bank rates

One Bank Still Pays 2% On 2-Year CDs

NewDominion Bank is the only one still paying 2.00% APY in our rankings of the best 24-month CD rates.

The bank, which has offices in Charlotte and Mooresville, N.C., requires a $3,000 minimum deposit to earn that rate.

Melrose Credit Union, which had offered the best return of 2.02% APY on 2-year certificates of deposit, cut its rate to 1.76% APY this week and tumbled down the list.

The next best nationally available rates are now:

1.89% APY with a $1,000 minimum deposit from Bank of Internet, an online bank based in San Diego.

1.84% APY with a $1,000 minimum deposit from Aurora Bank, with offices in Wilmington, Del., and Jersey City, N.J.

1.82% APY with a $10,000 minimum deposit from Virtual Bank, the online of Lydian Private Bank, based in Palm Beach, Fl., and Goldwater Bank, with a single location in Scottsdale, Ariz.

At the end of last summer, 24-month CD rates topped out at around 2.50%.

So the best deals have lost a half-point over the past year and the average return on 2-year CDs has fallen about the same to just under 1% (0.96% APY in Bankrate’s most recent weekly survey.)

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

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