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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.
|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.