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Lots Of Choice Among Top 2-Year CD Rates

NexBank offers the best 2-year CD deal.What little momentum 24-month CD rates gained earlier this autumn has now stalled.

The top four banks on our list are in the same position they were a month ago. That being said, this is about the best 2-year CDs have paid all year.

NexBank (www.nexbank.com) continues to lead the term on our CD Rates Leaderboard.

The division of NexBank Capital Inc., which has two branches in Texas, pays 1.30% APY with a $10,000 minimum deposit.

AloStar Bank of Commerce (www.alostarbank.com), which is an online bank based in Birmingham, Ala., still offers 1.26% APY with a $1,000 minimum deposit.

Two banks pay 1.25% APY:

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, offers one of its Achiever CDs, which allows you to add money to your account once, as well as bump up the rate once, during the term, with a $25,000 minimum deposit.

(CIT Bank also has a standard 24-month CD that pays 1.20% APY with a lesser minimum deposit of $1,000.)

Barclays (www.banking.barclaysus.com), which is the online American operation of the big British bank, requires no minimum deposit.

AbleBanking (www.ablebanking.com), which is the online division of Northeast Bank, pays 1.19% APY and requires a $1,000 minimum deposit. It raised its rates slightly since last month.

MetLife (www.metlifebank.com), which is the insurance giant’s online bank, is paying 1.17% APY and requires a $2,000 minimum deposit.

Four banks pay 1.15% APY:

Doral Bank Direct (www.doralbankdirect.com), which is the online bank of Doral Bank, the leading community bank in Puerto Rico that also has five branches in northwest Florida and two in New York City, requires a $1,000 minimum deposit.

Discover Bank (www.discoverbank.com), which is an online bank owned by the credit card company, requires a $2,500 minimum deposit.

Nationwide Bank (www.nationwide.com), which is an online bank owned by Nationwide Mutual Insurance Company and its affiliates, requires a $500 minimum deposit.

Presidential Bank (www.presidential.com), which has two branches in Maryland, six in Virginia and one in Washington, D.C., requires a $1,000 minimum deposit.

The average annual yield that large banks and thrifts are currently paying remains a record-low 0.45% APY this week.

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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