The 14 best 2-year CD rates right now


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Locking in a top rate on a 2-year CD makes a lot of sense right now.

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The economic environment isn’t particularly friendly to borrowers right now. After all, the Fed’s 11 rate hikes over the past 18 months have caused the interest rates on lending products to skyrocket, whether you’re borrowing with a mortgage, credit card, personal loan or something else entirely. 

But the recent rate hikes aren’t all bad. As rates increased on loans, the rates on interest-bearing accounts increased in tandem. So, it’s not unusual to find high-yield savings accounts offering rates of 5.5% or more on your money today.

Savings accounts aren’t the only way to maximize the returns on your money, though. Many certificates of deposit (CDs) also come with very high rates today, and the interest is fixed, meaning that you’ll earn the same rate for the entire term, even if the overall rate environment cools. In other words, this is a great time to put your money into a CD — and you may want to consider a 2-year CD in particular.

Start exploring today’s best CD options here.

The 14 best 2-year CD rates right now

If you’re looking for 2-year CDs offering the highest rates, consider the following:

  • Newtek Bank — 5.60% APY: There is no minimum opening deposit requirement attached to Newtek Bank’s 2-year CD, but you must have a balance of $0.01 to earn interest.
  • Luana Savings Bank – 5.52% APY: You must deposit at least $2,000 in order to open this CD with Luana Savings Bank, but if you are able to make a deposit of $100,000 or more, you’ll earn an even higher APY on your money (5.68%).
  • Vibrant Credit Union – 5.50% APY: This CD from Vibrant Credit Union is technically one month shy of a 2-year CD (23 months vs. 24 months), but you can open the 23-month CD with just a $5 minimum deposit.
  • Prime Alliance Bank – 5.50% APY: To open this CD with Prime Alliance, you’ll need to deposit at least $500, and if you withdraw your money early, you’ll pay a penalty equal to three months of interest.
  • Seattle Bank – 5.50% APY: The minimum deposit required to open this account is $1,000, and all balances earn the advertised APY.
  • La Capitol Federal Credit Union – 5.50% APY: This CD from La Capitol Federal Credit Union is technically 26 months, not 24 months, but it pays dividends monthly. There’s a minimum deposit requirement of $25,000 to open the account.
  • Bread Savings — 5.00% APY: Online bank Bread Savings requires a $1,500 minimum deposit to open this account.
  • Popular Direct — 4.90% APY: You will have to deposit a minimum of $10,000 to open this CD from Popular Direct, but the interest compounds daily with this account.
  • First Internet Bank of Indiana — 4.85% APY: You can open this 2-year CD with a minimum deposit of $1,000, which is required to open the account.
  • CIBC Bank — 4.80% APY: This account requires you to make a $1,000 minimum opening deposit, but CIBC Bank requires a $25,000 minimum in this CD account to earn the advertised APY.
  • America First Credit Union — 4.75% APY: There is a $500 minimum deposit requirement to open this account, but you’ll only need a balance of $500 to earn at the advertised APY.
  • Vio Bank — 4.75% APY: To open a 2-year CD from Vio Bank, you’ll need to deposit a minimum of $500 into the account. Interest compounds daily.
  • Suncoast Credit Union — 4.65% APY: A $500 minimum balance is required to earn the APY advertised on Suncoast Credit Union’s 2-year CD. There is also a minimum deposit requirement of $500 to open the account.
  • Sallie Mae Bank — 4.65% APY: There is a minimum $2,500 minimum deposit requirement to open this CD, and you’ll need at least $2,500 in the account to earn the stated APY.

Find out more about the CD rates you could qualify for here.

The bottom line

This is a great time for savers to take advantage of the benefits that the high-rate environment is offering to them. And, while opening a CD with any term can be a smart move right now, 2-year CDs offer the perfect balance between easy access and high earning potential. Not only are the rates on these types of CDs as high as 5.60% (or perhaps even higher) right now, but you’ll lock in today’s rates for the full term, helping your money grow much quicker than it otherwise would.

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