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Banks Are Offering 4.5% CDs—Just Not to Regular Customers

A series of interest-rate rises have rippled through the U.S. economy, and more are projected to be on the way. WSJ breaks down the numbers hitting Americans’ wallets this year and beyond. Photo: Elise Amendola/Associated Press

JPMorgan Chase & Co. offers most of its customers a one-year certificate of deposit paying a 2% interest rate. The bank recently offered clients of broker Fidelity Investments a nearly identical product—at 4.5%. 

Banks are selectively raising interest rates on deposits following the Federal Reserve’s steep rate increases this year. Many are paying their best rates on so-called brokered CDs, which well-off customers buy through brokerage firms. The offers are helping CDs—deposits that are locked up for a set period—regain popularity after falling out of favor in the era of low rates that followed the financial crisis. 

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