On October 21, 2024, the FDIC’s national CD rate ranged from 0.23% for a one-month term to 1.81% for a 12-month term. These are historical national averages, not current rates or a ranking of the highest offers. The FDIC’s October table was revised on October 21, 2024.
FDIC national CD rates on October 21, 2024
The Federal Deposit Insurance Corporation’s October 2024 table reported the following national rates. The FDIC describes these as average rates for CD product tiers of $10,000 and $100,000, weighted by institutions’ shares of domestic deposits.
| CD term | FDIC national rate |
|---|---|
| 1 month | 0.23% |
| 3 months | 1.54% |
| 6 months | 1.75% |
| 12 months | 1.81% |
| 24 months | 1.48% |
| 36 months | 1.37% |
| 48 months | 1.29% |
| 60 months | 1.37% |
The FDIC defines its national rate as “the average of rates paid by all insured depository institutions and credit unions for which data is available, with rates weighted by each institution’s share of domestic deposits.” See the FDIC’s October 2024 National Rates and Rate Caps page.
Why national averages differ from advertised CD APYs
A national rate is a weighted average across institutions, not the best rate a consumer could find. A bank advertising a higher APY can therefore sit well above the FDIC average without contradicting it. The FDIC also calculates a regulatory national rate cap as the higher of the national rate plus 75 basis points or 120% of the current yield on a U.S. Treasury obligation with a similar maturity. That cap is a regulatory calculation, not a consumer offer or a forecast of what a bank will pay.
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Other national-average figures reported that week
First Trust Advisors L.P.’s weekly note for the week of October 21, 2024, reported a 1-year CD national average of 1.73% and a 5-year average of 1.42%. Its note names Bankrate among its sources. These are First Trust’s figures, separate from the FDIC series above; different compilations may use different methods, so the numbers should not be blended as though they were one dataset.
Example of an individual CD offer in October 2024
My Money Blog’s October 2024 monthly roundup listed Synchrony Bank CDs at 4.40% APY for one year, 3.90% for two years, and 4.00% for three-, four-, and five-year terms, with no minimum deposit stated in that roundup. This is an October example, not verification that those terms or rates were available specifically on October 21, and it is not a definitive best-rate ranking. The roundup does not provide a full like-for-like comparison of eligibility and early-withdrawal penalties.
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What to compare when choosing a CD
For an actionable comparison, check current terms directly with the institution. Compare the APY and maturity term alongside the minimum opening deposit, eligibility rules, and early-withdrawal penalty. Confirm that the rate is still available before opening an account; the figures on this page describe October 2024, not offers available now.
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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.
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