bank rates

2 Banks Now Own Top 24-Month CD Rates

flipping through a stack of $100 billsTwo banks now offer the top 24-month CDs on our CD Rates Leaderboard.

While CIT Bank and AloStar Bank of Commerce both pay 1.20% APY, one slightly edges out the other.

That bank would be CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies. CIT offers its Achiever CD for this term.

We’ve highlighted this CD in the past. While it requires a $25,000 minimum deposit, you can add money to your account once, as well as bump up the rate once during the term.

This is a good feature for current times. Some banks are increasing rates in other terms, so we hope 2-year CDs will soon increase as well.

AloStar Bank of Commerce (www.alostarbank.com), which is an online bank based in Birmingham, Ala., requires a lesser $1,000 minimum deposit.

chart showing the top and average 24-month cd rates
GE Capital Bank (www.gecapitalbank.com), which is one of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant, pays 1.18% APY and requires a $500 minimum deposit.

Three banks pays 1.15% APY:

GE Capital Retail Bank (www.gecrb.com), the other bank that’s a subsidiary of GE Capital Corp., requires a $25,000 minimum deposit.

Hudson City Savings Bank (www.hcsbonline.com), which has 130 branches in New Jersey, New York and Connecticut, pays 1.65% APY and requires a $500 minimum deposit for anyone living in that tri-state area, but a $5,000 minimum deposit for everyone else.

Nationwide Bank (www.nationwide.com), which is an online bank owned by Nationwide Mutual Insurance Company and its affiliates, requires a $500 minimum deposit.

The average annual yield that large banks and thrifts offer for 24-month CDs is 0.37%, unchanged since June.

These banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

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