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.
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.
(4 votes, average: 4.00 out of 5)
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