Bank of America CD Rates 2024: How They Compare
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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
Bank of America offers three types of CDs, all with a minimum deposit of $1,000:
Fixed Term CDs are available online for terms of 28 days to 10 years.
Featured CDs at Bank of America have higher rates than the Fixed Term options. These are promotional rates, also known as CD specials. (See how CD specials work.)
Flexible CDs, also called no-penalty CDs, let customers redeem all funds anytime after the first six days without a fee. No partial withdrawals are allowed.
This is a look at some of Bank of America's online rates.
CD term | Standard rate* |
|---|---|
1-month CD | 0.03% APY. |
1-year flexible CD | 4.25% APY. |
1-year CD | 0.03% APY. |
3-year CD | 0.03% APY. |
5-year CD | 0.03% APY. |
10-year CD | 0.03% APY. |
*Rates listed are for San Francisco. Rates can vary by location. | |
» Want more options? See our list of the best CD rates
More details about Bank of America CDs
Minimum deposit | $1,000. |
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 |
*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.
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 almost any Bank of America CD before it expires, there’s an early withdrawal penalty, which means losing some or all the interest you earned. There is one exception in the bank’s case, its 12-month flexible CD. (Compare this with other no-penalty CDs.)
» Unsure about CDs? Consider the best high-yield savings accounts instead
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See CD rates by term and type
Compare the best rates for various CD terms and types:
How do CDs work?
Learn more about choosing CDs, understanding CD rates, and opening and closing CDs.
For choosing CDs:
For understanding CD rates:
For opening CDs:
For closing CDs:
See CD rates by bank
Here’s a quick list of CD rates at traditional and online banks and a brokerage:
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