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

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At Business Insider, we monitor national banks and credit unions daily to find the best 2-year CD rates currently offered. The best 2-year CD rate available nationwide is 4.29% APY at First National Bank of America.

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 1.48% APY.

If you're also interested in other CD terms, check out our overall best CD rates.

The Best 2-Year CDs

• First National Bank of America 2 Year CD: 4.29% APY
• Quorum Federal Credit Union 2 Year Term Savings: 4.25% (on balances of $1,000 - $99,999) to 4.35% (on balances of $100,000 or more) APY
• EFCU Financial 2 Year Certificate: 4.25% APY
• Newtek Bank 2 Year CD: 4.20% APY
• America First Credit Union 2 Year Certificate: 4.10% APY
• MYSB Direct 2 Year CD: 4.10% APY
• NASA Federal Credit Union 2 Year Share Certificate: 4.10% APY
• The Federal Savings Bank Promotional 2 Year CD: 4.10% 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. 

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.

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: 4.29% APY

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

First National Bank of America 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. It's also a good option if you're interested in 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. 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: 4.25% (on balances of $1,000 - $99,999) to 4.35% (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

EFCU Financial 2 Year Certificate

EFCU Financial offers a strong rate on its 1-year, 18-month, and 2-year certificates, making it a good choice if you're planning on opening multiple CDs at the same financial institution. It also has a low minimum opening deposit of $500.

EFCU Financial is a credit union, which means it has to limit who can join. The easiest way to join EFCU is by donating to either the Louisiana Wildlife Federation or The Arc of Baton Rogue as part of your application. You can also join if you live, work, worship, or attend school in specific parts of Louisiana or by having a family member who's a member.

APY for a 2-year CD: 4.25% APY

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

Newtek Bank 2 Year CD

Newtek Bank pays high CD rates for 2-year terms. It also offers one of the best 18-month CD rates, so it could be a good choice if you're interested in opening multiple CDs.

It charges standard early withdrawal penalties for these terms. However, you'll need at least $2,500 to open a CD with Newtek. Other banks have more lenient opening requirements for CDs.

APY for 2-year CD: 4.20% APY

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

Newtek Bank Savings Review

America First Credit Union 2 Year Certificate

America First Credit Union offers one of the best rates for a 1-year CD along with its great 2-year CD. The America First Credit Union Certificate may be worthwhile if you're searching for a financial institution with branches in Arizona, Idaho, Nevada, New Mexico, Oregon, and Utah. America First Credit Union has a variety of terms with high interest rates.

Credit unions require membership to open bank accounts. You may join America First Credit Union if you live, work, worship, or volunteer in an Arizona, Idaho, Nevada, New Mexico, Oregon, or Utah county on this list. If you have a family member or spouse who's a current member, you're also eligible.

To become a member, you must also open an America First Credit Union Share Savings Account.

America First Credit Union has an A+ rating from the BBB.

APY for a 2-year term: 4.10% APY

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

America First Credit Union Review

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: 4.10% 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

NASA Federal Credit Union 2 Year Share Certificate

NASA Federal Credit Union has a great 9-month CD in addition to its strong 2-year CD. It also offers specialty CDs, such as IRA CDs and Bump Rate CDs.

NASA Federal Credit Union limits who can join it. That being said, it's easier to join than many credit unions. When you fill out an application, you'll receive a free one-year membership to the National Space Society which will let you join the credit union. You can also join by being an employee of NASA or another select employer group or by having a relative who's a member of the credit union.

APY for a 2-year term: 4.10% APY

2-year CD early withdrawal penalty: 182 days of interest or all the interest on the withdrawn amount, whichever is lesser

The Federal Savings Bank Promotional 2 Year CD

Federal Savings Bank has a good rate on several of its CDs, including its 2-year CD. If you want to open multiple CDs with the same bank, this might be a good choice for you.

If you want to open a CD with Federal Savings Bank, you'll need to pay a higher-than-average minimum opening deposit of $5,000 for its promotional CDs. If you're planning on using less money to open a CD, you might prefer one of our other options.

APY for 2-year CD: 4.10% APY

2-year CD early withdrawal penalty: 365 days of interest

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:

NASA Federal Credit Union has an A rating because a few complaints filed against the business have not been resolved.

MYSB Direct does not have a rating from the BBB, but its parent bank, M.Y.Safra Bank, has an NR rating from the BBB because it does not have enough information to rate the bank.

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

At Business Insider, we aim to create helpful reviews, guides, and explainers so that you can make smart money decisions. We know that every person has distinct preferences, so we provide ample options to help you find the best match for you.

Our team is editorially independent — our business team does not decide how we cover products or what we write about. Our editorial standards page dives into how we review and choose products.

Business Insider's personal finance team researched 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.

Using bank account methodology we score each of these features from 0 to 5. We calculate the average and this determines our total account rating.

All our bank accounts have a scale of zero to five stars. A one-star rating is a low score. It shows the product needs significant improvement. A five-star rating is the highest rating possible. It indicates the product is a superior choice. 

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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