Historical snapshot for September 9, 2024: Lake Elmo Bank listed its 9-month Add-vantage CD at 4.27% APY for balances of $1,000–$24,999 and 4.37% APY for balances of $25,000 or more. Those are the bank’s posted rates effective that date, not a current offer or proof of the highest CD rate available nationwide.
Lake Elmo Bank CD rates effective September 9, 2024
Lake Elmo Bank’s Certificate of Deposit & Individual Retirement Account rate sheet, effective September 9, 2024, listed these APYs by term and balance tier:
| CD product and term | $1,000–$24,999 | $25,000 and over |
|---|---|---|
| 3-month special CD | 2.42% APY | 2.52% APY |
| 6-month certificate | 3.96% APY | 4.06% APY |
| 9-month Add-vantage CD | 4.27% APY | 4.37% APY |
| 15-month special CD | 3.75% APY | 3.85% APY |
Source: Lake Elmo Bank rate sheet, effective September 9, 2024. The sheet also lists standard terms from 12 to 60 months, generally at lower APYs than these featured short-term products; it does not provide those standard-term figures here.
What the September 9 rates do—and do not—show
The 9-month Add-vantage CD had the highest APY among the four products shown in this excerpt, in both balance tiers. That comparison is limited to Lake Elmo Bank’s listed products; the rate sheet does not establish a nationwide “best CD rate” ranking. It also does not establish account-opening conditions, eligibility, or availability outside the bank’s service area. Verify current terms and availability directly with the institution before acting.
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When comparing a CD, consider its APY alongside the term, balance minimum, early-withdrawal penalty, any promotional conditions, and geographic or membership eligibility. Lake Elmo Bank’s sheet warns: “Substantial penalty for early withdrawal.” The bank defines APY as “the actual rate of return you will earn on your account over one year.”
FDIC national rates and caps published September 16, 2024
The FDIC’s September 2024 national rate and rate-cap table was revised September 16—one week after the date in this article’s title. Its figures are not exact September 9 rates and are not a ranking of the highest offers:
| CD term | FDIC national rate | FDIC national rate cap |
|---|---|---|
| 1 month | 0.24% | 7.24% |
| 3 months | 1.55% | 7.00% |
| 6 months | 1.81% | 6.62% |
| 12 months | 1.88% | 6.01% |
| 24 months | 1.55% | 5.44% |
| 36 months | 1.43% | 5.30% |
| 48 months | 1.35% | 5.30% |
| 60 months | 1.42% | 5.20% |
Source: FDIC national rates and rate caps, revised September 16, 2024. The FDIC describes a national rate as a deposit-weighted average of rates paid by insured banks and credit unions with available data; its CD estimates use $10,000 and $100,000 product tiers. An average is not the same as a specific bank’s offer.
The rate cap is a regulatory limit for certain institutions that are less than well capitalized, not a suggested customer rate or a market-wide ceiling. The FDIC says it is generally the higher of the national rate plus 75 basis points or 120% of a similar-maturity Treasury yield.
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Federal Reserve timing after September 9
The Federal Reserve’s annual policy record says the primary credit rate fell from 5.5% to 5.0% effective September 19, 2024—ten days after the date covered here. That later change should not be treated as having taken effect on September 9, and the record does not show how a particular bank set its CD APY. Source: Federal Reserve annual policy record.
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