Matthew Goldberg Matthew Goldberg
Written by
Marc Wojno Marc Wojno
Edited by
Robert R. Johnson Robert R. Johnson
Reviewed by
Best available rates across different account types for Monday, April 22, 2024
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What To Know First
A two-year certificate of deposit (CD) can be a useful financial tool for those looking to secure a higher interest rate on their savings without committing to locking up their money long term. It may also pay a higher rate of return than a high-yield savings account.
Bankrate’s picks for the top 2-year CD rates
- First Internet Bank of Indiana — 4.82% APY, $1,000 minimum deposit
- TAB Bank — 4.80% APY, $1,000 minimum deposit
- Salem Five Direct — 4.75% APY, $10,000 minimum deposit
- Popular Direct — 4.70% APY, $10,000 minimum deposit
- Bread Savings — 4.65% APY, $1,500 minimum deposit
- America First Credit Union — 4.50% APY, $500 minimum deposit
- Quontic Bank — 4.50% APY, $500 minimum deposit
- Bask Bank — 4.50% APY, $1,000 minimum deposit
- EverBank (formerly TIAA Bank) — 4.50% APY, $1,000 minimum deposit
- LendingClub Bank — 4.50% APY, $2,500 minimum deposit
Note: Annual percentage yields (APYs) shown were updated between April 15, 2024 and April 21, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
On This Page
- Bankrate's picks for the top 2-year CD rates
- What is a 2-year CD?
- 2-year CD FAQs
- Research methodology
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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
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The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
Current savings trends
Bankrate Partner average
4.85% APY
National average
0.57% APY
The "Bankrate Partner average" is calculated from the average of the top savings account offers from the institutions we track, included on this page as of 4/22/2024. "National average" is determined by Bankrate's comprehensive national survey of savings accounts and CDs.
On This Page
On This Page
- Bankrate's picks for the top 2-year CD rates
- What is a 2-year CD?
- 2-year CD FAQs
- Research methodology
Bankrate's picks for the top 2-year CD rates
Note: Annual percentage yields (APYs) shown were updated between April 15, 2024 and April 21, 2024. Bankrate's editorial team validates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.
First Internet Bank of Indiana
Rating: 4.6 stars out of 5
4.6
Overview
First Internet Bank of Indiana is an FDIC-insured financial institution that operates online and has no branches. It opened in 1999 and offers products in all 50 states.
First Internet Bank offers eight terms of CDs, a money market savings account with a competitive yield, a savings account and two checking accounts.
Read Bankrate's Expert First Internet Bank of Indiana Review
4.82% APY
$1,000 minimum deposit
TAB Bank
Rating: 4.6 stars out of 5
4.6
Overview
Transportation Alliance Bank (TAB Bank) offers eight terms of CDs. Those CD terms range from six months to 5 years. You’ll need at least $1,000 to open one of these CDs.
In addition to these CDs, TAB Bank also offers two checking accounts, a savings account and a money market account.
Serving both individuals and businesses, TAB Bank was established in 1998 in Ogden, Utah, as a banking service inside truck stops.
Read Bankrate's Expert TAB Bank Review
4.80% APY
$1,000 minimum deposit
Salem Five Direct
Overview
Salem Five Direct offers a range of CD terms, including numerous “special” CDs with high yields and IRA CDs.
At $10,000, the minimum balance required to open a CD is higher than a lot of other online banks.
Read Bankrate's Expert Salem Five Direct Review
4.75% APY
$10,000 minimum deposit
Popular Direct
Rating: 4 stars out of 5
4.0
Overview
Popular Direct CDs are for established savers, since the CDs have a $10,000 minimum deposit requirement. The CDs are offered in eight fixed terms, from three months to five years. Popular Direct’s High-Rise savings account offers a competitive yield and requires a $5,000 minimum deposit.
All Popular Direct deposit accounts are opened through Popular Bank.
Read Bankrate's Expert Popular Direct Review
4.70% APY
$10,000 minimum deposit
Bread Savings
Rating: 4 stars out of 5
4.0
Overview
Bread Savings, formerly Comenity Direct, is an online bank that offers high-yield savings products and five terms of CDs ranging from one to five years.
Bread Savings is part of Comenity Capital Bank, which is a unit of Bread Financial.
Read Bankrate's Expert Bread Savings Review
4.65% APY
$1,500 minimum deposit
America First Credit Union
Rating: 5 stars out of 5
5.0
Overview
America First Credit Union was founded in 1939 in Salt Lake City. It has CDs with terms ranging from three months to five years. The minimum opening deposit for CDs is $500.
It also offers a variety of checking and savings accounts.
Read Bankrate's Expert America First Credit Union Review
4.50% APY
$500 minimum deposit
Quontic Bank
Rating: 3.8 stars out of 5
3.8
Overview
Quontic Bank is an online bank that offers CDs as well as savings, money market and checking accounts.
A $500 minimum deposit is required to open a Quontic Bank CD and five terms are offered, ranging from six months to five years.
Read Bankrate's Expert Quontic Bank Review
4.50% APY
$500 minimum deposit
Bask Bank
Rating: 4.4 stars out of 5
4.4
Overview
Bask Bank began offering CDs in 2022, and its four CD terms range from six months to two years. The bank also offers a savings account with a competitive APY and another savings account that earns American Airlines miles.
Bask Bank has been around since 2020 and is a division of Texas Capital Bank.
Read Bankrate's Expert Bask Bank Review
4.50% APY
$1,000 minimum deposit
EverBank (formerly TIAA Bank)
Rating: 4.6 stars out of 5
4.6
Overview
EverBank offers CD terms ranging from three months to five years. It also offers a bump-rate CD, which allows a one-time rate bump should rates go higher. EverBank offers a service for customers with deposits that exceed the FDIC insurance limit of $250,000. Funds are spread around to different federally insured banks to expand insurance coverage.
Read Bankrate's Expert EverBank (formerly TIAA Bank) Review
4.50% APY
$1,000 minimum deposit
LendingClub Bank
Rating: 4.3 stars out of 5
4.3
Overview
LendingClub is an online bank that offers six terms of CDs ranging from six months to five years. A $2,500 minimum deposit is required.
In addition to CDs, LendingClub offers a high-yield savings account and a rewards checking account.
Read Bankrate's Expert LendingClub Bank Review
4.50% APY
$2,500 minimum deposit
What is a 2-year CD?
Think of a CD as a higher-paying savings account stashed in a safe with a time lock. But unlike a savings account with a variable annual percentage yield (APY), the yield on a CD is fixed and won’t change during the term. At the end of the term, you can renew the CD or shop around for another one, potentially with a higher yield, if the interest rate environment has improved. After a CD’s maturity date, it likely will renew automatically after a grace period, typically within seven to 10 days.
The best two-year CD rates pay far more than the national average of 1.51 percent APY, according to Bankrate’s national index survey of banks and thrifts on Apr. 22, 2024. Here are some of the top widely available two-year CD rates. Compare these offers, then calculate how much interest you could earn when your CD matures.
2-year CD FAQs
Research methodology
At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.
Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.
To find the best CDs, our editorial team analyzes various factors, such as: annual percentage yield, the minimum needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by the Federal Deposit Insurance Corp. (FDIC) or by the National Credit Union Share Insurance Fund (NCUSIF).
When selecting the best CD for you, consider the purpose of the money and when you’ll need access to these funds to help you avoid early withdrawal penalties.
