bank rates

Washington Bank Tops 24-Month CD Rates

A bank in the Pacific Northwest has leapt to the top of our August survey of the best 24-month CD rates.

Frontier Bank, with 38 locations in Washington and four in Oregon, is paying 2.60% APY with a $500 minimum deposit.

That increases to 2.70% APY for investments of $50,000 or more.

Average 24-month CD rates

This spring a few banks were still paying more than 3% on nationally-available, two-year certificates of deposit. But by June, 2.65% was the best savers could do.

In early July, Broadway Federal Bank, which has five branches in Los Angeles, shocked everyone by boosting its rate for 24-month CDs to 3.05% APY.

That was so out of whack with what other banks were paying that it backed off after a couple of weeks.

Now Broadway Federal is paying 2.53% APY with a $1,000 minimum deposit.

BankUnited, which has 85 offices in Florida, has the next best deal — 2.50% APY with a $5,000 minimum deposit.

That’s about a point more than the average rate on 24-month CDs in our latest weekly survey — 1.51% APY on July 29.

Click here to compare these deals with the best CD rates from dozens of other banks in our extensive database.

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Comments (4)
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4 Existing Comments
  1. bill gordon said:
    on August 3rd at 03:28 pm

    Factor in inflation, and all savers on all bank type savings accounts FDIC are being screwed royally.

  2. MissySunshine said:
    on August 4th at 03:12 pm

    Hey Mr. Gloom and Doom,
    By all accounts, we have been experiencing significant deflation from March to July. At least you’re not loosing money!

  3. josin said:
    on August 11th at 05:50 pm

    As your CD or MM comes due go to your bank and talk to them as they might have unpublished rates for repeat customers. I did and was pleasently surprised. They do not want to lose a good customers money !

  4. DealMaven said:
    on August 12th at 02:16 pm

    Broadway just cut its rate to 2.02% APY. And Josin, that is extremely good advice.