New 2-year CD pops to top of our national rankings
We have a new national leader in 2-year CD rates.
VirtualBank raised its return to 1.26% APY on Friday, pushing past the 1.25% APY being offered by Salem Five Direct.
They're among the nationally ranked banks that accept deposits from all 50 states, and that's more than any of them have paid since NexBank offered 1.30% APY way back on May 7.
For many savers, that's as good as it gets right now.
If you want to earn more, you've got to find a community bank or credit union that's offering a better rate to its local customers or members.
Down in Corpus Christi, for example, the Gulf Coast Federal Credit Union leads our local rankings by paying Texas savers 1.75% APY with just a $500 minimum deposit.
Those deals are out there — but they're not everywhere.
TOP 2-YEAR CD RATES: Local Deals
|Gulf Coast Federal Credit Union||1.75%||Texas||http://www.ccgcfcu.com/|
|Montauk Credit Union||1.50%||New York||http://montauk-cu.com/|
|Valley Green Bank||1.50%||Pennsylvania||https://www.valleygreenbank.com/|
|Doral Bank||1.45%||New York||http://www.doralbank.com/|
|LOMTO Federal Credit Union||1.45%||New York||http://www.lomto.org/|
|Leader Bank||1.40%||Maine, Massachusetts, New Hampshire, Rhode Island||https://www.leaderbank.com/|
|NavyArmy Community Credit Union||1.40%||Texas||http://www.navyarmyccu.com/|
|GPO Federal Credit Union||1.36%||Washington, D.C.||http://www.gpofcu.com/|
|Security First Credit Union||1.36%||Texas||http://www.securityfirstcu.com/website/|
|Freedom Bank||1.35%||New Jersey||http://www.freedombanknj.com/|
|Coastal Community and Teachers Credit Union||1.34%||Texas||http://www.ccatcu.com/ASP/home.asp|
|Department of Commerce Federal Credit Union||1.30%||Washington, D.C.||https://www.docfcu.org/|
|Industrial Credit Union||1.30%||Massachusetts||http://www.icu.org/|
|Navigator Credit Union||1.30%||Alabama, Mississippi||https://www.navigatorcu.org/|
(Do you know of a great local deal where you live? Please share that info by placing a comment on this story.)
If you can't find a great local rate near you, consider one of the banks offering the best nationally available rates.
TOP 2-YEAR CD RATES: Nationally Available Bank Deals
|Salem Five Direct||1.25%||$10,000|
|GE Capital Retail||1.15%||$25,000|
|Hudson City Savings||1.15%||$2,500|
To qualify for this list, a bank must allow savers from all 50 states to buy its certificates of deposit online or through the mail.
Our CD calculator will help you figure out the interest you'll earn, for any term, amount and interest rate.
TOP 2-YEAR CD RATES: About The Banks
|Bank||Description||URL||VirtualBank||The online division of Sabadell United Bank, which has 23 branches in Florida and is owned by Banco Sabadell, Spain's fourth-largest bank.||www.virtualbank.com|
|Salem Five Direct||The online division of Salem 5 Bank, which has 23 branches just north of Boston.||www.salemfivedirect.com|
|CIT Bank||The online consumer bank of CIT Group Inc., which offers financing to small businesses and middle-market companies.||www.bankoncit.com|
|AloStar Bank of Commerce||An online bank based in Birmingham, Ala., formerly known as Nexity Bank||retail.alostarbank.com|
|GE Capital Bank||One of two online banks, each with its own FDIC insurance, that are subsidiaries of GE Capital Corp., the financial services unit of the manufacturing giant||gecapitalbank.com|
|GE Capital Retail Bank||The other bank that's a subsidiary of GE Capital Corp.||banking.gecrb.com|
|Hudson City Savings Bank||A regional bank with 130 branches in New Jersey, New York and Connecticut.||www.hcsbonline.com|
|Barclays||The online American operation of the worldwide British bank with more than $2 trillion in assets.||www.banking.barclaysus.com|
|BAC Florida Bank||A community bank with one location in Coral Gables that sells its products nationally through My e-BAnC||www.bacflorida.com|
|Nationwide Bank||An online bank owned by Nationwide Mutual Insurance Co. and its affiliates.||www.nationwide.com|
|Palladian PrivateBank||An online division of The PrivateBank and Trust Co., which has 34 branches in nine states.||www.palladianprivatebank.com|
|Ally Bank||An online bank based in Charlotte, N.C.||www.ally.com|
|California First National Bank||An online bank owned by the same company that runs California First Leasing Corp., which finances all sorts of high-tech business equipment.||www.calfirst.com|
Let me give you one other option to consider.
Melrose Credit Union (www.melrosecu.org) has a single office in the Briarwood neighborhood of the New York City borough of Queens.
It allows anyone to join, no matter where they live or work, with a $1 membership fee and $25 deposit in a savings account.
Once those formalities are taken care of, members earn some of the best returns in the nation, including 1.41% APY on 2-year CDs with a $5,000 minimum deposit.
Contributing editor Darci Swisher contributed to this report.
Mitch Strohm on Google Plus.