Executive Summary. Treasury yields rose sharply on September 23, with the 2-year, 5-year and 10-year yields reaching 4.85%, 4.99% and 5.11%, respectively. Meanwhile, the September 24 OnlineBankRates refresh found no verified daily repricing across 70 exact-comparable deposit products: 0 increased, 70 were unchanged and 0 decreased. The current rate environment is therefore mixed - market borrowing benchmarks are firmer, while measured bank deposit pricing is stable.

Rate Environment

Deposit rates were stable across today's exact-comparable panel, while market yields moved higher. All 70 refreshed comparable products were unchanged, so today's Bank Rate Breadth is 0% increases, 100% unchanged and 0% cuts. Treasury yields, by contrast, rose 14-16 basis points across the 2-year, 5-year and 10-year maturities on September 23.

Today's Numbers

Rate / Metric	Latest
Effective Fed Funds	3.88% (Sep. 22)
SOFR	3.87% (Sep. 23)
Prime	7.00% (Sep. 22)
2-Year Treasury	4.85% (Sep. 23)
5-Year Treasury	4.99% (Sep. 23)
10-Year Treasury	5.11% (Sep. 23)
30-Year Fixed Mortgage	6.95% (Sep. 17)
OBR Savings Index	3.79% APY
OBR 12-Month CD Index	3.94% APY
Best OBR Liquid Savings	4.21% APY (qualifying)
Best OBR Money Market	4.05% APY
Best OBR CD Observed	4.40% APY

Benchmark timing: SOFR is for September 23; effective fed funds and prime are the latest published observations for September 22; Treasury yields are for September 23; Freddie Mac's mortgage benchmark is the latest available survey, dated September 17. Freddie Mac's next weekly release was not yet available at publication time.

Biggest Moves

No verified bank-level increase or cut was observed in today's refresh.

The refresh produced 70 exact-comparable observations and all 70 were unchanged. The most recent verified move retained in OnlineBankRates history is CFG Bank's High Yield Money Market Online increase from 3.80% to 4.05% APY on September 22, a 25-basis-point gain. A full seven-day ranking is not yet publishable because the exact-comparable history begins September 21.

• 1-day increases: 0 of 70 (0.0%)

• 1-day cuts: 0 of 70 (0.0%)

• 1-day unchanged: 70 of 70 (100.0%)

• 7-day changes: insufficient full-window history; one verified +25 bp move since baseline

• Bank Rate Breadth: 0% up / 100% unchanged / 0% down (n=70)

Where Savers Are Winning

The highest captured liquid savings yield is Axos ONE Savings at 4.21% APY, but that rate requires qualifying activity. The strongest captured savings offer without a stated relationship requirement is Newtek Bank at 4.20% APY. CFG Bank leads current money-market observations at 4.05% APY, followed by Bank5 Connect at 4.00%. The highest captured CD yield is 4.40% APY at Sallie Mae Bank for 15-, 36- and 60-month terms. Marcus offers 4.35% across several terms from 18 to 72 months, while CFG Bank reaches 4.30% at 12, 18, 36 and 60 months.

Borrower Watch

Borrowing benchmarks remain elevated. Prime is 7.00%, 25 basis points above its pre-hike level. The latest Freddie Mac 30-year fixed mortgage benchmark is 6.95%, up 19 basis points from the prior week. Compared with the September 23 10-year Treasury yield of 5.11%, the mortgage benchmark is approximately 184 basis points higher. Treasury yields rose materially on September 23, which increases near-term upward pressure on rate-sensitive borrowing even though the next mortgage survey had not yet been released.

Yield Curve / CD Strategy

The September 23 Treasury curve yielded 4.49% at one year, 4.85% at two years, 4.99% at five years and 5.11% at ten years. Those levels exceed the current OnlineBankRates leaders at comparable bank maturities: the best 12-month CD is 4.30%, the best 24-month CD is 4.35%, and the best 60-month CD is 4.40%. Liquid savings reaches 4.21% with qualifying activity and 4.20% without a stated relationship requirement. Consumers comparing cash products should weigh yield, liquidity, early-withdrawal penalties, deposit insurance, tax treatment and maturity rather than assuming a longer bank lockup automatically pays more.

Bank Behavior

No institution group moved rates faster today because every one of the 70 exact-comparable observations was unchanged. The only verified post-baseline increase is CFG Bank's 25-basis-point money-market move, which is not enough to establish a category trend. The 24-institution panel remains heavily weighted toward online-oriented banks and contains only two credit unions; large traditional banks are not represented broadly enough to publish a defensible Online-vs-National Bank Premium.

OnlineBankRates Takeaway

Bank deposit rates did not follow Wednesday's sharp Treasury move - at least not yet. OnlineBankRates refreshed 70 directly comparable products and found every one unchanged, even as 2-year, 5-year and 10-year Treasury yields rose 14 to 16 basis points. The strongest liquid bank yields remain around 4.20%, while the Treasury curve now pays 4.49% at one year and 4.99% at five years. That gap means savers should compare liquidity and maturity carefully instead of assuming a CD offers the strongest return. Borrowers face the opposite pressure: prime remains at 7.00%, the latest 30-year mortgage benchmark is 6.95%, and higher Treasury yields could keep loan pricing firm. The next key signal is whether banks begin passing the Fed increase through to depositors.

OnlineBankRates Proprietary Metrics

OBR Metric	Today's Reading	Interpretation
Savings Index	3.79%	+6 bp vs. prior published baseline; panel expansion
12-Month CD Index	3.94%	-3 bp vs. prior published baseline; panel expansion
Best Cash Yield	4.21%	Qualifying APY; 4.20% without stated relationship
Bank Rate Breadth	0 / 100 / 0	Increase / unchanged / cut shares; n=70
Fed Pass-Through Score	1.3% provisional	One +25 bp move across 75 comparable products
Online-vs-National Premium	Pending	Large-bank comparison sample insufficient

Data Coverage

The September 24 first-party refresh began with 23 verified institutions and added Forbright Bank, ending at 24. The run appended 76 Bank Verified observations: 70 exact-comparable refreshes and 6 newly verified Forbright savings/CD observations. The workbook now contains 250 Bank Verified historical observations and 0 Third Party Verified production observations. Nine of today's 76 appended observations are stale by the dataset's freshness rules, all from Alliant Credit Union's official rate table dated August 5. No hard scrape failure is recorded; 15 official source URLs remain queued for recheck with prior verified observations retained.

Coverage Metric	Value
Starting verified institutions	23
Newly verified	1 - Forbright Bank
Ending verified institutions	24
Bank Verified observations	250 historical ledger rows
Third Party Verified	0 production observations
Observations updated	76 appended: 70 refreshed + 6 new
Stale observations	9 current-run; 42 ledger rows
Scrape failures	0 hard failures; 15 rechecks pending

Data & Methodology Disclosure

Institution-level rates and OBR indexes use independently collected institution-owned public sources. The Savings Index is the simple average of each institution's highest captured savings APY, so each institution contributes once; requirements may apply to the selected offer. The 12-Month CD Index uses each institution's highest captured 12-month CD or certificate APY. Today's index changes are panel-composition effects from newly added institutions, not verified repricing among common products. Bank Rate Breadth reports exact-comparable increases, unchanged observations and cuts. The provisional Fed Pass-Through Score divides the panel's average cumulative APY change since the September Fed move by the 25-basis-point change in effective fed funds. Rates can change without notice, and eligibility, balance, geographic and relationship requirements may apply.

Official Benchmark Sources

• Federal Reserve H.15

• New York Fed reference rates

• U.S. Treasury daily yield curve

• Freddie Mac Primary Mortgage Market Survey