The best 2-year CD rates for December 2021

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*As of December 2021, the national average APY on a 2-year CD is 0.17%, according to the FDIC.

2-year CD rates at the largest US banks

Bank
APY
Next steps

Citibank
0.10%
Citibank Citibank Fixed Rate Certificates of Deposit (CDs)

Capital One
0.70%
Capital One Capital One 360 CDs®

PNC Bank
0.01% to 0.03%
PNC Bank PNC Fixed Rate Certificate of Deposit

TD Bank
0.05%
TD Bank TD Bank Choice Promotional Certificate of Deposit

Bank of America
0.03%
Bank of America Bank of America Standard Term Certificate of Deposit

Chase Bank
0.01% to 0.05%
Chase Chase Certificate of Deposit (CD)

US Bank
0.05%
US Bank US Bank Certificate of Deposit

Charles Schwab Bank
0.55%
Charles Schwab Bank Charles Schwab Bank Certificate of Deposit

If you want to grow your money but keep it safe from the turbulence of the stock market, a certificate of deposit (CD) may be a good option

Right now, the best 2-year CD rates are at least 0.60%. You can snag a higher APY with longer CD terms, but 2-year CDs have their perks.

You’ll likely earn a higher APY on a 2-year CD than with a 1-year CD, and you won’t have to part with your money for as long as you would with a longer term. Two-year terms provide a nice balance of a good rate and a relatively short length of time.

Learn more about our top picks

Why it stands out: A Raise Your Rate CD allows you to increase your APY once during a 2-year term should Ally’s rates go up. Ally doesn’t require a minimum deposit, and it charges low early withdrawal penalties.

2-year CD early withdrawal penalty: 60 days interest

What to look out for: Other types of CDs. The Raise Your Rate CD is the only Ally CD with a 2-year term. But Ally also offers regular term CDs and no-penalty CDs, so consider whether you’d prefer one of those types rather than a Raise Your Rate CD.

Why it stands out: Delta Community Credit Union pays competitive rates, and if you need to withdraw funds before your CD matures, its penalties are lower than what most institutions charge. 

2-year CD early withdrawal penalty: 180 days interest

What to look out for: …read more


Source:: Business Insider

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