Most of the big name banks (correction… ALL of the big name banks) aren’t offering any great rates for 24 month CD’s currently. In fact if you have been keeping tabs on the CD (certificate of deposit) world over the past several months you will likely have noticed that the current 2 year CD rates are far below the interest rates that 6 month CD’s were yielding just 5 months ago! So where can you go to find the highest yielding 24 month CD’s?

First, I would check with your current bank or credit union especially if you do your banking with a smaller local bank. After revewing some of the past comments BankVibe readers have left regarding CD rate hunting, I have noticed that some readers suggest talking with their community bank representatives. If you have been a loyal customer of your bank for several years then consider finding a competitive 24 month CD rate offered by another financial institution and simply see if your bank can match it. They may say no, but it doesn’t hurt to ask.

Here are two noteable 24 month CD rates offered by smaller institutions:

Progress Bank of Florida – 2 year CD with a yield of 3.15% APY

First Republic Bank of California – 2 year CD with a yield of 3.25% APY

24 month CD’s may be optimal investment vehicles for our current economic condition as it allows you to safely secure your funds in a federally insured deposit while allowing you the flexibility to take advantage of more lucrative investment opportunties should they arise in the near future. If you believe our economy is headed for a quicker come back than 2 years than you may want to look into 6 month CD’s or 12 month CD’s although the rates found with these are nothing short of pathetic.

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