ReviewUpdated
By:Kevin Payne
Kevin Payne
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
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Our BankingExpert
Bank of America CD rates don't stack up that well against the top online banks. But Bank of America CDs are a viable option for short- and long-term investments as they have a broad range of terms. Read on to learn more about Bank of America CD rates, how they compare to other banks, and whether they are right for you below.
Bank of America CD rates for 2024
Rates as of June 7, 2024
APY = Annual Percentage Yield
Bank of America Standard CD
MINIMUM DEPOSIT $1,000
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| 6 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|
| 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
Compare Bank of America CD rates
Unfortunately, Bank of America CD interest rates are not that competitive compared with some of the best CD rates. Neither its Standard CDs nor Featured CDs earn much interest at any term length. Below, you can compare Bank of America CD interest rates to some of our experts' favorite CDs:
Rates as of June 7, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Discover® Bank CD Member FDIC. | APY:4.70% | Term:1 Year | Min. Deposit:$2,500 | Open Account for Discover® Bank CD |
Western Alliance Bank CD | APY:5.05% | Term:1 Year | Min. Deposit:$1 | Open Account for |
Western Alliance Bank CD | APY:5.10% | Term:9 Months | Min. Deposit:$1 | Open Account for |
Bank of America's CD review
Standard CDs
PROS
- A multitude of term lengths
- No monthly fees
CONS
- CD rates aren't competitive
Bank of America's main CD product is a Standard CD. These CDs offer many term lengths ranging from 28 days to 10 years, making them perfect if you're building a CD ladder. You can open a Standard CD for as little as $1,000, much less than the $10,000 minimum required for its Featured CDs. Interest on Bank of America CDs is compounded and credited monthly.
Like most banks, Banks of America doesn't charge any maintenance fees on CD accounts.
Depending on the CD term, you could pay a penalty of up to 365 days' interest if you withdraw funds before the maturity date. Bank of America Standard CDs automatically renew at maturity. Customers will need to change terms, deposit or withdraw funds, or close the CD account during the grace period.
Who is a Bank of America CD right for?
Bank of America CDs are right for people who are more interested in having a wide range of term-length options than earning high-yield interest rates. It’s also a great option for current Bank of America customers who want to keep all of their banking in one place.
Bottom line: Bank of America CD rates
Bank of America Standard CD
- 6 APY: 0.03%
- 12 APY: 0.03%
- 18 APY: 0.03%
- 24 APY: 0.03%
- 36 APY: 0.03%
- 48 APY: 0.03%
- 60 APY: 0.03%
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Rates as of June 7, 2024
APY = Annual Percentage Yield
Term
Bank of America Standard CD
6 Mo.
1 Yr.
1.5 Yr.
2 Yr.
3 Yr.
4 Yr.
5 Yr.
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
Other Bank of America CD accounts
Bank of America also offers the following CD accounts:
- Featured CDs
Keep reading about Bank of America:
- Bank of America Review
- Bank of America Advantage Savings Review
- Bank of America Business Advantage Fundamentals Review
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
You should get a Bank of America CD if you have extra funds to set aside for a short- or medium-term investment. CD deposits also come with the added protection of being FDIC-insured up to $250,000 per depositor.
A Bank of America CD is only worthwhile if you aren't concerned about getting the best CD rates available. You are sure to find CDs that offer higher APYs with comparable deposit requirements elsewhere.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Ally is an advertising partner of The Ascent, a Motley Fool company. Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. SLM is an advertising partner of The Ascent, a Motley Fool company. Bank of America is an advertising partner of The Ascent, a Motley Fool company. Synchrony Financial is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. None has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America, Charles Schwab, Goldman Sachs Group, PNC Financial Services, and Target. The Motley Fool recommends Barclays Plc and Discover Financial Services and recommends the following options: short June 2024 $65 puts on Charles Schwab. The Motley Fool has a disclosure policy.
