bank rates

Banks Hold Top 2-Year CD Rates At 1.30%

Savers with a 24-month CD maturing this month might have been earning as much as 2.50% APY over the past couple of years.

That’s what the top 2-year certificates of deposit were paying back in December 2009.

But anyone buying a similar CD this holiday season will be lucky to make half that much.

The top return on our CD Rates Leaderboard has held at 1.30% APY since October.

As disappointing as that may be, consider the alternatives. The average interest rate for those CDs slumped to a record low of 0.53% APY this fall.

You need to seriously consider the best nationally available 24-month CDs being offered by these eight banks.

The top rate of 1.30% APY is available through:

Goldwater Bank (, which has a single location in Scottsdale, Ariz., and requires a $5,000 minimum deposit.

American Express Bank (, an online bank owned by the credit card company, which requires no minimum opening deposit.

CIT Bank (, the online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies and requires a $1,000 minimum deposit.

The next highest rate, 1.26% APY, is offered by Broadway Federal Bank (, which has five branches in Los Angeles and Inglewood, Calif., and requires a $500 minimum deposit.

Four banks are paying 1.25% APY:

Hudson City Savings Bank ( continues to pay 0.75% APY. It has 130 branches in New Jersey, New York and Connecticut, and requires a $500 minimum deposit for anyone living in the tri-state area but a $5,000 minimum deposit for everyone else.

MainStreet Bank (, a northern Virginia bank that sells its CDs nationally through its air banking website and requires a $500 minimum deposit.

NewDominion Bank (, which has branches in Charlotte and Mooresville, N.C., and requires a $1,000 minimum deposit.

Stonebridge Bank (, which has four branches in suburban Philadelphia and requires a $500 minimum deposit.

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 their returns with the best CD rates from scores of banks in our extensive database.

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Comments (1)
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One Existing Comment
  1. Kathy at Bankaholic said:
    on December 28th at 09:48 am

    Several of these rates are lower: Goldwater now pays 1.29% APY; MainStreet, 1.00%; NewDominion, 1.05%; and Stonebridge, 1.20%.