Bank of America CD Rates

Bank of America CDs offer flexible terms and competitive rates

Financial advisor talking to customer at home about CD rates

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Bank of America CD Rates

Certificate of deposit (CD) accounts often offer relatively high APYs, and investing your money in a CD may help grow your balance more quickly than a standard savings account. But rates can vary depending on the CD term and the bank. 

If you’re looking to open a new CD account, here’s what you need to know about Bank of America’s CD rates, terms, and minimum deposit requirements.

The APYs listed below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.

Featured CD Account Overview
CD Term Interest Rate APY Deposit
7 months 4.41% 4.50% $1,000–$99,999
7 months 4.41% 4.50% $100,000+
10 months 0.05% 0.05% $1,000–$99,999
10 months 0.05% 0.05% $100,000+
13 months 4.41% 4.50% $1,000–$99,999
13 months 4.41% 4.50% $100,000+
25 months 2.96%  3.00% $1,000–$99,999
25 months 2.96%  3.00% $100,000+
37 months 0.05%  0.05% $1,000–$99,999
37 months 0.05%  0.05% $100,000+
Fixed Term CD Account Overview
CD Term Interest Rate APY Deposit
1–120 months Varies Varies $1,000+

Bank of America CDs: Key Features

Featured CD Account Overview
APY Range 0.05%–4.50%
Minimum Deposit $1,000
Term Range 7–37 months
Early Withdrawal Penalty 7–365 days' worth of interest, depending on term

With Bank of America’s Featured CD, you get the benefit of relatively short terms and a generous APY. These perks are great, but you’ll need to meet a minimum deposit of $1,000 and the early withdrawal penalties can get fairly high. 

The total penalty you’ll incur for early withdrawal depends upon your CD term. For instance, with a seven- or 10-month CD, you’ll pay three months of interest if you withdraw your funds early. But with a 13-, 25-, or 37-month CD, you’ll pay 180 days of interest if you withdraw your money before your term ends. 

Consumers interested in a Bank of America Featured or Fixed CD can open one online or in person. But if you’re depositing more than $250,000 into a CD account, you may not be able to open it online. Instead, you may need to visit a local branch to get started. 

Fixed CD Account Overview
APY Range Varies
Minimum Deposit $1,000
Term Range 1–120 months
Early Withdrawal Penalty 7–365 days' worth of interest, depending on term

The Bank of America Fixed CD offers flexible terms you won’t see with many competitors. You can choose from terms as short as one month or as long as 10 years. Unlike the Featured CD, the APY is very low in most cases, though some term lengths are competitive. 

Minimum deposit requirements and early withdrawal penalties can also be fairly high. As with the Featured CD, the early withdrawal penalty depends on the CD term. For terms over five years, for example, you’ll pay one year of interest on the amount you withdraw early. 

About Bank of America

Bank of America is the second-largest bank in the U.S., with approximately 3,900 branches and 15,000 ATMs. It serves around 68 million customers, offering a full suite of financial products, including deposit accounts, credit cards, mortgages, auto loans, and investment services through Merrill Edge. 

Overall, Bank of America offers competitive rates on certain CD terms and poor rates on others. So if you have a specific term in mind, it’s essential to compare Bank of America’s CD offerings with those of competitors. Doing so will help you find the best possible rate for your desired term. 

Bank of America ranks below the national average rating for customer satisfaction, according to J.D. Power’s 2022 U.S. National Banking Satisfaction Study. Its Trustpilot reviews are also poor overall, with the bank receiving an average rating of just 1.4 out of 5 stars from over 1,600 customers.

Compare Savings Account Rates

Bank of America's CD rates aren't bad, but they have a minimum deposit and you may find better terms elsewhere. Check out the savings accounts below for a wider selection.

How Often Does Bank of America Change Its CD Rates?

Since individual banks set their own rates for deposit accounts, it’s impossible to tell how often rates will change. That said, when you open a new CD you’ll generally get the benefit of a fixed rate for its term. So even if rates decrease, your CD account’s rate won’t go down during your term.

Is There a Maximum Deposit for Bank of America CDs?

Bank of America doesn’t disclose a maximum deposit amount for its CDs. Its minimum deposit amount is $1,000, and if you’d like to deposit more than $250,000 you may need to open an account in person.

Does Bank of America Charge an Early Withdrawal Penalty for CDs?

Yes, Bank of America charges early withdrawal penalties for its CDs. The total penalty you’ll incur will depend on your overall CD term. CDs with longer terms may have larger early withdrawal penalties—in some cases, you may forfeit one year’s worth of interest on the total amount withdrawn.

Are CDs at Bank of America FDIC-Insured?

Yes, CD accounts at Bank of America are FDIC-insured up to the maximum of $250,000. Learn more about FDIC insurance and why it’s important.

Article Sources
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  1. Bank of America. "Featured CD." 

  2. Bank of America. "Fixed CD." 

  3. Bank of America. "Deposit Agreement and Disclosures."

  4. The Federal Reserve. "Large Commercial Banks."

  5. Bank of America. "Company Overview." 

  6. J.D. Power. "Largest National Banks See Declining Satisfaction Among Younger Customers, J.D. Power Finds." 

  7. Bank of America. "Financial Center FAQs."