bank rates

NewDominion Grabs Lead In 2-Year CDs

We’re ending the week with a new leader in 24-month CD rates.

NewDominion Bank raised its rate to 2.05% APY today, with a $3,000 minimum deposit.The Charlotte-based bank is now paying 2.05% APY with a $3,000 minimum deposit.

That beats the 2.02% APY being offered by Melrose Credit Union, which had offered the best nationally available return since June 17.

(This New York credit union has an unusual open charter that allows anyone to join and buy CDs, regardless of where they work or live.)

Just last week we noted that NewDominion, which has offices in Charlotte and Mooresville, N.C., was moving up in many of our rankings of the best CD rates.

It’s gratifying (not to mention highly unusual in this market) to see a bank do that by actually raising its rates rather than standing pat and waiting for other banks to lower their returns.

Three other financial institutions continue to pay 2.00% APY on 2-year certificates of deposit:

Stonebridge Bank, with four branches in southeast Pennsylvania, requires a $500 minimum deposit.

Hudson City Savings Bank, which requires a $5,000 from online applicants, but only $500 for in-person purchases at any of its New York, New Jersey or Connecticut branches.

Fort Knox Federal Credit Union, which also opens its membership to all U.S. residents, requires a $500 minimum deposit.

You can join by signing up for membership in the American Consumer Council, a non-profit that promotes financial literacy through credit unions.

From the credit union’s home page, just click on “Become a member.” Then look for the line that says “Not a credit union member? Click here to get started.”

Where the next page says “I’m eligible for membership through” use the pull-down menu to click on “AMERICAN CONSUMER COUNCIL/KENTUCKY CHAPTER.”

When you complete the application, Fort Knox will automatically enroll you in the consumer advocacy group.

You’ll also be able to buy certificates of deposit as part of the application process.

Joining the American Consumer Council is free. Joining the credit union costs $15.

Fort Knox Credit Union has a dozen branches surrounding the military base and the nation’s gold repository, in central Kentucky.

Compare these returns with the best CD rates from scores of other banks in our database.

Or use our CD calculator to see how much you can make with these offers.

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Comments (3)
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3 Existing Comments
  1. a buccola said:
    on July 25th at 07:36 am

    Is the 2% / 2 year rate available for fully funded IRA cd’s?.

  2. RateRunner said:
    on July 26th at 04:42 pm

    Yep. You can earn 2.05% for CDs held in IRAs.

  3. DealMaven said:
    on August 2nd at 01:46 pm

    Stonebridge Bank dropped its 24-month CD rate to 1.90% APY, dropping it out of the rankings.