Bank of America CD Rates: How They Compare

Spencer TierneyApril 28, 2020
On a similar note...
On a similar note...
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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, where NerdWallet is based:

  • 1-year: 0.03% APY

  • 3-year: 0.03% APY

  • 5-year: 0.03% APY

Bank of America, N.A. CD
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Bank of America offers a big 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

0.08% APY

*Rates listed are for San Francisco, where NerdWallet is based. Rates can vary by location.

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

How Bank of America CD rates compare

Bank of America’s featured and standard term CDs are far below what online bank CDs offer. Here's how they compare to one-year CD rates at two online banks.

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.20%

With $0 minimum balance

APY

0.30%

With $0 minimum balance

APY

0.03%

With $1,000 minimum balance

Minimum Balance

$0

Member FDIC

Minimum Balance

$0

Member FDIC

Minimum Balance

$1,000

Member FDIC

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

More details about Bank of America CDs

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 will go up since it depends on Fed rate hikes and other factors (see more about historical CD rates).

  • 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.

Diverse range of terms, but low rates

Bank of America, N.A. 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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