On August 27, 2024, the closest available official FDIC snapshot showed national average CD rates ranging from 1.35% to 1.85%, depending on the term. A comparison published the previous day reported a 5.25% APY for a leading 3-month CD offer. Those figures describe different things: an FDIC national average is not the same as a top advertised offer, and the August 26 offer is not confirmation that the same rate was still available on August 27.
CD rates near August 27, 2024
The Federal Deposit Insurance Corporation’s national deposit-rate table was dated August 19, 2024, eight days before the title date. It reported these average rates by CD term:
| CD term | FDIC national average |
|---|---|
| 3 months | 1.53% |
| 6 months | 1.82% |
| 12 months | 1.85% |
| 24 months | 1.58% |
| 36 months | 1.44% |
| 48 months | 1.35% |
| 60 months | 1.42% |
These are the FDIC’s reported national deposit rates, not the best offers available from individual institutions. The figures are reported in the FDIC’s August 2024 national-rates table.
A leading 3-month offer was higher than the national average
A Bankrate comparison article syndicated by Yahoo Finance and dated August 26, 2024, reported a top 3-month CD APY of 5.25% and a national average of 1.27%. The comparison appeared one day before August 27; it does not establish that the offer remained available on the title date. Nor does this single 3-month example provide a complete ranking across CD terms. See the Bankrate comparison via Yahoo Finance.
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Why the quoted rates differ
The FDIC figure summarizes national deposit rates for a given term, while a leading advertised APY describes a particular offer highlighted in a comparison. A market-leading offer can therefore be materially higher than the national average without contradicting it. Compare rates for the same term and distinguish averages from individual offers; a 3-month rate is not a proxy for a 12-month or multi-year CD.
Federal Reserve policy is context, not a CD-rate setting
In an implementation note issued July 31, 2024, the Board of Governors of the Federal Reserve System said it voted unanimously to maintain the interest rate paid on reserve balances at 5.4%, effective August 1. That is a policy rate for reserve balances, not the advertised APY on a consumer CD. It provides context for financial conditions but does not directly determine what a bank offers depositors. The statement is in the Federal Reserve’s July 31 implementation note.
Treasury yields can also provide market context, but Treasury securities are not bank CD rates. The U.S. Treasury publishes its daily Treasury rates for 2024.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to check before choosing a CD
The historical figures above do not establish the terms of a specific account. Before opening one, confirm the current offer and its conditions directly with the institution. Compare:
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Quick Recap
- APY: Check the annual percentage yield for the exact term and whether the offer is still available.
- Term length: Match the maturity date to when you expect to need the money.
- Minimum deposit: Verify the amount needed to qualify for the advertised rate.
- Early-withdrawal penalty: Find out what you may forfeit if you need the money before maturity.
- Eligibility: Confirm whether you qualify to open the account.
- Renewal terms: Check what happens at maturity, including whether the CD renews automatically and what rate would then apply.
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