Category: Tech

• The Supreme Court Brown vs. Board of Education decision outlawed public school segregation in 1954.
• But 69 years later, 32 school districts in Mississippi are still under federal desegregation orders.
• Mississippi has the highest percentage of Black residents of any state.

LEXINGTON, Miss. (AP) — There are 32 school districts in Mississippi still under federal desegregation orders, the US Department of Justice’s Civil Rights Division’s assistant attorney general said Thursday.

Enforcing the open desegregation orders fit into a broader body of civil rights work launched in Mississippi that is examining jails, police departments, and hate crimes in the state, according to Assistant Attorney General Kristen Clarke of the US Department of Justice’s Civil Rights Division.

Referring to the US Supreme Court decision that outlawed segregation of public schools across the country in 1954, she said the Justice Department is ensuring school districts provide Black students in Mississippi with equal access to education programs.

“In our ongoing efforts to fulfill the promise of Brown vs. Board of Education, we currently have 32 open cases with school districts here in Mississippi,” Clarke said. “And in each of those cases, we are working to ensure that these districts comply with desegregation orders from courts.”

Clarke spoke to a small group of residents, local leaders and reporters Thursday at the Holmes County Circuit Court Complex in Lexington, about 62 miles from Jackson, the state capital.

AP Photo/Rogelio V. Solis

Mississippi is the latest stop in Clarke’s “listening tour” throughout the Deep South. The Justice Department is learning where to direct resources and where it might need to mount civil rights lawsuits, she said.

Mississippi has the highest percentage of Black residents of any state. It has been home, as have other states, to legal fights over desegregation.

In 2017, a Mississippi Delta school district agreed to merge two high schools after nearly 50 years of litigation in which the district sought to maintain historically Black and white schools.

In addition to school districts, Clarke said at least five Mississippi jails and prisons have come under federal scrutiny.

The department is looking into whether the facilities protect prisoners from violence and meet housing standards. The facilities include the Mississippi State Penitentiary in Parchman, the South Mississippi Correctional Institution, the Central Mississippi Correctional Facility, the Wilkinson County Correctional Facility and a Hinds County Jail.

Clarke also said her division is investigating whether Rankin County Sheriff’s Deputies used excessive force when they shot Michael Corey Jenkins in the mouth during an alleged drug raid.

AP Photo/Rogelio V. Solis

An Associated Press investigation found that several deputies from the department have been involved in at least four violent encounters with Black men since 2019 that left two dead and another with lasting injuries.

Clarke declined to offer more details about the case, citing an ongoing federal civil rights investigation. After delivering prepared remarks in Lexington, she met with community members about allegations of police brutality in the small town.

‘Hate and bigotry are sadly on the rise’

Police have “terrorized” Black residents by subjecting them to false arrests, excessive force and intimidation, an ongoing federal lawsuit claims.

AP Photo/Rogelio V. Solis

“What I hope she’ll do is seriously address the issues. Not gloss over them, say that she has heard about these violations, talk about them in detail and say that it is wrong if it is happening,” said Jill Collen Jefferson, president of JULIAN, a civil rights organization that filed the federal lawsuit on behalf of a group of Lexington residents.

The community meeting was closed to reporters. The Justice Department has not announced an investigation into the Lexington Police Department.

Jefferson said her organization plans to file a class action lawsuit against the Lexington Police Department in the new few months.

Against the backdrop of ongoing investigations into potential civil rights violations ensnaring school districts, jails and police departments is FBI data released in March showing the number of hate crimes in the US rose in 2021.

“Hate and bigotry are sadly on the rise,” she said.

• Taylor Swift’s former apartment is on sale for $17.9 million or can be rented for $45,000 per month.
• Swift’s references the townhouse in her song “Cornelia Street,” featured on the album “Lover.”
• The NYC home has its own indoor pool and multiple private terraces overlooking the West Village.

You can now have your very own slice of Taylor Swift’s “Cornelia Street” — to the tune of $17.9 million.

“Cornelia Street,” the ninth song on Taylor Swift’s seventh studio album, “Lover,” alludes to an apartment the star once lived in in New York City’s West Village, as well as the early days of her relationship with whom many believe to be actor Joe Alwyn.

“‘I rent a place on Cornelia Street,’ I say casually in the car,” Swift sings in the first verse.

The pop superstar rented 23 Cornelia Street for a few months between 2016 and 2017, according to People.

According to Street Easy, Swift’s former home is now for sale, but it can also be rented for $45,000 per month. 

Keep reading for a closer look at Swift’s iconic Cornelia Street apartment.

• The FHFA said on Tuesday that US house prices rose modestly in the first quarter.
• But some Western states are seeing the first year-over-year price declines in years.
• The agency’s pricing index rose 4.3% in the first three months of the year.

The US housing market broadly notched price increases as the key spring-selling season began, but one area of the country that was booming saw the air coming out of prices every year, according to government data released Tuesday.

House prices grew 4.3% in the first quarter compared to a year ago, the Federal Housing Finance Agency said in a Tuesday report. The advance meant that the market had notched annual appreciation each quarter since 2012.

The agency’s House Price Index reached just under 400, hitting an all-time high with figures tracking back to 1991. The index measures prices of single-family houses with mortgages guaranteed by Fannie Mae and Freddie Mac.

“U.S. house prices generally increased modestly in the first quarter,” Anju Vajja, the principal associate director at the FHFA’s research and statistics division, said. “However, year over year prices in many western states have started to decline for the first time in over ten years.”

Seven states — all located in the Western US— logged price declines. Utah led the list, with prices off by 4.35%. Nevada followed with a drop of 3.6%.

California’s house prices fell by 2.86%, and Washington saw a 2.62% drop, the FHFA report said. Also landing on the list were Idaho, Oregon, and Colorado, with the latter seeing prices down 1.07%.

Outside the Western states, the District of Columbia experienced a 2.35% year-over-year price pullback.

Of the nine regions that the FHFA tracked, two had annual house price decreases. The Pacific division was down 2.4%, and the Mountain division was down 0.1%.

Rising interest rates directed by the Federal Reserve in fighting hot inflation have contributed to a slowdown in the housing market since last year, with home sellers slashing listing prices while listings themselves have become scarce.

Separate data from the property software and data provider Black Knight has shown that markets on the West Coast, including San Francisco and Seattle, have seen the biggest slowdowns.

Localized data also points to the sharp regional divides in the housing market. Over the past four quarters, house prices rose in 78 of the top 100 largest metropolitan areas, fronted by a 14% rise for the Miami area. San Francisco-San Mateo-Redwood City, California, was the largest metro area with the greatest price decline, at 10.1%.

Nationwide, FHFA said housing prices rose 0.6% in March. That rate outstripped the 0.3% estimate at Econoday.

The start of the spring selling season showed house-price gains in March in a separate S&P CoreLogic report released Tuesday. Its Case-Shiller Index rose 0.7% in March versus the year-ago period as tight inventory pressured prices upward.

The “decline in home prices that began in June 2022 may have come to an end” in March, the report said.

FHFA

• Home purchases by investors fell 48.6% in the first quarter from a year ago, Redfin said.
• That’s the largest annual decline on record going back to 2000.
• Redfin cited high interest rates as well as declining rents and housing values, which cut into profitability.

Home purchases by real estate investors fell 48.6% in the first quarter from a year ago, the largest annual decline since Redfin began tracking records in 2000, the company reported.

The group’s retreat surpassed the market’s overall 40.7% decline in purchases, as elevated interest rates plus declining rents and home values pulled down profitability.

The conditions also prompted investors to focus on more affordable properties. Low-priced home purchases climbed to a two-year high, and a record 41.1% of investor purchases in the quarter were starter homes.

“While investors have pumped the brakes on home purchases, they’re still scooping up a bigger share of homes than they were before the pandemic, which can create challenges for individual buyers at a time when there are so few homes for sale,” Redfin Senior Economist Sheharyar Bokhari said in the report.

Investor purchases accounted for 17.6% of the market, down from last year’s peak of 20% but still the second highest rate since data collection began as individual homebuyers are becoming priced out. 

Mortgage rates shot up last year in the wake of the Federal Reserve’s interest rate hikes and remain elevated, with the 30-year fixed rate at 6.63% after climbing past 7% earlier this month.

Despite often using cash, investors are also affected by higher rates, as they depend on non-mortgage loans to fund renovations and related expenses. 

The downtrend may continue to extend into the second quarter, given that investors find it more costly to borrow. And as economic uncertainty persists, Redfin predicted that this may prompt some investors to move into other asset classes, such as stocks and bonds.

During the pandemic, investors were active in the housing market, taking advantage of low interest rates and immense demand.

But in March, 13.5% of homes sold by an investor sold at a loss, with the share rising to 20.8% for home flippers.

• The G7’s approach to China’s economy is accelerating a new cold war, Nouriel Roubini wrote.
• Western commitment to containing China’s economic influence, risks an eventual “violent crack-up.”
• Export restrictions of key technology to China may come with economic retaliation.

While the US has voiced hopes for warmer relations with China, the G7’s approach to Beijing is accelerating another cold war, economist Nouriel Roubini wrote in a Project Syndicate piece.

Despite rhetoric at the May summit that suggested de-risking relations with China rather than a more aggressive decoupling, the group shows that “far from thawing, the new cold war is getting colder,” he warned.

“Unlike previous gatherings, when G7 leaders offered mostly talk and little action, this summit turned out to be one of the most important in the group’s history,” he wrote. “The US, Japan, Europe, and their friends and allies made it clearer than ever that they intend to join forces to counter China.”

Roubini pointed to the inclusion of India, South Korea, Indonesia and Brazil in the summit as well as warnings against China’s “economic coercion,” expansion the South and East China Seas, and aggression against Taiwan. 

After the summit, Beijing accused Western leaders of trying to contain and suppress China. And Roubini said Beijing could use its dominance in rare-earths metals to retaliate against the US sanctions and trade restrictions.

Meanwhile, the trade standoff around semiconductors is also fueling cooler relations as US export restrictions are joined by more allies — a bid to keep China technologically behind.

“So, while the G7 may have set out to deter China without escalating the cold war, the perception in Beijing suggests that Western leaders failed to thread the needle. It is now clearer than ever that the US and the broader West are committed to containing China’s rise,” he concluded.

He cited also recent interviews with Henry Kissinger, who helped reopen US-China relations in the 1970s, where the veteran diplomat warned that the two countries are on a “collision course” unless they reach a new understanding.

“The deeper the freeze, the greater the risk of a violent crack-up,” Roubini said.

• Theranos’ founder, Elizabeth Holmes, is finally set to report to prison Tuesday.
• After several delays, she’s expected to report to a federal prison in Texas by 2 p.m.
• Once worth $4.5 billion, Holmes can expect a drastic change in lifestyle.

The Theranos founder turned convicted fraudster Elizabeth Holmes is set to bid adieu to her freedom and her estate home costing $13,000 a month as she commences an 11-year prison sentence.

Holmes, now 39, was found guilty in January 2022 of four of 11 fraud and conspiracy charges relating to Theranos, her $9 billion healthtech startup that collapsed after the reporter John Carreyrou revealed its core blood-testing tech didn’t work. The revelations triggered regulatory investigations and a lawsuit filed by the Securities and Exchange Commission.

The disgraced entrepreneur has managed to delay reporting to prison by appealing her conviction and then appealing judge denials. She’s expected to begin her sentence at a federal prison camp for women in Bryan, Texas, after losing her most recent appeal.

If she does, then Tuesday would mark Holmes’ complete fall from grace. Once crowned America’s youngest self-made female billionaire — with a reported net worth of $4.5 billion — Holmes is now a cautionary tale in Silicon Valley mythmaking.

Per firsthand descriptions published by The Wall Street Journal and an inmate handbook for the Bryan facility, her life is set to look quite different under lock and key.

A new, restricting life

Philip Pacheco/Getty Images

Throughout her trial, Holmes was said to have lived on the grounds of a 74-acre estate in Woodside — one of the wealthiest parts of Silicon Valley. The total estate was listed for sale for $135 million in September 2021, according to CNBC. It isn’t clear whether the home Holmes occupied there is the same as the estate mentioned recently by prosecutors contesting her appeal.

Before Theranos collapsed, Holmes would usually dine at expensive restaurants and go on shopping sprees, according to emails cited by prosecutors during her trial.

Even as she counted down the days to being behind bars, Holmes enjoyed strolling on the beach and taking her two children, both under 3 years old, to the San Diego Zoo, according to a recent profile published in The New York Times.

Starting Tuesday, Holmes can expect to stay in a cell that is likely the size of a restroom at her $13,000-a-month home, according to a sketch published by the Journal based on descriptions from people who had served time at the Bryan prison. Cells at Bryan have open entryways without doors, per the drawing, and Holmes may live with as many as three other prisoners.

She can expect to be woken at 6 a.m. daily and would have to make her own bed, clean her cell by mopping the floors and taking out the trash — or risk being disciplined, according to the inmate handbook.

Officers will also conduct at least five headcounts a day — and all prisoners must be seen at all of them.

Holmes wouldn’t be able to walk freely about the prison camp, and her timetable would be strictly controlled. The biotech entrepreneur would also have limited access to technology: At Bryan she’d be able to own an MP3, a radio, or a watch — but not all at the same time.

People imprisoned at Bryan do have access to business classes, and they’re required to hold a job for at least 90 days with a wage of at least $0.12 an hour. Holmes is thinking bigger, telling the Times that she’s planning on working on another biotech startup during her time in prison and has new ideas for COVID-19 testing.

A lawyer for Holmes didn’t immediately respond to a request for comment from Insider.

• Russia’s economy is becoming dependent on China and it could soon be a vassal state of Beijing, experts say.
• The two nations have ramped up trade and deepened ties as sanctions isolate Russia from the West.
• Their partnership benefits China enormously and probably isn’t ending soon, economists told Insider.

Russia’s economy has been battered by Western sanctions since its invasion of Ukraine last year – and that’s putting it increasingly at the mercy of one of its biggest partners: China. 

Observers have pointed to Moscow’s growing dependence on Beijing for months, with their two economies becoming more intertwined in trade and finance as Russia becomes further isolated. But it isn’t an equal partnership, and Russia may be on its way to becoming a vassal state of China.

That assessment comes from French President Emmanuel Macron, and even sources close to the Kremlin have said that Russia is destined to become a Chinese resource colony. While Russian officials dispute that characterization, experts say it has merit. 

“To me, Russia is not [a vassal] yet with China, but it’s clearly headed there,” Jay Zagorsky, a markets professor at Boston University told Insider, pointing to Russia’s growing reliance on China as a trade partner. Russia has predicted trade volume with China will notch a new record of $200 billion this year, and other statistics show that Russia will export around 26% of its goods to China, Zagorsky said. That’s double the amount before the Ukraine war, when Russia exported only 13% of its goods.

Zagorsky predicts that Russia would be considered a vassal state once imports and exports to and from China reach 50% – making it so reliant on Chinese trade that its foreign interests would be dominated by those of China.

“If China cuts them off, they’re like, the west has already cut us off. [They’re] basically at the mercy of China. And when you’re at the mercy of somebody, they have control over you,” he said.

Richard Connolly, an associate fellow at the Royal United Services Institute and an expert on the Russian economy, disagreed with the term “vassal state.” Russia’s growing trade partnership with China is more of a natural product of sanctions rather than a deliberate decision, Connolly said, and Russia has grown more reliant on other countries for trade as well, like India. 

And though Russia has become a resource hub for China, it doesn’t necessarily make Russia a client state. 

“Although there’s an economic asymmetry, that doesn’t necessarily translate into political vassal,” he said, pointing to Russia’s extensive trade with Europe prior to the Ukrainian invasion. “Was Russia a vassal state to Europe over the last 30 years? I would argue yes, and it had a very similar economic relationship to Russia as China does today.”

Tit-for-tat partnership

The relationship has benefited both sides, but especially China, which has ramped up its purchases of Russian goods at steep discounts, particularly crude, natural gas, coal, and precious metals. Meanwhile, it’s sending huge amounts of manufactured goods to Russia, which has the dual benefit of boosting China’s GDP and adding high-value jobs to its economy, Zagorsky said.

Russia, meanwhile has been using the partnership to stay afloat as it deals with sanctions and tries to keep funding its war in Ukraine. The difficulties it is facing make it only more likely that Russia will deepen its dependence on China, Zagorsky said.

For instance, China’s purchasing power GDP, which weights GDP to the cost of living, is currently around $24.8 trillion, or six times of that of Russia’s. Zagorsky estimates that China’s purchasing power GDP could increase to around eight times that of Russia’s in the coming years.

“There comes a point when China just becomes so much more economically dominant that the choice of becoming a vassal state really is in many ways predetermined,” he added.

Though political relationships can change rapidly, neither Zagorsky nor Connolly see a reason for Russia to end its relationship with China. Both countries have reasons to distance themselves economically from the west, and so far, their alliance has paid off.

“There’s no reason to think that it won’t last a long time,” Connolly said. “At the moment, they both provide things the other needs.” 

• Bed Bath & Beyond has filed for bankruptcy and is conducting an “orderly wind down” of its stores.
• The demise of the housewares giant opens up billions of dollars of new sales for other retailers.
• Amazon and Target are slated to gain the most, but smaller companies are angling to get a share too.

Bed Bath & Beyond’s major competitors – including Amazon, Target, and Walmart – stand to gain hundreds of millions of dollars, if not billions, in additional sales as the bankrupt retailer winds down.

The housewares giant plans to close its doors for the last time on June 30, at which point its market share will largely have been picked up by larger retailers who have already been nibbling away at the beleaguered company’s sales.

Without referring to Bed Bath & Beyond by name, Target CEO Brian Cornell told investors on the company’s first-quarter earnings call on May 17 that “we see certainly dislocation in the retail market that’s going to open up market share opportunities for us,” particularly in home categories like kitchen and bedding.

On TJX Companies’ earnings call, also on May 17, CEO Ernie Herrman acknowledged reports that TJX subsidiary HomeGoods could benefit from Bed Bath & Beyond’s downfall.

“We never like to name the other retailers where it’s happening, but we do strongly believe that creates market share opportunities and market grab for us,” he said.

“But we do it very strategically,” he added. “We don’t just broad-brush it across the HomeGoods store.”

Shopper Brandon McDonald told Insider he was a 20-year patron of his local Bed Bath & Beyond location in Wisconsin, where over the years he relied on the store for things like his wedding registry and outfitting a newly purchased home.

Insider visited the store last month as liquidation sales were beginning. McDonald was one of three shoppers at that location who said they would find what they needed on Amazon — or just go to the Target right next door.

Tracking the likely winners

Those shoppers’ plans are aligned with new data from retail analytics firm Numerator, which found that more than two-thirds of Bed Bath & Beyond shoppers would shift their spend to Amazon, followed by Target, Walmart, and HomeGoods, a sibling company to T.J. Maxx.

“The likely winners are Target, HomeGoods, some T.J. Maxx stores, Walmart, and Amazon,” GlobalData Managing Director Neil Saunders said in a note shared with Insider, adding that the remainder of the market share will likely be spread out across many smaller companies.

Sixty-eight percent of shoppers in the Numerator survey named Amazon as the place where they would most likely shop for products that they currently get at Bed Bath & Beyond.

Target was the second most popular destination overall, but it landed at No. 1 in several of the categories that Bed Bath & Beyond is best known for: kitchen and bathroom supplies, decor, storage, and bedding.

Consumers will have fewer options with the demise of Bed Bath & Beyond, said Peter Greene, Numerator’s Insights Practice Director for General Merchandise, in a statement. But he added that retailers have a new opportunity to win new customers by “filling the void” with an improved product mix and assortment.

Of course, the void has been years in the making.

“Bed Bath & Beyond was slow to embrace and adopt the e-commerce boom, which was pioneered, advanced, and utilized to great success by direct competitors like Target, Walmart, and Amazon,” Bed Bath & Beyond CFO Holly Etlin wrote in bankruptcy filings.

Etlin also pointed to the company’s abandonment of recognized national brands in favor of its own Target-style private label portfolio “that customers did not want.” Pandemic-era supply chain difficulties proved to be another nail in the coffin as well.

“While many ideas, such as the introduction of private labels and scaling back discount coupons, seemed sensible on paper, they were poorly executed and out of alignment with what shoppers wanted,” GlobalData’s Saunders said. “Tumbling sales resulted, exacerbated by a tightening economy.”

Bed Bath & Beyond’s sales plummeted from $11.1 billion in 2019 to an estimated $5.4 billion in 2022.  At the same time, revenues were rising every year at Amazon and Target.

Preliminary figures indicate Bed Bath & Beyond’s net sales were roughly $1.2 billion during its fourth quarter, which includes the holidays, down by as much as half from the same period the year before.

Coupons give some rivals a chance to pick up business

As the titans of retail take an ever larger share of Bed Bath & Beyond’s former customers’ spending, several smaller brands aren’t sitting on their heels: Specialty brands like The Container Store, Sur La Table, and JoAnn Fabric are already seeking to woo shoppers by accepting the company’s famous – and now defunct – big blue coupons.

Big Lots was one of the first retailers to make a play for Bed Bath & Beyond customers. The discount home decor and furniture seller recently told shareholders that it’s already seen some benefit from honoring the 20% off coupons.

Bruce Thorn, Big Lots president and CEO, said during a May 26 earnings call that the company sees a “a big opportunity for us to bring in some of the dislocated customers from Bed Bath & Beyond bankruptcy.”

“Our recent campaign to honor their 20% discount was a great success in terms of attracting 90 million TV and radio impressions, and that resulted in good redemption rates that allowed us to sign up more loyalty customers from that,” Thorn added. “We expect that to continue. Right now, they’re in the process of liquidating their stores and their products.”

Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

The average rate for a 1-year CD in the US is 1.59% APY (Annual Percentage Yield). However, some of the best online banks pay up to 5.28% APY on a 1-year CD.

A 1-year term may be a good choice if you’d like to maintain a solid interest rate for a relatively short time. If you choose a 1-year CD, you’ll also have the chance to earn a higher interest rate if rates are up in a year. If you’re also interested in other CD term lengths, check out our overall best CD rates guide.

Best 1-year CD Rates

These are our picks for the best 1-year CD rates. Our top picks for CDs are protected by FDIC or NCUA insurance. Although Silicon Valley Bank, Signature Bank, and First Republic Bank have recently been shut down, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Compare 1-year CDs

Expert Advice on Choosing the Best CD

To learn more about what makes a good CD and how to choose the best fit, four experts weighed in:

Insider

How can you be sure you’re picking the right bank?

Tania Brown, certified financial planner at SaverLife, says the most important thing is FDIC insurance, which protects your money if the bank were to collapse. For credit unions, the equivalent is NCUA insurance. Next, she says, consider the experience you want to have with your bank: Do you want to walk in and talk to a person? Then you need a bank with a local branch. Are you fine never speaking to someone in person? Then an online bank will work for you. Do you write checks (or not)? Then you need an account that comes with checks.

Sophia Acevedo, a certified educator in personal finance and banking reporter for Personal Finance Insider, adds that it’s a good idea to include costs in your list of priorities. For instance, is there a monthly fee for the account you want? If so, what are the requirements to waive it — and can you meet them? If it’s important that you earn interest, you’ll want to choose a bank and an account that pays a higher interest rate than the average bank account.

How do you choose between all the available CD terms?

Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”, says you should start by deciding when you need the money, then looking at available rates for CDs with similar timing.

Knowing how you’ll use the money you plan to put in a CD is central to the one you choose, says Mykail James, MBA, certified financial education instructor at BoujieBudgets.com. Perhaps it’s a house fund — in that case, if you know that you want to buy a house in two years, you’ll need to make sure your CD term ends by then.

When do you use a CD instead of a high-yield savings account or money market account?

Brown says you should know two things to help make this decision: how much money you’ll be putting in, and how much you plan to interact with that money. If you’re going to need to make transactions before the term of a CD ends, you’ll have to choose a high-yield savings or money market account.

Acevedo adds that both the high-yield savings account and money market account can be good options for an emergency fund or short-term savings goals. The savings accounts tend to offer strong interest rates, while money market accounts typically offer more access to your money, like paper checks or debit cards.

Methodology: How did we choose the best 1-year CDs? 

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

First, we researched to find over 20 banks and credit unions that offered 1-year CDs. Then, we reviewed each institution using our CD rates methodology to find the most-well rounded banking options. For each account, we compared the minimum opening deposits, early withdrawal penalties, and interest rates. We also considered the overall banking experience at each bank by assessing customer support availability, mobile app ratings, and ethics.

1-year CD Frequently Asked Questions

BrioDirect 12 Month High-Yield CD

Why it stands out: BrioDirect could be a good choice if you’re specifically searching for CDs. It’s offering a promotional 1-year CD with an interest rate that’s significantly higher than the average CD. 

APY for 1-year CD: 5.25% APY

1-year CD early withdrawal penalty: 90 days of interest

What to look out for: BrioDirect currently isn’t offering savings, checking, or money market accounts. You’ll have to look elsewhere for these types of accounts.

BrioDirect Review

CFG Bank 1 Year CD

Why it stands out: CFG Bank has a high interest rate on its 1-year CD, and you’ll only need $500 upfront to open one.

APY for 1-year CD: 5.28% APY

1-year CD early withdrawal penalty: 90 days of interest

What to look out for: Limited term options. CFG Bank doesn’t have many CD terms to choose from — there are only 12-month, 13-month, 18-month, 36-month, or 60-month CDs.

CFG Bank Review

Limelight Bank 1 Year Online CD

Why it stands out: Limelight Bank, an online division of Community Capital Bank, pays a competitive interest rate on a 1-year CD. 

APY for 1-year CD: 5.25% APY

1-year CD early withdrawal penalty: 90 days of interest

What to look out for: Limelight Bank only offers CDs. If you plan on opening a savings or checking account at the same bank, you’ll have to choose another financial institution.

Keep in mind that Limelight Bank uses the same mobile app as CCBank. 

First Internet Bank of Indiana 1 Year CD

Why it stands out: First Internet Bank of Indiana pays high interest rates on several short-term CDs. First Internet Bank of Indiana also has a savings account, a money market account, and two types of checking accounts.

APY for 1-year CD: 5.22% APY

1-year CD early withdrawal penalty: 180 days of interest

What to look out for: First Internet Bank of Indiana compounds your interest monthly, not daily. Depending on how much money is in your CD, this may or may not make a significant difference.

First Internet Bank of Indiana Review

Forbright 1 Year Online CD

Why it stands out: Forbright Bank is an eco-friendly financial institution in Maryland that has nationwide online CDs. The 1-year CD offers a high interest rate. You also might like Forbright if you value banking with a financial institution that aligns with your values. Forbright Bank has received a Fossil Free Certification, which means that it will not lend to fossil fuel companies or projects.

APY for 1-year CD: 5.20% APY

1-year CD early withdrawal penalty: 3 months of interest

What to look out for: If you’d like to open a checking, savings, or money market account, you’ll have to open an account at a branch in Maryland. Forbright Bank also has limited online CD terms. You may find more variety at other online banks.

Bread Savings 1 Year High-Yield CD

Why it stands out: Bread Savings might be worthwhile if you’re searching for a 1-year CD. Interest is compounded daily, which could make a difference depending on how much you deposit into a CD.

APY for 1-year CD: 5.20% APY

1-year CD early withdrawal penalty: 180 days of interest

What to look out for: Generally, financial institutions require only $1,000 to open a CD. To open a CD at Bread Savings, you’ll need at least $1,500. 

The early withdrawal penalty for a 1-year CD is also a bit steep, compared to other financial institutions.

Bread Savings Review

Rising Bank 1 Year CD

Why it stands out: Rising Bank offers competitive interest rates on short-term CDs. Its 1-year, and 15-month terms, in particular, stand out for their high interest rates.

APY for 1-year CD: 5.15% APY

1-year CD early withdrawal penalty: 90 days of interest

What to look out for: Rising Bank only offer terms ranging from 6 months to 3 years. If you’re also interested in long-term CDs, you might prefer another financial institution. 

Other 1-year CDs We Considered

We looked at the following 1-year CDs as well. These CDs ultimately weren’t chosen among our top picks because they may have lower rates than our winners, higher minimum opening deposits, or more substantial early withdrawal penalties. You might find some of these options appealing though, depending on your preferences.

• Crescent Bank CD: Crescent Bank pays a lower interest rate on its CD than all our top picks. 
• Idabel National Bank 1 Year CD: Through SaveBetter, you may use one account to find, fund, and manage multiple high-yield savings and CDs from over 20 banks and credit unions. Idabel National Bank offers some of the most competitive CD rates on the platform, but our top picks currently pay higher rates for 1-year terms.
• America First Credit Union 1 Year Certificate: AFCU pays a high rate on its 1-year term, but the rates at our top picks are slightly higher.
• Barclays Online CD: Barclays CDs can be opened with $0, but our top picks offer higher interest rates.
• Vio Bank CD: Vio Bank’s 1-year term pays a lower interest rate than our top picks
• Air Force Federal Credit Union Certificate Account: Air Force Federal Credit Union pays high CD rates for a 1-year term but you’ll need a minimum of $100,000 to qualify for the highest interest rate.
• Pentagon Federal Credit Union Money Market Certificate: PenFed pays a good interest rate on a 1-year CD, but our top picks have even higher rates right now. 
• Alliant Certificate: Alliant offers competitive interest rates for short-term CDs. However, our top picks have even higher interest rates with lower minimum opening deposits. 
• Bask Bank CD: Bask Bank pays a solid rate on a 1-year CD, but our top picks have even higher rates right now. 
• American Express® CD: American Express lets you open a CD with $0, but our top picks offer more competitive interest rates right now.
• Quontic CD: Quontic Bank pays good CD rates, but our top picks have lower early withdrawal penalties or higher rates. 
• Marcus High-Yield CD: Marcus has high-yield CDs with solid interest rates, but our top picks have more competitive rates for a 1-year CD. 
• First National Bank of America CD: First National Bank of America has a variety of CD terms and pays good rates. However, the rates on its CDs don’t compete with any of the banks on our list. 
• Capital One 360 CD: Capital One 360 might be worth considering if you’d like to open a CD with a low minimum opening deposit. But, its CD rates aren’t as competitive as our top picks.
• Citi Fixed Rate CD: Citi Fixed Rate CDs have a low $500 minimum opening deposit. Still, our top picks pay higher interest rates right now. 
• Sallie Mae CD: You’ll need a minimum opening deposit of $2,500 to open a CD at Sallie Mae. Our top picks have lower minimum opening deposits.
• Bank5 Connect High-Yield CD: Bank5 Connect has a strong interest rate on a 6-month CDs, but its other CD terms aren’t as strong.
• Nationwide CD: Nationwide’s 1-year CDs and 18-month CDs are its most appealing options, but other online banks offer even higher rates right now.
• Ally High Yield CD: Ally CDs might be a good choice if you’d like to get a CD with a $0 minimum opening deposit or low early withdrawal penalties. But its CD rates are currently lower than any of the banks on our list.
• Discover CD: The initial opening deposit for a Discover CD is $2,500. Our top picks have lower minimum opening deposits.
• Citizens Online CD: You’ll need at least $5,000 to open an account, which is a bit steep compared to other online banks.
• Amerant CD: Amerant has solid interest rates, but our top picks offer more competitive rates right now. 
• Connexus Share Certificate: Connexus requires a minimum opening deposit of $5,000. Our top picks have much lower minimum opening deposits.
• NBKC CD: NBKC offers competitive interest rates on long-term CDs, but its short-term CDs aren’t as strong. 
• Live Oak Bank CD: Live Oak Bank offers a competitive interest rate, but you’ll need at least $2,500 to open an account.

Bank Trustworthiness and BBB Ratings

We’ve compared each banks Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company’s score:

CFG Bank, BrioDirect, and Bread Savings have the lowest BBB ratings on our list. 

CFG Bank currently doesn’t have a rating because its profile is being updated on the BBB website. Bread Savings’ parent company also has an NR “No Rating” because the BBB is evaluating a pattern of complaints before giving a rating.

The BBB gave BrioDirect’s parent company, Webster Bank, a B- rating because it received numerous customer complaints filed against the bank and hasn’t resolved the complaints.

A BBB rating isn’t necessarily the be-all and end-all. If you’d like to see if a company is a good fit, talk to current customers or read online customer reviews.

Bread Savings has been involved in a recent public controversy. 

According to a note on the BBB website about Comenity Capital Bank (Bread Savings’ partner bank), there has been a pattern of complaints and reviews received by the BBB between October 15, 2022, and November 14, 2022. The complaints claim that customers have experienced billing inaccuracies, customer service deficiencies, and inaccurate reporting to credit bureaus. The BBB has written to the company about these issues twice in the last two months. Comenity agreed to meet with the BBB on March 2, 2023, and the BBB will provide updates as needed.

Sophia Acevedo, CEPF

Banking Reporter

Evelyn He

Compliance Associate

Evelyn He is a compliance associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love.
The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   
Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. 
Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.

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• Around 79% of US workers are worried that adopting AI will result in pay cuts, a new survey found.
• Workers are concerned that AI-driven layoffs will happen in the next six months to two years. 
• However, 86% of workers are willing to take a cut in salary if AI can help them work less. 

American workers are concerned about the adoption of AI in the workplace, especially the prospect of wages declining across the country, a new survey found. 

The survey, carried out via survey platform Pollfish and commissioned by employment screening service Checkr, polled 3,000 employed American workers between April 27 and 28, 2023. An equal number of Boomers, Gen Xers, Millennials, and Gen Z were surveyed as part of the report. 

It found that 79% of all American workers were fearful or unsure about the possibility of AI driving pay cuts for their position with 82% of millennials feeling this way. Meanwhile, 76% of Gen Zers and a similar percentage of other generations echoed the feeling. 

Additionally, 78% of all workers were unsure about whether AI could lead to wage declines across the country.

74% of all workers felt the incorporation of AI in the workplace may result in them losing their jobs with the same amount believing AI layoffs are going to happen in the next six months to two years. 

Although there’s fear that AI could kill their jobs, many workers are excited that it could take some workload off their shoulders. 

Over half of all workers said they would take a pay cut if AI-enabled a four-day workweek. A further 86% said they’d take a pay cut to work less if AI could help them get all their work done. 

Millennials, Gen Xers, and Boomers are willing to take a pay cut of 10% whilst Gen Zers said they’d give up 15% of their pay to work less. 

Insider has contacted Checkr for comment but did not immediately hear back outside regular working hours. 

One study of 5,000 customer support agents at Fortune 500 companies in the Philippines found that generative AI had a positive effect on worker productivity. 

The lowest-skilled agents in the study who received AI assistance in responding to customer inquiries and other tasks saw a 35% increase in productivity.