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Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. 0.50% With $1,000 minimum balance. 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. For a limited time, Bank of America is offering a High Yield 7 month Certificate of Deposit (CD) that currently yields 4.11%. Our goal is to give you the best advice to help you make smart personal finance decisions. Note: The APYs (Annual Percentage Yield) shown are as of Jan. 15, 2020. You can open a Standard Term CD with just $1,000, but you will need $10,000 to open a Featured CD… and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Best For. Bank of America CDs may be best suited for individuals who want a shorter term CD… Other Bank of America CD rates are also lower than the averages. The risk free CD provides you with the ability to access your funds without penalty. Annual Percentage Yield (APY) is accurate as of 01/21/2021 and applies to the initial term of a new Standard Term CD. Our experts have been helping you master your money for over four decades. Trust and fiduciary services are provided by Bank of America, N.A. We do not include the universe of companies or financial offers that may be available to you. Our specialists are ready to help. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. This IRA interest rate is for a term between 1 year to 17 months and is under the 'Standard CD/IRA Products ' section on the bank website. A Certificate of Deposit is a type of savings account that has a set interest rate and withdrawal date. Find the best CD rates by comparing national and local rates. You can open IRA products through Bank of America to save for your retirement goals. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Programs, rates, terms and conditions are subject to change without notice.Investment and insurance products: "Get more rewards with your everyday banking" is a trademark and Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation. Its time deposit CD … Featured CDs offer a higher APY but require a higher balance. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. The 'Fed' who sets the 'fed funds rate' and provides economic forecasts on inflation can influence significantly whether Bank of America raises, lowers or keeps unchanged its for CDs. Bank of America is offering some CD rates higher than the national average. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Early withdrawal penalty applies. Terms and conditions apply. 2 year ( 24 to 35 months) Bank of America CD interest rates are at 0.60% while the 2 year national average rate is 0.85%. 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. Credit and collateral are subject to approval. The tiered rates on the bank’s Advantage Savings account are based on how much money you park in the account: the bigger your balance, the more interest you can earn. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S", or "Merrill"), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. We may limit the amount you deposit in one or more CDs to a total of $1,000,000 ($250,000 for CDs opened through bankofamerica… Find the best CD rates by comparing national and local rates. Bank of America offers a Featured CD and a Standard Term CD. We maintain a firewall between our advertisers and our editorial team. According to Bankrate’s most recent national survey of banks and thrifts, the average rate for a 1-year CD is 0.21 percent. B of A offers two kinds of CD account types: featured CDs and fixed term CDs. Term lengths are available from as short as … All Rights Reserved. A certificate of deposit (CD) is a type of FDIC-insured deposit account offered by many banks and credit unions that usually has a fixed interest rate over a certain number of months or years. For 2 year Bank of America CDs, would consider the medium term policy directions and forecasts of the federal reserve in conjunction with its net interest … For a limited time, Bank of America is offering a High Yield 7 month Certificate of Deposit (CD) that currently yields 4.11%. Let’s take a closer look at the CDs that Bank of America has to offer. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate of interest. Lock in a higher rate with a larger opening deposit, Set your own term with a smaller opening deposit. The economy works in a cycle, and with any bank account, interest rates will swing up or down depending where the economy is in that cycle. Find current CD rates and recent interest rate trends from Bankrate below. Note: These rates are for southeast Florida residents and could vary by state. You can open a Standard Term CD with just $1,000, but you will need $10,000 to open a Featured CD. There are slightly better … We may limit the amount you deposit in one or more CDs to a total of $1,000,000 ($250,000 for CDs opened through bankofamerica… Annual Percentage Yield (APY) is accurate as of 01/21/2021 and applies to the initial term of a new Standard Term CD. Bank of America offers CDs with a range of term lengths to help you build your savings based on your timeline. This compensation may impact how, where and in what order products appear. At Bankrate we strive to help you make smarter financial decisions. When choosing a CD, look at the current economic situation to determine whether interest rates … However, certificates of deposit lock in your money for a predetermined period of time in exchange for a higher interest rate. Many banks offer higher rates that you shouldn’t ignore. Research some of the best rates offered by financial institutions. A jumbo CD is like a regular CD but requires a higher minimum deposit, and in exchange, it can pay a higher interest rate. The average rate for a 5-year CD is 0.36 percent. Certificates of Deposit - Branch Banks 2021. We are an independent, advertising-supported comparison service. The offers that appear on this site are from companies that compensate us. Bank of America offer 2 CD products: the Risk Free CD and the Standard Term CD. 9/14/07 - 5.45% 4-Month Online CD at Bank of America in Some States 9/2/07 - 5.75% 12-Month CD at Countrywide Bank in California 8/24/07 - Countrywide Bank Raises Rates Again on CDs and Savings Account 8/24/07 - $75 Bank of America MasterCard Bonus 8/20/07 - Countrywide Tries to Soothe Fears with National Ads and High Rates Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. How Bank of America’s CD rates compare. Equal Housing Lender new window. We may limit the amount you deposit in one or more CDs to a total of $1,000,000 ($250,000 for CDs … A CD with Bank of America can help you grow your savings, but you are not working with the best rates on the market. These accounts typically provide security for longer-term savings and no monthly fees, but at the cost of access and liquidity of the funds. Fixed term CDs offer lower APYs but have a lower minimum deposit requirement. … Annual Percentage Yield (APY) is accurate as of 01/07/2021 and applies to the initial term of a new Standard Term CD. All rights reserved. Bank of America CDs are available in a range of term lengths between 1 and 120 months, making it easy to find an option that suits your financial goals. Before we open your Standard Term CDFeatured CD, choose your: For deposits over $250,000, visit a financial center to open your account. Longer-term certificates may have a withdrawal penalty of up to 365 days of interest. Current 12 month (12 to 17 month) bank CD rates at Bank of America are 0.45% with a CD yield of 0.45%. For example, Limelight Bank currently offers 0.70% percent APY on a 1-year CD. The special rate is a promotional online CD rate and the minimum opening balance is $5,000. A Red Ventures company. Learn More. Get unlimited access to our network of financial centers. It also … This is not a commitment to lend. CD has a XXXX-month term. A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate of interest. We strive to provide you with information about products and services you might find interesting and useful. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. CDs generally pay a fixed rate of interest and can offer a higher interest rate than other types of deposit accounts, depending on the market. 0.20% to 0.85% APY. Certificates of Deposit - Branch Banks 2021. Its fixed term CD products range from 28 days (1 month) to 120 months (10 years). A certificate of deposit (CD) is a type of FDIC-insured deposit account offered by many banks and credit unions that usually has a fixed interest rate over a certain number of months or years. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Certificates of Deposit - Branch Banks 2021. A CD (certificate of deposit) is a type of deposit account that’s payable at the end of a specified amount of time (referred to as the term). It was calculated for the State of California and requires a minimum of $1000. Bank of America earned 2.4 out of 5 stars in Bankrate’s review across its deposit products. If you opt out, though, you may still receive generic advertising. © 2021 Bankrate, LLC. Its CDs earned a 2.6 rating. Ally Bank compounds interest daily, and the best part about the Ally Bank High Yield CD (and all of its CD offerings) is that there is no minimum deposit to open an account. Bank of America offer 2 CD products: the Risk Free CD and the Standard Term CD. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. For example, … Our editorial team does not receive direct compensation from our advertisers. Min Deposit. and U.S. Trust Company of Delaware. Ally High Yield Certificate of Deposit. We’ll automatically reinvest your funds at the end of the term. Please enter the zip code for your home address so we can give you accurate rate and fee information for your location. PenFed Credit Union Money Market Certificate. The minimum balance required to open a Featured CD is $10,000.We may limit the amount you deposit in one or more Featured CDs to a total of $1,000,000 ($250,000 for CDs … A Certificate of Deposit is a type of savings account that has a set interest rate and withdrawal date. Bank of America offers a Featured CD and a Standard Term CD. None. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Bank of America interest rates are lower than what you can find at other banks. Therefore, this compensation may impact how, where and in what order products appear within listing categories. The rate of 0.05% is 1.15% lower than the average 1.2%. Your choice between the two banks may … The biggest difference between these two accounts is the minimum opening deposit. Its time deposit CD minimum requires $1000 to open. Member FDIC. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. The First National Bank of America CD currently offers a fixed 0.75% APY on its three-year CD. Annual Percentage Yield (APY) is accurate as of 01/21/2021 and applies to the initial term of a new Featured CD. © 2020 Bank of America Corporation. The special rate is a promotional online CD rate and the minimum opening … The minimum balance required to open this CD is $1,000. You’ll get a maturity notice beforehand in case you'd rather redeem your CD. Bank of America's customer service and feature set have been absolutely appalling over the 8+ years that I have been with the bank. They have constantly changed account standings, settings, and issue fees … However, you can find much higher rates on savings accounts elsewhere. Get insider access to our best financial tools and content. They’re known for offering some of the highest CD rates. how we make money. 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