Best 2-year CD rates for November 2024

Written by
Matthew Goldberg
Edited by
Marc Wojno
Reviewed by
Robert R. Johnson

Best available rates across different account types for Friday, November 22, 2024

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Current savings trends
Bankrate Partner average
4.59% APY
National average
0.56% APY

On This Page

Bankrate's picks for the top 2-year CD rates

Note: Annual percentage yields (APYs) shown were updated between Nov. 15, 2024 and Nov. 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.

SchoolsFirst Federal Credit Union_logo

SchoolsFirst Federal Credit Union

4.5 Bankrate savings score

  • Annual percentage yield

    4.20%

  • Min. deposit to open

    $500

Why SchoolsFirst Federal Credit Union?

SchoolsFirst serves the education community in California. Certain school employees, certain retired school employees and immediate family members of SchoolsFirst Federal Credit Union members are eligible to join. SchoolsFirst offers CDs ranging from 30 days to five years. To open a CD, a $500 minimum deposit is required. If you put in more money you may be rewarded with a higher APY, as SchoolsFirst has five rate tiers: $500, $20,000, $50,000, $100,000 and $250,000.

America First Credit Union_logo

America First Credit Union

5.0 Bankrate savings score

  • Annual percentage yield

    4.15%

  • Min. deposit to open

    $500

Why America First Credit Union?

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.

First Internet Bank of Indiana_logo

First Internet Bank of Indiana

4.6 Bankrate savings score

  • Annual percentage yield

    3.93%

  • Min. deposit to open

    $1,000

Why First Internet Bank of Indiana?

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.

EverBank_logo

EverBank

4.1 Bankrate savings score

  • Annual percentage yield

    3.90%

  • Min. deposit to open

    $1,000

Why EverBank?

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.

Randolph-Brooks Federal Credit Union_logo

Randolph-Brooks Federal Credit Union

4.3 Bankrate savings score

  • Annual percentage yield

    3.85%

  • Min. deposit to open

    $1,000

Why Randolph-Brooks Federal Credit Union?

Randolph-Brooks Federal Credit Union is headquartered in Live Oak, Texas, and operates more than 60 branches serving four major markets in the state: Austin, Corpus Christi, Dallas-Fort Worth and San Antonio. It has more than 1 million members. Randolph-Brooks Federal Credit Union has CDs with terms ranging from six months to seven years. It also offers a Really Free Checking account that requires no minimum balance and charges no monthly fee.

TAB Bank_logo

TAB Bank

4.5 Bankrate savings score

  • Annual percentage yield

    3.85%

  • Min. deposit to open

    $1,000

Why TAB Bank?

Transportation Alliance Bank (TAB Bank) offers six terms of CDs. Those CD terms range from 12 months to five 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.

Bread Savings_logo

Bread Savings

4.0 Bankrate savings score

  • Annual percentage yield

    3.85%

  • Min. deposit to open

    $1,500

Why Bread Savings?

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.

Bask Bank_logo

Bask Bank

4.5 Bankrate savings score

  • Annual percentage yield

    3.75%

  • Min. deposit to open

    $1,000

Why Bask Bank?

Bask Bank offers six CD terms ranging from three 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.

LendingClub Bank_logo

LendingClub Bank

3.8 Bankrate savings score

  • Annual percentage yield

    3.75%

  • Min. deposit to open

    $2,500

Why LendingClub Bank?

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.

Sallie Mae Bank_logo

Sallie Mae Bank

3.9 Bankrate savings score

  • Annual percentage yield

    3.75%

  • Min. deposit to open

    $2,500

Why Sallie Mae Bank?

Sallie Mae Bank offers 11 terms of CDs as well as a savings account and a money market account with no minimum balance requirements or monthly fees. All of these products offer competitive yields. Sallie Mae Bank was established in 2005 and has its headquarters in Salt Lake City. In 2014, Sallie Mae became a stand-alone consumer banking business.

What is a 2-year CD?

When a bank issues a two-year CD, that typically means your money is locked in for two years, often in exchange for a higher annual percentage yield (APY) than you’d find on a savings account. But unlike a savings account with a variable 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. Most CDs charge an early withdrawal penalty if you need access to the funds before the maturity date.

The best two-year CD rates pay far more than the national average of 1.54 percent APY, according to Bankrate’s national index survey of banks and thrifts on Nov. 22, 2024. Compare the top widely available two-year CD rates on this page, and also calculate how much interest you could earn when your CD matures.

“If you’re looking to generate income without risking the principal or have a specific cash need a couple of years down the road, the prospect of locking in a two-year CD return that should comfortably outpace inflation for those two years is pretty compelling,” says Greg McBride, CFA, Bankrate chief financial analyst.

McBride stresses the importance of being sure you can part with the principal for two full years before locking the funds into a two-year CD. “If not, yields on shorter maturities are actually higher than what you’d get on a two-year CD. If you need to cash in that two-year CD early, you could give back six months’ worth of interest, which is even further behind where you would’ve been had you gone with a shorter maturity.”

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.