A Certificate of Deposit is a type of savings account that has a set interest rate and withdrawal date. Featured CDs offer a higher APY but require a higher balance. Bank of America Certificate of Deposit (CD) Rates Review Learn more about how Bank of America certificates of deposit (CDs) work. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Min Deposit. Bank of America CDs may be best suited for individuals who want a shorter term CD… Trust and fiduciary services are provided by Bank of America, N.A. 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… Bankrate.com is an independent, advertising-supported publisher and comparison service. While Bank of America does offer some pretty nifty features for their CDs (such as flexible term lengths and low minimum deposit amounts), we still can’t get over the fact that the interest rates offered on these CDs are much, much lower than the CDs that you can get elsewhere. 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. Other Bank of America CD rates are also lower than the averages. Research some of the best rates offered by financial institutions. The biggest difference between these two accounts is the minimum opening deposit. Passive income ideas to help you make money, Best age for Social Security retirement benefits, much higher rates on savings accounts elsewhere, Privacy policy / California privacy policy. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. 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. Bankrate.com is an independent, advertising-supported publisher and comparison service. Annual Percentage Yield (APY) is accurate as of 01/21/2021 and applies to the initial term of a new Featured CD. A CD with Bank of America can help you grow your savings, but you are not working with the best rates on the market. This is not a commitment to lend. Its fixed term CD products range from 28 days (1 month) to 120 months (10 years). When choosing a CD, look at the current economic situation to determine whether interest rates … Certificates of Deposit - Branch Banks 2021. Term lengths are available from as short as … But this compensation does not influence the information we publish, or the reviews that you see on this site. 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). Bank of America interest rates are lower than what you can find at other banks. Bank of America offers a range of certificates of deposit that could help you grow your savings with a well-known brand. You can open a Standard Term CD with just $1,000, but you will need $10,000 to open a Featured CD. The special rate is a promotional online CD rate and the minimum opening balance is $5,000. Bank of America offers its personal banking customers a variety of products and services, including: checking accounts, savings accounts, CDs, loans and investments. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. The minimum balance required to open this CD is $1,000. For 6 month Bank of America CDs, it would consider the current policies and short term forecasts of federal reserve as well as its net interest margins, BofA liquidity (deposits are a cash flow source of … Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. B of A offers two kinds of CD account types: featured CDs and fixed term CDs. Bank of America offer 2 CD products: the Risk Free CD and the Standard Term CD. Featured CDs offer a higher APY but require a higher balance. 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 … For a limited time, Bank of America is offering a High Yield 7 month Certificate of Deposit (CD) that currently yields 4.11%. If you opt out, though, you may still receive generic advertising. Bankrate’s editorial team writes on behalf of YOU – the reader. Find the best CD rates by comparing national and local rates. You have money questions. Bank of America CD Interest Rates. 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 Additional products include: … While we adhere to strict Bankrate.com does not include all companies or all available products. It’s highest rate tops at 1.1% APY for its 84-month term. 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… These ads are based on your specific account relationships with us. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. *IRA CDs are not available for a term less than six months. The current national average 12 month rate is higher at 0.53% as reported by … However, you can find much higher rates on savings accounts elsewhere. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. All Rights Reserved. A Certificate of Deposit is a type of savings account that has a set interest rate and withdrawal date. The minimum balance required to open this CD is . We’ll automatically reinvest your funds at the end of the term. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Equal Housing Lender new window. The offers that appear on this site are from companies that compensate us. For example, Limelight Bank currently offers 0.70% percent APY on a 1-year CD. Let’s take a closer look at the CDs that Bank of America has to offer. This compensation may impact how, where and in what order products appear. Therefore, this compensation may impact how, where and in what order products appear within listing categories. 3 month (90 to 179 days) bank … Annual Percentage Yield (APY) is accurate as of 01/21/2021 and applies to the initial term of a new Standard Term CD. The risk free CD provides you with the ability to access your funds without penalty. For a limited time, Bank of America is offering a High Yield 7 month Certificate of Deposit (CD) that currently yields 4.11%. These accounts typically provide security for longer-term savings and no monthly fees, but at the cost of access and liquidity of the funds. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access 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. 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. 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. First National Bank of America is a Michigan-based community bank. You can open IRA products through Bank of America to save for your retirement goals. We may limit the amount you deposit in one or more CDs to a total of $1,000,000 ($250,000 for CDs … We strive to provide you with information about products and services you might find interesting and useful. Once you've chosen a term and made your deposit, your rate is fixed for the length of your term. Their term length options are almost identical. APY. You’ll get a maturity notice beforehand in case you'd rather redeem your CD. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Its CDs earned a 2.6 rating. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. You can open a Standard Term CD with just $1,000, but you will need $10,000 to open a Featured CD… Its time deposit CD minimum requires $1000 to open. The risk free CD provides you with the ability to access your funds without penalty. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Note: The APYs (Annual Percentage Yield) shown are as of Jan. 15, 2020. Credit and collateral are subject to approval. Fixed term CDs offer lower APYs but have a lower minimum deposit requirement. We are an independent, advertising-supported comparison service. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Bank of America earned 2.4 out of 5 stars in Bankrate’s review across its deposit products. If you prefer that we do not use this information, you may opt out of online behavioral advertising. There are slightly better … 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. 0.60% In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Our goal is to give you the best advice to help you make smart personal finance decisions. © 2021 Bankrate, LLC. Annual Percentage Yield (APY) is accurate as of 01/21/2021 and applies to the initial term of a new Standard Term CD. 3.5. The average rate for a 5-year CD is 0.36 percent. How Bank of America’s CD rates compare. Bank of America CD Interest Rates. How Bank of America’s CD rates compare. 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. 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. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Ally High Yield Certificate of Deposit. Bank of America offers CDs with a range of term lengths to help you build your savings based on your timeline. Find out today's checking, savings, IRA and CD account interest rates from Bank of America. 0.20% to 0.85% APY. 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. 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. However, certificates of deposit lock in your money for a predetermined period of time in exchange for a higher interest rate. 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, … Member FDIC. Open now Explore more Standard Term CD rates. Looking for a full range of investment choices? BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. 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. Its time deposit CD … Ally’s one-year CD 0.75% APY outperforms Bank of America’s 0.03% … While Bank of America does offer some pretty nifty features for their CDs (such as flexible term lengths and low minimum deposit amounts), we still can’t get over the fact that the interest rates offered on these CDs are much, much lower than the CDs … Note: These rates are for southeast Florida residents and could vary by state. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. They’re known for offering some of the highest CD rates. As a big bank, Bank of America offers a range of products to help you build your savings. We value your trust. Find current CD rates and recent interest rate trends from Bankrate below. A jumbo CD is like a regular CD but requires a higher minimum deposit, and in exchange, it can pay a higher interest rate. 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. 0.50% With $1,000 minimum balance. and U.S. Trust Company of Delaware. Relationship-based ads and online behavioral advertising help us do that. … The minimum balance required to open this CD is $1,000. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. The biggest difference between these two accounts is the minimum opening deposit. Our editorial team does not receive direct compensation from our advertisers. The First National Bank of America CD currently offers a fixed 0.75% APY on its three-year CD. 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