That was fast! It only took a few days and no work on Melrose Credit Union’s part, but they are now back on top of the 2 year CD rate. Bank of Internet lowered their 24 month CD rate to 1.60%, causing Melrose to take the lead once again.
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.