bank rates

CD Leaderboard: Top 24-Month CD Rate Now Pays 1.50%

CD rates Leaderboard

It was just two weeks ago that E-Loan lowered the bar on what you could earn on a nationally available 2-year CD.

And today (sigh), they’ve done it again.

E-Loan lowered its 24-month yield to 1.50% APY, which is still enough to top our CD Rates Leaderboard of the best nationally available bank certificates.

But it’s the second decrease E-Loan has made in the last four weeks.

In mid-May, we were delighted to see them boost the term to 1.60% APY, which was the best 24-month national lead we’d seen since June 2011.

But then came a reversal to 1.55% APY two weeks ago and now today’s further reduction.

At 1.50% APY, this means the 2-year lead rate now sits below the 1.52% APY you could earn before the Federal Reserve hiked interest rates in December.

Sounds ironic, I know. But it’s what we’ve been seeing quite a bit.

Indeed, four of the seven major CD terms we track are now underwater versus their pre-hike levels.

E-Loan is an online portal of Popular Community Bank, which operates almost 50 branches throughout New York, New Jersey and south Florida.

It also today lowered its 60-month yield, dropping the term’s second-place rate to 2.05% APY. This means that if the two banks paying 2.27% APY decide to abandon the lead, we could see a big 5-year tumble on our Leaderboard.

Here’s hoping that doesn’t happen.

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