CD rates are looking attractive at online banks. Bread and Capital One recently boosted yields on their products.
Online banks are boosting rates on savings accounts and certificates of deposits as fear of deposit flight plagues regional institutions. After March's havoc in regional banks – when Silicon Valley Bank failed as depositors yanked their cash – worries about further financial instability have resurfaced. Most recently, First Republic Bank joined the ranks of failed institutions after regulators seized the ailing bank and sold it to JPMorgan Chase last weekend.
Banks that have boosted rates over the last week include Bread Financial Holdings and Capital One Financial , according to a May 2 report from Goldman Sachs. Bread offers an annual percentage yield of 5.2% on a one-year CD and 4.65% APY on savings accounts. Capital One has an APY of 3.75% on its savings account, and it pays 4.15% APY for a one-year online CD. Other online institutions paying attractive rates on one-year CDs include Synchrony Financial, which pays 4.
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