bank rates

New Deal Offers 1.50% On Nationally Available 24-Month CDs

For those shopping the best 2-year CDs, an attractive new offer has been added to the menu of top national rates.

Capital One 360 – the online operation of banking behemoth Capital One – today upped its 24-month yield to 1.50% APY, tying it for the best nationally available 2-year return from the banks on our CD Rates Leaderboard.

It’s the same yield being offered by E-Loan and Live Oak Bank, although Capital One 360 enjoys an advantage over its co-leaders: no minimum deposit amount.

In contrast, Live Oak, which just joined the co-lead Friday, requires at least a $2,500 deposit and E-Loan a more imposing $10,000.

E-Loan is the online portal of Popular Community Bank, which operates almost 50 branches in New York, New Jersey and Florida.

Two weeks ago, it led the term alone at 1.52% APY.

But then it dropped several rates to levels that didn’t jeopardize its multiterm lead status but paid already-suffering savers a little less.

To say it’s a disappointment that we’re seeing rate decreases in the wake of the Federal Reserve’s historic December rate hike is an understatement.

We had hoped the new year would be filled with update after update about banks adjusting their rate sheets upward.

Instead, only the 12-month term has seen any improvement across the seven CD maturities we track, and three terms have actually decreased.

So we’re left trying to feel satisfied with the lesser news that now there are three banks paying the top 24-month return instead of just one. And though today’s yield is lower, the decrease from 1.52% to 1.50% APY could be considered trivial.

Savers interested in this new certificate of deposit should note that all Capital One 360 CDs can be opened only online. They are not available through Capital One’s nearly 900 branches throughout Virginia, New York, New Jersey, Texas, Louisiana, Maryland and the District of Columbia.

As for Live Oak, its CDs are also available primarily online, though it does operate a single branch in Wilmington, North Carolina.

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