bank rates

Best 2-Year CD Rates Fall Below 2% Again

The promotion from GiftsforBanking.com that included the best nationally available 24-month CD rate is over.

The Web site run by Flushing Savings Bank of New York has lowered its return on 2-year certificates of deposit from 2.00% APY to 0.75% APY.Melrose Credit Union once again has the top nationally available return after GiftsforBanking ended its promotion and lowered its return.

That’s allowed Melrose Credit Union to reclaim the lead in our rankings by paying savers 1.76% APY with a $5,000 minimum deposit.

Its return is exactly 1 percentage point more than the average 24-month CD rate, which has fallen to 0.76% APY this month.

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

1.72% APY with a $1,000 minimum deposit from Bank of Internet, an online bank based in San Diego.

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

1.65% APY with a $2,500 minimum deposit from Discover Bank, an online bank owned by the credit card company.

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 $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.)

Click here to read about our recent visit to its New York office and the secret to its great rates.

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

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  1. CrankySaver said:
    on November 30th at 03:42 pm

    Yeah, this post is out-of-date a few hours after it was published because Melrose Credit Union cut its rates this afternoon. It’s now paying 1.66% APY on 2-year CDs, which is now the second-best nationally available return.