Bank Deposit Rates Stay Flat as SOFR Edges Higher

Executive summary. OnlineBankRates found no repricing among 35 exact-comparable deposit products today: every rate was unchanged. Coverage nevertheless expanded from 32 to 35 institutions with Ivy Bank, BrioDirect and MIDFLORIDA Credit Union, bringing the historical database to 401 Bank Verified observations. SOFR increased two basis points to 3.90%, while effective fed funds remained at 3.88%.

Rate Environment

Deposit rates remain broadly stable. Today’s measured breadth was zero increases, 35 unchanged products and zero cuts.

Borrowing benchmarks are mixed. SOFR rose slightly, but effective fed funds and prime were unchanged, while the most recent Treasury curve eased from Thursday’s highs.

Today’s Numbers

Benchmark or metric	Latest	As of
Effective federal funds rate	3.88%	Sept. 25
SOFR	3.90%	Sept. 25
Bank prime rate	7.00%	Sept. 24
2-year Treasury	4.81%	Sept. 25
5-year Treasury	4.98%	Sept. 25
10-year Treasury	5.17%	Sept. 25
30-year fixed mortgage	7.03%	Sept. 24
OBR Savings Index	3.80% APY	Sept. 28
OBR 12-Month CD Index	3.88% APY	Sept. 28
Best liquid-savings offer	4.25% APY	Promotional/qualifying
Best savings without stated relationship requirement	4.20% APY	Newtek Bank
Best money-market rate	4.05% APY	CFG Bank
Best CD rate	4.40% APY	Multiple terms
Best high-yield checking observation	5.00% APY	Conditions and balance cap apply

The New York Fed reports effective fed funds at 3.88% and SOFR at 3.90% for September 25. The Federal Reserve’s latest published prime rate remains 7.00%.

The latest official Treasury curve closed at 4.81% for two years, 4.98% for five years and 5.17% for ten years.

Biggest Moves

No verified bank-rate increase or cut occurred today.

Increases: 0 Unchanged: 35 Cuts: 0 Bank Rate Breadth: 0% rising / 100% unchanged / 0% falling

Marcus held all 13 refreshed CD rates unchanged. Happen Bank’s 22 savings, checking and CD observations were also unchanged from their prior verified readings.

The only verified change in the seven-day rate ledger remains CFG Bank’s September 22 money-market increase from 3.80% to 4.05%, a gain of 25 basis points. No verified cuts have been recorded.

Among products observed at both the September 21 and September 28 endpoints, six same-term Marcus CDs were unchanged. The seven-day comparison sample remains too narrow for a market-wide breadth conclusion.

Where Savers Are Winning

The strongest current liquid-savings offer remains Morgan Stanley Private Bank’s 4.25% APY promotional rate, subject to new-account eligibility and a six-month guarantee.

Other leading savings rates include:

Axos ONE: 4.21% APY with qualifying activity. Newtek Bank: 4.20% APY without a stated relationship requirement. Happen Bank LevelUp Savings: 4.20% APY with qualifying monthly deposits. Live Oak Bank: 4.00% APY. Ivy Bank: 4.00% APY with a $2,500 opening deposit. BrioDirect: 3.75% APY with a $5,000 opening deposit.

CFG Bank continues to lead captured money-market products at 4.05% APY, followed by Bank5 Connect at 4.00%.

The strongest CD maturities are:

Term	Leading captured APY
6 months	4.20%
9 months	4.30%
12 months	4.35%
15 months	4.40%
24 months	4.40%
36 months	4.40%
60 months	4.40%

MIDFLORIDA Credit Union’s newly captured checking product offers 5.00% APY on balances up to $10,000, but requires membership and activity conditions. Balances above $10,000 earn 0%, and a monthly fee can apply.

Borrower Watch

The latest Freddie Mac survey places the average 30-year fixed mortgage at 7.03%, up eight basis points from the prior week. The 15-year average rose 16 basis points to 6.42%.

The 30-year mortgage rate is approximately 186 basis points above the 10-year Treasury yield. Prime remains at 7.00%, while SOFR’s two-basis-point increase to 3.90% represents a small rise in overnight secured funding costs.

Treasury yields ended Friday below Thursday’s levels, falling six basis points at two years, five at five years and one at ten years.

Yield Curve and CD Strategy

Treasuries still provide higher nominal yields than the strongest captured CDs at standard comparable maturities:

Maturity	Best observed CD	Treasury yield	Treasury advantage
Approximately 1 year	4.35%	4.50%	15 bp
Approximately 2 years	4.40%	4.81%	41 bp
Approximately 5 years	4.40%	4.98%	58 bp

Short CDs are increasingly competitive, reaching 4.20% at six months and 4.30% at nine months. The best intermediate and long CDs reach 4.40%, but extending from two years to five years currently provides little additional bank yield.

Consumers comparing these instruments should consider access to funds, early-withdrawal penalties, insurance, Treasury price risk and tax treatment in addition to APY.

Bank Behavior

Today’s exact-comparable observations came from online-oriented Marcus and Happen Bank, with all 35 unchanged. That indicates stability within the refreshed online-bank sample.

Coverage expansion included:

Two online savings institutions: Ivy Bank and BrioDirect. One credit union: MIDFLORIDA Credit Union. No new large traditional-bank observations.

The new credit-union observation cannot be treated as a rate movement because no prior comparable record exists. There remains insufficient balanced coverage to determine whether online banks, credit unions or large traditional banks are moving fastest.

The Online-vs-National Bank Premium therefore remains pending.

OnlineBankRates Takeaway

Deposit rates remain remarkably steady despite continuing movement in market benchmarks. OnlineBankRates compared 35 previously observed products today and found every APY unchanged. Savers can still find liquid savings near 4.20%, while the strongest CDs reach 4.40%. Treasuries continue to pay more at comparable one-, two- and five-year maturities, although short CDs are becoming more competitive. A newly captured credit-union checking account offers 5.00% on limited balances, but its membership, activity and balance conditions make it different from unrestricted savings. Borrowers continue to face a tougher environment: mortgage rates remain above 7%, prime is 7%, and SOFR increased slightly. The clearest current signal is stability in bank pricing rather than broad deposit-rate pass-through.

OnlineBankRates Proprietary Metrics

Metric	September 28	Interpretation
OBR Savings Index	3.80%	29-institution normalized panel
OBR 12-Month CD Index	3.88%	19-institution comparable panel
Bank Rate Breadth	0% / 100% / 0%	Rising/unchanged/falling; n=35
Fed Pass-Through Score	1.3% provisional	One verified 25-bp increase in early history
Online-vs-National Premium	Pending	Cohorts remain insufficiently balanced
Best Cash Yield	4.25%	Promotional eligibility applies

The Savings Index increased approximately one basis point from 3.79% to 3.80% because Ivy Bank and BrioDirect joined the panel. The change does not represent repricing among previously tracked savings accounts. The CD Index was unchanged.

Data Coverage

Coverage measure	September 28
Starting institutions	32
Newly verified institutions	3
Ending institutions	35
Observations appended or refreshed	40
Exact-comparable refreshes	35
Newly verified observations	5
Historical Bank Verified observations	401
Third Party Verified production observations	0
Current observations in today’s collection	38
Aging observations in today’s collection	2
Stale observations in today’s collection	0
Historical stale observations retained	47
Official sources with stale disclosures	9
Hard scrape failures	0
Remaining discovery queue	8

Methodology and disclosure. The Savings Index averages each institution’s highest captured savings APY once per institution. The CD Index uses each institution’s highest comparable 12-month CD or certificate APY. Bank Rate Breadth includes only exact product, term, tier, relationship and geographic comparisons. Newly discovered products do not count as increases. Best Cash Yield excludes checking products and represents the highest current liquid-savings APY, with promotional requirements disclosed. Institution-level rates come from institution-owned sources; benchmarks come from the Federal Reserve, New York Fed, U.S. Treasury and Freddie Mac. Rates and eligibility requirements may change without notice.