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The national average APY (Annual Percentage Yield) on a 2-year CD is 1.58% APY, but many banks pay significantly higher rates.
The best rate on a 2-year CD available nationwide is 5.00% APY available at USALLIANCE Federal Credit Union.
We check rates daily to find the best 2-year CD rates today. Read below for our top picks to compare 2-year CD rates.
The Best 2-Year CDs
- USALLIANCE Financial 2 Year Certificate: 5.00% APY
- Lafayette Federal Credit Union 2 Year Certificate: 4.78% APY
- Bask Bank 2 Year CD: 4.75% APY
- Credit Human 2 Year Share Certificate: 4.70% APY
- TAB Bank 2 Year CD: 4.65% APY
- First Internet Bank of Indiana 2 Year CD: 4.61% APY
- Popular Direct 2 Year CD: 4.60% APY
- MYSB Direct 2 Year CD: 4.60% APY
- BMO Alto 2 Year High Yield CD: 4.55% APY
- First National Bank of America 2 Year CD: 4.51% APY
Calculate Your Estimated 2-Year CD Earnings
Compare the Best 2-Year CDs
Our top picks for 2-year CDs include some online banks and credit unions. The online banks and credit unions we've listed have competitive rates that are available nationwide.
USALLIANCE Financial 2 Year Certificate
Start saving
On USALLIANCE Financial's website
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
5.00%
Minimum Opening Deposit
$500
Pros
- High interest rate
- Low minimum opening deposit
- Variety of CD terms available at the financial institution
Cons
- Standard-to-high early withdrawal penalties
Product Details
- 9 branches in MA, CT, NY and NJ
- To join USALLIANCE Financial you must 1) live in a select area in MA, CT, NJ, or NY 2) work for a select employment group or 3) become a member of the American Consumer Council, Arco of Westchester, Tread Lightly! or the Council of Community Services
- Terms range from 3 months to 60 months
- Early withdrawal penalties: 180 days of interest on the amount withdrawn for CD terms of less than 18 months: 360 days of interest for terms of 18 months or longer
- Interest compounded daily and deposited monthly
- Federally insured by the NCUA
Lafayette Federal Credit Union 2 Year Certificate
Start saving
On Lafayette Federal Credit Union's website
Insider’s Rating
3.75/5
Annual Percentage Yield (APY)
4.78%
Minimum Opening Deposit
$500
Pros
- High APY
- $500 minimum opening deposit
- Standard CD terms
Cons
- Standard-to-high early withdrawal penalties
- Interest compounded quarterly, not daily
Product Details
- 8 Financial Service Centers in parts of Maryland, Virginia, and Washington, DC
- Access to 5,000 shared-credit union branches and 30,000 surcharge-free ATMs nationwide
- To become a member of Lafayette Federal Credit Union, you must meet one of the following requirements: live, work, or worship in Potomac, MD, or parts of Washington, DC; work at a Select Employer Group; become a member of the Home Ownership Financial Literacy Council regardless of where you live in the U.S.; become a member of the American Consumer Council and live in Maryland, Virginia, or Washington, DC; or have a family member with credit union membership
- Fixed-rate certificates ranged from 7 months to 5 years
- Interest compounded and paid quarterly
- Early withdrawal penalties: 90 days of interest for a 7-month term; 180 days of interest for a 1-year term; 270 days of interest for a 2-year term; 360 days of interest for a 3-year term; 480 days of interest for a 4-year term; 600 days of interest for a 5-year term
- Federally insured by the NCUA
Bask Bank 2 Year CD
Start saving
Bask Bank, FDIC Insured.
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
4.75%
Minimum Opening Deposit
$1,000
Pros
- Competitive interest rate on CDs
Cons
- $1,000 minimum opening deposit
Bask Bank 2 Year CD review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Early withdrawal penalties: For terms 1 year and under, the penalty is 90 days of simple interest; For any terms over 1 year, the penalty is 180 days of simple interest
- Interest compounded daily, deposited monthly
- FDIC insured through Texas Capital Bank
TAB Bank 2 Year CD
Start saving
On TAB Bank's website
Annual Percentage Yield (APY)
4.65%
Minimum Opening Deposit
$1,000
Pros
- Competitive APY
- Low-to-standard early withdrawal penalties
- Choose to keep accumulated interest in CD, receive a check, or transfer to another TAB account
Cons
- No terms under 6 months or over 5 years
- $1,000 minimum deposit
TAB Bank 2 Year CD review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Terms from 1 year to 5 years
- Early withdrawal penalties are as follows: 90 days interest for terms of 12 months, 180 days interest for terms over 12 months
- Interest compounds daily to maximize earnings
- FDIC insured
First Internet Bank of Indiana 2 Year CD
Start saving
On First Internet Bank of Indiana's website
Insider’s Rating
4/5
Annual Percentage Yield (APY)
4.61%
Minimum Opening Deposit
$1,000
Pros
- Competitive APY
- Standard early withdrawal penalties
Cons
- $1,000 opening deposit
- Interest is compounded monthly, not daily
First Internet Bank of Indiana 2 Year Certificate of Deposit review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Terms ranging from 3 months to 5 years
- 90 days interest early withdrawal penalty for 3-month term; 180 days interest for 6-18 month term; 365 days interest for 24-60 month term
- Interest is compounded monthly and paid monthly
- Member FDIC
Popular Direct 2 Year CD
Start saving
Popular Direct, FDIC Insured.
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
4.60%
Minimum Opening Deposit
$10,000
Pros
- Competitive rates for certain term lengths
- Compounds interest daily
Cons
- $10,000 minimum deposit
- Standard-to-high early withdrawal penalties
Popular Direct CD review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Early withdrawal penalties: 365 days simple interest for terms of 36 months to less than 60 months
- Interest compounded daily, paid monthly
- FDIC insured
MYSB Direct 2 Year CD
Start saving
M.Y. Safra Bank, FDIC Insured.
Insider’s Rating
3.5/5
Annual Percentage Yield (APY)
4.60%
Minimum Opening Deposit
$500
Pros
- High interest rate
- $500 minimum opening deposit
- Low early withdrawal penalties
Cons
- Interest compounded monthly, not daily
Product Details
- NY-based financial institution that serves customers nationwide
- Early withdrawal penalties 90 days of interest
- Interest compounded and deposited monthly
- FDIC insured
BMO Alto 2 Year High Yield CD
BMO Bank N.A. Member FDIC
Annual Percentage Yield (APY)
4.55%
Minimum Opening Deposit
$0
Pros
- Low minimum opening deposit
- High interest rates
- Standard-to-low early withdrawal penalties
Cons
- Limited term lengths
- Cannot go to BMO branches for support
- No mobile app
Insider’s Take
BMO is a great choice if you want a free savings or checking account. It also offers impressive checking account bonuses. But you'll want to look elsewhere to earn high interest rates.
BMO Alto 2 Year High Yield CD review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- BMO Alto is an online-only division of BMO
- Terms range from 6 months to 60 months
- Early withdrawal penalties: For terms of 11 months or less, the penalty is 90 days of interest; For terms of 1 year or more, the penalty is 180 days of interest
- Interest is compounded daily and deposited monthly
- FDIC insured
First National Bank of America 2 Year CD
Start saving
on FNBA's website. Member FDIC.
Insider’s Rating
4/5
Annual Percentage Yield (APY)
4.51%
Minimum Opening Deposit
$1,000
Pros
- Competitive APY
- Term lengths up to 84 months
Cons
- $1,000 opening deposit
- High early withdrawal penalties
- No term lengths under 12 months
First National Bank of America 2 Year CD review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- 3 branches in Michigan: East Lansing, Grand Rapids, and Traverse City
- You can open CDs in a branch; if you don't live in Michigan, you can open CDs online
- Term lengths ranging from 12 to 84 months
- 180 days interest for terms of 12-23 months, 360 days interest for terms of 24-47 months, 540 days interest for terms of 48 to 84 months
- Interest compounded daily, paid quarterly
- FDIC insured
Two-Year CD Reviews
Choosing a CD term will likely depend on the timeline of your goals. A 2-year CD might be a good choice if you can keep money in an account for at least two years. If you're also interested in other CD terms, check out our overall best CD rates guide.
These are our picks for the best 2-year CD rates. Our top picks for CDs are protected by FDIC or NCUA insurance. If you are worried about a bank failing, keep in mind money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
USALLIANCE Financial 2 Year Certificate
A 2-year USALLIANCE Financial certificate is a solid choice if you want a share certificate from a credit union. It pays a high 2-year CD rate and has a low minimum opening deposit.
You can join USALLIANCE Financial if you 1) live in a select area in Massachusetts, Connecticut, New Jersey, or New York, 2) work for a select employment group, or 3) become a member of the American Consumer Council, Arco of Westchester, Tread Lightly!, or the Council of Community Services.
The early withdrawal penalties at USALLIANCE Financial are a bit higher than other financial institutions. You can also only open a CD if you qualify for membership at the credit union.
APY for 2-year CD: 5.00% APY
2-year CD early withdrawal penalty: 360 days of interest
Lafayette Federal Credit Union 2 Year Certificate
Lafayette Federal Credit Union pays a competitive interest rate on a 2-year term.
You may join Lafayette Federal Credit Union regardless of where you live in the United States by becoming a member of the Home Ownership Financial Literacy Council. You're also eligible for membership if you live, work, or worship in Potomac, Maryland, or parts of Washington, DC; work at a Select Employer Group; become a member of the American Consumer Council and live in Maryland, Virginia, or Washington, DC, or have a family member with credit union membership.
APY for 2-year CD: 4.78% APY
2-year CD early withdrawal penalty: 270 days of interest
Bask Bank 2 Year CD
Bask Bank offers good CD rates overall, including its 2-year term. You also might like Bask Bank if you're interested in a high-yield savings account.
Bask Bank has limited CD terms. If you're looking to open a CD with a term over 2 years, you might prefer another institution.
APY for 2-year CD: 4.75% APY
2-year CD early withdrawal penalty: 180 days simple interest
Bask Bank Review
Credit Human 2 Year Share Certificate
Credit Human Federal Credit Union has competitive CD rates overall, especially on its 2-year term.
You must become a credit union member before opening a share certificate. You may join Credit Human from anywhere in the U.S. if you become a member of the American Consumer Council. Credit Human also has other ways to become a member: You'll be eligible to join if you live in a service area in San Antonio, Texas, or New Orleans, Louisiana, or if you work for a partner employer or organization.
APY for 2-year CD: 4.70% APY
2-year CD early withdrawal penalty: Credit Human does not list early withdrawal penalties for its 2-year terms online.
TAB Bank 2 Year CD
A TAB Bank CD is a great option if you're searching for a high rate on a 2-year term.
If you're interested in opening CDs with terms that are 3 years or longer, you might consider other online banks. TAB Bank long-term CD rates aren't as competitive as its short-term options.
APY for 2-year CD: 4.65% APY
2-year CD early withdrawal penalty: 180 days of interest
TAB Bank Review
First Internet Bank of Indiana 2 Year CD
A 2-year First Internet Bank of Indiana CD pays a higher interest rate than most brick-and-mortar and online banks.
First Internet Bank of Indiana also might be appealing if you're looking for a money market account.
First Internet Bank of Indiana compounds your interest monthly, not daily. Depending on how much money is in your CD, this may or may not make a significant difference. You can also find a bank that charges less for an early withdrawal from a 2-year CD.
APY for 2-year CD: 4.61% APY
2-year CD early withdrawal penalty: 360 days of interest
First Internet Bank of Indiana Review
Popular Direct 2 Year CD
Popular Direct CDs pay a solid interest rate for a 2-year term. Its other terms also pay well above average CD rates.
You'll need at least $10,000, though. This is steep compared to other banks on our list.
APY for 2-year CD: 4.60% APY
2-year CD early withdrawal penalty: 270 days of interest
Popular Direct Review
MYSB Direct 2 Year CD
The MYSB Direct 2-year CD might be a good choice if you're comfortable with a fully online banking experience. MYSB Direct has a variety of CDs with high interest rates, so if you're interested in opening multiple CDs, it may be a good choice for you. It also has a low minimum opening deposit of $500
The bank compounds interest monthly, not daily. Depending on how much money you plan to keep in a CD, this may or may not make a significant difference.
Interest for a 2-year CD: 4.60% APY
2-year CD early withdrawal penalty: 90 days of interest
BMO Alto 2 Year High Yield CD
BMO Alto, the online division of BMO Bank, offers strong rates on its 2-year CD. It also pays great rates on other terms.
BMO Alto lets you open an account with $0. You'll need to deposit funds in the first 10 days or your account will be closed, though.
You might prefer another bank if you're also looking to open a checking or money market account. BMO Alto only offers a high-yield savings account and CDs.
APY for 2-year CD: 4.55% APY
2-year CD early withdrawal penalty: 270 days of interest
BMO Alto Savings and CD Accounts
First National Bank of America 2 Year CD
First National Bank of America CDs are available online from anywhere in the United States. You also might like First National Bank of America if you live in Lansing, Grand Rapids, or Traverse City, Michigan. It has branches in these cities.
The bank offers one of the best 5-year CD rates along with its high rate for a 2-year CD.
First National Bank of America has steep early withdrawal penalties for most terms. You might prefer one of the other options on our list if you are worried about CD early withdrawal penalties.
APY for 2-year CD: 4.51% APY
2-year CD early withdrawal penalty: 360 days of interest
First National Bank of America Review
Bank Trustworthiness and BBB Ratings
We review the ethics of each company, so you can see if a specific financial institution aligns with your values.
We've compared each bank's Better Business Bureau score. The BBB grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. A good BBB rating doesn't necessarily mean that your relationship with the bank will be perfect.
We also include the settlement history of the last three years so you're aware of any recent public controversies involving the bank.
Here is each company's score:
Institution | BBB grade |
USALLIANCE Financial | D- |
Lafayette Federal Credit Union | A+ |
Bask Bank | B |
Credit Human Federal Credit Union | A |
TAB Bank | A |
First Internet Bank of Indiana | A+ |
Popular Direct | A+ (rating from parent company, Popular Bank) |
M.Y. Safra Bank | NR |
BMO Alto | A+ (rating from parent company, BMO Bank N.A.) |
First National Bank of America | A+ |
USALLIANCE Financial received a D- rating from the BBB because it has failed to respond to several complaints.
Bask Bank has a B rating from the BBB because of the number of customer complaints against the bank.
Credit Human received an A rating from the BBB because it has a few customer complaints that haven't been resolved.
The Better Business Bureau gives TAB Bank an A rating because government action has been taken against the bank.
MYSB Direct doesn't have a BBB page at all. Its parent bank, M.Y.Safra Bank, has an NR rating from the BBB because the BBB doesn't have enough information about it.
In 2022, TAB Bank entered an Assurance of Discontinuance with the State of Iowa. According to the settlement, the State of Iowa accused TAB Bank of charging Iowa residents more than the permitted maximum APR for consumer installment loans. The bank has stopped making consumer installment loans to Iowa residents and can resume if it provides a 30-day notice to the state and follow the state code.
In 2023, the Federal Reserve Board required Popular Bank to pay a $2.3 million fine, claiming it processed Payment Protection Program loans even though potential instances of fraud were detected and not reporting the potential fraud in a timely manner.
In 2022, the U.S. Department of Treasury's Office of Foreign Assets Control also required Banco Popular de Puerto Rico — the Popular Bank's Puerto Rico locations — to pay over $255,000 in a settlement that accused the bank of violating Venezuela Sanctions Regulations when processing transactions with two Venezuelan government employees.
What Influences the Best 2-Year CD Rates
Economic Conditions
Banks and credit unions have to respond to market fluctuations when setting their rates. For example, if rates are raising, banks will have to raise their rates as well in order to stay competitive. And when rates lower, banks can lower their own rates and still make a profit.
Fed Actions and Interest Rate Outlook
If you're wondering what the Federal Reserve is, also called "the Fed," it's the central banking system of the U.S. Multiple times a year, the Fed meets to set its own interest rates. When it announces the changes it makes, most financial institutions follow suit.
Individual Institution Rates
What rate you can get differs from bank to bank and credit union to credit union. The worst banks for CDs will offer rates as low as 0.01%, while the best banks for CDs can go over 5% annual percentage yield. When shopping for 2-year CDs, make sure to compare banks' rates and look for 2-year CD specials.
Should You Invest in a 2-Year CD?
Whether you should invest in a 2-year CD or not largely depends on what you're hoping to get from a CD. If you're purely interested in the highest interest rate, short-term CDs are offering better rates than long-term CDs right now.
If you're interested in locking in a high rate for a while without committing to a five-year CD, a 2-year CD might be a good choice for you. You also might like a 2-year CD if you're saving up for something that you know will happen in two years, such as if you're planning on buying a house in two years.
2-Year CD FAQs
Who has the highest paying 2-year CD right now?
The best 2-year CD rate available around the U.S. is 5.00% APY from USALLIANCE Federal Credit Union.
Are 2-year CDs worth it?
A 2-year CD may be worthwhile if you have a specific savings goal with a timeframe of 2 years and you do not need immediate access to your money. Some 2-year CD rates are as high as 5% APY. Keep in mind that traditional CDs and variable-rate CDs do not allow additional deposits and involve a penalty if you take out any money before a CD term ends.
What is a 2-year CD?
A 2-year traditional CD is a savings vehicle offered by banks and credit unions that typically pays a fixed rate over time. You cannot access your money before the 24 months is up without paying a penalty. You have the option to renew your CD at the end of the 2-year period, or close the account and pocket the money.
Are 2-year CD rates generally a "sweet spot" between higher returns and flexibility?
The best CD term length will likely depend on how soon you plan to need the money and which term pays the highest rate. Right now, short-term CDs offer higher rates because people expect the Fed to lower rates this year. Going with a longer-term CD might let you lock in a rate before it drops, though. A 2-year CD might let you lock in a higher rate while still getting a strong rate now.
How much difference in rates is typical between a 1-year and 2-year CD?
The difference between 2-year CD rates vs 1-year CD rates will differ depending on financial institution and market changes. Right now, you can generally expect 1-year CD rates to be higher than 2-year CD rates.
Should I always choose the absolute highest 2-year CD rate?
While high rates are important when choosing 2-year CDs, it's likely you'll want to consider other factors as well, such as minimum opening deposits, early withdrawal penalties, and limits on how much you can earn.
Are there special types of 2-year CDs?
Yes, there are special CDs that have 2-year term lengths. Examples are bump-up CDs that let you raise your CD rate during the term if your financial institutions' rates go up or no-penalty CDs that don't have any early withdrawal penalties.
What's the best way to track 2-year CD rate trends?
Reading about the CD rate forecast for the year can help you keep an eye on how 2-year CD rates are trending.
Why You Should Trust Us: Experts' Advice on Choosing the Best 2-Year CD
We consulted four banking and financial planning experts to inform these picks and provide their advice on finding the best place to keep your money.
- Tania Brown, CFP, vice president of coaching strategy at OfColor
- Sophia Acevedo, banking editor, Business Insider
- Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life"
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
Here's their insight about CDs.
How can someone choose between all of the available banks and credit unions?
First of all, you want a bank that is FDIC-insured (or a credit union that is NCUA-insured). Then, consider your own priorities: Are you looking for an in-person banking experience? Do you need a high-tech mobile app? Do you write checks? Are you looking for a high interest rate? Will you meet the requirements to waive any monthly maintenance fees?
There are plenty of banks and credit unions that offer good rates and useful products, but the best one for you will come down to how it fits your needs.
How should you choose a term length for a CD?
When you put money in a CD, you want to have two things: a plan for how you will use that money, and a timeline for when you'll do it. Once you know when you'll spend it, take a look at rates for terms that are near your planned timeline, and choose the CD with the best rate.
When you can put money in high-yield savings account, money market account, or CD, how do you choose between them?
While all three options pay somewhat similar rates, the difference comes down to how you plan to interact with that money over time. If you need access to it in the next few months or years, that means you can't use a CD (or at least not one that spans however many months or years). Money market accounts tend to offer more account accessibility — several offer paper checks, ATM cards, or debit cards — while high-yield savings accounts are a good place to leave your money alone, knowing you can access it if needed.
Methodology: How We Selected the Best 2-Year CDs
At Business Insider, our goal is to create helpful reviews, guides, and explainers so that you can make good decisions about your money. We recognize every person has distinct preferences, so we provide ample options to help you find the most suitable financial product or account.
First, we researched to find over two dozen banks and credit unions that offered 2-year CDs. Then, we reviewed each institution to find the most-well rounded banking options. For each account, we compared the minimum opening deposits, early withdrawal penalties, and interest rates. We also considered the overall banking experience at each bank by assessing customer support availability, mobile app ratings, and ethics.
See ourbank account methodology to learn more about how we rate CDs.
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
Personal Finance Insider editorial fellow
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceKit has spent their career making complicated concepts more accessible to the average person. As a tutor in math and reading comprehension after college, they melded the certainty of numbers with the flexibility of words, a skill that has served them in the personal finance field since.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.ExpertiseTheir expertise includes:
- Certificates of deposit
- Savings accounts
- Checking accounts
- CD rates
- Bank reviews
EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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