70% APY

See additional best 6-month CD rates.

Current 1-year CD rates

• America First Credit Union — 4.60% APY
• Live Oak Bank — 4.60% APY
• CIBC Bank USA — 4.56% APY
• Limelight Bank — 4.50% APY
• Bask Bank — 4.40% APY

See additional best 1-year CD rates.

Current 3-year CD rates

• SchoolsFirst Federal Credit Union — 4.20% APY
• Synchrony Bank — 4.00% APY
• America First Credit Union — 4.00% APY
• Marcus by Goldman Sachs — 3.90% APY
• Alliant Credit Union — 3.80% APY

See additional best 3-year CD rates.

Current 5-year CD rates

• SchoolsFirst Federal Credit Union — 4.35% APY
• Synchrony Bank — 4.00% APY
• America First Credit Union — 3.85% APY
• Marcus by Goldman Sachs — 3.80% APY
• Alliant Credit Union — 3.65% APY

See additional best 5-year CD rates.

Note: Annual percentage yields (APYs) shown are as of Oct. 3. Bankrate’s editorial team updates this information weekly. APYs may have changed since they were last updated and may vary by region for some products.

Current CD rates FAQs

• How do the Federal Reserve’s decisions affect CD rates?
  

  
  

  The Federal Reserve’s 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.

• How are CD interest rates determined?
  

  
  

  CD rates are determined by several factors. The decisions made by the Federal Reserve on the federal funds rate will likely influence CD rates. Competition 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.

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