Who would have ever thought that another bank could overtake Melrose Credit Union on any of the long term CDs. Melrose cut their rates across the board on Tuesday, causing a small ripple effect on the top CD rates charts. As soon as Melrose dropped their rate to 1.66% APY, Bank of Internet assumed the lead at 1.72% APY.
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.