bank rates

2-Year CD Rates Soar At iGObanking

iGObanking just raised its 24-month CD rate from 1.75% APY to 2.25% APY, making it the best nationally available rate in the country.

iGObanking just raised its 24-month CD rates from 1.75% APY to 2.25% APY, making it the best nationally available deal.

By far.

The online division of Flushing Saving Bank in New York vaulted past the Bank of Internet, which had held the top spot in our ranking for the past month with a return of 1.79% APY.

That’s nearly a half-point less than iGObanking is paying now.

We can’t remember the last time a bank boosted its rate by this much, to beat all of its competitors by so much.

But iGObanking has a history of offering high rates from time to time.

It paid 1.35% APY on 3-month certificates of deposit from the beginning of August to mid-September.

That was three-tenths of a point more than any other bank was paying, and even beat the best nationally available return on 6-month CDs.

Act quickly; a rate like this may not last long.

Flushing Savings Bank also earns a solid three out of five stars from Bankrate’s “Safe & Sound” ratings system.

To see how iGobanking’s offer compares with CD rates from scores of other banks in our database.

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Comments (6)
1 Star2 Stars3 Stars4 Stars5 Stars (6 votes, average: 4.67 out of 5)
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6 Existing Comments
  1. Charley R said:
    on October 20th at 01:43 pm

    Sometimes, Bankrate.com jumps the gun on rate changes, but at least it gives you a heads-up. The 2.25% rate was listed on Bankrate last night. At the same time, the IGObanking.com web site showed the rate to be 1.75%. This morning, IGObanking updated its site to the 2.25% rate, so I opened a CD.

  2. Mark S said:
    on October 21st at 01:16 pm

    Wish I had money to put into this.. all my money is tied up in a lower rate.. grrr

  3. Charley R said:
    on October 21st at 06:38 pm

    Mark S: I know how you feel. I used a slug of my online savings accounts to open a 2-year, 1.79% APY CD at Bank of Internet the day before IGO came up with the 2.25% rate. I thought that, given Fed money printing, I wasn’t going to see 2-year rates above 2% again in my lifetime. I was wrong, and only had a relatively small amount left in the savings accounts to invest in the IGO product. You win some, you lose some.

  4. Savin Sara said:
    on October 21st at 07:33 pm

    This rate is really, really out there. I haven’t seen anything like it at our local banks in months and months. What is igo doing to do with all of the money it’s going to take in? And if it can do it, and do it profitably, why aren’t other banks doing the same thing?

  5. sean maguire said:
    on October 23rd at 04:10 pm

    Has anyone had a bad experience with iGO? How’s customer service?

  6. Mojave Jack said:
    on October 25th at 09:18 am

    I’ve had good experience with iGOs customer service. And don’t neglect their giftsforbanking site. Slightly lower rate there (2.00% on 2 or 3 year CDs) but a nice selection of gifts to choose from which are worth more than the difference in the interest rates. If you see a gift you like, it’s worth considering!