bank rates

24-Month CD Rates Hit A 5-Year High

It seems E-Loan‘s interested in making headlines again.

For the first time in essentially five years, savers can earn more than 1.55% APY on a 24-month national bank CD, thanks to E-Loan’s rate boost today to 1.60% APY.

We’re just 2-3 weeks shy of the day in June 2011 when the top nationally available 2-year bank yield on our CD Rates Leaderboard dropped from 1.66% to 1.55% APY, and left us with a rate ceiling that’s been tough to break through.

In the five years since, a few banks have managed to match 1.55% APY. And one – Live Oak Bank – even surpassed it with a 1.75% APY offer. But that February 2013 promotion lasted a mere 12 days.

For all of April, 1.55% APY was possible, from iGObanking and AloStar Bank of Commerce. But by May, both of those rates had been lowered, dropping us back to 1.50% APY on our Leaderboard.

E-Loan has been a major force in top national CD yields since late July, when it dramatically upped returns across its rate sheet and commanded the top Leaderboard spot for 1-, 2-, 3-, 4- and 5-year certificates.

And those rates were no flashes in the pan. Not only did E-Loan keep them firmly in place until mid-January, it suffered almost no competition for its top spots over the six months.

January, February and March did see E-Loan scaling its rates back incrementally, dropping out of all the leads by the time spring arrived on the calendar.

But in April and now May, E-Loan has been edging back into contention, reigning once again at the top of the 2- and 3-year terms and sitting in second rank among 5-year certificates.

E-Loan is an online operation of Popular Community Bank, which has almost 50 branches throughout New York, New Jersey and south Florida. It requires a $10,000 minimum investment for its certificates of deposit.

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