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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →On Tuesday, December 3, 2024, a rate roundup reported a promotional offer of up to 5.25% APY on a 10-month CD from Langley Federal Credit Union. It also reported rates up to 4.75% APY at Trustco Bank, Synchrony Bank, and other providers. These are historical figures, not current offers; the roundup said its rates were checked at 8:10 a.m. ET and could vary by region or change. Its available excerpt does not establish the complete rate table or all account terms.
What CD rates were reported on December 3, 2024?
The contemporaneous roundup’s highest reported offer was up to 5.25% APY on a 10-month CD from Langley Federal Credit Union. It also reported rates up to 4.75% APY at Trustco Bank, Synchrony Bank, and other providers. The roundup did not expose enough of its table to identify every institution or match each 4.75% rate to a specific term.
The roundup’s editor said the APYs were current as of 8:10 a.m. ET on December 3, 2024, and that rates and promotions could vary by region and change. “Up to” describes a reported maximum, not a guarantee that every saver could qualify or open an account on those terms. The available information does not establish minimum deposits, eligibility, penalties, or the complete conditions attached to each offer. Read the December 3 roundup.
How did the offers compare with national CD averages?
The FDIC’s December 2024 national-rate release listed a 1.65% national rate for six-month CDs, 1.83% for 12-month CDs, and 1.52% for 24-month CDs. The release was revised on December 16, after the date of the offers above, and its figures are based on data available at the prior month-end. They are national averages, not a Dec. 3 list of the best available offers. See the FDIC national-rate information.
#1 Best Overall
The FDIC says that, after March 2021, its national rate is a weighted average of rates paid by insured banks and credit unions with available data; institutions are weighted by their share of domestic deposits. That methodology and population differ from a roundup selecting high-yield offers, so the two sets of numbers answer different questions. Read the FDIC’s methodology.
What to check before choosing a CD
A high APY is only one part of the decision. The CFPB recommends comparing a CD’s term, interest rate, and early-withdrawal penalty. Its guidance also says bank CDs are insured up to $250,000 by the FDIC and credit-union CDs up to $250,000 by the NCUA; coverage depends on applicable institution and ownership-category rules, so do not assume every balance is automatically fully insured. See the CFPB’s CD guidance.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
- APY and term: Check the annual percentage yield and how long the money must remain deposited. Confirm the maturity date rather than comparing the rate alone.
- Deposit requirements: Verify the minimum opening deposit and whether different balance tiers earn different rates.
- Eligibility and location: Check geographic availability and any membership requirements, especially for a credit union.
- Promotion conditions: Find out whether the rate is promotional, who qualifies, and whether it applies to the full term and deposit amount.
- Early-withdrawal penalty: Read the account disclosure to learn how the penalty is calculated and what it could cost if you need the money early.
- Renewal terms: Check whether the CD renews automatically and how long the grace period lasts for withdrawing funds or changing the term.
- Insurance: Confirm whether the institution is covered by the FDIC or NCUA and how coverage applies to your ownership category and total deposits.
Why the early-withdrawal penalty matters
CD penalties are set out in the account’s terms. The OCC says federal law establishes a minimum early-withdrawal penalty for CDs but no maximum, so the cost can differ by institution and contract. Review the disclosure before locking away money, particularly if you might need access before maturity. Read the OCC consumer guidance.
Quick Recap
Best Value
- It can be a gift option
- Comes with secure packaging
- Helpful in various ways
Rank #4
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
