bank rates

Banks Vie For June’s Best 2-Year CD Rates

Two new banks are offering the top deals on 24-month CDs this month.

But the best nationally available return on our CD Rates Leaderboard remains at 1.25% APY — exactly what it was on May 1.

You can buy one from Barclays (www.banking.barclaysus.com), the online American operation of the big British bank, with no minimum balance requirement.

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc. that provides financing to small businesses and middle-market companies, is the other option.

Its 24-month Achiever CD allows you to add money to your account once and bump up the rate once during the term, but it requires a substantial $25,000 minimum deposit.

Don’t have that much?

You can buy a regular CIT Bank CD that pays a slightly lower 1.20% APY with as little as $1,000.

That interest rate is also offered by EH National Bank (www.ehnbank.com), which has a single branch in Beverly Hills, Calif., with a $10,000 minimum deposit.

MetLife Bank (www.metlifebank.com), which is the insurance giant’s online bank, is paying 1.17% APY and requires a $25,000 minimum deposit.

Three banks are paying 1.16% APY:

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

Broadway Federal Bank (www.broadwayfed.com), which has five branches in Los Angeles and Inglewood, Calif., and requires a $500 minimum deposit.

Metropolitan National Bank (www.metropolitanbankny.com), which has three branches in Manhattan and one in Brooklyn, and requires a $1,000 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.

All of those returns are more than twice the average annual yield on 2-year CDs, which is 0.52% APY, according to our most recent weekly survey of large banks and thrifts.

Compare them to the best CD rates from scores of other banks in our extensive database.

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  1. Kathy at Bankaholic said:
    on June 22nd at 12:01 pm

    AloStar’s 2-year rate is now 1.11% APY, and Metropolitan National Bank’s 2-year rate has dropped to 0.85% APY.