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Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

As of October 2022, the national average APY on a 2-year CD is 0.64%, according to the FDIC. However, select online banks and credit unions pay over 3.50% APY on 2-year CDs.

Read below for our top picks for 2-year CDs.

Compare our top picks for 2-year CDs

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Competitive interest rate

Editor’s rating

3.75/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Competitive interest rate

Editor’s rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

No minimum opening deposit required

Editor’s rating

4.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Competitive interest rate

Editor’s rating

4.25/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Competitive interest rate

Editor’s rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Competitive interest rate

Editor’s rating

4/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star


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On Quorum Federal Credit Union’s website


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On First National Bank of America’s website


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On First Internet Bank of Indiana’s website

Bread Savings High-Yield CD


Annual Percentage Yield (APY)

3.60% to 4.25% APY


Minimum Deposit Amount

$1,500

Bread Savings Bread Savings High-Yield CD

Bread Savings High-Yield CD


Annual Percentage Yield (APY)

3.60% to 4.25% APY


Minimum Deposit Amount

$1,500

On Bread Savings’s website


Annual Percentage Yield (APY)

3.60% to 4.25% APY


Minimum Deposit Amount

$1,500

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Why it stands out: Bread Savings pays high rates on CDs and charges reasonable early withdrawal penalties.

APY for 2-year CD: 3.75% APY

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

What to look out for: Bread Savings requires at least $1,500 to open a CD. This is a bit higher than what most banks would typically require.

Crescent Bank Crescent Bank CD


Annual Percentage Yield (APY)

0.50% to 4.20% APY


Minimum Deposit Amount

$1,000

Crescent Bank Crescent Bank CD


Annual Percentage Yield (APY)

0.50% to 4.20% APY


Minimum Deposit Amount

$1,000

On Crescent Bank’s website


Annual Percentage Yield (APY)

0.50% to 4.20% APY


Minimum Deposit Amount

$1,000

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Why it stands out: Crescent Bank has online CDs with competitive interest rates. You may open an online Crescent CD from anywhere in the US as long as you are a US citizen and over the age of 18.

APY for 2-year CD: 3.75% APY

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

What to look out for: Crescent Bank has a $1,000 minimum opening deposit. Some of our other top picks let you open an a CD with less money upfront.

Synchrony Synchrony CD


Annual Percentage Yield (APY)

1.75% APY to 3.81% APY


Minimum Deposit Amount

$0

Synchrony Synchrony CD


Annual Percentage Yield (APY)

1.75% APY to 3.81% APY


Minimum Deposit Amount

$0


Annual Percentage Yield (APY)

1.75% APY to 3.81% APY


Minimum Deposit Amount

$0

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Why it stands out: Synchrony is offering one of the highest rates on 2-year CD rights now. There’s also a $0 minimum opening deposit.

APY for 2-year CD: 3.71% APY

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

What to look out for: You’ll want to consider whether you have a preference on how you’ll withdraw money from a CD. At Synchrony, you must call customer service to cash out your CD. 

Quorum Federal Credit Union Term Savings


Annual Percentage Yield (APY)

1.20% to 4.10% APY


Minimum Deposit Amount

$1,000

Quorum Federal Credit Union Term Savings


Annual Percentage Yield (APY)

1.20% to 4.10% APY


Minimum Deposit Amount

$1,000

On Quorum Federal Credit Union’s website


Annual Percentage Yield (APY)

1.20% to 4.10% APY


Minimum Deposit Amount

$1,000

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Why it stands out: Quorum Federal Credit Union offers term accounts (also called share certificates), which work similarly to CDs. The credit union’s 2-year CDs notably stand out because of the competitive interest rates. You’ll also earn an additional 0.10% APY if you have an account balance over $100,000.

APY for 2-year CD: 3.60% to 3.70% APY

2-year CD early withdrawal penalty: 2% of the amount withdrawn

What to look out for: Credit unions require you to be a member to open an account. At Quorum, you or a family member must work for a Select Employee Group on this list, or you must join the American Consumer Council or Select Savers Club.

First National Bank of America First National Bank of America Certificate of Deposit

First National Bank of America Certificate of Deposit


Annual Percentage Yield (APY)

3.55% to 3.75% APY


Minimum Deposit Amount

$1,000

First National Bank of America First National Bank of America Certificate of Deposit

First National Bank of America Certificate of Deposit


Annual Percentage Yield (APY)

3.55% to 3.75% APY


Minimum Deposit Amount

$1,000

On First National Bank of America’s website


Annual Percentage Yield (APY)

3.55% to 3.75% APY


Minimum Deposit Amount

$1,000

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Why it stands out: First National Bank of America’s main strength is its competitive interest rates. 

APY for 2-year CD: 3.60% APY

2-year CD early withdrawal penalty: 360 days interest

What to look out for: Some of our other top picks charge less to take out funds before your CD matures. If you’re worried about needing to withdraw money early, consider one of the options on our list or a no-penalty CD.

First Internet Bank of Indiana First Internet Bank of Indiana Certificate of Deposit

First Internet Bank of Indiana Certificate of Deposit


Annual Percentage Yield (APY)

1.00% to 3.66% APY


Minimum Deposit Amount

$1,000

First Internet Bank of Indiana First Internet Bank of Indiana Certificate of Deposit

First Internet Bank of Indiana Certificate of Deposit


Annual Percentage Yield (APY)

1.00% to 3.66% APY


Minimum Deposit Amount

$1,000

On First Internet Bank of Indiana’s website


Annual Percentage Yield (APY)

1.00% to 3.66% APY


Minimum Deposit Amount

$1,000

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Why it stands out: First Internet Bank of Indiana offers a high interest rate on its 2-year CD. 

APY for 2-year CD: 3.51% APY

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

What to look out for: First Internet Bank of Indiana has high early withdrawal penalties. If you find that the early withdrawal penalties are too steep, you might prefer one of our other top picks.

Other 2-year CDs we considered

We looked at the following 2-year CDs as well. These CDs ultimately weren’t chosen among our top picks because they may have lower rates than our winners, higher minimum opening deposits, or more substantial early withdrawal penalties.

You might find some of these options appealing though, depending on your preferences.

Bank trustworthiness and BBB ratings

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. Here is each company’s score:

A good BBB rating doesn’t necessarily mean that your relationship with the bank will be perfect. Talk to current customers or read online customer reviews to get a more well-rounded perspective about whether the bank may be ideal for you.

One bank on our list has been involved in a recent public controversy. In July 2022, the BBB opened an investigation into Bread Financial because it received customer complaints stating they could not access Comenity credit card accounts.

According to the BBB website, Bread Financial said that due to its rebranding and software system, an upgrade was preventing customers from accessing their accounts. Bread Savings posted an FAQ on their website to explain the situation. The BBB has reached out again to see how the company will address customer issues, and will update Comenity Bank’s profile once it has more information.

Why trust our recommendations?

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

Frequently asked questions

With a 2-year CD, you stash away your money for 24 months and typically earn a fixed rate. You have the option to renew your CD at the end of the 2-year period, or close the account and pocket the money.

If you open a 2-year CD at 3.50% APY, you’ll earn 3.50% for the entire period. If you renew your CD after it matures, you’ll earn the new rate available in two years.

There are exceptions to the fixed-rate rule. Some institutions offer variable-rate CDs or CDs that allow your rate to change after a predetermined amount of time.

Your choice will likely depend on how soon you plan to need the money and which term pays the highest rate. 

Going for a shorter term gives you the opportunity to get a better APY if rates are up in a year or two. With a 3-year or 5-year CD, you could miss out on higher rates. But on the other hand, you could avoid lower rates with a 3-year or 5-year term if rates drop later.

Many experts recommend CD laddering. With this strategy, you open multiple CDs with different term lengths so you can take advantage of higher rates with longer terms, but also access some of your money earlier. For instance, you might open 1-year, 2-year, and 4-year CDs at the same time, which means you’ll get some of your money back in one year, then more in two years, then more in four years.

The choice between a 2-year CD and high-yield savings account will depend on several factors.

First, a bank typically pays a higher rate for a 2-year CD than for a high-yield savings account. However, that’s not always the case, and the rates can be pretty close.

A 2-year CD locks in your rate for the entire term. If rates are dropping, this could make the CD a better choice, because your savings account APY could decrease throughout the two-year period. If rates are rising, the savings account might be a better fit, because your rate could go up.

It also depends on when you’ll need to access your money. You should be able to access funds from your savings account regularly — but if you need access to money from your 2-year CD before it matures, then you’ll have to pay a fee.

You can also continuously add money to your savings account, whereas most CDs block you from making additional deposits after opening the account.

You may prefer a money market account over a CD if you want quick access to your money. With a CD, you’re putting your money in an account, and if you withdraw money before the term ends you’ll usually face an early withdrawal penalty. Money market accounts do not have early withdrawal penalties.

Many banks require higher deposits for money market accounts than CDs, which could affect your decision. It’s also good to remember that you can add more funds to your money market account over time, while a CD typically only allows an opening deposit.

CDs aren’t generally considered investments the same way something like an index fund, which puts your money into the stock market, is. Instead, a CD is typically viewed as a type of savings account, and your potential for losses and gains — your risk — is much more limited. Because the stock market is risky, experts generally don’t advise investing money you’ll need in the next five years. In the case of a stock market drop, you wouldn’t have time to make up your losses.

If you need to access your money in a couple of years and want a guaranteed rate of return, a 2-year CD is a better choice than a different type of investment account. 

If you’re comfortable parting with your money for longer and want to take more risk with your money, then you may want to invest in the stock market. One way to do this is through brokerage accounts, which are useful tools to build long-term wealth, but can’t guarantee a given return like a CD can.

There is such a thing as an IRA CD, which is sort of a combo savings/investment account. It’s a safe investment tool that may be a worthwhile option for people who are close to retirement age.



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