Early birds who scooped up 1-year CDs in late 2022 face key decisions as those instruments mature.
Early-bird investors who locked up their cash in certificates of deposit late last year could be coming up on a huge opportunity for sweeter yields. The Federal Reserve kicked off its campaign of higher interest rates in March 2022, which had the pleasant side effect of raising yields on Treasurys, money market funds and CDs. The one-year Treasury bill is yielding 5.47% Wednesday, and one-year CDs at some institutions offer annual percentage yields exceeding 5%.
Ally Financial and Bread Financial are among the institutions offering a higher renewal rate for customers who stick around. Bread's 1-year renewal CD has an APY of 5.65%, compared to the 5.60% rate it will pay for new 1-year CDs opened today. Consider that about a year ago, the average one-year CD had an APY of less than 1%, according to Bankrate.com .
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