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Bank of America Standard Term CD
1.4
★★★★★
Finder score
1-year APY
0.03%
3-year APY
0.03%
5-year APY
0.03%

Our verdict

Shorter CD terms have the best rates, but long-term CD rates are low.

Bank of America offers multiple CD types and terms to choose from. The APYs range from 0.05% to 5%, but most terms have dismal rates. There are a few featured CD terms, such as a 7-month and 13-month CD with rates up to 5% APY and 25-month CDs with 3% APY, and those terms are the ones worth looking into. The fixed-rate CDs offer terms from one to 120 months, allowing you to choose a term anywhere in between that range. However, nearly all of the fixed-term CDs are only offering 0.03% APY. The best fixed-rate CDs are between three to five months. Keep in mind that exact rates can vary by location, and no matter what CD or term you choose, a minimum deposit of $1,000 is required.

Best for: Those who prefer short-term CDs.

Pros

  • Up to 5% APY on select terms
  • Wide range of CD types and terms

Cons

  • $1,000 deposit required
  • Most terms only offer 0.03% APY
  • No incentive to open a long-term CD

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

Overview of Bank of America CD rates

Bank of America offers four different CD options: featured CDs, fixed-term CDs, flexible CDs and custom ladder CDs. All the CDs require a deposit of at least $1,000 to open, and if you have more than $1 million to deposit, you’ll have to schedule an appointment with the bank. But keep in mind that you’re only insured up to $250,000.

Interest is compounded and credited monthly, and rates vary by zip code. However, when we tried multiple locations, rates appeared consistent across many states.

Featured CD rates

Featured CD termAPYMinimum deposit
7 months5% APY$1,000
10 months0.05% APY$1,000
13 months5% APY$1,000
25 months3% APY$1,000
37 months0.05% APY$1,000

Fixed-rate CD rates

Nearly every single fixed-rated CD term offered by BOA comes with a poor 0.03% APY, with the exception of its three- to five-month terms.

Fixed-rate CD termAPYMinimum deposit
1 month0.03%$1,000
3 months4%$1,000
4 months4%$1,000
5 months4%$1,000
6 months0.03%$1,000
7 months0.03%$1,000
12 months0.03%$1,000
25 months0.03%$1,000
36 months0.03%$1,000
60 months0.03%$1,000
120 months0.03%$1,000

Other types of CDs

Bank of America also offers flexible CDs, available at 12-month terms. After 12 months, the CD automatically renews into a 9-month flexible CD, with rates around 3.51% APY, depending on your deposit and term.

The bank also offers CD laddering, but you must schedule an appointment to set one up.

More about Bank of America’s CDs: Deposits, fees and details

What it isDetailsHow it compares
Minimum deposit$1,000Typical amongst competitors.
Term range1 to 120 monthsSignificantly more flexibility in term ranges, as there’s a term for every single month between one and 120 on fixed-rate CDs.
Early withdrawal penalties
  • Terms less than 90 days: The greater of all interest earned on the amount withdrawn or an amount equal to seven days interest on the amount drawn.
  • Terms 90 days to 120 months: 90 days of interest on the amount drawn
  • Terms 60 months or longer: 365 days of interest on the amount withdrawn
Slightly more strict than competitors, as many have a blanket withdrawal penalty regardless of the term.
Grace period1 to 7 calendar daysShorter than most competitors, as the average is 10 days.

Cashout and rollover details

To cash out a Bank of America CD, you must speak to a banker if you’re making a full withdrawal, interest-only withdrawal or a partial withdrawal. You can call 800-872-2657 or schedule an appointment with a branch.

All CDs are set to auto-renew at maturity. During the grace period, you can withdraw or deposit funds, change the term or cancel the account. For short-term CDs of seven to 27 days, there’s a grace period of one day, and all other CDs have a grace period of seven days.

When your CD is approaching maturity, you’ll be notified at least 20 days in advance by Bank of America for all CD terms 30 or more days.

How Bank of America’s CD rates compare

Bank of America is pretty middle-of-the-road when it comes to CDs. It has a lot of strengths, but one of the biggest downsides is the poor rates on most terms.

Historically, most banks offer the best rates for the longest terms for incentive reasons, but Bank of America is taking a different approach, which may or may not suit your savings goals.

The best rates on fixed-rate CDs are offered for the shorter terms, such as a 4% APY on a three-month fixed-rate CD. CDs with 12-month terms average out at 1.81%, which Bank of America beats with its 5% APY on its 13-month featured CD term.

Bank of America also lets you choose a term anywhere between one to 120 months on its fixed-rate CDs. Most other banks tend to have standard terms in increments of six months, such as 12, 24, 36 and so on.

However, the low rates of 0.03% to 0.05% APY on the rest of the CDs can’t be ignored. Unless you want a short term of three to 13 months, you’ll be stuck with a poor rate — even on the longest term of 120 months. Its 0.03% APY is also significantly less than you’re likely to find with most run-of-the-mill savings accounts, which average at 0.46%.(1)

Compare Bank of America CDs to competitor rates

Narrow down top CDs by APY and minimum deposits to find the best one for your financial goals. Select Compare on up to four products to see their benefits side by side.

1 - 14 of 14
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Crescent Bank CDs
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank CDs
N/A
4.85%
3.90%
$1,000
Earn competitive rates up to 4.85% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Alliant Credit Union CDs
Finder Rating: 4.8 / 5: ★★★★★
Alliant Credit Union CDs
5.00%
5.15%
4.00%
$1,000
Lock in rates as high as 5.15% APY with a low $1,000 minimum deposit. Compounded monthly. FDIC insured.
Western Alliance Bank 12 months CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through Raisin
N/A
5.05%
N/A
$1
Get 5.05% APY on a 12 month CD, and earn an APY that’s higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
Valley Direct Online CD
Finder Rating: 5 / 5: ★★★★★
Valley Direct Online CD
N/A
4.50%
N/A
$500
Earn 4.50% APY on a 12 month CD. FDIC insured per depositor, per account ownership category.
Quontic Bank CDs
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CDs
5.05%
4.50%
4.30%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less. Member FDIC.
Ponce Bank CD through Raisin
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through Raisin
4.00%
N/A
N/A
$1
Snag the highest APYs on the market for the shortest CD terms via Raisin. FDIC insured.
Sallie Mae CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Sallie Mae CDs through Raisin
N/A
N/A
N/A
$1
Lock in strong CD rates as high as APY on term lengths you'll only find through Raisin. Plus, you only need $1 to open and you have the option of opening a no-penalty CD. Member FDIC.
Discover® CDs
Finder Rating: 3.8 / 5: ★★★★★
Discover® CDs
4.25%
4.70%
3.75%
$2,500
Start saving with $2,500 and enjoy flexible terms from 3 months to 10 years with no account fees. FDIC insured
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank Term CDs
3.00%
0.30%
0.50%
$1,000
Lock up to a 3% APY with a 6-month CD from CIT Bank, a division of First Citizens Bank with 125 years of experience. $1,000 minimum to open. FDIC insured.
State Exchange Bank CD through Raisin
Finder Rating: 1.5 / 5: ★★★★★
State Exchange Bank CD through Raisin
N/A
N/A
1.71%
$1
Locally-owned independent community bank. Member FDIC No fees.
Sallie Mae 10m CD through Raisin
Finder Rating: 3.5 / 5: ★★★★★
Sallie Mae 10m CD through Raisin
N/A
N/A
N/A
$1
Earn a competitive 5% APY on this 10-month CD. Plus, you only need $1 to open it and there are no withdrawal penalty fees. Member FDIC.
CIT Bank No-Penalty CD
CIT Bank No-Penalty CD
N/A
N/A
N/A
$1,000
Enjoy the security of a CD while still having access to your funds. 11 month term with a 3.5% APY and $1,000 minimum deposit. FDIC insured.
Sallie Mae 14m No Penalty CD through Raisin
Sallie Mae 14m No Penalty CD through Raisin
N/A
N/A
N/A
$1
Earn 5.05% APY, which is higher than the national average. Open with as low as $1. Pay $0 fees and no penalty for early withdrawal. Member FDIC.
CIT Bank Jumbo CDs
Finder Rating: 2.4 / 5: ★★★★★
CIT Bank Jumbo CDs
N/A
N/A
0.50%
$100,000
A Jumbo CD for large balances of $100,000 or more with term options from 2 to 5 years earning up to 0.5% APY. FDIC insured.
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Bethany Finder

Writer, Banking and Loans

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