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
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 |
*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.
» Unsure about CDs? Consider the best high-yield savings accounts instead
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About Bank of America
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.
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:
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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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