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Bank of America CD rates review

A wide selection of term lengths makes it easy to find an option that suits your savings goals.

Savings accounts are an effective way to work towards your financial goals, but they don’t always have the best incentives to help you save. However, certificates of deposit lock in your money for a predetermined period of time in exchange for a higher interest rate.

Bank of America CDs are available in a range of term lengths between 1 and 120 months, making it easy to find an option that suits your financial goals.


1-year APY


3-year APY


5-year APY


Star rate2.8
3-month APY0.03%
5-month APY0.03%
6-month APY0.03%
7-month APY0.03%
9-month APY0.03%
11-month APY0.03%
1-year APY0.03%
18-month APY0.03%
2-year APY0.03%
30-month APY0.03%
3-year APY0.03%
4-year APY0.03%
5-year APY0.03%
7-year APY0.03%
10-year APY0.03%
Early withdrawal penalty7 days interest for terms of 1 to 2 months
90 days interest for terms of 3 to 12 months
180 days interest for terms of 13 to 59 months
365 days interest for terms of 60 + months
Minimum deposit to open$1,000
Interest compoundingVaries

Review by

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

Bank of America offers a wide selection of CDs, making it easy to find an option that suits your financial situation. While its rates are less competitive than other institutions, its fees and early withdrawal penalties are generally lower.

How do I open a Bank of America CD account?

You can open a Bank of America CD online, by phone or by visiting a branch:


  1. Go to the provider’s site and follow the steps to apply.
  2. From the Bank of America website, click Savings, then CDs.
  3. Decide which account you’d like to open, then click Open now.
  4. Select your term and deposit amount and click Display rate, then Open now.
  5. Fill in your personal information and click Continue.
  6. Select your account options, fund your account and click Continue.
  7. Read and agree to the terms and conditions and click Continue.
  8. Submit your application.

By phone:

If you’d rather apply for an account by phone, you can call 844-375-7027 to speak with a customer service representative.

At a branch:

Visit your local branch to speak with a teller and open an account.


In order to open this account, you’ll need to meet a few eligibility requirements:

  • Be at least 18 years old
  • Make an initial deposit of at least $1,000
  • Have a valid social security or tax ID number
  • Have a valid permanent US address

Required information

No matter how you choose to apply, you’ll be asked for the following information:

  • Name
  • Date of birth
  • Address
  • Employment information
  • Contact information
  • Social security number or tax ID — or passport for foreign applicants

Funding options

In order to open this account, you’ll need to make an initial deposit using one of the following methods:

  • Transfer online from another bank account.
  • Mail a check or money order.

What are the benefits of Bank of America CDs?

Regardless of which option you prefer, Bank of America CDs offer many benefits:

  • Safety and security. Bank of America is one of the Big Four banks, making it one of the safest and most stable institutions to save your money.
  • Convenience. Monitor your account with online and mobile banking or visit one of over 4,000 branches across the country.
  • All of your banking in one place. Bank of America offers a range of other bank accounts, allowing you to do all of your banking in one place.
  • Low early withdrawal fee. Bank of America charges low early withdrawal penalties compared with other institutions.
  • Partial withdrawals. Unlike many other institutions that offer CDs, Bank of America allows for partial withdrawals.

What should I look out for?

While Bank of America CDs offer many benefits to help you save, there are a few potential drawbacks to look out for:

  • High minimum deposit. You’ll need to deposit at least $1,000 to open a Bank of America CD.
  • Branch availability. Bank of America operates in all 50 states but doesn’t have retail branches in AK, AL, HI, LA, MS, MT, ND, NE, SD, VT, WI, WV, or WY.
  • Below average rates. Bank of America’s CD rates are far below what other institutions offer.
  • Slow service. Due to the sheer size of the institution, some customers complain about slow service and lack of responsiveness.

If you’re looking for higher rates or just want to compare more options check out our CD guide and the comparison table below.

Compare with other CDs

Name Product 1-year APY 18-month APY 2-year APY 3-year APY 5-year APY
Quontic Bank CD
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less
State Exchange Bank CD
Locally-owned independent community bank. FDIC insured. No fees.
CIT Bank Term CDs
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.

Compare up to 4 providers

How do I cash in a CD?

Bank of America will notify you 20 days before your CD reaches its maturity date. CD accounts with a term length between seven and 27 days have a one-business day grace period to renew, whereas accounts with terms of 28 days or more have a seven-day grace period. By the end of the grace period, you’ll need to choose between the following options:

  1. Let it automatically renew at the same rate and term.
  2. Make an additional deposit.
  3. Withdraw the principal and/or interest.

If you take no action, your account will renew automatically at the end of your grace period. If this happens, you’ll be locked into your CD term and will be charged early withdrawal fees if you want to withdraw your money.

Early withdrawal penalties on Bank of America CDs

If you choose to withdraw your money before the maturity date, you’ll be charged an early withdrawal penalty:

  • 1–2 months: 7 days of interest on the amount withdrawn
  • 3 months to 12 months: 90 days of interest on the amount withdrawn
  • 13–60 months: 180 days of interest on the amount withdrawn
  • 61+ months: 365 days of interest on the amount withdrawn

How can I get in touch with customer service?

  • By phone: 888-827-1812 Monday to Friday 8 a.m.–9 p.m. ET and Saturday 8 a.m.–8 p.m. ET
  • Mail: Send your questions to: Bank of America TX2-979-02-14, PO Box 619040, Dallas, TX 75261-9943

Frequently asked questions

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