The average rate found on the highest two year bank CDs available nationally has moved up slightly in the month of June compared with the same time period in the month of May.  While savers and CD investors are not likely to pop the champagne corks over the rate change, the rate increase was less than one basis point, small gains are better than the no gains or, even further rate reductions.  One basis point is equal to 1/100th of a percent.

The average rate on the top ten best two year CDs was up on the month by 5/1000ths of a percent.  The one half of a basis point increase pushed the average two year rate to 1.192% from 1.187% in the previous month.

While the average rate on the top ten highest two tear certificates moved modestly higher, the top banks in the survey wee unchanged from one month to the next.  The highest two year CD rate on the market remains at VirtualBank with a rate of 1.26%.  VirtualBank requires a minimum deposit of $10,000.00 to open an account and obtain that rate. 

Salem Five Direct held on from last month with the second highest two year CD rate.  The Salem Five Direct CD is just one basis point behind Virtual at 1.25%.  Salem Five Direct is an online division of Salem Five Cents Savings Bank, a Massachusetts based bank.  Salem Five CDs also require a deposit of $10,000.00.

Four banks offer the third highest CD rate available nationally.  GE Capital Bank, CIT Bank, CalFirst Bank, and Bank5 Connect all offer two year CD accounts with 1.20% rates of return.  The deposit requirements at these banks are quite varied.  GE Capital Bank has a min deposit requirement of $500.00, CIT Bank requires depositor place $25,000.00 into an account to get the CD yield, CalFirst CDs need a $5,000.00 deposit, and Bank5 Connect wants $500.00 as a minimum balance to open and obtain the Annual Percentage Yield (APY).

The bank and bank CD rate information presented may have changed since this publication date.  Check with the banks directly for the most up to date and accurate information as well as any additional terms and conditions.

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