bank rates

2-Year CDs Win Some New Competition

hand reaching for pile of moneyLast month, we wrote about how little movement there had been among the best 24-month CDs we track.

And while the top rate remains unchanged, we’re happy to report there’s been some positive momentum.

Two banks boosted their rates high enough to grab our attention:

  • E-Loan (, an online division of Banco Popular North America, now pays 1.15% APY with a $10,000 minimum deposit. That ties for the third-highest nationally available rate.
  • Virtual Bank (, which is the online division of Sabadell United Bank, based in Miami, pays 1.11% APY with a $10,000 minimum deposit.

With those additions, there are now 10 banks that pay at least 1.10% APY on 2-year CDs available to all savers. We haven’t seen this much competition since April.

The top offer on our CD Rates Leaderboard remains at 1.25% APY, five one-hundredths of a percentage point less than what January’s top nationally available 24-month certificate of deposit paid.

That offer comes from Salem Five Direct (, the online division of Salem Five Bank, which has 23 branches just north of Boston. It requires a $10,000 minimum deposit.

Chart comparing the average 24-month CD with the best offer.

CIT Bank (, the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, pays the second-highest rate of 1.20% APY.

But at least this Achiever CD, which requires a $25,000 minimum deposit, allows you to add money to your account once, as well as bump up the rate once during the term.

Besides E-Loan, three banks pay the third-highest rate of 1.15% APY:

GE Capital Bank (, 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, requires a $500 minimum deposit.

GE Capital Retail Bank (, which is also a subsidiary of GE Capital Corp., requires a $25,000 minimum deposit.

Nationwide Bank (, 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 remains 0.37%, a record low set 17 weeks ago.

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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Comments (1)
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One Existing Comment
  1. Lightrider said:
    on September 30th at 06:02 pm

    Rates STILL BLOW!!!