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When you have money that you want to save for a goal that isn’t yet on the horizon, or you just have excess savings that you won’t need to touch for a few years, a period 2 years old certificate of deposit (CD) can keep your savings safe and protected, while providing you with a regular and guaranteed return.
Most CDs pay more than a standard savings account, but how much you can earn is entirely up to your shopping. While the national average rate for 2-year CDs is currently less than 0.5%, you can earn three to five times as much just by opening one of the highest paying CDs in our ranking below.
We build our list and constantly update it by researching rates from nearly 200 banks and credit unions who offer CDs nationwide. Terms of 20-29 months, with minimum deposit requirements of up to $25,000, are eligible for our 2-year ranking. To be included, the institution must also be federally insured (by the FDIC for banks and the NCUA for credit unions).
Current best 2-year CD prices:
- Savings on bread – 3.50% APY
- ConnectOne Bank – 3.30% APY
- US Alliance Federal Credit Union – 3.25% APY
- Bank5 connection – 3.20% APY
- My eBanc – 3.20% APY
- Federal Credit Union The Capitol – 3.14% APY
- Merrick Bank – 3.10% APY
- EFCU Financial – 3.00% APY
- Service Credit Union – 3.00% APY
- PenFed Credit Union – 3.00% APY
- Living Oak Bank – 3.00% APY
- Sallie Mae Bank – 3.00% APY
- NexBank – 3.00% APY
- Abondance savings fund – 3.00% APY
- An American bank – 2.96% ABS
Details on these highest paying 2-year CDs available nationwide are set out below, including information on minimum deposits and early withdrawal penalties. For credit union CDs, information is also provided on how to easily join the credit union.
In cases where multiple institutions pay the same maximum rate, we have prioritized CDs by the shortest termthen the CD requiring a smaller minimum depositand if there is still a tie, whereby CD has a lighter early withdrawal penalty.
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