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0.03%
1-year APY
0.03%
3-year APY
0.03%
5-year APY
Star rate | 1.4 |
---|---|
3-month APY | 0.03% |
5-month APY | 0.03% |
6-month APY | 0.03% |
7-month APY | 0.03% |
9-month APY | 0.03% |
11-month APY | 0.03% |
1-year APY | 0.03% |
18-month APY | 0.03% |
2-year APY | 0.03% |
30-month APY | 0.03% |
3-year APY | 0.03% |
4-year APY | 0.03% |
5-year APY | 0.03% |
7-year APY | 0.03% |
10-year APY | 0.03% |
Early withdrawal penalty | 7 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 compounding | Monthly |
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.
If you were to use a Bank of America Standard CD for 24 months, you’d find yourself with: $2,000 x 0.03% = $1.20 worth of interest earnings.
Meanwhile, you can put the same amount in a Discover Bank CD: $2,000 x 2.60%, and you’d gain around $106.75 in interest.
Despite the low interest rate, Bank of America is one of the Big Four banks, making it one of the safest and most stable institutions to save your money.
Be sure to compare your options for top-performing CDs before banking on one with locked-up savings.
You can open a Bank of America CD online, by calling 844-375-7027 to speak with a customer service representative or by visiting a branch.
To apply online:
In order to open this account, you’ll need to meet a few eligibility requirements:
No matter how you choose to apply, you’ll be asked for the following information:
In order to open this account, you’ll need to make an initial deposit. You can only add funds to your CD when you open the account or during the grace period after it matures.
Regardless of which option you prefer, Bank of America CDs offer many benefits:
See how much you’ll earn before locking up your money in a Bank of America CD.
APY | Amount in savings | Interest earned in 24 months |
---|---|---|
0.03% | $1,000 | $0.60 |
0.03% | $5,000 | $5.00 |
0.05% | $10,000 | $10.00 |
While Bank of America CDs offer many benefits to help you save, there are a few potential drawbacks to look out for:
If you’re looking for high APYs, you’ll want to look at other bank CDs, such as Discover with high APYs up to 2.60% for a two-year CD and 3.20% for a five-year CD.
If you’re looking to keep all your savings accounts in one place, you might check out Quontic Bank, which offers high-yield savings, money market and CD accounts with APYs at 2.00% or higher.
Check out other banks and their CD interest rates. Then choose Go to site when you find the right one for you.
Bank of America is accredited with the Better Business Bureau (BBB) and has been in business for over 70 years. However, the bank does garner an overall low customer rating. On the BBB site, customers rate it with 1 out of 5 stars. Over 1,300 customers fulfill the bank’s 1.4 out of 5 stars on Trustpilot.
Customer complaints don’t center around its CDs directly, but many report problems with the bank’s customer service. Customers say that they’ve dealt with closed accounts, misreporting of funds deposited and getting charged bank fees that the customer didn’t know existed.
On the positive side, some customers have dealt with banking problems where the rep solved the problem on the phone step by step. Others have been impressed with the bank catching fraud, saving the customer thousands of dollars.
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.
If you choose to withdraw your money before the maturity date, you’ll be charged an early withdrawal penalty:
Bank of America Standard Term CD is not currently available on Finder
Have you considered Bread Savings CDs?
With a $1,500 minimum deposit, you'll receive competitive interest rates and no hidden fees with this CD. FDIC insured.