Benzinga - by Piero Cingari, Benzinga Staff Writer.
As financial institutions continue to raise their certificate of deposit (CD) rates, American savers find themselves presented with increasingly attractive opportunities to grow their money.
These developments have been spurred by multiple Federal Reserve rate increases since March 2022, which have had a cascading effect on interest rates across the financial sector.
According to Bankrate’s data, the average 1-year annual percentage yield (APY) on CDs offered by their institution partners has reached an impressive 5.27%.
This figure is particularly noteworthy because it surpasses the yield on 2-year Treasury bonds by more than half a percentage point. This indicates that consumers are finding more lucrative opportunities in CDs compared to government bonds or short-term bond ETFs, such as iShares 1-3 Year Treasury Bond ETF (NYSE:SHY), which are traditionally considered low-risk investments.
Today’s Best CD Rates on the Market
Here is a list of 10 options that are currently offering the most attractive APY, as per Bankrate’s data:| Barclays Online CD | $0 | 5.50% | 4.50% | 4.50% | $550 |
| LendingClub CD | $2,500 | 5.55% | 4.30% | 4.00% | $555 |
| Alliant Credit Union Certificate | $1,000 | 5.25% | 4.45% | 4.35% | $525 |
| BMO Alto Certificate of Deposit | $0 | 5.65% | 5.10% | 5.25% | $565 |
| Popular Direct CD | $10,000 | 5.67% | 5.00% | 4.70% | $567 |
| Bread Savings CD | $1,500 | 5.60% | 4.95% | 4.75% | $560 |
| Quontic Bank CD | $500 | 5.30% | 4.40% | 4.30% | $530 |
| Marcus by Goldman Sachs High-Yield CD | $500 | 5.30% | 4.40% | 4.10% | $530 |
| TAB Bank CD | $1,000 | 5.27% | 4.25% | 4.00% | $527 |
| PenFed Credit Union Money Market Certificate | $1,000 | 5.25% | 4.30% | 4.00% | $525 |
Read Now: What You All Need To Know About CDs
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