KeyDirect is offering a 23-month CD with a yield of 4.50% APY. The minimum deposit is $5,000.
The CD disclosure is avaialable at the bottom of their Certificate of Deposit page. According to this disclosure, the 23-month CD has an early withdrawal penalty of 6 months of interest. The penalty jumps up to 9 months of interest for terms of 24 months.
The CDs may be opened online at KeyDirect for people who live in 37 states and in DC which don't have KeyBank branches (see bottom of their CD overview page). In the other states, you have to open CDs through Key Bank. KeyBank is based in Cleveland, Ohio and has been FDIC insured since 1956 (FDIC Certificate # 17534).
For those who want to stick with a financially healthy bank, KeyBank should be a reasonable choice. BauerFinancial gives them 4 stars (excellent) based on 3/31/08 data. For a term around 24-months, the next best choice is Indymac's 24-month CD special with a yield of 4.20% APY. However, Indymac doesn't come close to KeyBank in terms of financial health.