Banking
Bank of America CD Rates | Bankrate
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Photo by Getty Images; Illustration by Tiffany Herring
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 3.3 out of 5 stars in Bankrate’s review across its deposit products. Its CDs earned a 2.0 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 | Interest rate | APY | Minimum deposit |
| Featured CD | 7 months | 2.23% | 2.25% | $10,000 |
| Featured CD | 10 months | 0.05% | 0.05% | $10,000 |
| Featured CD | 13 months | 2.96% | 3.00% | $10,000 |
| Featured CD | 25 months | 2.96% | 3.00% | $10,000 |
| Featured CD | 37 months | 0.05% | 0.05% | $10,000 |
| Standard Term CD | 28-179 days* | 0.03% | 0.03% | $1,000 |
| Standard Term CD | 6-11 months | 0.03% | 0.03% | $1,000 |
| Standard Term CD | 12-17 months | 0.03% | 0.03% | $1,000 |
| Standard Term CD | 18-23 months | 0.03% | 0.03% | $1,000 |
| Standard Term CD | 24-35 months | 0.03% | 0.03% | $1,000 |
| Standard Term CD | 36-47 months | 0.03% | 0.03% | $1,000 |
| Standard Term CD | 48-59 months | 0.03% | 0.03% | $1,000 |
| Standard Term CD | 60-119 months | 0.03% | 0.03% | $1,000 |
| Standard Term CD | 120 months | 0.03% | 0.03% | $1,000 |
Note: Annual percentage yields (APYs) shown are as of Dec. 15, 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.
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