Current CD Rates, Oct. 2024: APYs Are Falling

High-yield CD rates remain high but fell more in August and September than earlier this year. See rates by CD term below.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Updated · 1 min read
Profile photo of Spencer Tierney
Written by Spencer Tierney
Senior Writer
Profile photo of Sara Clarke
Edited by Sara Clarke
Assistant Assigning Editor
Fact Checked

The best CD rates have largely dropped from around 5% to mid-4% annual percentage yields for six-month through one-year terms. The era of 5% APYs on certificates of deposit is nearly over as the Federal Reserve cut its benchmark rate its benchmark rate at the Sept. 17-18 meeting, the first Fed rate decrease since March 2020.

Longer-term high-yield CDs, such as three- to five-year terms, have been around 4% for much of this year and are now slipping into 3% territory. Skip down to see current CD rates.

» COMPARE: Check out our best CD rates

High CD rates for now

The Fed dropped its benchmark rate on Sept. 18, 2024. As a result, banks and credit unions have started lowering CD rates. With a CD, you can lock in high rates while they’re still around.

2024 data highlight: bigger drops for high-yield CDs

CD rates at nearly two dozen online banks and credit unions saw bigger drops in August and September than previous months this year. While rates were on a slow decline since January, the Fed rate cut in September has accelerated the descent. For the median APYs of four popular CD terms, both short- and long-term yields slipped. The biggest change since January was for one-year CDs at 50 basis points (0.50 percentage point).

In contrast, rate drops from January through July were 20 basis points at most. Shorter-term rates generally remain higher than longer-term rates.

CD term

Median APY: Late Jan. 2024

Median APY: Late Sept. 2024

Change

6-month CD

5.00%.

4.55%.

-0.45 percentage point (45 basis points).

1-year CD

5.10%.

4.60%.

-0.50 percentage point (50 basis points).

3-year CD

4.25%.

3.90%.

-0.35 percentage point (35 basis points).

5-year CD

4.00%.

3.60%.

-0.40 percentage point (40 basis points).

Medians, or midpoints, consist of APYs of CDs or share certificates collected from the websites of the following 21 financial institutions: Alliant Credit Union, Ally Bank, Andrews Federal Credit Union, Barclays, BMO Alto, Bread Savings, Capital One, Citizens, Connexus Credit Union, Discover Bank, EverBank, LendingClub, Live Oak Bank, Marcus by Goldman Sachs, Pentagon Federal Credit Union, Popular Direct, Quontic Bank, Sallie Mae Bank, Self-Help Credit Union, Synchrony Bank and TAB Bank. In cases where an institution doesn’t offer a specific term, the median of remaining institutions was used. Dates of collection were Jan. 26, 2024, and Sept. 19, 2024.

CD term

Median APY: Late Jan. 2024

Median APY: Late Aug. 2024

Change

6-month CD

5.00%.

4.75%.

-0.25 percentage point (25 basis points).

1-year CD

5.10%.

4.70%.

-0.40 percentage point (40 basis points).

3-year CD

4.25%.

4.00%.

-0.25 percentage point (25 basis points).

5-year CD

4.00%.

3.87%.

-0.13 percentage point (13 basis points).

Medians, or midpoints, consist of APYs of CDs or share certificates collected from the websites of the following 21 financial institutions: Alliant Credit Union, Ally Bank, Andrews Federal Credit Union, Barclays, BMO Alto, Bread Savings, Capital One, Citizens, Connexus Credit Union, Discover Bank, EverBank, LendingClub, Live Oak Bank, Marcus by Goldman Sachs, Pentagon Federal Credit Union, Popular Direct, Quontic Bank, Sallie Mae Bank, Self-Help Credit Union, Synchrony Bank and TAB Bank. In cases where an institution doesn’t offer a specific term, the median of remaining institutions was used. Dates of collection were Jan. 26, 2024, and Aug. 26, 2024.

CD rate trends 2024: higher short-term CDs

The trend of shorter-term CD rates being higher than longer-term CD rates continues, both for national averages and among high-yield CDs. While seeing CD rates around mid-4% can be exciting, the term length is also important. You earn less interest with a six-month CD than a one-year CD with the same rate.

Overview: high-yield and national CD rates

Online-only banks and credit unions continue to have the most competitive interest rates on certificates of deposit, but these high-yield CD rates are now dropping faster than they have so far this year after the Fed cut the federal funds rate. See where rates are going in our CD rate forecast.

National average CD rates have also been higher than they’ve been for most of the past decade, though they remain far lower than CDs at online institutions. The gradual rise of online high-yield CD rates started in July 2021, after a relatively low-rate environment in 2020 and early 2021. After the Fed rate cut in September, CD rates across the industry will likely drop even more. (See more details about historical CD rates to see more context.)

High-yield CD rates today can be several times the national average of 1.42% APY for five-year terms and the national average of 1.88% APY for one-year terms. Unlike regular savings accounts, most CDs have fixed rates, so you can lock in a higher rate while it lasts.

Here's a look at current CD rates at some online banks and credit unions.

Current promotional CD rates

The following promotional CD rates stand out based on NerdWallet’s data analysis in late July 2024. Expiration dates for a promo are shown when available.

In general, promotional rates tend to be for irregular CD terms and featured on banking websites as a “promotional rate” or “CD special.” (For more details, see how promotional CD rates work.)

Name (click to see our review)

CD rate (or certificate rate)

Bank of America: 7-month CD

4.60% APY.*

NASA Federal Credit Union: 9-month Certificate

4.99% APY.

Bask Bank: 9-month CD

4.60% APY.

Synchrony Bank: 9-month CD

4.50% APY.

LendingClub: 10-month CD

4.70% APY.

NBKC Bank: 11-month CD

4.50% APY.

BMO: 13-month CD

4.30% APY.

NASA Federal Credit Union: 15-month Certificate

4.54% APY.

NASA Federal Credit Union: 49-month Certificate

4.09% APY.

*Bank of America’s rate is based on a San Francisco ZIP code. Rates may vary by location.

Current CD rates: high-yield and national averages by term

Here’s a sample of three high-yield CD rates per term, compared to the national average, at various online banks and credit unions.

CURRENT CD RATES: 3-month

Popular Direct

4.65% APY.

Alliant Credit Union

4.25% APY.

EverBank (formerly TIAA Bank)

3.95% APY.

National average for 3-month CD

1.55%.

CURRENT CD RATES: 6-month

Popular Direct

4.50% APY.

BMO Alto

4.70% APY.

Alliant Credit Union

4.45% APY.

National average for 6-month CD

1.81%.

CURRENT CD RATES: 1-year

Popular Direct

4.40% APY.

BMO Alto

4.50% APY.

Bread Savings™

4.40% APY*.

National average for 1-year CD

1.88%.

CURRENT CD RATES: 3-year

Popular Direct

3.65% APY.

BMO Alto

3.90% APY.

Bread Savings™

3.50% APY*.

National average for 3-year CD

1.43%.

CURRENT CD RATES: 5-year

Popular Direct

3.55% APY.

BMO Alto

4.00% APY.

Bread Savings™

3.50% APY*.

National average for 5-year CD

1.42%.

“National average” refers to the Federal Deposit Insurance Corp. national averages.

All Bread Savings APYs are accurate as of 09/26/2024. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time.

Goldman Sachs Bank USA logo
Learn More

Member FDIC

Marcus by Goldman Sachs High-Yield CD

Goldman Sachs Bank USA logo
APY

4.30%

Term

1 year

Capital One logo
Learn More

Member FDIC

Capital One 360 CD

Capital One logo
APY

4.30%

Term

11 months

Alliant Credit Union logo
Learn More

Federally insured by NCUA

Alliant Credit Union Certificate

Alliant Credit Union logo
APY

4.50%

Term

1 year

Discover® Bank logo
Learn More

Member FDIC

Discover® CD

Discover® Bank logo
APY

4.10%

Term

1 year

Video preview image

» Want to see a wider pool of high rates? See our list of the best high-interest accounts

» Want to take a quiz? See what bank is best for you below (or read full quiz instructions here)

Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.