bank rates

Quantum National 2.97% 24-Month CD

Average 24-Month CD Rates

A little bank outside Atlanta is now offering the best deal on 24-month certificates of deposit.

Quantum National Bank, which has branches in Suwanee and Milton, Ga., is paying 2.97% APY with a $1,000 minimum deposit.

Quantum says it accepts applications from across the country, but its Web site warns potential customers: “We reserve the right to limit deposits to our banking area.”

It runs credit checks on out-of-state applicants, and contacts them by phone, before accepting their deposit.

If that becomes too much of a hassle, Ally Bank is still a good alternative. The recently renamed GMAC Bank is paying 2.90% APY with no minimum deposit.

You might find a slightly better interest rate at a few community banks and credit unions that limit deposits to local customers and members. But those are the top rates available nationwide.

Shop and compare for yourself with our extensive database of the best CD rates.

It’s important to take advantage of deals like this because the average return on 24-month CDs has fallen from 3.75% to 1.50% over the past two years.

You’ve got to invest in one of the best two-year certificates of deposit to earn what the average 24-month CDs were paying just last fall.

Home affordability study Remember when the overheated housing market priced most first-time buyers out of the market? Bankaholic’s Personal Finance Blog says homes are setting records for affordability and first-time buyers bought about half of all the homes sold this spring. You can reach the Personal Finance Blog by clicking on the “finance” tab at the top of the page.

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