bank rates

For 24-Month CDs, A Lull In The Action

Count 24-month CD rates among the terms stuck in neutral.

It’s now been two months since the lead rate on our CD Rates Leaderboard rose to – and settled in at – 1.25% APY.

And it’s been more than a year since we’ve seen a lead rate higher than that. In May, the 24-month term topped out for 2013 at 1.30% APY.

The banks competing with the top rate haven’t helped either. Most have held their rates unchanged since we last reviewed this term.

Chart showing the top and average 24-month CD rates

AloStar Bank of Commerce (, which is an online bank based in Birmingham, Ala., continues to offer that 1.25% APY lead rate with a $1,000 minimum deposit.

CIT Bank ( pays the second-highest rate of 1.20% APY for its 24-month Achiever CD.

The online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies, requires a $25,000 minimum deposit, but you can add money to your account once, as well as bump up the rate once, during the term.

Pacific Mercantile Bank (, which is a community bank with seven branches in Southern California, pays 1.16% APY and requires a $10,000 minimum deposit.

Four banks pay 1.15% APY:

Barclays (, which is the online American operation of the worldwide British bank with more than $2 trillion in assets, has no minimum balance requirement.

GE Capital Bank (, which is one of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant, requires a $500 minimum deposit.

GE Capital Retail Bank (, the other bank that’s a subsidiary of GE Capital Corp., requires a $25,000 minimum deposit.

Hudson City Savings Bank (, which is a regional bank with 130 branches in New Jersey, New York and Connecticut, requires a $500 minimum deposit for anyone living in that tri-state area but a $5,000 minimum deposit for everyone else.

The average annual yield offered by big banks and thrifts for the 24-month term continues to be a record-low 0.36%.

These banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

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