bank rates

Top 24-Month CD Rates Back At 1.75%

It’s like déjà vu all over again.

Salem Five Savings Bank has boosted its 24-month CD rates by a quarter point, mirroring a move the Massachusetts-based bank made three months ago.

The rate increase to 1.75% APY once again makes Salem Five the leader in nationally available 2-year certificates of deposit.

It held the top spot on our CD Rates Leaderboard for two months earlier this year with that same 1.75% APY before cutting rates twice in March.

Salem Five is offering its 24-month special CD with a hefty minimum deposit of $10,000, twice as much as former leader Melrose Credit Union requires to purchase its 1.66% APY CD.

Here’s where to find all of the top CD rates:

TERM BANK RATE MIN. DEPOSIT
3-Month CDs Hudson City Savings 0.75% APY $500
Nexity Bank 0.75% APY $1,000
6-Month CDs Ascencia 1.07% APY $500
Aurora Bank 1.07% APY $1,000
Nexity Bank 1.07% APY $1,000
12-Month CDs Melrose Credit Union 1.41% APY $5,000
24-Month CDs Salem Five Bank 1.75% APY $10,000
36-Month CDs Melrose Credit Union 2.17% APY $5,000
60-Month CDs Melrose Credit Union 2.93% APY $5,000

Banks and credit unions qualify for our rankings by selling their certificates of deposit online or through the mail to savers nationwide.

Melrose is one of the few credit unions eligible for our rankings because its unique charter allows anyone to join for only $1, regardless of where they live or work. (You will also be required to hold at least $25 in a savings account.)

The banks on today’s Leaderboard are:

  • Ascencia, the online division of PBI Bank in Louisville, Ky.
  • Aurora Bank, which is based in Wilmington, Del., and has a branch in Jersey City, N.J.
  • Hudson City Savings, which has 130 branches in New Jersey, New York and Connecticut.
  • Nexity Bank, an online bank based in Birmingham, Ala.
  • Salem Five Savings Bank, which has 22 branches north of Boston.

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

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Comments (4)
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4 Existing Comments
  1. Jim S. said:
    on April 27th at 06:41 pm

    I just want to thank you folks for staying on top of this neglected area of investing. It really helps a lot of people! I credit you on getting me into the brief offering of IGOBanking 2 yr CD’s at 2.25% APY 6 months ago!

  2. Mike at Bankaholic said:
    on April 28th at 08:38 am

    Jim: Thanks for reading! We appreciate it.

  3. SeniorSaver said:
    on April 28th at 09:10 am

    I’ve just opened another 24-month CD at Salem Five. CSR Lisa, who I wrote about earlier this year, is as helpful as ever. And now the bank’s online application system is fully functioning.

  4. Kathy at Bankaholic said:
    on May 16th at 09:15 am

    These rates are still available as of May 16, 2011, but now Salem Five is offering the 1.75% APY rate for a 24-month CD with a $2,000 minimum deposit (as well as the same rate with a $10,000 minimum). And Nexity has sweetened its rates a bit: 0.81% APY for a 3-month CD and 1.12% APY for a 6-month CD.