Best 2-Year CD Rates of September 2024: Secure Returns for Your Savings

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The best 2-year CD rate available nationwide is 4.78% APY at Lafayette Federal Credit Union.

Many online banks and credit unions offer 2-year CD rates that are much higher than the national average APY (Annual Percentage Yield) on a 2-year CD, which is 1.55% APY.

The Best 2-Year CDs

• Lafayette Federal Credit Union 2 Year Certificate: 4.78% APY
• Connexus Credit Union 2 Year Share Certificate: 4.53% APY
• Quorum Federal Credit Union 2 Year Term Savings: 4.50% (on balances of $1,000 - $99,999) to 4.60% (on balances of $100,000 or more) APY
• LendingClub 2 Year CD: 4.50% APY
• Northern Bank Direct 2 Year CD: 4.50% APY
• First National Bank of America 2 Year CD: 4.34% APY
• TotalBank 2 Year CD: 4.34% APY
• MYSB Direct 2 Year CD: 4.30% APY

Calculate Your Estimated 2-Year CD Earnings

Compare the Best 2-Year CDs

Our top picks for 2-year CDs include some online banks and credit unions. The online banks and credit unions we've listed have competitive rates that are available nationwide.

We check rates daily to find the best 2-year CD rates today. Read below for our top picks to compare 2-year CD rates. If you're also interested in other CD terms, check out our overall best CD rates.

Two-Year CD Reviews

Choosing a CD term will likely depend on the timeline of your goals. A 2-year CD might be a good choice if you can keep money in an account for at least two years. 

These are our picks for the best 2-year CD rates. Our top picks for CDs are protected by FDIC or NCUA insurance. If you are worried about a bank failing, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.

Lafayette Federal Credit Union 2 Year Certificate

Lafayette Federal Credit Union pays a competitive interest rate on a 2-year term. It also has good interest rates on other long-term CDs, including the best 3-year CD rates.

You may join Lafayette Federal Credit Union regardless of where you live in the United States by becoming a member of the Home Ownership Financial Literacy Council. You're also eligible for membership if you live, work, or worship in Potomac, Maryland, or parts of Washington, DC; work at a Select Employer Group; become a member of the American Consumer Council and live in Maryland, Virginia, or Washington, DC, or have a family member with credit union membership.

APY for 2-year CD: 4.78% APY

2-year CD early withdrawal penalty: 270 days of interest

Connexus Credit Union 2 Year Share Certificate

Connexus Credit Union offers a good rate for its 2-year term. And while credit unions limit who can join, Connexus makes it easier than most. Anyone in the U.S. can become eligible for membership by joining the Connexus Association, which requires a one-time $5 donation.

Connexus requires a steep minimum opening deposit of $5,000. If you're not looking to put that much money into a CD, one of our other picks might be a better choice for you.

APY for 2-year CD: 4.53% APY

2-year CD early withdrawal penalty: 180 days of interest

Connexus Credit Union Review

Quorum Federal Credit Union 2 Year Term Savings

Quorum Federal Credit Union offers good rates on its 2-year term savings, which is the name it uses for CDs. All of its CDs are also jumbo CDs; if you have more than $100,000 in the account, you'll get an extra 0.10% APY added to your account's interest.

Quorum Federal Credit Union is a credit union, so it has limitations on who can join. Luckily, Quorum makes joining pretty easy. As part of your application process, you can join either the American Consumer Council or the Select Savers Club; if you sign up as part of your application, Quorum will pay any membership fees. You can also become a member by working or being affiliated with its select employee groups or by being a relative of a preexisting Quorum member.

APY for 2-year CD: 4.50% (on balances of $1,000 - $99,999) to 4.60% (on balances of $100,000 or more) APY

2-year CD early withdrawal penalty: 2% of the amount withdrawn, never to exceed the original principal balance

Quorum Federal Credit Union Review

LendingClub 2 Year CD

LendingClub offers good rates on both its 2-year and 18-month CDs. If you're hoping to open multiple CDs at the same bank, LendingClub might be a good choice for you.

LendingClub requires a higher-than-average minimum opening deposit of $2,500. If you're planning on opening a CD with a smaller amount of money, you might prefer a different CD.

APY for a 2-year term: 4.50% APY

2-year CD early withdrawal penalty: 180 days of simple interest

LendingClub Bank Review

Northern Bank Direct 2 Year CD

Northern Bank Direct has strong rates on both its 2-year CD and its 18-month CD. If you're hoping to open multiple CDs with medium term lengths, Northern Bank Direct might be a good choice for you. It also has a low minimum opening deposit of $500.

Northern Bank Direct charges high early withdrawal penalties. If you think you're likely to withdraw money before the CD term length is up, you'll probably want to go with another bank.

APY for a 2-year CD: 4.50% APY

2-year CD early withdrawal penalty: 1 year of interest

Northern Bank Direct Review

First National Bank of America 2 Year CD

First National Bank of America offers a good rate for its 2-year CD. It also has CDs with term lengths up to 10 years; most banks only offer CDs with term lengths up to five years. If you need to open a long-term CD, First National Bank of America might be a good choice for you.

First National Bank of America has high early withdrawal penalties for its 2-year CD. If you think there's a chance you'll need to withdraw money from your CD before the end of its term length, you might want to go with another bank.

APY for 2-year CD: 4.34% APY

2-year CD early withdrawal penalty: 360 days of interest

First National Bank of America Review

TotalBank 2 Year CD

TotalBank offers strong rates on 2-year CDs. It also pays higher rates for 3-month and 6-month CDs. If you're hoping to open multiple CDs with the same bank, TotalBank might be a good choice for you.

That being said, TotalBank has a very high minimum opening deposit of $25,000. Many CDs offer a lower minimum opening deposit if you want to open a CD with less money.

APY for 2-year CD: 4.34% APY

2-year CD early withdrawal penalty: 6 months of interest

MYSB Direct 2 Year CD

MYSB Direct pays good rates on 2-year CDs as well as other terms. You might like MYSB Direct as an online bank if you're interested in building a CD ladder so you can get a couple of competitive terms locked in.

MYSB Direct charges high early withdrawal penalties. If you think there's a chance you'll need to withdraw your money before the end of the term length, you might want to go with another CD.

APY for 2-year CD: 4.30% APY

2-year CD early withdrawal penalty: 90 days of interest or all the interest you've earned up to that point, whichever is greater

Bank Trustworthiness and BBB Ratings

We review the ethics of each company, so you can see if a specific financial institution aligns with your values.

We've compared each bank's Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. A good BBB rating doesn't necessarily mean that your relationship with the bank will be perfect.

We also include the settlement history of the last three years so you're aware of any recent public controversies involving the bank.

Here is each company's score:

M.Y. Safra Bank has an NR (No Rating) from the BBB because there isn't enough information to provide a rating.

What Influences the Best 2-Year CD Rates

Economic Conditions

Banks and credit unions have to respond to market fluctuations when setting their rates. For example, if rates are rising, banks will have to raise their rates as well in order to stay competitive. And when rates lower, banks can lower their own rates and still make a profit.

Fed Actions and Interest Rate Outlook

If you're wondering what the Federal Reserve is, also called "the Fed," it's the central banking system of the U.S. Multiple times a year, the Fed meets to set its own interest rates. When it announces the changes it makes, most financial institutions follow suit.

Individual Institution Rates

What rate you can get differs from bank to bank and credit union to credit union. The worst banks for CDs will offer rates as low as 0.01%, while the best banks for CDs can go over 5% annual percentage yield. When shopping for 2-year CDs, make sure to compare banks' rates and look for 2-year CD specials.

Should You Invest in a 2-Year CD?

Whether you should invest in a 2-year CD or not largely depends on what you're hoping to get from a CD. If you're purely interested in the highest interest rate, short-term CDs are offering better rates than long-term CDs right now.

If you're interested in locking in a high rate for a while without committing to a 5-year CD, a 2-year CD might be a good choice for you. You also might like a 2-year CD if you're saving up for something that you know will happen in two years, such as if you're planning on buying a house in two years.

2-Year CD FAQs

Why You Should Trust Us: Experts' Advice on Choosing the Best 2-Year CD

We consulted four banking and financial planning experts to inform these picks and provide their advice on finding the best place to keep your money.

BI

• Tania Brown, CFP® professional and vice president of coaching strategy at OfColor
• Sophia Acevedo, banking editor, Business Insider
• Roger Ma, CFP® professional and author of "Work Your Money, Not Your Life"
• Mykail James, MBA, certified financial education instructor, BoujieBudgets.com

Here's their insight about CDs.

How can someone choose between all of the available banks and credit unions?

First of all, you want a bank that is FDIC-insured (or a credit union that is NCUA-insured). Then, consider your own priorities: Are you looking for an in-person banking experience? Do you need a high-tech mobile app? Do you write checks? Are you looking for a high interest rate? Will you meet the requirements to waive any monthly maintenance fees?

There are plenty of banks and credit unions that offer good rates and useful products, but the best one for you will come down to how it fits your needs.

How should you choose a term length for a CD?

When you put money in a CD, you want to have two things: a plan for how you will use that money, and a timeline for when you'll do it. Once you know when you'll spend it, take a look at rates for terms that are near your planned timeline, and choose the CD with the best rate.

When you can put money in high-yield savings account, money market account, or CD, how do you choose between them?

While all three options pay somewhat similar rates, the difference comes down to how you plan to interact with that money over time. If you need access to it in the next few months or years, that means you can't use a CD (or at least not one that spans however many months or years). Money market accounts tend to offer more account accessibility — several offer paper checks, ATM cards, or debit cards — while high-yield savings accounts are a good place to leave your money alone, knowing you can access it if needed.

Methodology: How We Selected the Best 2-Year CDs

Business Insider's personal finance team researched to find over 60 banks and credit unions that offered the best 2-year CD rates. Then, we reviewed each institution to find the most well-rounded banking options. For each account, we compared the minimum opening deposits, early withdrawal penalties, and interest rates. We also considered the overall banking experience at each bank by assessing customer support availability, mobile app ratings, and ethics.

See our bank account methodology to learn more about how we rate CDs.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics. ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE Accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

• Bank accounts
• Savings and CD rate trends
• Budgeting
• Saving
• How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

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Kit Pulliam

Banking reporter

Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years. ExperienceIn college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.Their work has been featured in Business Insider and MSN. They were part of the My Financial Life series with Business Insider.ExpertiseTheir expertise includes:

• Certificates of deposit
• Savings accounts
• Checking accounts
• CD rates
• Bank reviews

EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.

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Evelyn He

Compliance and Operations Associate

Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.

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