bank rates

Top 24-Month CD Rates Settle In

hand putting a coin in a white piggy bankAfter fluctuating between 1.20% APY and 1.30% APY in May, 24-month CD rates have settled right in the middle.

Salem Five Direct (www.salemfivedirect.com), the online division of Salem Five Bank, which has 23 branches just north of Boston, now offers the lead rate of 1.25% APY with a $10,000 minimum deposit.

CIT Bank (www.bankoncit.com), the online consumer bank of CIT Group Inc., which finances small businesses and middle-market companies, pays the second-highest rate of 1.20% APY.

CIT Bank requires a $25,000 minimum deposit for this Achiever CD, which allows you to add money to your account once and to bump up the rate once during the term.

GE Capital Retail Bank (www.gecrb.com), which is an online bank that is a subsidiary of GE Capital Corp., the financial services unit of the manufacturing giant, offers 1.15% APY and requires a $25,000 minimum deposit.

The FDIC-insured Chicago branch of State Bank of India (www.sbichicago.com), India’s largest bank, which operates independently of other U.S. branches, pays 1.11% APY and requires a $2,500 minimum deposit.

Chart showing the difference between the average 24-month cd rate over time and the top nationally available deal.
Three banks pay 1.10% APY:

AloStar (www.alostarbank.com), which is an online bank based in Birmingham, Ala., and requires a $1,000 minimum deposit.

Barclays (www.banking.barclaysus.com), which is the online American operation of the big British bank, has no minimum balance requirement.

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

The average annual yield that large banks and thrifts pay for 24-month CDs set a new record low of 0.37% this month.

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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