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.
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||0.10%||0.10%||$10,000|
|Featured CD||10 months||0.10%||0.10%||$10,000|
|Featured CD||13 months||0.10%||0.10%||$10,000|
|Featured CD||25 months||0.10%||0.10%||$10,000|
|Featured CD||37 months||0.10%||0.10%||$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||0.05%||0.05%||$1,000|
|Fixed Term CD||18-23 months||0.07%||0.07%||$1,000|
|Fixed Term CD||24-35 months||0.08%||0.08%||$1,000|
|Fixed Term CD||36-47 months||0.08%||0.08%||$1,000|
|Fixed Term CD||48-59 months||0.08%||0.08%||$1,000|
|Fixed Term CD||60-119 months||0.08%||0.08%||$1,000|
|Fixed Term CD||120 months||0.08%||0.08%||$1,000|
Note: The APYs (Annual Percentage Yield) shown are as of July 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, Marcus by Goldman Sachs currently offers 1.30 percent APY on a 1-year CD. Research some of the best rates offered by financial institutions.
Other savings options at Bank of America
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.
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