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The Best 2-Year CD Rates in 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

hen it comes to saving and growing your money, you want to make sure you’re doing it efficiently. This is especially true if you’re building a CD ladder, where every component should be optimized for your savings goals. CD ladders are typically built from accounts that mature within a year of each other. For many savers, that means finding the best 1-year CD rates, the best 2-year CD rates, the best 3-year CD rates, and so on.

To help you find the best 2-year CD rates, we sifted through data from DepositAccounts.com, a LendingTree-owned site. To start, we sorted by highest APY on 2-year CDs. We also took into consideration the minimum deposit requirement for each account.

The 10 best 2-year CD rates in 2019

InstitutionAPYMinimum deposit amount
Interior Federal Credit Union2.37%$500
Nationwide by Axos Bank2.90%$500
First National Bank of America2.75%$1,000
MapleMark Bank2.75%$25,000
TotalDirectBank2.60%$25,000
Georgia Banking Company2.80%$500
MAC Federal Credit Union2.80%$1,000
First Internet Bank2.73%$1,000
MainStreet Bank2.75%$500
Allegacy Federal Credit Union2.75%$1,000

Interior Federal Credit Union — 2.37%, $500 minimum deposit

You can take advantage of the highest 2-year CD rate on the market when you open an Interior FCU Certificate with a minimum deposit of just $500. Early withdrawal penalties from this 24-months account will depend on how much you’re taking out and how far along in the term you are.

Interior Federal Credit Union was founded in 1935. Interior FCU membership is open to Department of the Interior employees, contractors and volunteers; National Parks volunteers; and employees and volunteers of select groups. You may also join through the New Mexico Wildlife Federation.

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Nationwide by Axos Bank — 2.90%, $500 minimum deposit

The highest CD rate offered at Nationwide by Axos Bank is on its 24-month CD. You just need $500 to start saving. The early withdrawal penalty on this account equals 12 months’ worth of interest.

Nationwide by Axos Bank gives Nationwide members access to Axos Bank’s banking products and services. Axos Bank was founded in 2000. It is entirely digital, meaning there are no branches.

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First National Bank of America — 2.75% APY, $1,000 minimum deposit

First National Bank of America offers a wide range of CD terms from one to 84 months, each with a competitive rates. These CDs require a starting minimum deposit of at least $1,000.

First National Bank of America first opened in 1955 and is based in Michigan, with three branches in the state in addition to its headquarters.

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MapleMark Bank — 2.75% APY, $25,000 minimum deposit

To snag MapleMark Bank’s high 24 Months CD rate, you’ll need to deposit at least $25,000. If that’s too high, you can deposit $1,00 instead, but your money will grow at a much lower rate.

Founded in 1909, MapleMark Bank has a presence in Texas and Oklahoma with one branch in each state.

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TotalDirectBank — 2.60% APY, $25,000 minimum deposit

TotalDirectBank also requires a high deposit of $25,000 to open a CD, including its high-yield 24-month CD. Its early withdrawal penalty will equal six months of simple interest earned, based on a 360-day year.

TotalDirectBank operates entirely online. It’s a division of City National Bank of Florida which has a 70-year history.

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Georgia Banking Company — 2.80% APY, $500 minimum deposit

With its low minimum deposit of $500 and its high interest rate, Georgia Banking Company’s 2 Year Certificate can boost just about anyone’s savings. Just be careful about the early withdrawal penalty, which will set your savings back by six months’ worth of interest.

Georgia Banking Company was founded in 1998. In addition to the bank’s two Atlanta-area branches, you can easily access your accounts online, on mobile and over the phone.

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MAC Federal Credit Union — 2.80% APY, $1,000 minimum deposit

Get started with a MAC Federal Credit Union 24 Months CD with at least $1,000. The penalty for an early withdrawal will equal 90 days’ worth of dividends.

Based in Alaska and chartered in 1952, MAC FCU has two branded branches, but also offers customers access to Shared Branches through the CO-OP Network. MAC FCU membership is open to Fairbanks North Star Borough residents, businesses and other individuals and legal entities, members of AUSA Polar Bear Chapter and current members’ immediate family.

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First Internet Bank — 2.73% APY, $1,000 minimum deposit

First Internet Bank offers competitive rates across the board, and its 24-month CD is no different. The CD earns at a competitive rate on balances of $1,000 and over. If you make an early withdrawal from this account, First Internet Bank will assess a penalty of 360 days’ worth of interest.

True to its name, First Internet Bank was the first FDIC-insured institution to operate solely online when it was founded in 1999. In addition to online, you can also access your accounts on mobile.

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MainStreet Bank — 2.75% APY, $500 minimum deposit

You can open a Main Street Bank 2 Year CD with an opening deposit of at least $1,000 to start growing your money at its great rate. Just watch out for early withdrawals, as they’ll trigger a penalty equal to 180 days interest on the amount withdrawn.

Founded in 2004, MainStreet Bank has six locations in Virginia, including its headquarters. Customers can also access Allpoint ATMs for free.

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Allegacy Federal Credit Union — 2.75% APY, $1,000 minimum deposit

Allegacy Federal Credit Union’s 24-Month Online-Only Certificate offers the chance to earn at a higher rate than the credit union’s typical CD rates. It requires a slightly higher, but still reasonable, deposit of $1,000. The penalty of an early withdrawal will set your savings back 180 days’ worth of dividends.

Established in 1967, Allegacy Federal Credit Union is headquartered in Winston Salem, N.C. and maintains 16 financial centers in the state.

Allegacy membership is open to members and employees of select communities, companies, employers and associations. If you’re already a member, your family and members of your household may also be eligible for membership.

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The best 2-year CD rates vs. the national average 2-year CD rate

As we’ve said, the key to maximizing your savings is finding the right accounts for stashing your money with the highest CD rates. Luckily, the best 2-year CD rates above all earn at substantially higher interest rates than the average 2-year CD rate. On average, 2-year CD rates earn just 1.64% APY, as of July 2019.

Let’s say you deposit $5,000 into a CD earning at the national average. At the end of your 24-month CD, you’ll have earned just under $170 in interest ($169.82, if you’re wondering). Boost that APY to 3.00%, and your earned interest grows to $309.17, a much better return on your cash.

It’s also helpful to check out how often a bank compounds interest. Most often, you’ll see CDs with monthly or daily compounding interest. In basic terms, compounded interest is the interest you earn on already-earned interest. For example, with daily compounding, your balance earns interest today. Then tomorrow, that new, higher balance will earn even more interest, and so on. It’s a simple change that can grow your savings a little bit more efficiently.

Using the above example, a $5,000 deposit into a 24-month CD grows by $309 with interest compounded daily. If you compound it monthly, you’ll earn $308 instead, while quarterly compounding drops that amount by nearly another dollar, and so on. While that might not seem like much, it can prove useful if you’re looking to maximize your savings down to every last dollar.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

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Best Savings Account Bonus Offers

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

There’s no shortage of checking account bonus offers, with everyone from small local banks to the big household names offering hundreds of dollars to new customers. Banks know it’s hard to get you to leave your old bank, especially when you’re comfortable with the accounts you have. But what better way to entice you than with a big cash bonus?

You’ll find these bonus offers attached to more checking accounts than savings accounts. After all, checking accounts are a crucial part to banking, as they allow you to easily access your money for purchases and transfers.

That’s not to say there aren’t any opportunities to earn money with a new savings account. We’ve found five of the best savings account bonus offers as of the date of publishing. It’s easy to go straight for the highest amount, but pay attention to the bank and the account you’re getting ready to open. Make sure it’s a bank you actually want to do business with.

Further, double check that you’ll be happy with the new account for months to come. It can take months to meet the offer requirements and even longer to actually receive the bonus. If there’s a monthly fee on the account, you could be stuck paying that unnecessary fee, especially if you can’t meet the balance requirements to waive it. You may not even be happy with the interest rate on the account, which might make the savings account bonus offer not entirely worth it.

The 5 best savings account bonus offers in 2019

Methodology

To find the best savings account bonus offers, we looked for the highest bonus amounts offered. Below, you’ll find the five biggest bonus offers on savings accounts being offered. Offers are current as of this publication date and we will update the article periodically to show the freshest ranking.

Citi — $500 bonus with $15,000 minimum deposit

Offer ends 6/30/2019

Offer rules: You must be a new Citibank customer and open a Citibank Account Package, which includes a checking and savings account. Within 30 days of opening these accounts, you must deposit at least $15,000 in either of these two accounts with money new to Citibank, and maintain a minimum balance across both accounts of $15,000 for 60 days.

After meeting the above requirements, you’ll get $400 in bonus money deposited into your checking account (or savings account if you’ve closed the checking account). If you make at least two ACH deposits into the checking account portion of the Account Package within 60 days of opening the account, you’ll receive an additional $100.

Who’s eligible: You must be a new customer to Citibank and enroll in the bank’s “$400/$500 Checking and Savings Offer” either in person, over the phone, or online.

Account details: There’s a $25 monthly maintenance fee, which you can avoid be keeping a minimum of $10,00 deposited across both accounts (which you’ll want to do anyone in order to qualify for the bonus, which requires a minimum of $15,000). You may not want a checking account and are free to close it, but keep in mind in order to get the $100 bonus (to bring the total amount to $500) you need to make the ACH deposits into a checking account, not a savings account.

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Discover — $200 bonus with $25,000 minimum deposit

Offer ends 8/5/2019

Offer rules:Discover customers can benefit from a $200 bonus by opening a Discover Online Savings account for the first time by August 5, 2019, which is the same date this offer ends. You’ll then need to deposit at least $25,000 into the account by August 19, 2019.

If you can’t meet that minimum amount, you can earn a $150 bonus instead by depositing at least $15,000 into the new account by August 19, 2019.

The bonus will be credited to your account by September 2, 2019.

Who’s eligible: You must be a new Discover savings customer to qualify for this savings account bonus offer. You must not have had a savings account that was co-branded or an affinity account provided by Discover either.

You can apply for the offer with the code “MM719” either online or by phone.

Account details: Discover’s Online Savings Account earns at a competitive interest rate of 2.10% on all balances. There are no fees associated with this account. Keep in mind that the bonus is considered interest and will be reported on a 1099-INT form.

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Chase — $150/$350 bonus with $10,000 minimum deposit

Offer ends 7/15/2019

Offer rules: In another bonus offer from Chase, you can get $150 when you open a new Chase Savings account. You’ll need to deposit at least $10,000 in new money (not previously held with Chase or its affiliates) within 20 business days and maintain at least that minimum balance for 90 days.

Want to do more banking with Chase and open a Chase Total Checking account, too? Opening both a new checking and savings account can get you a $350 bonus, as long as you follow the above savings account rules and set up direct deposit on your new checking account.

Who’s eligible: You’re eligible for the Chase Savings account bonus offer if you are not already a Chase savings customer. You also cannot have had an account that was closed within 90 days or with a negative balance.

If you close this new savings account within six months after opening, Chase will deduct the bonus amount from the account at closing.

Account details: The Chase Savings account earns interest at a nominal rate of 0.01% APY, which isn’t ideal for savings growth. There is a $5 monthly fee on the account. You can waive the fee with one of the following, each statement period:

  • A daily balance of at least $300
  • At least one repeating automatic transfer of $25 or more from your personal Chase checking account or Chase Liquid® Card
  • An account owner who is younger than 18
  • Linking this account to a Chase Premier Plus Checking, Chase Sapphire Checking or Chase Private Client Checking account

You could also face a $5 fee for each excessive transaction you make over the six-transfer limit per statement cycle.

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BBVA — $100 bonus with $10,000 minimum deposit

Offer ends 8/31/2019

Offer rules: You can earn the $100 bonus by opening a new BBVA Money Market Account and bringing the balance to at least $10,000 by August 31 and maintaining that so you have at least that much in the account on November 30.

Who’s eligible: This bonus offer is available to residents of all states except Alabama, Alaska, Arizona, California, Colorado, Florida, Hawaii and Texas.

Further, you must be a new BBVA consumer money market account customer who has not had a BBVA money market account or received a money market account cash bonus in the past 12 months.

Account details: The BBVA Money Market Account earns interest at a competitive rate of 2.50% APY on balances $10,000 and over. Any balances below that will still earn at the solid rate of 2.00% APY.

There is a $15 monthly Service Charge that you can waive by maintaining an account balance of at least $10,000 or with an automatic recurring $25 monthly transfer from a BBVA checking account.

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Associated Bank — $100 bonus with $10,000 minimum deposit

Offer ends 12/31/2019

Offer rules: Opening a new Associated Bank Money Market account can get you a $100 bonus. You’ll need to deposit at least $10,000 in new money (held outside Associated Bank) at opening and maintain at least that much in the account for 90 days to receive the bonus.

The bonus will be paid within 120 days of account opening if you meet the requirements. The account must be open at that time. You must also keep the account open for at least 12 months.

Who’s eligible: You can redeem this offer online or by taking a coupon sent via email to an Associated Bank branch. This offer is limited to one per household. Households who have or have had an Associated Bank Money Market account within the last six months do not qualify. You must be 18 years or older to apply for the bonus. If you close the new account within 12 months of opening, Associated Bank can deduct the bonus amount from your funds at closing.

Account details: The Associated Bank Money Market account is a true money market account, with the ability to write convenience checks and access Associated Bank and MoneyPass ATMs. It earns interest, too, between 0.05% and 1.00% APY. You can earn at higher rates by having a higher balance and a qualifying Associated checking account.

The money market account does charge a $16 fee, which you can waive by maintaining a $1,000 minimum balance.

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How do these accounts compare to the best online savings accounts?

When looking for the best online savings accounts, you won’t find much overlap here. Bonus offers tend to come from brick-and-mortar banks, as incentives for you to place your deposits with them.

Online banks still win by and large. But don’t let these financial carrots mislead you into thinking they are the best on the market — many of the best accounts are being offered by online banks these days. Online accounts tend to have the highest interest rates and the lowest fees — what more could you want? That’s why you’ll find most sign-up bonuses being offered by brick-and-mortar banks.

Know the pros and cons. You should figure out whether it’s worth it for you to open a new account with a traditional bank just for a bonus offer. Don’t forget, you can’t open a new account for a bonus offer and close it immediately. Qualifying for and receiving the bonus takes months. You could even lose your bonus offer if you close the account too soon. Plus, a savings account bonus offer is a short-term boost in savings, rather than the ongoing growth of a high-yield account. It won’t help your savings situation if your new account charges a monthly fee that you can’t waive, either.

Factor in fees. If you do desperately want to snag a couple hundred dollars by opening a new account, make sure you won’t be paying a monthly fee for the months you have the account. That way, you won’t lose any of that bonus right off the bat. Again, double check the account’s closing terms to ensure you won’t lose the bonus at closing, either. It’s also important to be able to meet the account’s minimum balance requirements. It may not make sense for you to keep $10,000 in a low-earning account just to earn a $200 bonus, for example.

Do the math. Let’s say you do deposit and maintain $10,000 in a new savings account that has an interest rate of 0.01%, which is typical of brick-and-mortar savings accounts. After a year, you’ll have earned $1 in interest. Add that to your $200 bonus and you can add a whopping $201 to your savings. Now, if you were to forgo the bonus offer and deposit your $10,000 into a high-yield savings account with a 2.25% APY, you’ll earn just over $227 after a year (with monthly compounding) — a better savings boost than the savings account bonus offer.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

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