Tennessee Bank Boosts 24-Month CD Rates

Tennessee Commerce Bank has increased the return on its 24-month CDs to 2.50% APY from 2.20% APY the past couple of weeks.

Although it only has one office in Franklin, Tenn., the bank accepts out-of-state deposits, allows accounts to be opened online and imposes a modest $2,500 minimum deposit.

We’ve written about Tennessee Commerce before and don’t recall any negative comments about its service.

The increase puts Tennessee Commerce near the top of our rankings for the best, nationally-available 24-month CD rates.

Only one bank has a better deal: Frontier Bank, which has more than 40 branches in Washington and Oregon, is paying 2.60% APY with a $500 minimum deposit, or 2.70% with a $50,000 minimum deposit.

That’s about a point higher than the national average for 24-month CDs.

You can use our extensive database of CD rates to compare these offers with the best deals from scores of banks.

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