Bank of America offers a range of certificates of deposit that may appeal to customers looking for a bank with a nationwide footprint. The minimum deposit to open a standard CD is reasonable at $1,000, but there’s a trade-off: Yields offered on Bank of America’s CDs are relatively low compared with other banks’ offerings.

Bank of America earned 3.4 out of 5 stars in Bankrate’s review across its deposit products. Its CDs earned a 2.4 rating.

Bank of America CD rates

BofA offers two types of CD accounts: Featured CDs and Standard Term CDs. Featured CDs offer a higher APY but require a higher minimum balance. Standard Term CDs offer lower APYs but have a lower minimum deposit requirement.

Here’s a closer look at the CDs Bank of America has to offer.

Account Term APY Minimum deposit
Featured CD 7 months 3.00% $10,000
Featured CD 10 months 0.05% $10,000
Featured CD 13 months 3.51% $10,000
Featured CD 25 months 3.00% $10,000
Featured CD 37 months 0.05% $10,000
Standard Term CD 28-179 days* 0.03% $1,000
Standard Term CD 6-11 months 0.03% $1,000
Standard Term CD 12-17 months 0.03% $1,000
Standard Term CD 18-23 months 0.03% $1,000
Standard Term CD 24-35 months 0.03% $1,000
Standard Term CD 36-47 months 0.03% $1,000
Standard Term CD 48-59 months 0.03% $1,000
Standard Term CD 60-119 months 0.03% $1,000
Standard Term CD 120 months 0.03% $1,000

Note: Annual percentage yields (APYs) shown are as of Jan. 19, 2022, for accounts opened in New York and may vary by region.

*IRA CDs are not available for terms 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 Bank of America CD can help grow your savings, but many banks offer higher CD rates. Popular Direct, for example, offers 4.50 percent APY on a six-month CD.

Other savings options at Bank of America

As a big bank, Bank of America offers a range of products to help build your savings, including IRA products for retirement and savings accounts for minors. But better rates on savings accounts can be found elsewhere.