CDs often provide higher returns than regular savings accounts, but the amount you can make with them is entirely contingent on how much you shop around. Even though the current national average rate for two-year certificates of deposit is barely half of one percent, you may easily make three to five times as much by establishing one of the highest-paying certificates of deposit in our rankings below. The rates of approximately two hundred different banks and credit unions around the country that provide certificates of deposit are compared and analyzed to compile our list, which is then regularly updated.
Best Current 2-Year CD Rates:
The following explains these high-yielding two-year certificates of deposit offered nationwide, along with information concerning early withdrawal fees and minimum deposits required. In the case of credit union CDs, further information is supplied on how easy one may become a credit union member. In situations where multiple financial institutions offer the same highest interest rate, we have ranked the certificates of deposit (CDs) according to which one has the shortest term.
La Capitol Federal Credit Union - 3.59% APY
Duration (in months): 26
Minimum deposit: $1,000
A penalty equal to six months' worth of interest is imposed for early withdrawals.
Membership: Anyone can become a member of La Capitol so long as they pay the required $20 fee to become a member of the Louisiana Association for Personal Financial Achievement and maintain savings account with at least $5 in it.
Bread Savings - 3.50% APY
Duration (in months): 24
Minimum deposit: $1,500
A penalty equal to six months' worth of interest is imposed for early withdrawals.
Bread Savings is the name of the online consumer deposit bank managed by Comenity Capital Bank, an issuer of credit cards.
USAlliance Federal Credit Union - 3.40% APY
Duration (in months): 24
Minimum deposit: $500
The penalty for early withdrawal is interest accrued for a year.
Membership: Anyone may become a member of USAlliance if they agree to a free membership in the American Consumer Council, a nonprofit organization, and save at least one dollar in a savings account.
ConnectOne Bank - 3.30% APY
Duration (in months): 23
Minimum deposit: $500
A penalty equal to six months' worth of interest is imposed for early withdrawals.
ConnectOne is a technology company that was founded in 2005 in the city of Englewood Cliffs, New Jersey. It now has over two dozen locations throughout the states of New Jersey and New York, and it also provides its services to consumers around the country over the internet.
Connexus Credit Union - 3.20% APY
Duration (in months): 24
Minimum deposit: $5,000
A penalty equal to six months' worth of interest is imposed for early withdrawals.
Bank5 Connect - 3.20% APY
Twenty-one months is the term.
Minimum deposit: $500
A penalty equal to six months' worth of interest is imposed for early withdrawals.
About: Bank5 Connect is the internet subsidiary of BankFive, which has been around since 1855 and is a community bank in Massachusetts.
My event - 3.20% APY
Duration (in months): 24
Minimum deposit: $5,000
An early withdrawal will result in a penalty equal to three months' worth of interest.
BAC Florida Bank, founded in 1973, is the parent company of the brick-and-mortar institution known as My event, which offers online banking services.
Merrick Bank - 3.10% APY
Duration (in months): 24
Minimum deposit: $25,000
A penalty equal to six months' worth of interest is imposed for early withdrawals.
About: Merrick Bank is best known for its role as an issuer of credit cards and a source of consumer financing, but it also provides access to online-only CDs.
2-Year CD
Savers can earn a greater interest rate with certificates of deposit, provided they are willing to commit to keeping their money in a specialized bank account for a certain amount of time. This is because the money in your CD balance becomes money the bank can count on, and there is almost no activity on CD accounts resulting in low administrative costs.
Who Are 2-Year CDs Good For?
When determining whether or not to establish a certificate of deposit (CD) and, if so, the term length to choose, it is necessary to be aware of your savings objectives and the amount of money you have available for use in other areas. 2-Year CD that are two years long are considered to be of average length. A certificate of deposit with a term of two years strikes a good balance between duration and accessibility. Shorter terms, such as one year or less, are ideal when you anticipate needing the money within the next year, whereas longer terms, such as five years or more, are an effective way to lock in your interest rate when it appears that rates will be going down.
