Additional products include: … Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access If you opt out, though, you may still receive generic advertising. Relationship-based ads and online behavioral advertising help us do that. Bank of America interest rates are lower than what you can find at other banks. Bank of America offers a range of certificates of deposit that could help you grow your savings with a well-known brand. Fixed term CDs offer lower APYs but have a lower minimum deposit requirement. It was calculated for the State of California and requires a minimum of $1000. They’re known for offering some of the highest CD rates. We may limit the amount you deposit in one or more CDs to a total of $1,000,000 ($250,000 for CDs opened through bankofamerica… For 2 year Bank of America CDs, would consider the medium term policy directions and forecasts of the federal reserve in conjunction with its net interest … A Certificate of Deposit is a type of savings account that has a set interest rate and withdrawal date. We do not include the universe of companies or financial offers that may be available to you. © 2020 Bank of America Corporation. For example, … Annual Percentage Yield (APY) is accurate as of 01/21/2021 and applies to the initial term of a new Standard Term CD. The online application takes 5 to 10 minutes to complete and you will need the following information Bank of America offers CDs with a range of term lengths to help you build your savings based on your timeline. A Red Ventures company. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. PenFed Credit Union Money Market Certificate. A CD with Bank of America can help you grow your savings, but you are not working with the best rates on the market. 3.5. A certificate of deposit (CD) is a type of FDIC-insured deposit account offered by many banks and credit unions that usually has a fixed interest rate over a certain number of months or years. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Another major disadvantage to Bank of America CDs is the high penalty for early withdrawals. This compensation may impact how, where and in what order products appear. Credit and collateral are subject to approval. However, certificates of deposit lock in your money for a predetermined period of time in exchange for a higher interest rate. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other Bank of America CD rates are also lower than the averages. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. The special rate is a promotional online CD rate and the minimum opening balance is $5,000. While Bank of America does offer some pretty nifty features for their CDs (such as flexible term lengths and low minimum deposit amounts), we still can’t get over the fact that the interest rates offered on these CDs are much, much lower than the CDs that you can get elsewhere. Many banks offer higher rates that you shouldn’t ignore. Featured CDs offer a higher APY but require a higher balance. Certificates of Deposit - Branch Banks 2021. The risk free CD provides you with the ability to access your funds without penalty. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Best For. B of A offers two kinds of CD account types: featured CDs and fixed term CDs. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. You’ll get a maturity notice beforehand in case you'd rather redeem your CD. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Additionally, the bank offers savings accounts, including ones designed for minors. Looking for a full range of investment choices? Early withdrawal penalty applies. The rate of 0.05% is 1.15% lower than the average 1.2%. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S", or "Merrill"), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. Its fixed term CD products range from 28 days (1 month) to 120 months (10 years). Both are indirect subsidiaries of Bank of America Corporation.Insurance Products are offered through Merrill Lynch Life Agency Inc. (MLLA) and/or Banc of America Insurance Services, Inc., both of which are licensed insurance agencies and wholly-owned subsidiaries of Bank of America Corporation.Banking, credit card, automobile loans, mortgage and home equity products are provided by Bank of America, N.A. 0.20% to 0.85% APY. 3 month (90 to 179 days) bank … Bankrate has answers. Bank of America offers its personal banking customers a variety of products and services, including: checking accounts, savings accounts, CDs, loans and investments. You can open a Standard Term CD with just $1,000, but you will need $10,000 to open a Featured CD… Its time deposit CD minimum requires $1000 to open. The 'Fed' who sets the 'fed funds rate' and provides economic forecasts on inflation can influence significantly whether Bank of America raises, lowers or keeps unchanged its for CDs. All rights reserved. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Bank of America CDs may be best suited for individuals who want a shorter term CD… You have money questions. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We are an independent, advertising-supported comparison service. A CD (certificate of deposit) is a type of deposit account that’s payable at the end of a specified amount of time (referred to as the term). This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. Its time deposit CD … While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Note: The APYs (Annual Percentage Yield) shown are as of Jan. 15, 2020. For a limited time, Bank of America is offering a High Yield 7 month Certificate of Deposit (CD) that currently yields 4.11%. First National Bank of America is a Michigan-based community bank. The risk free CD provides you with the ability to access your funds without penalty. … Bank of America CD Interest Rates. Programs, rates, terms and conditions are subject to change without notice.Investment and insurance products: "Get more rewards with your everyday banking" is a trademark and Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation. Research some of the best rates offered by financial institutions. A certificate of deposit (CD) is a type of FDIC-insured deposit account offered by many banks and credit unions that usually has a fixed interest rate over a certain number of months or years. For example, Limelight Bank currently offers 0.70% percent APY on a 1-year CD. how we make money. Terms and conditions apply. Its CDs earned a 2.6 rating. Member FDIC. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Bank of America is offering some CD rates higher than the national average. A jumbo CD is like a regular CD but requires a higher minimum deposit, and in exchange, it can pay a higher interest rate. A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate of interest. Current 12 month (12 to 17 month) bank CD rates at Bank of America are 0.45% with a CD yield of 0.45%. Annual Percentage Yield (APY) is accurate as of 01/07/2021 and applies to the initial term of a new Standard Term CD. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. © 2021 Bankrate, LLC. However, certificates of deposit lock in your money for a predetermined period of time in exchange for a higher interest rate. The APYs for some products may vary by region. The average rate for a 5-year CD is 0.36 percent. Featured CDs offer a higher APY but require a higher balance. Annual Percentage Yield (APY) is accurate as of 01/21/2021 and applies to the initial term of a new Standard Term CD. Get insider access to our best financial tools and content. At Bankrate we strive to help you make smarter financial decisions. Their term length options are almost identical. Bank of America CD rates. Bank of America and Chase pay comparable CD rates, although Chase compounds interest more frequently. CDs generally pay a fixed rate of interest and can offer a higher interest rate than other types of deposit accounts, depending on the market. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. They have constantly changed account standings, settings, and issue fees … The current national average 12 month rate is higher at 0.53% as reported by … Bankrate’s editorial team writes on behalf of YOU – the reader. We strive to provide you with information about products and services you might find interesting and useful. Min Deposit. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. editorial integrity, this post may contain references to products from our partners. Bank of America, N.A. None. MLPF&S makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation.Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation. Bank of America CD Interest Rates. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. 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