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The best 2-year CD rates for August 2020

Added 07-31-20 12:14:02pm EST - “In most cases, you'll lock in the best 2-year CD rates for the full term. You can snag higher APYs with longer terms, but 2-year CDs have their perks.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “The best 2-year CD rates for August 2020”. Below is an excerpt from the article.

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

If you want to grow your money but keep it safe from the turbulence of the stock market, a certificate of deposit (CD) may be a good option. 

Right now, the best 2-year CD rates are around 1.10%. You can snag a higher APY with longer CD terms, but 2-year CDs have their perks.

You'll likely earn a higher APY on a 2-year CD than with a 1-year CD, and you won't have to part with your money for as long as you would with a longer term. Two-year terms provide a nice balance of a good rate and a relatively short length of time.

Why it stands out: Delta Community Credit Union pays competitive rates, and if you need to withdraw funds before your CD matures, its penalties are lower than what most institutions charge. 

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