Bank of America CD rates are low, but you may still prefer its CDs to Chase or Wells Fargo Show
Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page. Bank of America has two types of CDs: Bank of America Standard Term CD and Bank of America Featured CD. Here are the rates for both types: Bank of America Standard Term Certificate of Deposit Annual Percentage Yield (APY) 0.03% APY Minimum Deposit Amount $1,000 Bank of America Standard Term Certificate of Deposit Annual Percentage Yield (APY) 0.03% APY Minimum Deposit Amount $1,000 On Bank of America's website Bank of America Standard Term Certificate of Deposit from Bank of AmericaOn Bank of America's website
Deposit DetailsAnnual Percentage Yield (APY) 0.03% APY Minimum Deposit Amount $1,000 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Terms from 28 days to 10 years Check mark iconA check mark. It indicates a confirmation of your intended interaction. Access to over 4,200 branches and 16,000 ATMs Dash iconA dash. It often indicates an interaction to shrink a section. Low APY Dash iconA dash. It often indicates an interaction to shrink a section. Interested is compounded monthly, not daily Dash iconA dash. It often indicates an interaction to shrink a section. $1,000 opening deposit Dash iconA dash. It often indicates an interaction to shrink a section. High early withdrawal penalties HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
A Bank of America Standard Term CD pays 0.03% APY, regardless of your balance. You can choose a term length ranging from 28 days to 10 years, and you'll need at least $1,000 to open an account. The rate is pretty low, but depending on factors like term length and whether you have other bank accounts with the same bank, it might be higher than what you'd earn with competitors. Bank of America Featured Certificate of Deposit Annual Percentage Yield (APY) 0.05% APY Minimum Deposit Amount $10,000 Bank of America Featured Certificate of Deposit Annual Percentage Yield (APY) 0.05% APY Minimum Deposit Amount $10,000 On Bank of America's website Bank of America Featured Certificate of Deposit from Bank of AmericaOn Bank of America's website Deposit DetailsAnnual Percentage Yield (APY) 0.05% APY Minimum Deposit Amount $10,000 Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Terms as short as 7 months Check mark iconA check mark. It indicates a confirmation of your intended interaction. Access to over 4,200 branches and 16,000 ATMs Dash iconA dash. It often indicates an interaction to shrink a section. Low APY Dash iconA dash. It often indicates an interaction to shrink a section. Interest compounded monthly, not daily Dash iconA dash. It often indicates an interaction to shrink a section. No terms over 37 months Dash iconA dash. It often indicates an interaction to shrink a section. $10,000 opening deposit Dash iconA dash. It often indicates an interaction to shrink a section. High early withdrawal penalties HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
A Bank of America Featured CD is for people with at least $10,000 to open an account. You'll earn a slightly higher rate: 0.05% APY. Again, Bank of America's rate is similar to or better than many other big banks' rates. But if you have as much as $10,000 to open a CD, then you may want to consider putting the money into a high-yield CD so you can earn more. How Bank of America CD rates compareWe compared Bank of America CD rates to rates at two other national banks: Chase and Wells Fargo Bank of America CD rates vs. Chase CD ratesBank of America and Chase pay comparable CD rates, although Chase compounds interest more frequently. Their term length options are almost identical. Your choice between the two banks may come down to which has a branch closer to your home. Bank of America CD rates vs. Wells Fargo CD ratesBank of America and Wells Fargo pay similar rates on CDs. However, Bank of America offers more term lengths and requires less money to open its most basic CD type, so it's probably the better choice for CDs. Regular APR 18.24% - 25.24% Variable Credit Score Good to Excellent Regular APR 18.24% - 25.24% Variable Credit Score Good to Excellent Regular APR 17.24% - 25.99% Variable Credit Score Good to Excellent
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at . See below for some of her work. Today's 30-year mortgage rates Here are the best mortgage lenders right now The pros and cons of paying off your mortgage early The best online high-yield savings accounts Chase checking accounts: Compare all 5 options Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards. Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. **Enrollment required. LoadingSomething is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. More... What is the interest rate on a CD at Bank of America?Compare CD options. Who has the highest 12 month CD rate?Best Current 1-Year CD Rates:. Parsons Federal Credit Union - 4.00% APY.. North American Savings Bank - 3.86% APY*. Merrick Bank - 3.85% APY.. State Bank of Texas - 3.85% APY.. Lafayette Federal Credit Union - 3.80% APY.. CFG Bank - 3.75% APY.. USAlliance Financial - 3.75% APY.. Rising Bank - 3.70% APY.. What is the interest rate on a certificate of deposit?Best CD rates of October 2022
Capital One: 6 months – 5 years, 2.00% APY – 3.50% APY; no minimum deposit needed to open. Marcus by Goldman Sachs: 6 months – 6 years, 2.00% APY – 3.30% APY; $500 minimum deposit to open. Synchrony Bank: 3 months – 5 years, 1.50% APY – 3.50% APY; no minimum deposit needed to open.
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