Bank of America CD Rates: Mostly Low APYs
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Bank of America offers a wide range of terms for certificates of deposit and a low minimum deposit requirement, but the rates available online don't stand out.
» COMPARE: See the best CD rates
Bank of America CD rates
Bank of America offers three types of CDs, all with a minimum deposit of $1,000:
Fixed Term CDs are available online for terms of 28 days to 10 years.
Featured CDs at Bank of America can have higher rates than the Fixed Term options. These are promotional rates, also known as CD specials. (See how CD specials work.)
Flexible CDs, also called no-penalty CDs, let customers redeem all funds anytime after the first six days without a fee. No partial withdrawals are allowed.
This is a look at some of Bank of America's online rates.
CD term | Standard rate* |
|---|---|
1-month CD | 0.03% APY. |
3-month CD | 4.00% APY. |
1-year flexible CD | 3.51% APY. |
1-year CD | 0.03% APY. |
3-year CD | 0.03% APY. |
5-year CD | 0.03% APY. |
10-year CD | 0.03% APY. |
*Rates listed are for San Francisco. Rates can vary by location. | |
More details about Bank of America CDs
Minimum deposit | $1,000. This is a typical CD minimum. |
Range of online CD terms | 28 days to 10 years. This is a wider than average range of CD terms. |
Early withdrawal penalty |
*The penalty can include more than actual interest earned if the withdrawal occurs early enough. Compare early withdrawal penalties by bank. |
Other fees | None, which is common for CDs. |
Grace period | 7 days after the CD's maturity date. Bank of America CDs automatically renew, so this 7-day window is the only time to withdraw without getting hit by a penalty. Compare grace periods by bank. |
Types of account ownership |
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» Want to check how the bank ranks overall? See our Bank of America review
What to consider when opening CDs
Interest rates are fixed. If you open a Bank of America CD today, its APY will stay the same until the CD expires. This benefits you if you lock in a CD before rates start dropping, but on the flip side, you’ll earn less on a CD if rates keep rising.
Be aware of two common rules with CDs: You generally can’t make partial withdrawals of the initial CD deposit or add additional funds after making a deposit into a CD.
You lose interest if you withdraw early. CDs are built to keep your money out of sight, out of mind. If you dip into almost any Bank of America CD before it expires, there’s an early withdrawal penalty, which means losing some or all the interest you earned. There is one exception in the bank’s case, its 12-month flexible CD. (Compare this with other no-penalty CDs.)
Interest accrues in a CD during the term, so you can benefit from compound interest. (See our CD calculator page or use the calculator below.) You can request to receive interest as regularly scheduled payments, or disbursements, to an external account or by check. The frequency can be monthly, quarterly or at longer intervals.
» Unsure about CDs? Consider the best high-yield savings accounts instead
About Bank of America
Bank of America is one of largest national banks in the U.S. It has a strong network of thousands of branches and ATMs as well as strong online and mobile app experiences. But CDs are largely not a strength. Bank of America offers a lot of financial accounts and services, including checking and savings, credit cards, mortgages, auto loans and self-directed investing.
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