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Top 2-Year CD Rates A Bright Spot

closup of a $1 billFor as terrible as CD rates are, here’s a bright spot: The best nationally available 2-year CD pays more today than it has in nearly 1½ years.

That’s right, you’d have to go all the way back to September 2011 to find a higher rate for this term on our CD Rates Leaderboard.

This deal is brought to you courtesy of CSBdirect.com (www.csbdirect.com), the online division of Florida-based Citizens State Bank. Last week, it boosted its offering to 1.35% APY with a $1,000 minimum deposit.

Ironically, the average annual yield that large banks and thrifts pay for 24-month CDs is at a new record low — 0.42% APY.

One caveat on the bank that offers this top deal: CSBdirect also offered an outsized 5-year CD for the better part of a month, but recently cut that rate. So get in on this fast if you’re interested.

Here are some of the other deals we’re monitoring.

Former leader NexBank (www.nexbank.com), the division of NexBank Capital Inc., which has two branches in Texas, pays 1.30% APY with a $10,000 minimum deposit.

Three banks pays 1.20% APY:

Green Bank (www.greenbank.com), which is an eco-friendly bank with 12 locations in Texas, requires a $1,000 minimum deposit.

Nationwide Bank (www.nationwide.com), which is an online bank owned by Nationwide Mutual Insurance Company and its affiliates, requires a $500 minimum deposit.

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, requires a $25,000 minimum deposit.

But this is one of CIT Bank’s Achiever CDs, which allow you to add money to your account once, as well as bump up the rate once, during the term.

(CIT Bank also has a standard 24-month CD that pays 1.15% APY with a minimum deposit of $1,000.)

GE Capital Retail Bank (www.gecrb.com), which is a subsidiary of GE Capital, pays 1.17% APY and requires a $2,000 minimum deposit.

Virtual Bank (www.virtualbank.com), which is the online division of Sabadell United Bank, based in Miami, is paying 1.16% APY and requires a $10,000 minimum deposit.

These banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

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

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