Certificates of deposit (CDs) continue to be a popular choice for depositors seeking a low-risk option to grow their savings. According to recent data from Curinos, CD rates have seen some fluctuations over the past week.
Three-month CD rates
Rates for three-month CDs have slightly decreased, with the national average rate at 1.33% as of September 24, 2024. However, the current national high for a three-month CD stands at an impressive 5.39%, offering significant returns.
Six-month CD rates
For those looking for a short-term commitment with competitive rates, six-month CDs are a great option. The national average APY for six-month CDs is 1.85%, with the highest rate currently at 5.25%. Shopping around can help you secure a better deal and maximize your interest.
One-year CD rates
Investors willing to lock in their savings for a full year can benefit from even higher rates. The national average APY for one-year CDs is 1.92%, with the top rate at 5.37%. Earning over $1,300 in interest with a $25,000 deposit is a significant advantage.
Two-year CD rates
While rates for two-year CDs have slightly declined, investors can still find competitive options. The national average APY is 1.67%, with the highest rate at 4.88%. Investing $25,000 at this rate could yield around $2,500 in interest.
Three-year CD rates
The average APY for a three-year CD is currently at 1.60%, with the highest rate at 4.65%. Investing $25,000 could earn you nearly $3,651 in interest.
By carefully considering the various CD rates available and choosing the right term and rate for your financial goals, you can make the most of your savings. Take advantage of the competitive CD rates on offer today to maximize your returns and secure your financial future.