This bank just lifted its CD yield. Here's where you can nab 4%

The forecast for Federal Reserve rate cuts is looking bleak this year, but there's a silver lining for savers: A few banks are offering competitive yields on cash instruments. The specter of inflation continues to haunt consumers as the Iran war keeps fuel prices high. The current national average price of gasoline weighs in at $4.459 per gallon, up from $3.174 per gallon a year earlier, according to AAA. April's consumer price index rose at a one-year pace of 3.8%, the highest since May 2023. These higher prices are hurting the prospects for rate cuts this year. In fact, fed funds futures trading suggests a nearly 50% likelihood that there will be a rate hike in December, according to the CME Group's FedWatch . Savers closely watch the Fed's rate decisions, as they tend to influence yields on money market funds, certificates of deposit and other cash instruments. "With the market now anticipating at least one Fed Fund Rate hike by December 2026, it'll be interesting to see how online banks will alter their deposit rate offerings," wrote BTIG analyst Vincent Caintic in a report this week. His team pointed to two crosscurrents underlying the institutions' decisions: the banks' views of rates going forward and the institutions' loan growth prospects. Loan growth is a major factor, as the interest banks make from lending money out can help them cover the cost of raising yields on CDs and savings accounts. …