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Bank of America Standard Term CD
1.4
★★★★★
Finder score

Bank of America Standard Term CD isn't available on Finder right now.

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 3.7% to 4.05%, 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 4.05% APY and 25-month CDs with 2% 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 months4.05% APY$1,000
10 months3.7% APY$1,000
13 months3% APY$1,000
25 months2% 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 1.84%, which Bank of America beats with its 3% 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 0.43%.(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 - 13 of 13
Name Product USFSA-CDS 6-month APY 1-year APY 5-year APY Minimum deposit to open
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N/A
3.00%
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N/A
N/A
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Alliant Credit Union CDs
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Alliant Credit Union logo
4.00%
4.10%
3.65%
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Valley Direct Online CD
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Valley Direct logo
N/A
4.00%
N/A
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Bask Bank CDs
Bask Bank logo
4.45%
4.25%
N/A
$1,000
Quontic Bank CDs
Finder Rating: 5 / 5: ★★★★★
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4.25%
4.00%
3.00%
$500
Ponce Bank CD through Raisin
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4.00%
N/A
N/A
$1
Discover® CDs
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Discover logo
3.70%
4.10%
3.40%
$0
CIT Bank Term CDs
Finder Rating: 3.5 / 5: ★★★★★
CIT Bank logo
3.00%
0.30%
0.50%
$1,000
State Exchange Bank CD through Raisin
Finder Rating: 1.5 / 5: ★★★★★
Raisin logo
N/A
N/A
1.71%
$1
CIT Bank No-Penalty CD
CIT Bank logo
N/A
N/A
N/A
$1,000
CIT Bank Jumbo CDs
Finder Rating: 2.4 / 5: ★★★★★
CIT Bank logo
N/A
N/A
0.50%
$100,000
Sallie Mae No Penalty CD through Raisin
Raisin logo
N/A
N/A
N/A
$1
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Bethany Finder

Editor, Banking

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