Playing it safe? Yields on certificates of deposit are ticking higher—and one institution boosted the rate on its 1-year CD over 5%.
Safety is just a little sweeter for savers at Bread Financial . That's because the online bank just lifted the rate on its 1-year certificate of deposit to a fresh high. Bread boosted the rate on its 1-year CD by 5 basis points this week to an annual percentage yield of 5.05% — a new high and a threshold that's 55 basis points above the median rate, according to Stephens. One basis point is equal to one one-hundredth of a percentage point.
SoFi added 25 basis points to its rate, landing at 4%. LendingClub pushed its rate higher by 25 basis points to 4.25%. Savings accounts and certificates of deposit are some of the beneficiaries of the Federal Reserve's higher interest rate regime since the central bank has raised rates eight times over the past year. The 1-year Treasury , for instance, now has a yield of about 4.4%.
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