Bank of America CD Rates: How They Compare

Bank of America’s CDs have a wide range of terms but low rates.
Spencer Tierney
By Spencer Tierney 

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Bank of America CD rates

Rates can vary by location and deposit amount. Here's a summary of rates for San Francisco:

  • 1-year: 0.03% APY

  • 3-year: 0.03% APY

  • 5-year: 0.03% APY

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Bank of America offers a wide range of terms for certificates of deposit and a low minimum deposit requirement, but the rates available online don't stand out.

Bank of America CD rates

  • Standard Term CD rates are available online for terms of 28 days to 10 years. These CDs require a minimum deposit of $1,000.

  • Featured CD rates are slightly higher than Standard Term ones, but the minimum deposit is also higher, $10,000. These are promotional rates, also known as CD specials (see how they work).

This is a look at some of Bank of America's online rates for its short, long and common CD terms.

CD term

Standard rate*


0.03% APY


0.03% APY


0.03% APY


0.03% APY


0.03% APY

*Rates listed are for San Francisco. Rates can vary by location.

APYs shown are as of March 22, 2023.

» Want more options? See our list of the best CD rates

More details about Bank of America CDs

Minimum deposit

For Standard Term rates: $1,000. For Featured Term rates: $10,000.

Monthly fee

None, which is common for CDs.

Range of online CD terms

28 days to 10 years.

Compounding period

Monthly. (This detail helps you estimate what you can earn using a CD calculator.)

Early withdrawal penalty

  • All or 7 days' interest (whichever is greater)* for CD terms less than 90 days.

  • 90 days' (~3 months) interest* for CD terms of 90 days up to but not including 1 year.

  • 180 days' (~6 months) interest* for CD terms of 1 year up to but not including 5 years.

  • 1 year's interest* for CD terms 5 years or longer.

*The penalty can include more than actual interest earned if the withdrawal occurs early enough.

Grace period

7 days after the CD's maturity date.

Bank of America CDs automatically renew, so this 7-day window is the only time to withdraw without getting hit by a penalty.

Bank of America IRA CD available?

Yes, retirement CD options are available. See other options for IRA CD Rates.

» Want to check how the bank ranks overall? See our Bank of America review

What to consider when opening CDs

  • Interest rates are fixed. If you open a Bank of America CD today, its APY will stay the same until the CD expires. This benefits you if you lock in a CD before rates start dropping, but on the flip side, you’ll earn less on a CD if rates keep rising. It’s hard to know when CD rates go up, but CD rates are trending upward thanks to multiple Fed rate increases in 2022. Here’s a quick look at historical CD rates, including this year’s. Or, if you want a sample of rates each month, see current CD rates.

  • One common rule with CDs, including with Bank of America CDs: You can’t add more funds after making a deposit into a CD.

  • You lose interest if you withdraw early. CDs are built to keep your money out of sight, out of mind. If you dip into a Bank of America CD before it expires, there’s an early withdrawal penalty, which means losing some or all the interest you earned.

» On the fence about a CD? If there’s a chance you’ll need access to your money, consider one of the best high-yield savings accounts instead.

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Diverse range of terms, but low rates

Bank of America CD
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Bank of America's Standard Term CDs may be a convenient option if you already have other accounts with Bank of America and want a range of terms to choose from, but you can find better rates elsewhere.

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