Banks compete to offer top rates for 2 years
There have an amazing 3 different leaders over a period of just 7 days amongst banks paying top rates for 24 month certificates of deposit. The Bank of Internet which is a San Diego based online bank is currently leading the pack by offering 1.79% APY with a minimum deposit requirement of 1000 dollars. However, there isn’t much to choose between the top 10 banks as far as the 2 year CD rates are concerned because a miniscule 4/100th of a percentage point is separating their rates which is incredible. When these rates are converted to real cents and dollars number, the difference in interest that customers will earn from these banks over a period of two years is under a dollar. Therefore very less divides the Bank of Internet and Melrose Credit Union, the banks that are paying 1.76% APY for 5000 dollars minimum deposit and the rest of the banks that are offering 1.75% APY.
The Acacia Federal Savings Bank is the next bank which needs a minimum deposit of 500 dollars along with American express Bank which too offers 1.75% interest. However, the interesting part about the credit card company owned bank is that it doesn’t need any deposit.
