Illustration: Rebecca Zisser/Axios

A 12-month certificate of deposit at some U.S. banks now pays more than a 10-year U.S. Treasury note. Northeast Bank's ableBanking offers a rate of 2.90% on its 12-month CD. That's almost 25 basis points more than the 10-year U.S. Treasury yield late Friday.

Why it matters: Since the financial crisis, Americans looking to earn money by saving rather than investing have been out of luck as interest rates available at banks have hovered at close to zero. But those days are over. At least for now.

  • Traditional savings accounts, which are FDIC insured up to $250,000 and are about the most liquid instruments on the planet, are starting to offer rates competitive with U.S. Treasuries. CIT Bank is offering a 2.45% interest rate for accounts with a minimum investment of just $100. Goldman Sachs' Marcus and BBVA Compass are both offering 2.25% on savings accounts, with a $1 minimum for Marcus.
  • Any positive numbers look attractive in light of the fact that the S&P 500 lost 6.2% in 2018.
"For those that are seeking out top-yielding accounts this is the first time in a decade that you’ve been able to earn a return on your investment that’s above the rate of inflation. You’re talking about preserving the buying power of your money, which is really a big deal."
— Greg McBride, chief financial analyst at

Our thought bubble: With increased volatility in the stock market, and with the knowledge that a 12-month CD would have outperformed the S&P by a full 8 percentage points (!!!) in 2018, expect more managers to start singing the praises of cash. This could in turn pull more money out of the stock market.

  • The Goldman Sachs economic research team noted in its most recent 2019 preview that they remain underweight bonds and overweight cash, "which in USD terms has become increasingly attractive."

Go deeper: Americans are barely in control of their money

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Hurricane Zeta makes landfall on Louisiana coast as Category 2 storm

A satellite image of Hurricane Zeta. Photo: National Hurricane Center/NOAA

Hurricane Zeta is "battering southeastern Louisiana and southern Mississippi with life-threatening storm surge, high winds, and heavy rain," per the National Hurricane Center.

What's happening: The hurricane was producing maximum sustained winds of nearly 110 mph and stronger gusts after making landfall on the southeastern coast of Louisiana as a Category 2 storm earlier Wednesday.

Supreme Court rejects GOP push to cut absentee ballot deadline in N.C.

Photo: Robert Alexander/Getty Images

The Supreme Court on Wednesday rejected a request by Republicans to shorten North Carolina's deadline for mail-in ballots from nine to three days.

The big picture: This is the latest of a series of decisions over mail-in ballot deadlines in various states.

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Illustration: Sarah Grillo/Axios

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