Inflation-Adjusted CD Rates (12 month)
What are Certificates of Deposit?
Certificates of Deposit (CDs) are a common, low-risk way to earn interest on your money. They'll return more than a typical savings account yet they are insured, and therefore considered a very safe way to park your money.
As with any investment, it's necessary to adjust CD returns for inflation in order to get a full understanding of the potential returns. Although a CD guarantees a rate of return, this return is not inflation-adjusted (in other words, it is "nominal"). In order to understand the actual value of the return, you must adjust for inflation.
This page combines Consumer Price Index (CPI) data from the Bureau of Labor Statistics with average CD return rates reported by the Federal Reserve. By taking the difference between the CD return and the inflation rate, we calculate the "real" (inflation-adjusted) rate of return for CDs.
The calculation is simple:
current CD rate - current inflation rate
According to recent CPI and Federal Reserve data, the current inflation-adjusted rate of return for a 12-month Certificate of Deposit is -4.02%.
12-month CD Real Rates Chart, 2009-2021
Values went from 2.72% in 2009 to -4.02% in 2021.
This graph displays inflation-adjusted returns for the first of each month since 2009.
12-month CD Real Rates Table, 2009-2021 (Yearly)
This table displays Inflation-Adjusted CD Rates (12 month) on January 1st of each year.
| Year | 12-month CD Real Rates (%) | Change (%) | Year-over-year (%) |
|---|---|---|---|
| 2021 | -1.24 | 0.76 | -37.91 |
| 2020 | -2 | -1.03 | 105.57 |
| 2019 | -0.97 | 0.82 | -45.76 |
| 2018 | -1.79 | 0.49 | -21.47 |
| 2017 | -2.28 | -1.11 | 94.36 |
| 2016 | -1.17 | -1.46 | -505.42 |
| 2015 | 0.29 | 1.67 | -120.98 |
| 2014 | -1.38 | -0.03 | 2.53 |
| 2013 | -1.34 | 1.24 | -47.98 |
| 2012 | -2.59 | -1.49 | 136.77 |
| 2011 | -1.09 | 0.57 | -34.45 |
| 2010 | -1.67 | -4.38 | -161.31 |
| 2009 | 2.72 | 0 | 0 |
12-month CD Real Rates Table, 2009-2021 (Monthly)
This table shows 12-month trailing Inflation-Adjusted CD Rates (12 month) for the first of each month.
| Year | Month | 12-month CD Real Rates (%) | Change (%) | Month-over-month (%) |
|---|---|---|---|---|
| 2021 | 3 | -4.02 | -1.55 | 62.76 |
| 2021 | 2 | -2.47 | -0.95 | 62.89 |
| 2021 | 1 | -1.52 | -0.28 | 22.30 |
| 2021 | 0 | -1.24 | -0.05 | 4.01 |
| 2020 | 11 | -1.19 | -0.20 | 19.86 |
| 2020 | 10 | -0.99 | 0 | 0.25 |
| 2020 | 9 | -0.99 | 0.17 | -14.57 |
| 2020 | 8 | -1.16 | -0.09 | 8.57 |
| 2020 | 7 | -1.07 | -0.34 | 47.32 |
| 2020 | 6 | -0.73 | -0.36 | 98.53 |
| 2020 | 5 | -0.37 | -0.55 | -300.87 |
| 2020 | 4 | 0.18 | 0.03 | 20.66 |
| 2020 | 3 | 0.15 | 1.21 | -114.25 |
| 2020 | 2 | -1.06 | 0.80 | -42.89 |
| 2020 | 1 | -1.85 | 0.14 | -7.10 |
| 2020 | 0 | -2 | -0.22 | 12.47 |
| 2019 | 11 | -1.78 | -0.24 | 15.92 |
| 2019 | 10 | -1.53 | -0.32 | 26.13 |
| 2019 | 9 | -1.21 | -0.07 | 6.37 |
| 2019 | 8 | -1.14 | -0.03 | 2.84 |
| 2019 | 7 | -1.11 | 0.05 | -4.45 |
| 2019 | 6 | -1.16 | -0.17 | 17.50 |
| 2019 | 5 | -0.99 | 0.14 | -12.54 |
| 2019 | 4 | -1.13 | 0.22 | -16.06 |
| 2019 | 3 | -1.35 | -0.12 | 10.14 |
| 2019 | 2 | -1.22 | -0.31 | 34.32 |
| 2019 | 1 | -0.91 | 0.06 | -6.29 |
| 2019 | 0 | -0.97 | 0.45 | -31.61 |
| 2018 | 11 | -1.42 | 0.30 | -17.27 |
| 2018 | 10 | -1.72 | 0.37 | -17.57 |
| 2018 | 9 | -2.08 | -0.24 | 12.75 |
| 2018 | 8 | -1.85 | 0.45 | -19.67 |
| 2018 | 7 | -2.30 | 0.27 | -10.52 |
| 2018 | 6 | -2.57 | -0.07 | 2.72 |
| 2018 | 5 | -2.50 | -0.04 | 1.65 |
| 2018 | 4 | -2.46 | -0.32 | 14.85 |
| 2018 | 3 | -2.14 | -0.08 | 4.03 |
| 2018 | 2 | -2.06 | -0.14 | 7.18 |
| 2018 | 1 | -1.92 | -0.13 | 7.33 |
| 2018 | 0 | -1.79 | 0.04 | -2.11 |
| 2017 | 11 | -1.83 | 0.10 | -5.36 |
| 2017 | 10 | -1.93 | -0.16 | 9.12 |
| 2017 | 9 | -1.77 | 0.20 | -10.23 |
| 2017 | 8 | -1.97 | -0.28 | 16.81 |
| 2017 | 7 | -1.69 | -0.21 | 14.28 |
| 2017 | 6 | -1.48 | -0.08 | 6.06 |
| 2017 | 5 | -1.39 | 0.24 | -14.77 |
| 2017 | 4 | -1.63 | 0.32 | -16.57 |
| 2017 | 3 | -1.96 | 0.19 | -8.88 |
| 2017 | 2 | -2.15 | 0.37 | -14.59 |
| 2017 | 1 | -2.52 | -0.24 | 10.43 |
| 2017 | 0 | -2.28 | -0.43 | 22.94 |
| 2016 | 11 | -1.85 | -0.38 | 25.95 |
| 2016 | 10 | -1.47 | -0.06 | 3.99 |
| 2016 | 9 | -1.42 | -0.17 | 13.85 |
| 2016 | 8 | -1.24 | -0.40 | 47.56 |
| 2016 | 7 | -0.84 | -0.23 | 36.58 |
| 2016 | 6 | -0.62 | 0.16 | -20.61 |
| 2016 | 5 | -0.78 | 0.02 | -2.75 |
| 2016 | 4 | -0.80 | 0.12 | -12.65 |
| 2016 | 3 | -0.92 | -0.27 | 42.42 |
| 2016 | 2 | -0.64 | 0.17 | -20.46 |
| 2016 | 1 | -0.81 | 0.37 | -31.14 |
| 2016 | 0 | -1.17 | -0.64 | 121.54 |
| 2015 | 11 | -0.53 | -0.23 | 75.46 |
| 2015 | 10 | -0.30 | -0.33 | -1,125.63 |
| 2015 | 9 | 0.03 | -0.21 | -87.54 |
| 2015 | 8 | 0.24 | 0.23 | 4,698.70 |
| 2015 | 7 | 0 | -0.03 | -83.83 |
| 2015 | 6 | 0.03 | -0.05 | -60.08 |
| 2015 | 5 | 0.08 | -0.16 | -68.23 |
| 2015 | 4 | 0.24 | -0.16 | -39.94 |
| 2015 | 3 | 0.40 | 0.13 | 46 |
| 2015 | 2 | 0.27 | 0.05 | 21.55 |
| 2015 | 1 | 0.23 | -0.06 | -22.19 |
| 2015 | 0 | 0.29 | 0.85 | -151.99 |
| 2014 | 11 | -0.56 | 0.57 | -50.42 |
| 2014 | 10 | -1.12 | 0.34 | -23.35 |
| 2014 | 9 | -1.46 | -0.01 | 0.44 |
| 2014 | 8 | -1.46 | 0.04 | -2.78 |
| 2014 | 7 | -1.50 | 0.29 | -16.33 |
| 2014 | 6 | -1.79 | 0.09 | -4.78 |
| 2014 | 5 | -1.88 | 0.05 | -2.83 |
| 2014 | 4 | -1.94 | -0.18 | 10.51 |
| 2014 | 3 | -1.75 | -0.44 | 33.58 |
| 2014 | 2 | -1.31 | -0.39 | 41.65 |
| 2014 | 1 | -0.93 | 0.45 | -32.82 |
| 2014 | 0 | -1.38 | -0.08 | 5.93 |
| 2013 | 11 | -1.30 | -0.26 | 25.52 |
| 2013 | 10 | -1.04 | -0.27 | 35.81 |
| 2013 | 9 | -0.76 | 0.22 | -22.47 |
| 2013 | 8 | -0.98 | 0.33 | -25.29 |
| 2013 | 7 | -1.32 | 0.43 | -24.69 |
| 2013 | 6 | -1.75 | -0.21 | 13.36 |
| 2013 | 5 | -1.54 | -0.40 | 35.24 |
| 2013 | 4 | -1.14 | -0.30 | 35.45 |
| 2013 | 3 | -0.84 | 0.40 | -32.22 |
| 2013 | 2 | -1.24 | 0.50 | -28.84 |
| 2013 | 1 | -1.75 | -0.40 | 29.97 |
| 2013 | 0 | -1.34 | 0.15 | -9.80 |
| 2012 | 11 | -1.49 | 0.01 | -0.87 |
| 2012 | 10 | -1.50 | 0.40 | -20.93 |
| 2012 | 9 | -1.90 | -0.18 | 10.52 |
| 2012 | 8 | -1.72 | -0.31 | 21.87 |
| 2012 | 7 | -1.41 | -0.29 | 26.28 |
| 2012 | 6 | -1.12 | 0.26 | -18.60 |
| 2012 | 5 | -1.37 | 0.03 | -2.15 |
| 2012 | 4 | -1.40 | 0.59 | -29.53 |
| 2012 | 3 | -1.99 | 0.34 | -14.53 |
| 2012 | 2 | -2.33 | 0.21 | -8.25 |
| 2012 | 1 | -2.54 | 0.04 | -1.71 |
| 2012 | 0 | -2.59 | 0.03 | -1.04 |
| 2011 | 11 | -2.61 | 0.41 | -13.62 |
| 2011 | 10 | -3.02 | 0.11 | -3.53 |
| 2011 | 9 | -3.14 | 0.29 | -8.55 |
| 2011 | 8 | -3.43 | -0.11 | 3.23 |
| 2011 | 7 | -3.32 | -0.15 | 4.81 |
| 2011 | 6 | -3.17 | -0.09 | 2.92 |
| 2011 | 5 | -3.08 | 0 | 0.01 |
| 2011 | 4 | -3.08 | -0.42 | 15.58 |
| 2011 | 3 | -2.66 | -0.49 | 22.66 |
| 2011 | 2 | -2.17 | -0.58 | 36.79 |
| 2011 | 1 | -1.59 | -0.50 | 45.40 |
| 2011 | 0 | -1.09 | -0.17 | 17.95 |
| 2010 | 11 | -0.93 | -0.39 | 73.63 |
| 2010 | 10 | -0.53 | -0.01 | 2.10 |
| 2010 | 9 | -0.52 | -0.09 | 20.41 |
| 2010 | 8 | -0.43 | -0.02 | 3.73 |
| 2010 | 7 | -0.42 | 0.07 | -13.83 |
| 2010 | 6 | -0.49 | -0.21 | 77.50 |
| 2010 | 5 | -0.27 | 0.96 | -77.79 |
| 2010 | 4 | -1.23 | 0.18 | -12.48 |
| 2010 | 3 | -1.41 | 0.05 | -3.27 |
| 2010 | 2 | -1.45 | -0.22 | 17.89 |
| 2010 | 1 | -1.23 | 0.43 | -25.96 |
| 2010 | 0 | -1.67 | 0.05 | -2.67 |
| 2009 | 11 | -1.71 | -0.88 | 106.61 |
| 2009 | 10 | -0.83 | -2.06 | -167.19 |
| 2009 | 9 | 1.23 | -1.16 | -48.55 |
| 2009 | 8 | 2.40 | -0.28 | -10.40 |
| 2009 | 7 | 2.67 | -0.67 | -20.10 |
| 2009 | 6 | 3.35 | 0.63 | 23.20 |
| 2009 | 5 | 2.72 | 0 | 0 |
