After a red-hot 12 months, the growth in certificates of deposit is starting to cool.

During the last week of May, consumer deposits grew at an annualized rate of 11.4% - the smallest rate of increase recorded so far this year, according to Federal Reserve data. These CDs - up to $100,000 - were growing at a blistering 40.9% at their peak in early February.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.