bank rates

Where to find the best 24-month CDs

A 24-month CD is a good compromise between going too short and having your CD mature when rates are even lower, and having your money locked in at a low rate when they begin to rise.

Rates on CDs are at their lowest levels in years, but we’ve found several that beat the average 2.18% APY. You shouldn’t sign up for anything less.

These are the best 24-month CDs available nationwide:

2.90% APY with a $500 minimum deposit of from GMAC Bank, an online bank run by the auto financing company.

2.84% APY with a minimum deposit of $2,500 from State Bank of India in Chicago. It’s one of two U.S. branches of India’s largest bank (and yes, it’s FDIC insured).

2.76% APY with a $3,000 minimum from NewDominion Bank of Charlotte, N.C.

You can often find good deals at community banks that only accept deposits from local customers. Credit unions often offer their members better rates, too.

Here are some examples:

Atlas Savings & Loan Assn. in Brooklyn is paying 3.04% APY on 24-month CDs with a $2,500 minimum deposit.

HomeStreet Bank is based in Seattle, but has 30 branches in Washington, Idaho, Oregon and Hawaii. It pays a 2.90% APY with a $500 minimum. If you deposit $25,000 or more you’ll earn 3.00%.

The Army Aviation Center Federal Credit Union, made up of 600 businesses and organizations in Alabama and Florida, pays a 2.75% APY with a minimum of $1,000.

Our Worst Rate of the Week goes to a bank that’s paying embarrassingly low rates on accounts its marketing to kids. You can always find that and more on Bankaholic’s Personal Finance Blog by clicking on the “finance” tab at the top of the page.

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