It seems like a bank would want to hold on to the top spot of any CD rate terms, even if it was just for a week, but it only took a matter of a few days before Bank of Internet decided to lower their rates.

The next best 24 month CD rate goes to Stonebridge Bank which is rated 1 out of 5 stars from Bankrate, which means ‘Lowest Rated’. That does not necessarily mean the bank is failing, but can give a good indication on how well the bank is performing. As long as the bank is FDIC insured, your money will be safe up to $250,000.

Here are the most up to date 24 month CD rates after Melrose:

• Stonebridge Bank at 1.65% APY with a minimum deposit of $500.
• Bank of Internet at 1.60% APY with a minimum deposit of $1,000.
• Discover Bank at 1.60% APY with a minimum deposit of $2,500.
• Colorado Federal Savings Bank at 1.60% APY with a minimum deposit of $5,000.
• Aurora Bank at 1.58% APY with a minimum deposit of $1,000.
• Ally Bank at 1.57% APY with no minimum deposit.

These banks offer no restrictions on who can open an account and invest into their certificate of deposits. Melrose Credit Union has no restrictions on who can apply for their credit union and only charges a $1 fee.

Be sure to check our CD Rates page for the most up to date information.

This small credit union from Queens, N.Y still leads in the 5-year ranking, but has dropped below the 3% barrier. They are still paying a quarter-point more than any other financial institution and also still lead in other CD terms.

One of the reasons why rates are tumbling is because the Fed continues to give banks as much cash as they want for near nothing. The Fed also announced in early November that they planned on buying $600 Billion worth of Treasury Bonds, this move has helped keep rates depressed.

Here is a list of the next best 60-month CD rates:

• Danversbank from Boston at 2.75% APY with a minimum deposit of $500.
• Stonebridge Bank from Philadelphia at 2.65% APY with a minimum deposit of $500.
• Acacia Federal Savings Bank based in Falls Church, VA at 2.60% APY with a minimum deposit of $500.
• First Internet Bank of Indiana from Indianapolis, IN at 2.55% APY with a minimum deposit of $1,000.

Anyone nationwide can qualify and open an account with these banks and financial institutions. Melrose Credit Union also allows anyone to join their credit union for a $1 fee and a $25 deposit into a savings account.

Compare these rates with our updated CD rates board to be sure you get the best rates available nationally.

Bank of Internet is based out of San Diego, CA and is paying 1.72% APY on deposits over $1,000. This is a rate they have offered since the beginning of November.

To put things into perspective, this rate is three-quarters of a point less than what was offered for the 2 year certificate of deposit last December 2009.

Here is a list of the best available 2 Year CD rates:

• Melrose Credit Union from Queens, New York at 1.66% APY with a minimum deposit of $5,000.
• Stonebridge Bank out of Philadelphia at a rate of 1.65% APY with a minimum deposit of $500.
• Discover Bank, owned by the major credit card company at a rate of 1.60% APY with a minimum deposit of $2,500.
• Colorado Federal Savings Bank from Colorado at a rate of 1.60% APY with a minimum deposit of $5,000.

We have posted these banks and credit unions because they allow anyone nationwide to open and invest in their CDs, either online, at the local branch or through the mail.

There are no requirements that would keep the average person from opening an account with these financial institutions. Unlike other credit unions, Melrose has no restrictions on who can open an account with the union. There is a $1 fee and the requirement of having a savings account funded with $25.

Be sure to compare these rates with the most up to date CD rates from our database of banks.

It is still a great CD rate but now it’s nearing the highest 12 month CDs, making its 24 month CD not as attractive as before the decrease. Since Hudson City Savings Bank cuts its 2 Year CD rate down to 1.76% APY, its no longer high enough to classify it as one of the best 2 Year CD rates.

Here is a good list of the better 2 year CDs available nationally:

• Melrose Credit Union holds the top spot for the 2 year CD at a rate of 2.02% APY. They have one location in Queens, NY and is open to all US residents. Their 2 Year CD requires a minimum deposit of $5,000.
• New Dominion Bank holds second place for the 2 Year CD at a rate of 2.00% APY. They have locations in Charlotte and Mooresville, NC and require a minimum deposit of $3,000.
• Stonebridge Bank carries the third place spot with a rate of 1.90% APY. They have four branches in SE Pennsylvania and require a minimum deposit of $500.
• Bank of Internet comes next with a rate of 1.89% APY and is an online bank, but based in San Diego. Their minimum required deposit is only $1,000.
• Colorado Federal Savings Bank comes in 5^th with a 2 Year CD rate of 1.85% APY. This is also an online based bank, located out of Greenwood Village, CO. Their minimum required deposit is $5,000.

You can find more information on the top 2 Year CD rates from our extensive CD database.