Bank of America CD Rates 2024: How They Compare

Bank of America’s CDs have a wide range of terms but low rates.
Spencer Tierney
By Spencer Tierney 
Updated
Edited by Sara Clarke

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Bank of America CD rates 2024

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.

Bank of America CD
NerdWallet rating 

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

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

  • Featured CD rates at Bank of America are higher than their Fixed Term options by a little or a lot depending on the term, and the minimum deposit is the same: $1,000. These are promotional rates, also known as CD specials. (See how CD specials work.)

This is a look at some of Bank of America's online rates.

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

$1,000 for Fixed and Featured terms.

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. Here’s a quick look at historical CD rates. 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.

Marcus by Goldman Sachs logo
Learn More

Member FDIC

Marcus by Goldman Sachs High-Yield CD

Marcus by Goldman Sachs logo
APY

5.15%

Term

14 months

Barclays logo
Learn More

Member FDIC

Barclays Online CD

Barclays logo
APY

5.15%

Term

1 year

Discover® Bank logo
Learn More

Member FDIC

Discover® CD

Discover® Bank logo
APY

4.80%

Term

1 year

About Bank of America

Bank of America CD
NerdWallet rating 

Bank of America is one of the largest national banks in the United States. Its strengths include an extensive network of about 3,800 branches, 15,000 free ATMs as well as a robust online and app experience. Savings and CD rates, however, are remarkably low. Apart from consumer deposit accounts, the bank also offers credit cards, mortgages, auto loans, business checking, business loans and merchant services.

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