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Best 2-Year CD Rates

Top Banks and Credit Unions Offering the Best Rates for 2-Year CDs

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Two-year CDs typically earn a competitive annual percentage yield, so they may be a good option for someone saving money for an event or purchase that’s two years out, like a down payment for a house or maybe a wedding.

We review more than 150 banks and credit unions to find the best rates available nationwide for 2-year CDs. We track APYs and re-order and re-evaluate the list every weekday. All accounts are available to the public and are insured by either the Federal Deposit Insurance Corp. or the National Credit Union Administration.

For this list, we considered products that lock in deposits for 21 to 29 months and chose the best. Our rankings are based primarily on the best APY, but in the case of a tie, we look at the CD with the shortest term, and then the lowest minimum deposit required to earn the APY. From there, we compare the penalties for early withdrawal.

Scroll down for the best CD rates for 2-year terms available as of March 30, 2023.

Best 2-Year CD Rates

Bank or Credit Union APY Minimum Deposit Early Withdrawal Penalty
Credit Human (24–35 months) 5.50% $500 270 days of interest ($50 minimum)
Langley Federal Credit Union (22 months) 5.35% $500 6 months of interest
North American Savings Bank 5.13% $5,000 6 months of interest minimum (complex formula; exercise caution)
Crescent Bank 5.10% $1,000 6 months of interest
Bread Savings 5.10% $1,500 6 months of interest
Pen Air Federal Credit Union (28 months) 5.05% $500 6 months of interest
Patelco Credit Union (18–23 months) 5.00% $250 3 months of interest
Sallie Mae Bank 4.95% $2,500 6 months of interest
USAlliance Financial 4.85% $500 12 months of interest
Chartway Credit Union (23 months) 4.75% $500 6 months of interest

Credit Human

Credit Human was formed in San Antonio, Texas, in 1935 to serve members of the National Federation of Federal Employees Local #28 union. It took the name Credit Human in 2016.

Membership is available nationwide to anyone who joins the American Consumer Council, and Credit Human agrees to pay the fee to join the ACC.

The credit union has several branches throughout Texas, but members nationwide can access their accounts through online banking, a mobile app, or through CO-OP's shared branching network. Credit Human is not part of a fee-free ATM network.

Langley Federal Credit Union

Langley Federal Credit Union was created in 1936 by 25 employees of the National Advisory Committee for Aeronautics (NACA). It offers checking, savings, and money market accounts, loans, CDs, and business accounts. The CDs come in 3-month to 5-year terms, and the minimum required deposit amount increases as the term length increases. It’s easy to become a member of the credit union and open a CD or other account: Just open and make a $5 starter deposit to a savings account.

Listed rates are only for Active Rewards members, which requires monthly activity in a checking account, a Langley loan or credit card, and choosing electronic statements over paper statements. Rates are 0.10% lower for those without Active Rewards status.

North American Savings Bank

With a name like “North American Savings Bank,” you’d expect this Kansas City, Missouri-based bank to offer good rates on CDs, and it does. This bank has been around since the 1920s and today it has over $2 billion in assets. If you’re looking for a full-service bank that can also provide you with checking accounts, savings accounts, and other products, North American Savings Bank might be a good choice for you. You may want to skip it though if you want easy ATM access and are not local to the bank—it only operates 50 ATMs scattered near its headquarters. You must keep at least $50 in savings, too.

Crescent Bank

Crescent Bank opened in New Orleans in 1991 as City Bank & Trust before changing its name to Crescent Bank & Trust before eventually dropping the "& Trust." The bank focused heavily on auto loans during its early years, but it also offers a full menu of banking options including CDs, checking accounts, savings accounts, money market accounts, and more.

The bank has three branches in Louisiana, including its main location in New Orleans. Those who don't live near a branch can open and manage their accounts online.

Bread Savings

Bread Savings is part of Bread Financial, an FDIC-insured institution formerly known as Alliance Data Systems. Bread Savings offers savings accounts and CDs, while Bread Financial also offers lending options under the name Bread Loans in addition to multiple credit cards.

Bread has no brick-and-mortar locations, but customers can manage their accounts online or via a mobile app for Android and Apple devices.

Pen Air Federal Credit Union

Founded in 1936, Pen Air Federal Credit Union is the largest and oldest local credit union in Pensacola, Florida. Though there are only 15 locations in Northwest Florida and Southeast Alabama, there are more than 114,000 members nationwide.

In addition to CDs ranging in terms from three months to five years, Pen Air also offers personal and business savings and checking accounts, along with various other types of accounts and lending products.

It may be easier to join Pen Air Federal than some of the other credit unions on this list, as all you need is to join the Friends of Navy Marine Corps Relief Society if you don’t have the other affiliations listed on the Pen Air website. There’s no fee to join because Pen Air will make a $1 donation to the organization for you. You’ll also need to make a $25 deposit in a savings account to join.

Patelco Credit Union

Founded in 1936, Patelco Credit Union has multiple branches throughout Sacramento, San Francisco, and San Jose in California. Membership to the credit union is available to anyone nationwide who joins the Financial Fitness Association. Patelco will pay for your first year of membership to FFA, and it is $8 annually after that.

In addition to CDs, Patelco offers a full range of banking services, including checking, savings, and money market accounts, as well as loans, investment services, and more.

For those who do not live near one of Patelco's branches, banking can be done online or through its app, available for both Android and Apple devices.

Sallie Mae Bank

Sallie Mae made its name in the student loan business, but it also operates an online bank as well. It’s quite impressive in size, actually, with more than $31 billion in assets as of August 2020. Its online bank offers only savings and CD accounts, however, so you’ll still need to get your everyday checking account elsewhere.

USAlliance Financial

USAlliance Financial is a credit union that began in 1966 by serving employees of IBM, but it has since expanded eligibility to employees of American Express and PepsiCo as well as to members of many organizations such as the American Society of Composers, Authors, and Publishers, the Aircraft Owners and Pilots Association, the New York Historical Society, and Tread Lightly.

Additionally, the credit union serves multiple neighborhoods and communities throughout New York, Massachusetts, Connecticut, and New Jersey, along with members and employees of many houses of worship, colleges, and universities.

Membership is available nationwide by joining one of several national organizations provided as options on the membership application. USAF will cover the cost of joining. You’ll also need to open either a checking or savings account and deposit at least $1.

Chartway Credit Union

Chartway Credit Union began in 1959 as NorVA N.A.S. Federal Credit Union, serving civilian and military personnel at Norfolk Naval Air Station in Norfolk, Virginia. It has expanded to Texas and Utah and took its current name in 1996. Anyone nationwide can become a member by donating $10 to the Chartway Promise Foundation, which serves children facing medical hardships.

Accounts can be managed online or via an app for Android and Apple devices.

What Is a 2-Year CD?

If you’re looking for a fixed interest rate product to help grow your savings, a certificate of deposit (CD)—also known as a share certificate at credit unions—can provide more favorable and predictable earnings than you’d get in a regular savings account. The catch is that account holders have to make the deposit and leave it untouched for a set term. With a 2-year CD, you must leave your deposit untouched for two years. At the end of the term, the full interest that accrued is added to the original deposit. You may then make a withdrawal within a specified window or decide to renew or open a new CD. 

If you don’t want to tie up your money for a full 24 months, you may be able to select a shorter-term CD or certificate product at another bank or credit union. Terms may range from 21 to 29 months, which may better suit your financial goals.

Who Is a 2-Year CD Best For?

A 2-year CD is appropriate for anyone who wants to put a chunk of savings to work for them. Since the APY is fixed and can be higher than what you’d get with a savings account, you can calculate exactly how much you’ll earn. 

Be mindful that you can’t touch that money for the full 2-year term without being penalized and losing part of the interest you’ve earned. 

Some scenarios that might be a good fit for a 2-year CD include if you’re saving up for a large purchase like a home or bucket-list trip. The CD may help ensure that you won’t spend that money, plus give you a few more bucks on top of the principal balance.

While longer-term CDs usually have higher APYs, a 2-year term offers a sweet spot in which you’re earning good rates but don’t have to give up access to your funds for a longer period of time. It’s also a product to consider if you’re using a CD ladder strategy, in which you purchase CDs of varying lengths so as not to lock down all of your money in a single long-term account.

What Are the Alternatives to a 2-Year CD?

For a short-term savings strategy, a 2-year CD may be a good solution (assuming two years isn’t too far off for you). Before opening any type of account that essentially ties up your assets, it’s smart to consider your personal finance goals and whether you can live without access to those funds for a set period of time.

If you’re leaning toward a CD, look at APYs and other terms to decide if a shorter or longer-term might work better for you. Shorter-term CDs allow you to touch your money again sooner but may not earn as much as their long-term siblings.

If the thought of tying up your money stresses you out, an online savings account may be a better fit. Some APYs are in line or close to what you’ll find among 2-year CD APYs. However, just note that savings account rates are variable, so you don’t have that fixed-rate assurance. On the other hand, if you don’t have the discipline to stay away from dipping into a savings account, a CD might help.

If you prefer instant account access, we have partnered with the following banks to bring you the high-yield savings and money market account offers displayed in the table.

the accumulation of capital, the collection of money via a 2-year CD

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