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.

The other two banks, Sanibel Captiva Community Bank from Florida and Bank of Internet based out of San Diego California offer the best 3 month and 6-month terms.

All of the major banks, such as Chase, Band of America, Wells Fargo, stopped offering competitive rates ever since the financial crisis started in 2008.

CD rates can change at a moment’s notice so be sure to check our CD rates page for the most up to date information.

We list these banks and credit unions because they offer their rates to anyone nationwide.

Unlike most credit unions, Melrose is open to savers regardless of where they live and work. Anyone can open an account with Melrose for only a $1 joining fee and a minimum of $25 kept in a savings account.

This might be a sign of things to come as rates continue their slide down the charts. No other bank or financial institution is close to paying 2% on any 24 month CD. Keep in mind that the national average of a 2 year CD is sitting right around 0.77% APY.

Here are the next best 2 Year certificates of deposit:

• Melrose Credit Union at 1.76% APY with a minimum deposit of $5,000 and is located in Queens, NY.
• Presidential Bank at 1.75% APY with a minimum deposit of $1,000 and is located in Maryland, Virginia and Washington D.C.
• Bank of Internet at 1.72% APY with a minimum deposit of $1,000 and is an online bank from San Diego, CA.
• Discover Bank at 1.65% APY with a minimum deposit of $2,500 and is the online bank owned by the credit card company.

All of these banks and credit union allows anyone to join or buy their CDs. Melrose Credit union allows anyone to join for only $1. They impose no restrictions and are located out of Queens, New York.

Be sure to compare all of the best CD rates from our certificates of deposit database.

iGObanking is an online division of Flushing Savings Bank in New York.

Here are the next best nationally available 2 year CD rates:

• Melrose Credit Union at 1.76% with a minimum deposit of $5,000, based out of Queens, New York.
• Bank of Internet at 1.72% with a minimum deposit of $1,000, based out of San Diego, California.
• Discover Bank at 1.65% with a minimum deposit of $2,500, the online bank of the major credit card company.

All of these banks and credit unions allow anyone to purchase their certificates of deposit and impose no other restrictions.

Melrose Credit Union allows anyone, anywhere to join for only $1 and must keep at least $25 in a savings account.

Be sure to check out our best CD rates leader-board for the best CDs in your area.

Anyways, iGoBanking has an interest rate of 1.35% on their 3 month CD! This not only is the highest 3 Month CD we have found, but also beats the highest 6 month CD and even beats the national ‘average’ rates on the 1-year, 2-year and 3-year certificates of deposit.

iGoBanking is based out of Flushing Savings Bank in New York and is the bank’s online division.

Bankaholic has been following this rate says, “iGoBanking has stuck with this deal since late July”. With their low minimum deposit of $1,000 it’s a CD rate that many will be able to take advantage of. If you do plan on investing into a certificate of deposit, shorter termed CDs are better than longer term.

With a $1,000 deposit into iGoBanking’s 3 month CD @ 1.35%, you will earn $3.38 or on a $10,000 deposit your earnings would be about $33.79. That isn’t much in the way of earnings, but its still the best rate you will find. If you are looking to store your cash for a few months, this might be the best place to make a little interest while your money sits around.

To compare how high iGoBanking’s 3 Month CD rate really is, we have listed the next 3 banks with a minimum deposit of $10,000:

• 0.95% APY offered at VirtualBank, a division of Lydian Private Bank in Palm Beach Gardens, Fl.
• 0.90% APY offered at Goldwater Bank, out of Scottsdale, AZ.
• 0.80% APY offered at Woodlands Commercial Bank, located in Salt Lake City, UT.

(These CD rates were checked by Bankrate)

All of these banks allow anyone to buy their CDs regardless of where they live.

If you are looking for longer term CDs, be sure to check out our list of CD rates from top banking institutions.