Bank of America CD Rates: How They Compare
Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
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* |
|---|---|
1-month | 0.03% APY |
1-year | 0.03% APY |
3-year | 0.03% APY |
5-year | 0.03% APY |
10-year | 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 | 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 |
*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.
Member FDIC
Marcus by Goldman Sachs High-Yield CD
4.50%
1 year
Member FDIC
CIT Bank No-Penalty CD
4.15%
11 months
Diverse range of terms, but low rates
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.
How do CDs work?
Learn more about the journey of choosing, understanding rates, opening and closing CDs.
For choosing CDs:
For understanding CD rates:
For opening CDs:
For closing CDs:
See CD rates by term and type
Compare the best rates for various CD terms and types:
See CD rates by bank
Here’s a quick list of CD rates at traditional and online banks and a brokerage:
