Savers Pile Money Into Bank CDs as Rates Top 5%
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The search for a safe place to save money has led Americans to rediscover the most vanilla of all financial products: the certificate of deposit.
High inflation, rising interest rates, and economic anxiety are making CDs cool again, with yields rising as high as 5.25% recently at some banks. Balances in CDs rocketed from $36.5 billion in April 2022 to $418.4 billion in January, according to the Federal Reserve. The accounts, which are insured by the Federal Deposit Insurance Corp. up to $250,000, require savers to commit to saving money for a set period, typically six months or a year.
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