What Is FDIC national rate?
The FDIC national rate is the official national average interest rate for savings accounts, published by the Federal Deposit Insurance Corporation (FDIC). It is calculated as the weighted average of rates paid by all insured depository institutions and credit unions, with rates weighted by each institution’s share of domestic deposits.
The national rate is published monthly and is available on FRED as the SNDR series. The FDIC also publishes a national rate cap, calculated as the higher of: (1) the national rate plus 75 basis points, or (2) 120% of the current yield on similar-maturity US Treasury obligations plus 75 basis points.
The FDIC began publishing the national rate on May 18, 2009. Data from May 2009 through March 2021 used branch-weighted averages without credit unions. From April 2021 onward, the methodology was updated to use deposit-share weighting and includes credit unions.
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