bank rates

Best National 2-Year CDs Hit 15-Month High

For the first time in almost 15 months, we have a 2-year nationally available bank CD paying 1.55% APY.

iGObanking raised its 24-month return yesterday, upping the top spot on our CD Rates Leaderboard from the previous 1.50% APY offer by Live Oak Bank.

A 2-year yield of 1.55% APY is a level we’ve been itching to reclaim, ever since we lost that top rate when Citizens State Bank stopped offering its CDs nationwide in January 2015.

In the time since, the top national 24-month yield sank as low as 1.35% and never climbed above 1.52% APY.

Before Citizens State’s reign – which began in September 2014 – you had to rewind history all the way back to June 2011 to do better than 1.55%, with the exception of a 10-day promotion by Live Oak Bank that paid 1.75% APY in February 2013.

And in its darkest days, the top 2-year yield repeatedly sank to a post-recession low of 1.20% APY between 2012 and 2014.

Requiring a minimum deposit of just $1,000, iGObanking is the online division of Flushing Bank in New York.

Although it is no stranger to our Leaderboard, it’s been close to a year since it has held a lead or co-lead.

It used to be that anytime iGObanking unveiled a prominent CD rate, our coverage included a paragraph about how it was wise not to count on the bank’s offer for long, given their mercurial history of abruptly surrendering leads just a day or a week later.

But it’s possible iGObanking has changed its tactics, given that its competitive 12-month yield of 1.25% APY has been on offer for a full six months now.

Of course, no one knows how long this new rate will last, but we’re thrilled to have finally broken through to 1.55% again.

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