A 2-year CD may be ideal for those with short-term cash needs. It may also be suited for those who do not want to take on the interest rate risk of longer-term CDs and other fixed-income investments. Below we list the best 2-year CD rates in our database, ordered from highest APY to lowest.

Note that you may find better rates with alternative account types. For example, online savings accounts or no-penalty CDs may offer higher yields.

Editor’s Pick

discover bank 18-month cd

While it doesn’t have a full two-year term, the Discover® Bank, Member FDIC 18-Month CD offers a strong APY of 4.40%. Discover Bank requires a $2,500 minimum deposit (which is reasonable) and also offers other deposit products with competitive interest rates.

  • Current APY – 4.40%
  • Minimum Deposit Requirement – $2,500
  • Early Withdrawal Penalty – 6 months of simple interest

The Rest of the Best 2-Year CD Rates

1. Credit Human

credit human FCU

Certificate of Deposit

Member NCUA

APY

5.30%

Term

18-23 Months

Min. Deposit

$500

Our Rating: 4.6

★★★★

Pros


  • No fees
  • Excellent rate

Cons


  • Requires $500 min. deposit
  • Early withdrawal penalty

Early Withdrawal Penalty

270 days of simple interest

Min. Opening Balance

$500

Credit Human is pretty unique in the way they offer CDs. For this CD you can choose a term anywhere between 18 and 23 months and the rate you see applies to any term within that range. This gives you excellent flexibility to build a CD ladder month-to-month with an excellent APY.

Credit Human charges a high early withdrawal penalty of 270 days simple interest.

2. Skyla Credit Union

Certificate of Deposit

Member NCUA

APY

4.30%

Term

24 Months

Min. Deposit

$500

Our Rating: 4.5

★★★★

Pros


  • No fees
  • Excellent rate

Cons


  • Early withdrawal penalty
  • $500 deposit requirement

Early Withdrawal Penalty

2% of principal

Min. Opening Balance

$500

The 2-year CD from Skyla Credit Union offers a high interest rate and low deposit requirement. If you have at least $50,000 to deposit, you can open a jumbo CD for an even higher rate.

When you close your CD early, Skyla charges a 2% of principal withdrawal fee. This means you could leave the bank with less money than you started. Bottom line, try to avoid closing your CD early.

3. American First Credit Union via Raisin

American First Credit Union

Certificate of Deposit

Member NCUA

APY

4.50%

Term

24 Months

Min. Deposit

$1

Our Rating: 4.6

★★★★

Pros


  • No fees
  • Excellent rate
  • $1 minimum deposit

Cons


  • Early withdrawal penalty

Early Withdrawal Penalty

365 days of simple interest

Min. Opening Balance

$1

American First Credit Union offers a terrific APY on their 2-year CD via Raisin. The minimum deposit is only $1.

365 days of simple interest is a big early withdrawal penalty. Make sure when you open a 2-year CD with American First Credit Union, emergency cash is available if needed.

4. Prime Alliance Bank

Certificate of Deposit

Member FDIC

APY

4.50%

Term

24 Months

Min. Deposit

$500

Our Rating: 4.7

★★★★

Pros


  • No fees
  • Excellent rate

Cons


  • Requires $500 min. deposit
  • Early withdrawal penalty

Early Withdrawal Penalty

90 days of simple interest

Min. Opening Balance

$500

Prime Alliance Bank ranks very high because it’s strong in all three important categories. High interest rate, low required deposit and best of all, only a 90-day simple interest penalty for early withdrawals.

The 2-year CD is pretty excellent and it’s hard to find a flaw with Prime Alliance here.

5. Marcus by Goldman Sachs

Certificate of Deposit

Member FDIC

APY

4.20%

Term

24 Months

Min. Deposit

$500

Our Rating: 4.5

★★★★

Pros


  • No fees
  • Excellent rate

Cons


  • Early withdrawal penalty
  • $500 deposit requirement

Early Withdrawal Penalty

180 days of simple interest

Min. Opening Balance

$500

Marcus by Goldman Sachs is a terrific online bank and it offers a strong interest rate with just about every other deposit and loan product you can imagine.

Marcus by Goldman Sachs charges an early withdrawal penalty of 180 days simple interest. Close your CD in the first six months and you’ll walk away with principal only.

Highest 2-Year CD Rates by APY

In addition to the CDs we’ve highlighted above, we also track more than 100 other 2-year CD rates. Below you will find them listed in order of highest to lowest.

123 Results

Crescent Bank 24-month CD
Crescent Bank
24-month CD
APY
5.00%
Min
$1,000
Max
-

Luana Savings Bank 24-month Jumbo CD
Luana Savings Bank
24-month Jumbo CD
APY
4.91%
Min
$100,000
Max
-

Colorado Federal Savings Bank 24-month CD
APY
4.80%
Min
$5,000
Max
-

TAB Bank 24-month CD
TAB Bank
24-month CD
APY
4.80%
Min
$1,000
Max
-

TAB Bank 24-month Business CD
TAB Bank
24-month Business CD
APY
4.80%
Min
$1,000
Max
-

NexBank 24-month Standard CD
NexBank
24-month Standard CD
APY
4.80%
Min
$10,000
Max
$25k

First Internet Bank 24-months High Yield CD
First Internet Bank
24-months High Yield CD
APY
4.76%
Min
$1,000
Max
-

Luana Savings Bank 24-month CD
APY
4.76%
Min
$2,000
Max
$100k

Newtek Bank 24-month CD
Newtek Bank
24-month CD
APY
4.75%
Min
$2,500
Max
$250k

Seattle Bank 24-month CD
Seattle Bank
24-month CD
APY
4.75%
Min
$1,000
Max
$220k

Credit Human Federal Credit Union 24-35 month Share Certificate
Credit Human Federal Credit Union
24-35 month Share Certificate
APY
4.75%
Min
$500
Max
-

Popular Direct 24-month CD
Popular Direct
24-month CD
APY
4.70%
Min
$10,000
Max
-

Connexus Credit Union 24-month Jumbo Certificate
Connexus Credit Union
24-month Jumbo Certificate
APY
4.68%
Min
$100,000
Max
-

Bread Bank 2-Year CD
Bread Bank
2-Year CD
APY
4.65%
Min
$1,500
Max
$1,000k

BMO Alto 24-month Online CD
BMO Alto
24-month Online CD
APY
4.65%
Min
-
Max
-

Dow Credit Union 24-month CD
Dow Credit Union
24-month CD
APY
4.65%
Min
$500
Max
-

Connexus Credit Union 24-month Certificate
Connexus Credit Union
24-month Certificate
APY
4.63%
Min
$5,000
Max
-

La Capitol Federal Credit Union 2-Year Super Saver Share Certificate
La Capitol Federal Credit Union
2-Year Super Saver Share Certificate
APY
4.60%
Min
$100,000
Max
-

Fort Liberty Federal Credit Union 24-months Jumbo Share Certificate
Fort Liberty Federal Credit Union
24-months Jumbo Share Certificate
APY
4.60%
Min
$25,000
Max
-

La Capitol Federal Credit Union 2-Year Mega Saver With One-Time Bump
La Capitol Federal Credit Union
2-Year Mega Saver With One-Time Bump
APY
4.55%
Min
$100,000
Max
-

Skyla Credit Union 24-month Jumbo CD
Skyla Credit Union
24-month Jumbo CD
APY
4.55%
Min
$50,000
Max
-

Nelnet Bank 24-month CD via Raisin
Nelnet Bank
24-month CD via Raisin
APY
4.55%
Min
$1
Max
-

Quontic Bank 24-Month CD
Quontic Bank
24-Month CD
APY
4.50%
Min
$500
Max
-

MainStreet Bank 2-Year CD
APY
4.50%
Min
$500
Max
-

USALLIANCE Financial 24-month CD
APY
4.50%
Min
$500
Max
-

La Capitol Federal Credit Union 2-Year Thrifty Saver Share Certificate
La Capitol Federal Credit Union
2-Year Thrifty Saver Share Certificate
APY
4.50%
Min
$1,000
Max
-

American First Credit Union 24-month CD via Raisin
American First Credit Union
24-month CD via Raisin
APY
4.50%
Min
$1
Max
-

America First Credit Union 24-29 months CD
APY
4.50%
Min
$500
Max
-

Fort Liberty Federal Credit Union 24-months Share Certificate
Fort Liberty Federal Credit Union
24-months Share Certificate
APY
4.50%
Min
$500
Max
-

LendingClub Bank, N.A. 2-year CD
APY
4.50%
Min
$2,500
Max
$250k

Bask Bank 24-month CD
Bask Bank
24-month CD
APY
4.50%
Min
$1,000
Max
-

Bayer Heritage Federal Credit Union 24-month CD
APY
4.50%
Min
$100
Max
-

Prime Alliance Bank 24-month CD
APY
4.50%
Min
$500
Max
-

Northern Bank Direct 24-month CD
APY
4.50%
Min
$500
Max
$250k

Alliant Credit Union 24-month Jumbo CD
Alliant Credit Union
24-month Jumbo CD
APY
4.40%
Min
$75,000
Max
-

BMO 24-month Standard CD*
BMO
24-month Standard CD*
APY
4.40%
Min
$1,000
Max
-

America First Credit Union 24-29 months Bump-Rate CD
America First Credit Union
24-29 months Bump-Rate CD
APY
4.35%
Min
$500
Max
-

NASA Federal Credit Union 24-month CD
APY
4.35%
Min
$1,000
Max
-

TotalDirectBank 24-month CD
TotalDirectBank
24-month CD
APY
4.34%
Min
$25,000
Max
-

Ponce Bank 24-month High Yield CD
Ponce Bank
24-month High Yield CD
APY
4.30%
Min
$1,000
Max
-

Alliant Credit Union 24-month CD
APY
4.30%
Min
$1,000
Max
-

EverBank 2-Year CD
EverBank
2-Year CD
APY
4.30%
Min
$1,000
Max
-

Chevron Federal Credit Union 24-months Share Certificate
Chevron Federal Credit Union
24-months Share Certificate
APY
4.30%
Min
$500
Max
-

Chevron Federal Credit Union 24-months Share Certificate
Chevron Federal Credit Union
24-months Share Certificate
APY
4.30%
Min
$50,000
Max
-

Chevron Federal Credit Union 24-months Share Certificate
Chevron Federal Credit Union
24-months Share Certificate
APY
4.30%
Min
$100,000
Max
-

Chevron Federal Credit Union 24-months Share Certificate
Chevron Federal Credit Union
24-months Share Certificate
APY
4.30%
Min
$250,000
Max
-

Spectrum Credit Union 24-months Share Certificate
Spectrum Credit Union
24-months Share Certificate
APY
4.30%
Min
$500
Max
-

Spectrum Credit Union 24-months Share Certificate
Spectrum Credit Union
24-months Share Certificate
APY
4.30%
Min
$50,000
Max
-

Spectrum Credit Union 24-months Share Certificate
Spectrum Credit Union
24-months Share Certificate
APY
4.30%
Min
$100,000
Max
-

Spectrum Credit Union 24-months Share Certificate
Spectrum Credit Union
24-months Share Certificate
APY
4.30%
Min
$250,000
Max
-

Rising Bank 2-Year Jumbo CD
Rising Bank
2-Year Jumbo CD
APY
4.30%
Min
$100,000
Max
-

Skyla Credit Union 24-month CD
APY
4.30%
Min
$500
Max
-

Langley Federal Credit Union 24-month CD
APY
4.25%
Min
$500
Max
-

Rising Bank 2-Year CD
Rising Bank
2-Year CD
APY
4.25%
Min
$1,000
Max
-

NASA Federal Credit Union 24-month Bump Rate CD
NASA Federal Credit Union
24-month Bump Rate CD
APY
4.25%
Min
$1,000
Max
-

Seattle Bank 24-month Bump-Up CD
Seattle Bank
24-month Bump-Up CD
APY
4.20%
Min
$1,000
Max
$220k

Marcus by Goldman Sachs 2-Year CD
APY
4.20%
Min
$500
Max
$1,000k

Synchrony Bank 24-month CD
Synchrony Bank
24-month CD
APY
4.20%
Min
$1
Max
-

Synchrony Bank 24-month IRA CD
Synchrony Bank
24-month IRA CD
APY
4.20%
Min
-
Max
-

United States Senate Federal Credit Union 24-months Plus Jumbo CD
APY
4.18%
Min
$200,000
Max
-

United States Senate Federal Credit Union 24-months Plus Jumbo Business CD
United States Senate Federal Credit Union
24-months Plus Jumbo Business CD
APY
4.18%
Min
$200,000
Max
-

Idabel National Bank 24-Month CD via Raisin
Idabel National Bank
24-Month CD via Raisin
APY
4.15%
Min
$1
Max
-

United States Senate Federal Credit Union 24-months Jumbo CD
APY
4.13%
Min
$100,000
Max
$200k

United States Senate Federal Credit Union 24-months Jumbo Business CD
APY
4.13%
Min
$100,000
Max
$200k

All In Credit Union 24-month CD
APY
4.13%
Min
$1,000
Max
-

United States Senate Federal Credit Union 24-months CD
APY
4.08%
Min
$1,000
Max
$100k

United States Senate Federal Credit Union 24-months Business CD
APY
4.08%
Min
$1,000
Max
$100k

Discover® Bank 24-month High Yield CD
Discover® Bank
24-month High Yield CD
APY
4.00%
Min
$2,500
Max
-

Discover® Bank 24-month IRA CD
Discover® Bank
24-month IRA CD
APY
4.00%
Min
$2,500
Max
-

EverBank 2.5 Year CD
EverBank
2.5 Year CD
APY
4.00%
Min
$1,000
Max
-

American Express Bank 24-Month CD
APY
4.00%
Min
$1
Max
-

Signature Federal Credit Union 24-month CD
APY
4.00%
Min
$500
Max
-

Capital One Bank 360 24-month CD
Capital One Bank
360 24-month CD
APY
4.00%
Min
$1
Max
-

HSBC 24-months Online CD
HSBC
24-months Online CD
APY
4.00%
Min
$1,000
Max
$2,000k

Barclays Bank 24-month CD
Barclays Bank
24-month CD
APY
4.00%
Min
-
Max
-

Virtual Bank 24-month CD
Virtual Bank
24-month CD
APY
3.77%
Min
-
Max
-

Ally Bank 2-Year Raise Your Rate CD
Ally Bank
2-Year Raise Your Rate CD
APY
3.75%
Min
$1
Max
-

Teachers Federal Credit Union 24-month CD
APY
3.75%
Min
$1,000
Max
$100k

Interior Federal Credit Union 24-months
APY
3.66%
Min
$500
Max
-

Synchrony Bank 24-month Bump-Up CD
Synchrony Bank
24-month Bump-Up CD
APY
3.60%
Min
$1
Max
-

XCEL Federal Credit Union 24-months CD
APY
3.50%
Min
$500
Max
-

Credit Union of the Rockies 24-month CD
APY
3.50%
Min
$500
Max
-

Credit Union of the Rockies 24-month Baby-Jumbo CD
Credit Union of the Rockies
24-month Baby-Jumbo CD
APY
3.50%
Min
$50,000
Max
-

MainStreet Bank 2-Year Business CD
MainStreet Bank
2-Year Business CD
APY
3.50%
Min
$500
Max
-

Citizens Access 2-Year Online High Yield CD
Citizens Access
2-Year Online High Yield CD
APY
3.30%
Min
$5,000
Max
-

Magnifi Financial 24 month Boom! CD Youth Account
Magnifi Financial
24 month Boom! CD Youth Account
APY
3.30%
Min
$250
Max
$8k

Magnifi Financial 24-month Jumbo CD
Magnifi Financial
24-month Jumbo CD
APY
3.25%
Min
$150,000
Max
-

Finworth 2-Year CD
Finworth
2-Year CD
APY
3.20%
Min
$50,000
Max
$240k

Magnifi Financial 24-month Jumbo CD
Magnifi Financial
24-month Jumbo CD
APY
3.15%
Min
$100,000
Max
$150k

Magnifi Financial 24-month CD
APY
3.10%
Min
$50,000
Max
$100k

NuVision Credit Union 2-Year Jumbo CD
NuVision Credit Union
2-Year Jumbo CD
APY
3.05%
Min
$100,000
Max
-

Magnifi Financial 24-month CD
APY
3.05%
Min
$25,000
Max
$50k

Liberty Federal Credit Union 2-Year CD
APY
3.00%
Min
$1,000
Max
-

Forbright 24-month Online CD
Forbright
24-month Online CD
APY
3.00%
Min
$1,000
Max
-

NuVision Credit Union 2-Year CD
APY
3.00%
Min
$50,000
Max
-

Magnifi Financial 24-month CD
APY
3.00%
Min
$500
Max
$25k

NuVision Credit Union 2-Year CD
APY
2.95%
Min
$25,000
Max
-

NuVision Credit Union 2-Year CD
APY
2.90%
Min
$1,000
Max
-

Thrivent Credit Union 24-month CD
APY
2.80%
Min
$1,000
Max
-

Affinity Plus Federal Credit Union 24-month CD
APY
2.75%
Min
$500
Max
-

UNIFY Financial Credit Union 24-month Jumbo CD
APY
2.70%
Min
$100,000
Max
-

UNIFY Financial Credit Union 24-month CD
APY
2.55%
Min
$40,000
Max
$54k

Bank Financial 2-Year CD
APY
2.50%
Min
$1,000
Max
-

Bank Financial Goal Setter 2-Year CD
Bank Financial
Goal Setter 2-Year CD
APY
2.50%
Min
$1,000
Max
-

UNIFY Financial Credit Union 24-month CD
APY
2.40%
Min
$100
Max
$54k

BrioDirect 24-month High Yield CD
BrioDirect
24-month High Yield CD
APY
2.30%
Min
$500
Max
-

EverBank 2-Year Business CD
EverBank
2-Year Business CD
APY
2.20%
Min
$1,500
Max
-

Zeal Credit Union 24-months Jumbo CD
Zeal Credit Union
24-months Jumbo CD
APY
2.10%
Min
$100,000
Max
-

Live Oak Bank 2-Year CD
Live Oak Bank
2-Year CD
APY
2.00%
Min
$2,500
Max
$250k

Live Oak Bank 2-Year Business CD
Live Oak Bank
2-Year Business CD
APY
2.00%
Min
$2,500
Max
$250k

Zeal Credit Union 24-months CD
Zeal Credit Union
24-months CD
APY
2.00%
Min
$25,000
Max
$100k

Citibank 2-Year Fixed Rate CD
Citibank
2-Year Fixed Rate CD
APY
2.00%
Min
$500
Max
-

Zeal Credit Union 24-months CD
Zeal Credit Union
24-months CD
APY
1.90%
Min
$1,000
Max
$25k

American Bank 24-month CD
American Bank
24-month CD
APY
1.50%
Min
$500
Max
-

American Bank 24-month Business CD
American Bank
24-month Business CD
APY
1.50%
Min
$500
Max
-

Third Federal Savings & Loan 24-months CD
APY
1.50%
Min
$50
Max
-

American First Credit Union 24-month CD
APY
1.20%
Min
$1,000
Max
-

Continental Bank 2-Year High Yield CD
Continental Bank
2-Year High Yield CD
APY
0.85%
Min
$25,000
Max
-

Bank Financial Goal Setter 2-Year CD
Bank Financial
Goal Setter 2-Year CD
APY
0.75%
Min
$25
Max
$1k

Banesco USA BaneSmart 24-Month CD
Banesco USA
BaneSmart 24-Month CD
APY
0.50%
Min
$1,500
Max
-

ConnectOne Bank 24-month CD
ConnectOne Bank
24-month CD
APY
0.50%
Min
$500
Max
-

CIT Bank 2-Year Term CD
CIT Bank
2-Year Term CD
APY
0.40%
Min
$1,000
Max
-

CIT Bank 2-Year Jumbo CD
CIT Bank
2-Year Jumbo CD
APY
0.40%
Min
$100,000
Max
-

How We Chose the Best 2-Year CDs

When comparing CDs, there are three important things to consider before making your deposit.

  1. Interest Rate (APY) – First and foremost, before opening a CD, you must take into consideration the interest rate. Every CD on our featured list offers an interest rate that falls in the top 5% of all 2-year CDs nationwide. Depending on the amount of money you play to deposit, there may be no tangible difference between a 5.00% APY and a 4.85% APY so there are two additional things we’ve considered.
  2. Early Withdrawal Penalty – 2-year CDs with similar interest rates could differ greatly in their early withdrawal penalties. We’ve considered these penalties when creating our list and made sure that all featured CDs charge equal to or less than one year’s worth of simple interest if you close the CD early.
  3. Minimum Deposit Requirement – Last but not least, we’ve looked at CDs that require a small deposit minimum. It can be frustrating to find a two-year CD with an excellent rate only to learn you need $50,000 to deposit. The smaller the minimum deposit requirement, the better.

Banks we included in our review are as follows: Affirm, Alaska USA Federal Credit Union, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Credit Human Federal Credit Union, Current, Delta Community Credit Union, Discover Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, GO2bank, GreenState Credit Union, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, mph.Bank, Nationwide (by Axos), Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Ponce Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, Skyla Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo, Western Alliance Bank and Zynlo Bank.

Frequently Asked Questions (FAQ)

Is a 2-year CD a Smart Investment?

Adding a two-year CD to your portfolio is almost always a smart idea. This length of CD normally offers a higher APY than that of a savings or money market account. It’s also risk-free with a guaranteed rate so long as you stay under the FDIC insurance maximum.

A two-year CD isn’t a smart investment if you find yourself closing the CD early. If you have any doubt about being able to keep your money locked for two years, find a high-yield savings account that offers liquidity.

Can I Open Multiple CDs at the Same Bank?

Yes. You can choose to open as many CDs as you wish and deposit as much as you want (making sure you always meet the deposit minimum). However, standard FDIC insurance only covers a depositor for up to $250,000 per bank.

If you open a 2-year CD, 4-year CD, and 5-year CD with a bank for $100,000 each, you risk having $50,000 lost should the bank fold. When you plan to open multiple CDs that go over the FDIC insurance limit, make sure you spread the money across banks to keep yourself fully insured.

Final Thought on the Best 2-Year CDs

When I open a CD, I almost always choose one-year and two-year terms. CDs of this length have the benefit of having slightly higher interest rates than savings accounts and your money is not locked up for a very long time.

A two-year CD is a smart investment in most financial situations. Pay close attention to both the interest rate and the early withdrawal penalty, as those two factors are what distinguish good CDs from bad ones.

Author

  • Rob Berger

    Rob Berger is the founder of Dough Roller and the Dough Roller Money Podcast. A former securities law attorney and Forbes deputy editor, Rob is the author of the book Retire Before Mom and Dad. He educates independent investors on his YouTube channel and at RobBerger.com.