bank rates

A Steady Hand At Top Of 24-Month CDs

closup of a $1 billIf nothing else, the best nationally available 24-month CD rates are a model of consistency.

Sure, we’ve seen a couple of outsize offers that disappeared as quickly as they appeared, but the top deal has essentially remained the same for seven months.

This as the average rate for this term has fallen by nearly a tenth of a percentage point during that time.

The term leader on our CD Rates Leaderboard has held its rate since we first added the bank to our listings on Sept. 6, 2012.

NexBank (www.nexbank.com), the division of NexBank Capital Inc., which has two branches in the Dallas area, pays 1.30% APY with a $10,000 minimum deposit.

Chart showing the top 24-month CD ratesTwo banks pay 1.20% APY:

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

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, requires a $25,000 minimum deposit for this Achiever CD, which allows you to add money to your account once as well as bump up the rate once during the term.

(CIT Bank also has a standard 24-month CD that pays 1.15% APY with a minimum deposit of $1,000.)

Virtual Bank (www.virtualbank.com), which is the online division of Sabadell United Bank, based in Miami, pays 1.16% APY and requires a $10,000 minimum deposit.

GE Capital Retail Bank (www.gecrb.com), an online bank that is a subsidiary of GE Capital Corp., is paying 1.15% APY and requires a $15,000 minimum deposit.

The average annual yield that large banks and thrifts pay fell to a record-low 0.39% APY this 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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