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.

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.

This is a very rare sight to see but iGObanking has taken over the top spot for the 2 Year CD rate, moving their rate from 1.75% APY to 2.25% APY which is the same rate for their 3 year CD. Could this be a sign of things to come? Will banks start competing again for your money and will iGObanking increase their 3 year CD rate? Only time will tell as we watch this unfold.

iGObanking is a division of Flushing Savings Bank in New York. They beat out Bank of Internet which had the top spot for the 2 year CD at a rate of 1.79% APY. Both require a minimum deposit of only $1,000.

iGOBanking’s 2 year CD rate beats out the highest 3 Year CD and is only a half point less than the highest 5 Year CDs. A rate like this is sure to go fast, so act quickly!

For those who wonder how stable this bank is, they have earned a three out of five star rating from Bankrate’s ratings system.

Be sure to check out our other best CD rates available on the market today.