bank rates

24-Month CD Rates: Steady For 2 Years

$100 bills fanned outThe upward movement we’ve seen in the 60-month term hasn’t reached 24-month CD rates.

Yet.

Yep, with the exception of a few days earlier this year, the top nationally available 24-month CDs have paid within a narrow band of 1.25% to 1.35% APY since mid-September 2011.

Salem Five Direct (www.salemfivedirect.com), the online division of Salem Five Bank, which has 23 branches just north of Boston, continues to offer the lead rate of 1.25% APY on our CD Rates Leaderboard with a $10,000 minimum deposit.

CIT Bank (www.bankoncit.com), 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 for this Achiever CD, which requires a $25,000 minimum deposit but allows you to add money to your account once, as well as bump up the rate once, during the term.

Top 24-month CD rate vs. average 24-month CD rate

Two banks pay the third-highest rate of 1.15% APY:

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

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

Two banks pay 1.11% APY:

BAC Florida Bank (www.bacflorida.com), which has one location in south Florida and sells its products nationally through My e-BAnC, requires a $500 minimum deposit.

The FDIC-insured Chicago branch of the State Bank of India (www.sbichicago.com), India’s largest bank, which operates independently of other U.S. branches, pays 1.11% APY and requires a $2,500 minimum deposit.

The average annual yield that large banks and thrifts offer for 24-month CDs is 0.37% for the seventh week.

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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