New 2-year CD pops to top of our national rankings

Piggy bank in dollar bills

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

Bank/Credit Union (APY) State Contact
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/

Click here to search Bankrate's database of CD rates to see if you can find a similar deal near you. Or check out the latest local deals on Bankaholic.com.

(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

Bank APY Minimum Deposit
VirtualBank 1.26% $10,000
Salem Five Direct 1.25% $10,000
CIT Bank 1.20% $25,000
AloStar 1.15% $1,000
GE Capital 1.15% $500
GE Capital Retail 1.15% $25,000
Hudson City Savings 1.15% $2,500
Barclays 1.15% No minimum
BAC Florida 1.11% $5,000
Nationwide Bank 1.10% $500
Palladian PrivateBank 1.10% $10,000
Ally 1.10% No minimum
CalFirst 1.10% $5,000

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

Still thinking?

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.