13 best 2-year CD rates right now

When it comes to earning more interest on the money in your savings, there are no shortages of options right now. Not only do high-yield savings accounts offer interest rates that are significantly higher than they were just a few years ago, but so do lots of other interest-bearing account options, like money market accounts and certificates of deposit (CDs). In fact, it's easy to find high-yield savings accounts and CDs offering rates that are well above 5% currently. But while you have lots of options for earning interest on your money, not all of the options are a good fit for every saver. 

For example, high-yield savings accounts may offer some of the top rates available today, but those rates are variable, meaning that they can change when the overall rate environment changes. And, given all of the unknowns with the current economy — like inflation, which ticked back up unexpectedly in December — it's likely there will be changes at some point in the near future. That could be favorable for savers if rates increase, but if rates fall, you'll earn less with this type of account.

That isn't the case with CDs, though. When you open a CD, you agree to keep your money in the account for the full CD term in exchange for a fixed rate, so future rate changes won't impact your earnings during that term. But not every saver is ready to commit to a long-term CD — which is where 2-year CDs come in. These types of CDs offer high rates and a term that may be more favorable compared to a 5-year or 10-year CD. If you're going to open a 2-year CD, though, it's important to make sure you get the best rate possible on your money.

Find out the top CD rates available to you here.

13 best 2-year CD rates right now

If you're looking for a CD that offers a longer term but aren't ready to commit to leaving your money in the account for several years, the following 2-year CDs could be worth considering:

• Dover FCU 2-year CD — 5.39% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to 180 days of interest
• Digital FCU 23-month CD — 5.39% APY: Note: This CD is technically a 23-month CD, not a 24-month CD. The minimum opening deposit amount on this CD is $25,000; the early withdrawal penalty is equal to 90 days of interest
• Amboy Direct 2-year CD — 5.38% APY: The minimum opening deposit amount on this CD is $25,000; the early withdrawal penalty is equal to 180 days of interest
• Pelican State Credit Union 2-year CD — 5.27% APY: The minimum opening deposit amount on this CD is $10,000; the early withdrawal penalty is equal to nine months of interest
• Monesty 2-year CD — 5.27% APY: The minimum opening deposit amount on this CD is $500; an early withdrawal penalty may apply for accessing funds in this account prior to maturity
• Signature Federal Credit Union 2-year CD — 5.25% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to 12 months of interest
• Magnifi Financial 23-month CD — 5.25% APY: Note: This CD is technically a 23-month CD, not a 24-month CD. The minimum opening deposit amount on this CD is $2,500; the early withdrawal penalty is equal to 180 days of dividends
• Library of Congress FCU 2-year CD — 5.25% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to 180 days of interest
• Xcel FCU 2-year CD — 5.25% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to 180 days of interest
• Department of Commerce FCU 23-month CD — 5.24% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to 180 days of interest
• Lafayette FCU 2-year CD — 5.20% APY: The minimum opening deposit amount on this CD is $500; the early withdrawal penalty is equal to 270 days of interest
• United States Senate FCU 2-year CD — 5.18% APY: The minimum opening deposit amount on this CD is $1,000; the early withdrawal penalty is equal to 120 days of interest
• Credit Human 23-month CD – 5.10% APY: Note: This CD is technically a 23-month CD, not a 24-month CD. The minimum opening deposit amount on this CD is $500; an early withdrawal penalty may apply for accessing funds in this account prior to maturity

Explore today's best CD options online here.

The bottom line

You have lots of options for maximizing the returns on your savings — but 2-year CDs are one of the top options worth considering right now. There are lots of benefits to locking in a top CD rate right now, and when 2-year CDs are offering the types of rates you can get right now, it's easy to rake in the high returns without much effort. As with any type of financial account, though, just make sure to find the one that works best for your needs and goals. Otherwise, you could be facing some hefty early withdrawal fees — and that would have a big impact on your overall earnings potential.