Bank Of America Cd Rates
Bank of America has surpassed 1 million users on Erica, its AI-driven virtual assistant in financial services, available in its mobile banking app Popular Products Bank of America 5 Year CD Rates. 10/7 - First National Bank of America 12-Month CD Offers 2.45% APY 8/24 - First National Bank of America's Long-Term CDs Still Rate Leaders 8/8 - FNBA Reduces Rates 7/11 - First National Bank Of America Reduces Several CD Rates 6/12 - Lower Rate On 60 Month Cd 5/17 - Cd Rate Drop On One And Five Year Cd.
© WAYHOME studio/Shutterstock A woman researches online.Among having some of the highest CD rates in the market, TAB Bank CDs also include essential features, such as a low minimum deposit and a wide array of terms, from six months to five years. How Bank of America CDs Rates Compare to Other Banks. As you can see below, Bank of America CD rates doesn’t even come close to the rates of other banks, namely online banks like Marcus by Goldman Sachs and Ally Bank. Ally’s one-year CD 0.75% APY outperforms Bank of America’s 0.03% substantially. Bank CD accounts offer steady interest rates to fit your savings goals. Open a certificate of deposit (CD) account. Bank of America Private Bank is a division of.
Bank of America offers a range of certificates of deposit that could help you grow your savings with a well-known brand. While the minimum deposit to open a standard CD at B of A is low, there is a trade-off: The yields offered on Bank of America’s CDs are relatively low compared to other banks' offerings.
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Bank of America earned 2.4 out of 5 stars in Bankrate’s review across its deposit products. Its CDs earned a 2.6 rating.
Bank of America CD rates
B of A offers two kinds of CD account types: featured CDs and fixed term CDs. Featured CDs offer a higher APY but require a higher balance. Fixed term CDs offer lower APYs but have a lower minimum deposit requirement.
Let's take a closer look at the CDs that Bank of America has to offer. Note: These rates are for southeast Florida residents and could vary by state.
| Account | Term | Interest rate | APY | Minimum deposit |
| Featured CD | 7 months | 0.05% | 0.05% | $10,000 |
| Featured CD | 10 months | 0.05% | 0.05% | $10,000 |
| Featured CD | 13 months | 0.05% | 0.05% | $10,000 |
| Featured CD | 25 months | 0.05% | 0.05% | $10,000 |
| Featured CD | 37 months | 0.05% | 0.05% | $10,000 |
| Fixed Term CD | 28-179 days* | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 6-11 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 12-17 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 18-23 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 24-35 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 36-47 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 48-59 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 60-119 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 120 months | 0.03% | 0.03% | $1,000 |
Note: The APYs (Annual Percentage Yield) shown are as of Jan. 15, 2020. The APYs for some products may vary by region.
*IRA CDs are not available for a term less than six months.
How Bank of America CDs compare to top-yielding banks
Bank of America offers CDs with a range of term lengths to help you build your savings based on your timeline. A CD with Bank of America can help you grow your savings, but you are not working with the best rates on the market.
Many banks offer higher rates that you shouldn't ignore. For example, Limelight Bank currently offers 0.70% percent APY on a 1-year CD. Research some of the best rates offered by financial institutions.
Other savings options at Bank of America
Highest Cd Rates Today
As a big bank, Bank of America offers a range of products to help you build your savings.
You can open IRA products through Bank of America to save for your retirement goals. Additionally, the bank offers savings accounts, including ones designed for minors. However, you can find much higher rates on savings accounts elsewhere.
Certificate of Deposit (CD) is designed for long-term deposits with fixed interest rates. You may choose specific terms from 3 months to 5 years. The fixed interest rate is applied until maturity, and your account will be automatically renewed with the interest rate determined at the time of maturity. The interest may be paid by either account credit or bank check. Minimum amount to open a CD account is $1,000.
Account Features and Benefits- The Fixed interest rate is applied until maturity
- The account will be renewed automatically with interest rate determined at the time of maturity.
- The interest can be paid by either account credit or bank check.
| CERTIFICATE OF DEPOSIT(CD) | IRA(INDIVIDUAL RETIREMENT ACCOUNTS) | HAPPY CLUB ACCOUNT | |
|---|---|---|---|
| Description | CD is designed for long-term deposits. Specific terms are from 3 months to 5 years with fixed interest rates. | IRA account helps you plan for retirement by taking advantage of deferred tax. | Reach your financial goals by choosing target amounts and terms and making monthly installment deposits. At maturity, you will get both principal and accrued interest. |
| Minimum Deposit to Open | $1000 | $1000 | $1000 (Minimum Contract Amount) |
| Early Withdrawal Penalty | |||
| Internet Banking |
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