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Bank of America CD rates review

A suite of term lengths, but with low APYs.

Bank of America CDs are available in a range of term lengths between 28 days and 120 months, making it easy to find an option that suits your financial goals. However, you’re limited to APYs of 0.03% for BofA’s Standard CDs or 0.05% for its Featured CDs.

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1-year APY


3-year APY


5-year APY


Star rate1.4
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 compoundingMonthly

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 CDs ranging from 28-day terms to 10 years, making it easy to find a term length that you prefer. It also offers a low early withdrawal fee, although its APYs of 0.03% to 0.05% are less than you’d find with most regular savings accounts. For example, most 24-month CDs hover around a 0.50% APY.

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.

How to open a Bank of America CD account

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:

  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. You can expect an update on your application status within one or two business days.


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. You can only add funds to your CD when you open the account or during the grace period after it matures.

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

3 benefits of Bank of America CDs

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

  1. Low early withdrawal fee. Bank of America charges low early withdrawal penalties compared with other institutions.
  2. Partial withdrawals. Unlike many other institutions that offer CDs, Bank of America allows for partial withdrawals.
  3. Large network of branches. Bank of America offers a network of over 4,000 physical branches for those who prefer opening one of its CDs in person. However, it doesn’t have retail branches in AK, AL, HI, LA, MS, MT, ND, NE, SD, VT, WI, WV, or WY.

How much interest you can earn

See how much you’ll earn before locking up your money in a Bank of America CD.

APYAmount in savingsInterest earned in 24 months

3 drawbacks to 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:

  1. High minimum deposit. You’ll need to deposit at least $1,000 to open a Bank of America CD.
  2. Below average rates. Bank of America’s CD rates are far below what other institutions offer. For example, most two-year CDs offer rates around 0.50% APY, and we’ve found APY as high as 200% to 3.00% with banks like Discover.
  3. 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 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.

Compare Bank of America with other CD accounts

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Bank of America CD reviews and complaints

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.

How to cash in my 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 to 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

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