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Press Release / November 29, 2023
FDIC-Insured Institutions Reported Net Income of $68.4 Billion in Third
Quarter 2023
Press Release / November 21, 2023
FDIC Board of Directors Establishes Special Committee to Oversee Independent
Review of Agency Culture
Statement / November 14, 2023
Remarks by Chairman Martin J. Gruenberg on Oversight of Financial Regulators:
Protecting Main Street Not Wall Street before the Committee on Banking,
Housing, and Urban Affairs, United States Senate
Press Release / November 3, 2023
Iowa Trust & Savings Bank, Emmetsburg, Iowa, assumes all of the deposits of
Citizens Bank, Sac City, Iowa
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Press Release / November 29, 2023
FDIC-Insured Institutions Reported Net Income of $68.4 Billion in Third
Quarter 2023
Press Release / November 21, 2023
FDIC Board of Directors Establishes Special Committee to Oversee Independent
Review of Agency Culture
Statement / November 14, 2023
Remarks by Chairman Martin J. Gruenberg on Oversight of Financial Regulators:
Protecting Main Street Not Wall Street before the Committee on Banking,
Housing, and Urban Affairs, United States Senate
Press Release / November 3, 2023
Iowa Trust & Savings Bank, Emmetsburg, Iowa, assumes all of the deposits of
Citizens Bank, Sac City, Iowa
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3. Bankers
4. National rates
Bankers Resource Center
NATIONAL RATES AND RATE CAPS
Revised Rule November 20, 2023
Last Updated: November 20, 2023
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MONTHLY UPDATE
On December 15, 2020, the FDIC Board of Directors approved a Final Rule - PDF
making certain revisions to the interest rate restrictions applicable to less
than well capitalized institutions (as defined in Section 38 of the Federal
Deposit Insurance Act), which are effective on April 1, 2021. The interest rate
restrictions generally limit a less than well capitalized institution from
soliciting deposits by offering rates that significantly exceed rates in its
prevailing market.
The Final Rule redefined the “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. The
“national rate cap” is calculated as the higher of: (1) the national rate plus
75 basis points; or (2) 120 percent of the current yield on similar maturity
U.S. Department of the Treasury (U.S. Treasury) obligations plus 75 basis
points. The national rate cap for non-maturity deposits is the higher of the
national rate plus 75 basis points or the federal funds rate plus 75 basis
points.
A less than well capitalized institution may use the “local rate cap” in place
of the national rate cap for deposits gathered from within the institution’s
local market area. The Final Rule redefined the “local rate cap” for a
particular deposit product as 90 percent of the highest rate offered on the
deposit product by an institution or credit union accepting deposits at a
physical location within the institution’s local market area.
In accordance with Section 337.7(d), an insured depository institution that
seeks to pay a rate of interest up to its local market rate cap shall provide
notice and evidence of the highest rate paid on a particular deposit product in
the institution’s local market areas to the appropriate FDIC regional director.
The institution shall update its evidence and calculations for existing and new
accounts monthly unless otherwise instructed by the appropriate FDIC regional
director, and retain such information available for at least the two most recent
examination cycles and, upon the FDIC’s request, provide the documentation to
the appropriate FDIC regional office and to examination staff during any
subsequent examinations.
MONTHLY RATE CAP INFORMATION AS OF NOVEMBER 20, 2023
Deposit Products 1 National Deposit Rates 2 National Deposit Rates
Rate Cap Adjusted Treasury Yield 3 Treasury Yield
Rate Cap Adjusted National Rate Cap Savings 0.46 1.21 5.33 6.08 6.08 Interest
Checking 0.07 0.82 5.33 6.08 6.08 Money Market 0.63 1.38 5.33 6.08 6.08 1 month
CD 0.23 0.98 5.56 7.42 7.42 3 month CD 1.62 2.37 5.59 7.46 7.46 6 month CD 1.43
2.18 5.54 7.40 7.40 12 month CD 1.85 2.60 5.44 7.28 7.28 24 month CD 1.55 2.30
5.07 6.83 6.83 36 month CD 1.39 2.14 4.90 6.63 6.63 48 month CD 1.32 2.07 4.904
6.63 6.63 60 month CD 1.39 2.14 4.82 6.53 6.53
The FDIC began posting the National Rate and Rate Cap on May 18, 2009. Data is
not available prior to May 18, 2009. Data from May 2009 through March 31, 2021,
reflects the calculation in effect at that time (averages weighted by branch,
and not including credit unions), while data posted after March 31, 2021,
reflects the calculation described above.
This historical data can be accessed at Previous Rates.
The monthly rate cap information will be published every 3rd Monday of each
month. When the 3rd Monday falls on a Federal holiday, the rate cap information
will be published on the next business day. All published rates and yields are
based on information available on the last business day of the prior month end
(note: rates and yields published on April 1, 2021, are based on information
available as of February 26, 2021).
1 If an institution seeks to offer a product with an off-tenor maturity that is
not offered by another institution within its local market area, or for which
the FDIC does not publish the national rate cap, the institution will be
required to use the rate offered on the next lower on-tenor maturity for that
deposit product when determining its applicable national or local rate cap,
respectively. For example, an institution seeking to offer a 26-month
certificate of deposit must use the rate offered for a 24-month CD to determine
the applicable national or local rate cap.
2 Source: S&P Capital IQ Pro; SNL Financial Data. Calculations: FDIC. Savings
and interest checking account rates are based on the $2,500 product tier, while
money market and certificate of deposit rates represent an average of the
$10,000 and $100,000 product tiers. Account types and maturities published in
these tables are those most commonly offered by the banks and branches for which
we have data (on-tenor maturities).
3 As noted above, in determining the National Rate Cap for a particular on-tenor
maturity, the Final Rule requires the FDIC to calculate 120 percent of the
current yield on similar maturity U.S. Treasury obligations plus 75 basis
points. For on-tenor maturities for which the U.S. Treasury publishes a yield,
the treasury yields (treasury.gov) in this column are those that are published
by the U.S. Treasury for the corresponding obligation with the same maturity.
For on-tenor maturities for which the U.S. Treasury does not publish a yield,
the treasury yields in this column are the published Treasury yields for the
obligation with next lowest maturity, which is viewed as a similar rate, as
provided for in the Final Rule. For non-maturity deposits, where there is no
comparable treasury yield, the yield used is the effective federal funds
(newyorkfed.org) rate published by the Federal Reserve Bank of New York.
4 The Final Rule defines a maturity of 48 months as an on-tenor maturity. Since
the U.S. Treasury does not publish a rate for a 48-month Treasury obligation the
applicable Treasury Yield is the 36-month Treasury; see footnote 3.
Get email alerts when the national rates are updated.
NATIONAL RATES AND RATE CAPS HOME
PREVIOUS RATES
ABOUT THE FDIC:
The Federal Deposit Insurance Corporation (FDIC) is an independent agency
created by the Congress to maintain stability and public confidence in the
nation's financial system. The FDIC insures deposits; examines and supervises
financial institutions for safety, soundness, and consumer protection; makes
large and complex financial institutions resolvable; and manages receiverships.
Learn More
ABOUT THE FDIC:
The Federal Deposit Insurance Corporation (FDIC) is an independent agency
created by the Congress to maintain stability and public confidence in the
nation's financial system. The FDIC insures deposits; examines and supervises
financial institutions for safety, soundness, and consumer protection; makes
large and complex financial institutions resolvable; and manages receiverships.
Learn More
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