bank rates

Leading 2-Year CD Rates Slide Below 2%

Last month iGObanking was offering savers the best deal of the fall – 2.25% APY on 24-month CDs.

That not only led our rankings of the best nationally available 2-year CD rates, it beat the next best return by nearly half a point, and was almost as much as you could earn of the top 3-year CD rates.
After iGObanking cut its rate from 2.00% APY to 1.00% APY, savers must settle for a top nationally available return of 1.76% APY.
Then, in early November, the rate was cut to a more modest but still Leaderboard worthy 2.00% APY.

Now iGObanking is iGONEbanking.

The online division of Flushing Savings Bank in New York is paying 1.00% APY, which is only a little more than the average 24-month CD rate of 0.77% APY.

Savers looking for the best returns must now settle for a bunch of banks paying between 1.76% APY and 1.60% APY.

The top nationally available rates on 24-month certificates of deposit are:

1.76% APY with a $5,000 minimum deposit from Melrose Credit Union, which has a single location in Queens, N.Y.

1.75% APY with a $1,000 minimum deposit from Presidential Bank, which has two branches in Maryland, six in Virginia and one in Washington D.C.

1.72% APY with a $1,000 minimum deposit from Bank of Internet, an online bank based in San Diego, Calif.

1.65% APY with a $2,500 minimum deposit from Discover Bank, an online bank owned by the credit card company.

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

1.60% APY with a $2,500 minimum deposit from Tennessee Commerce Bank, which has a single location in Franklin, Tenn.

1.60% APY with a $5,000 minimum deposit from Colorado Federal Savings Bank, an online bank based in Greenwood Village, Colo.

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

These banks and credit unions qualify for our rankings by imposing no restrictions on who can buy their CDs either online or through the mail.

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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Comments (1)
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  1. DealMaven said:
    on November 23rd at 09:43 am

    Presidential Bank slashed its rate by half a point this morning. It’s now paying 1.25% on a 24-month CD, which eliminates it from our rankings — big time!

    All the other rates are correct and available.