bank rates

Bank Of Internet Leads In 2-Year CD Rates

Let’s try this again.

Hours after we updated our rankings of the best nationally available 24-month CD rates on Tuesday, Melrose Credit Union cut its returns.

That dropped the New York credit union out of the top spot and allowed Bank of Internet to assume the lead.

The online bank based in San Diego is paying 1.72% APY with a $1,000 minimum deposit – a rate it has offered since Nov. 1.The online bank based in San Diego is paying 1.72% APY with a $`1,000 minimum deposit - a rate it has offered since Nov. 1.

While that’s nearly a point more than the average 2-year certificate of deposit is currently paying, it is three-quarters of a point less than you could earn with the best 2-year certificates of deposit last December.

It’s also interesting to note that none of the banks offering the top 24-month CD rates a year ago are in our current rankings.

So you’ve got to be willing to move your money around if you want the best returns.

The next best nationally available 2-year CD rates are:

1.66% APY with a $5,000 minimum deposit from Melrose Credit Union, which has a single office in the borough of Queens.

1.65% APY with a $500 minimum deposit from Country Bank, which has 14 branches in central Massachusetts.

1.65% APY with a $500 minimum deposit from Stonebridge Bank, which has four branches in suburban Philadelphia.

1.60% APY with a $5,000 minimum deposit from Colorado Federal Savings Bank, an online bank based in Greenwood Village, Colo.

1.60% APY with a $2,500 minimum deposit from Discover Bank, an online bank owned by the credit card company.

1.60% APY with a $500 minimum deposit from Nationwide Bank, an online bank owned by Nationwide Mutual
Insurance Company and its affiliates.

These banks and credit unions qualify for our rankings by imposing no restrictions on who can buy their CDs either online or through the mail.

Melrose is one of the few credit unions that qualify for our rankings because its unique charter allows anyone to join for only $1, regardless of where they live or work. (You will also be required to hold at least $25 in a savings account.)

See how these returns compare with CD rates from scores of other banks in our database.

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