bank rates

This 2-Year CD Pays 2%

woman holding cash in both handsInstitution for Savings has a reputation for far better than average CD rates, but the Massachusetts bank has really outdone itself this time.

It pays 2.00% APY for 24-month CDs with a minimum deposit of $500.

That beats the top nationally available 24-month offer on our CD Rates Leaderboard by just shy of three-quarters of a percentage point.

The top deal available to savers everywhere pays 1.26% APY, offered by VirtualBank, the online division of Sabadell United Bank, which has 23 branches in Florida.

Chart comparing CD ratesInstitution for Savings also pays 2.00% APY for 48- and 60-month CDs.

We’ve seen this bank offer a similar deal on long-term CDs as far back as fall 2012, when this offer was far more competitive. But the 5-year offer today pays well less than the top nationally available deal.

You have to live in Massachusetts to buy these certificates of deposit and visit a branch in person.

Institution for Savings has offices in Ipswich, Newburyport, Rowley, Salisbury and Topsfield.

Learn more about Institution for Savings at www.institutionforsavings.com or 978-462-3106.

See how these returns compare with the best CD rates from scores of banks in our extensive database.

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