bank rates

3 Banks Offer Best 2-Year CD Rates

pencil eraser pushing the plus sign on a calculatorIt’s been an interesting month for 24-month CD rates on our CD Rates Leaderboard.

First, longtime leader Salem Five Direct dropped its lead rate.

That left CIT Bank and its longtime rate of 1.20% APY at the top of the term.

And in the past two weeks, two banks have joined it there: Nationwide Bank and, most recently, AloStar Bank of Commerce.

Chart showing the top and average 24-month CD rates

Of these three current leaders, CIT Bank ( is your best bet.

The online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, offers its Achiever CD for the term. 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, should interest rates increase.

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

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

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, pays 1.18% APY and requires a $500 minimum deposit.

GE Capital Retail Bank (, which is also a subsidiary of GE Capital Corp., pays 1.15% APY and requires a $25,000 minimum deposit.

The average annual yield that large banks and thrifts offer for 24-month CDs has been a record-low 0.37% since June 5.

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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