bank rates

Top 2-Year CD Rate Raised Again To 1.52%

After being stuck in a rut for the first five months of the year, 24-month CDs are suddenly putting on a show.

Silvergate Bank is the third contender in six weeks to boost the top nationally available return on 2-year bank CDs, substantially raising its rate today from 1.16% to 1.52% APY.

In mid-May, the best-paying bank on our CD Rates Leaderboard was paying just 1.35% APY – the same top rate savers had been offered since January.

Then CIT Bank raised its 24-month yield to 1.40%, and Synchrony Bank followed in early June with a hike to 1.45% APY.

Today’s new lead still doesn’t outdo the 1.55% APY that Citizens State Bank was paying from September 2014 to early January this year. But it does come close to erasing the declines that started four summers ago, when the lead rate first dropped to 1.55% and later sank as low as 1.20% APY.

What’s also interesting is this new strategy we’re seeing from Silvergate. Although it’s been represented in our rankings for some time, only in the last month has it begun vying for top spots.

Two weeks ago, it claimed the lead among 36-month CDs. But a week later, EverBank nudged it aside by a mere hundredth of a percentage point.

Today Silvergate lowered its 3-year yield, bowing out of contention in that term and seeming to refocus its attention on 2-year CDs.

Based in San Diego, Silvergate operates four branches in Southern California and requires a $25,000 minimum deposit on its certificates of deposit.

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