bank rates

It’s Deja Vu For 24-Month CD Rates

Salem Five Bank offers the top nationally available rate in this termThe last time we wrote about 24-month CD rates, Melrose Credit Union had regained the top spot for most terms on our CD Rates Leaderboard.

But in the last six weeks, other banks have reached up to snatch first place in some terms from the New York-based credit union. Two-year CD rates are no exception.

Massachusetts-based Salem Five Bank is now back on top there, offering the same 1.75% APY it offered between January and March.

Melrose Credit Union continues to pay its longtime rate of 1.66% APY with a $5,000 minimum deposit.

The next best nationally available 24-month rates are:

1.55% APY at MetLife Bank, the insurance giant’s online bank, which requires a $25,000 minimum deposit.

1.52% APY at Ascencia, the online division of PBI Bank in Louisville, Ky., which requires a $500 minimum deposit.

1.51% APY at Aurora Bank, which has branches in Wilmington, Del., and Jersey City, N.J., and requires a $1,000 minimum deposit.

All of these 24-month rates on are higher than the 0.71% APY that large banks and thrifts are currently offering, a record low for the term.

These banks and credit unions 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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Comments (2)
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  1. Bank Rates said:
    on May 15th at 06:06 pm

    Those bank rates are unbelievable. Thanks for the info. I have bookmarked your site and will be back.

  2. Kathy at Bankaholic said:
    on June 24th at 09:39 am

    Only Melrose and MetLife have the same rates today. Salem’s is now 1.30% APY; Ascencia’s, 1.35% APY; and Aurora’s, 1.48% APY.