bank rates

Familiar Leader Back Atop 2-Year CD Rates

This isn’t a good way to start the week.

Bank of Internet has lowered its 24-month CD rates from 1.72% APY to 1.60% APY.

Bank of Internet has lowered its 24-month <b>CD rates</b> from 1.72% APY to 1.60% APY.That’s pushed Melrose Credit Union back to the top of our rankings of the best nationally available 24-month CD rates – a position the New York credit union held before it cut its rates just five days ago.

It’s paying 1.66% APY with a $5,000 minimum deposit.

One year ago, several banks vying for our top spot offered rates of 2.40% APY on these certificates of deposit. But at least today’s best rates are still more than double the average rate of 0.77% for this term.

The next best nationally available 24-month CD rates are closely bunched behind Melrose. You can pick any of these and earn pretty much the same return:

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

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 $2,500 minimum deposit from Discover Bank, an online bank owned by the credit card company.

1.60% APY with a $500 minimum deposit from Nationwide Bank, an online bank owned by Nationwide Mutual Insurance Company and its affiliates.

1.60% APY with a $1,000 minimum deposit from Bank of Internet.

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.)

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

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