Top CD rates today: Rates continue to be competitive — April 25, 2024
Published 2:48 a.m. UTC April 25, 2024
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Certificates of deposit (CDs) can be an excellent option if you’re seeking a low-risk investment to earn interest on money you don’t need right away. Based on Curinos data, CD rates have been relatively stable over the past week as the Federal Reserve paused its rate hike policy.
CD RATES TODAY | ||
---|---|---|
Term
| Average APY
| High rate
|
3-month CD
| 1.25%
| 5.39%
|
6-month CD
| 1.77%
| 5.45%
|
1-year CD
| 1.93%
| 5.37%
|
2-year CD
| 1.69%
| 5.03%
|
3-year CD
| 1.61%
| 4.85%
|
Source: Curinos. Data accurate as of April 24, 2024. Quoted rates are based on a $25,000 deposit.
|
Three-month CD rates
Rates on three-month CDs have remained stable since last week at 1.25% APY (as of April 24, 2024). The average APY is down three basis points from a month prior.
The current national high for a three-month CD is 5.39%, which would earn more than $330 in interest with a $25,000 deposit.
Six-month CD rates
The top six-month CDs can offer the best of both worlds: strong interest rates and a short-term commitment.
The national average APY for six-month CDs is 1.77%, the same as last week and up from 1.74% one month ago.
The current top national rate for a 6-month CD is 5.45%, according to the data available from Curinos. But you may be able to find better deals by shopping around.
You’d earn almost $680 in interest if you put $25,000 in a six-month CD with a rate of 5.45%.
One-year CD rates
If you’re up for setting aside your savings for a full year, you’ll be able to grab even more impressive rates. One-year CDs can give you returns as high as, or even higher than, longer-term options.
Rates on 12-month CDs are increasing. The national average APY is 1.93%, up one basis point from last week and one basis point from a month before.
The current national high for a 12-month CD is 5.37%, which would earn roughly $1,340 in interest with a $25,000 deposit.
Two-year CD rates
Interest rates on CDs with longer terms, such as those spanning two years, have remained stable.
The nationwide average APY stands at 1.69%, the same as a week prior yet up one basis points from one month ago.
Right now, the highest national rate for a 24-month CD is 5.03%, which would earn nearly $2,580 on $25,000 in savings.
Three-year CD rates
The national average APY for a three-year CD stands at 1.61%, which is the same as last week and up from 1.59% a month ago.
The highest rate was 4.85%, which would net almost $3,817 in interest if you invested $25,000.
Methodology
To establish average certificate of deposit (CD) rates, Curinos focused on CDs intended for personal use. CDs that fall into specific categories are excluded, including promotional offers, relationship-based rates, private, youth, senior, student/minor, affinity, bump-up, no-penalty, callable, variable, step-up, auto transfer, club, gifts, grandfathered, internet-only and IRA CDs. The average CD rates quoted above are based on a $25,000 deposit.
Frequently asked questions (FAQs)
In 2022, savers finally experienced some relief with the rise of CD yields.
That trend has largely continued throughout 2023, as the Federal Reserve has continued to raise interest rates to moderate inflation. However, the Fed paused its interest rate policy in its most recent meeting in order to see how the economy responds to such high rates.
You’ll need a few key details to open a CD: your name, address, Social Security number, government-issued ID and phone number. You can open a CD online or in person, but you’ll probably find better rates online. Once you get the green light, you can fund the CD with cash from a linked bank account or one that’s not affiliated with the bank at all.
CD rates change on a regular basis, but the higher the better. As of April 24, 2024, the national average interest rate for a 12-month CD sat at 1.93% APY, according to data from Curinos. But you can find plenty of banks advertising APYs well above this average, especially if you take a look at the top contenders in our ranking of the best CD rates.
A basis point is the term used to describe one hundredth of one percentage point. Therefore, if the yield on a CD increased from 1.50% to 1.60%, it increased by 10 basis points.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.