Bank of America CD Rates
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Bank of America is one the biggest banks in the U.S. But are their CD rates worth it? Read on to find out.
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If you want all your banking services in one place, Bank of America is a good choice. But if you're after the best CD rates, you might find better options elsewhere.
The highest APY offered is on their promotional CD terms. Continue reading to know their CD rates, terms, fees, and many more.
What Bank of America CDs are Available?
Bank of America offers three types of CDs:
- Featured CDs: It has promotional rates, typically higher than their standard CD.
- Fixed Term CDs: A standard CD where you get a fixed rate during the fixed term.
- Flexible CD: A no-penalty CD that lets you withdraw without any charges after the first six days of the term.
Most of the terms of these CDs are also available as IRA CDs. With that, here's a quick overview of their CDs:
| CDs Available | Standard, No-penalty, IRA | ||
|---|---|---|---|
| Minimum Deposit | $1,000 | ||
| Terms | 28 days to 10 years | ||
| Interest Payments | Monthly | ||
| Early Withdrawal Penalty* |
| ||
| Grace Period | Terms 7-27 days: 1 day Terms 28 or more days: 7 days | ||
| FDIC-Insured | Yes | ||
| *Penalties are not applicable for Flexible CDs withdrawn after 6 days into the CD term. | |||
Bank of America Featured CD Rates
Bank of America: Featured CD
| Term | APY | Earnings |
|---|---|---|
| 7 Month | 3.25% | $18.83 |
| 10 Month | 2.95% | $24.52 |
| 13 Month | 2.00% | $21.68 |
| 25 Month | 1.75% | $36.80 |
| 37 Month | 0.11% | $3.40 |
The information for the Featured CD has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank.
Rates are for Pasadena, California (ZIP Code 91107), and may vary per location. Rates are for opening deposits of less than $10,000. Annual Percentage Yield (APY) is accurate as of January 9, 2025.
Bank of America's Featured CDs are available as odd terms ranging from 7 to 37 months.
These are also offered as promotional rates, so the rates are a notch higher than their standard Fixed Term CDs.
Do note that if you leave your Featured CD to automatically renew at maturity, it will be renewed as a Fixed Term CD with the same term but likely at a lower rate.
Bank of America Fixed Term CD Rates
Bank of America: Fixed CD
| Term | APY |
|---|---|
| 28 - 89 Days | 0.03% |
| 90 - 179 Days | 3.00% |
| 6 - 120 Months | 0.03% |
Rates are for Pasadena, California, and may vary per location.
Fixed Term CDs are Bank of America's standard CD offerings. But most of the rates may not be a good choice. In fact, the rates can even be lower than the national average[1].
The best APY for their Fixed Term CDs is on the 90-179 Days Term CD. But while most of the APY may not be impressive, they do offer a broad range of CD terms–starting from 1 month to 10 years.
- Western Alliance Bank:
6-Month High-Yield CD - 3.50% APY - CIT Bank:
13 Month CD - 3.25% APY - Quontic:
6 Month CD - 3.75% APY - Sallie Mae Bank:
14-Month No Penalty CD - 3.40% APY
Bank of America Flexible CD Rates
Bank of America: Flexible CD
- 12-month term
- 2.50% APY
- $1,000 minimum opening deposit
A no-penalty CD like Bank of America's Flexible CD is a solid option if you want to avoid early withdrawal fees and earn a relatively high rate to go with it. But, the offered APY is promotional, so it might not stick around for too long.
The available term is only 12 months. But at maturity, the CD can automatically renew to a 9-month Flexible CD. The APY on the renewed CD is subject to change though. Bank of America will send you a notice with the details for you to review.
- Raisin:
No-Penalty CD - Up to $1,500 Bonus - Mission Valley Bank:
3-Month No-Penalty CD - 3.80% APY - CIT Bank No Penalty CD:
3.75% APY - Sallie Mae Bank:
14-Month No Penalty CD - 3.40% APY
Bank of America IRA CD Rates
Fixed Term IRA CD
- Available terms are 6 - 120 months
- 0.03% APY
- $1,000 minimum opening deposit
- Terms and rate is for Pasadena, California, and may vary per location
Bank of America's CDs are also available as IRA CDs. Thus you can add them as part of your individual retirement account (IRA) if you prefer.
However, Fixed Term CDs with terms less than 6 months are not available as IRA CDs.This may make it less desirable as the best rate on their Fixed Term CDs in fact has a term of less than 6 months.
Note that Bank of America sets APY based on several factors. That means the APY can vary depending on the specific account, customer, location, or channel where the CD was opened. All rates in this article are based on the applicable offers in Pasadena, CA.
How Bank of America CDs Compare
High-Yield CD Rates - Up to 3.60% APY
- No fees
- $1 minimum deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Month | 3.60% APY |
| 4 Month | 3.50% APY |
| 5 Month | 3.40% APY |
| 6 Month | 3.50% APY |
| 9 Month | 3.40% APY |
| 12 Month | 3.30% APY |
CIT Bank No Penalty CD - 3.75% APY
- Option to withdraw full balance and interest after 7 days of CD funding date
- $1,000 minimum to open an account
- 11 months
- No monthly maintenance fee
- Member FDIC
CD Rates - Up to 3.75% APY
- $500 minimum opening deposit
- FDIC insured
| Term | CD Rates |
|---|---|
| 6 Month | 3.75% APY |
| 12 Month | 3.00% APY |
| 24 Month | 3.35% APY |
| 36 Month | 3.25% APY |
| 60 Month | 3.00% APY |
High-Yield CD - Up to $1,500 Bonus
- Select a savings offer and sign up: Choose and fund at least one high-yield savings account or CD on the Raisin platform to get started. Be sure to enter bonus code HEADSTART during sign-up to be eligible for a cash bonus.
- Deposit funds: The more you save, the more you can earn. Make a qualifying deposit(s) within 14 days of opening your account to set your bonus tier.
- Maintain your deposit(s): Maintain your deposit(s) for 90 days from your first deposit date to earn your bonus.
| Deposit | Cash Bonus |
|---|---|
| $10,000 - $24,999 | $70 |
| $25,000 - $49,999 | $175 |
| $50,000 - $99,999 | $350 |
| $100,000 - $199,999 | $750 |
| $200,000 or more | $1,500 |
Mission Valley Bank CD Rates - Up to 3.80% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
| CD | APY |
|---|---|
| 3-Month No-Penalty CD | 3.80% APY |
Fees & Penalties
You can expect early withdrawal penalties when you close a CD before it matures. Penalties can eat into your interest earnings and your principal.
For Bank of America's Featured and Fixed Term CDs, here are the applicable penalties depending on the CD term.[2]
- Terms less than 90 days: the greater of all interest earned or 7 days' interest on the amount withdrawn
- Terms 90 days to 12 months: 90 days' interest on the amount withdrawn
- Terms 12 months to 60 months: 180 days' interest on the amount withdrawn
- Terms greater than 60 months: 365 days' interest on the amount withdrawn
However, if you have a Flexible CD, early withdrawal penalties can be waived when you withdraw your CD outside of the first 6 days of your CD term.
In general, you cannot withdraw all or a part of your Bank of America CD before the term ends. If you do, you will be charged early withdrawal penalties which can eat into your interest earnings and your principal and ultimately close your CD.
But at Bank of America's discretion, they may allow you to withdraw a part of your funds without closing the CD. Though will still be subject to early withdrawal penalties.
Bank of America CD Pros & Cons
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| © CreditDonkey |
If you're not sure whether a Bank of America CD is ideal for you, here are its pros and cons to consider.
Pros
- No monthly service fees
- No account opening fees
- Wide range of CD terms available
- IRA CDs available
- No-penalty early withdrawal for Flexible CDs
- FDIC insurance for up to $250,000
Cons
- Not all CD terms have high APY
- $1,000 minimum for all CDs
- Early withdrawal penalties for most CDs
- Monthly compounding interest
Can You Lose Money with a Bank of America CD?
No, you can't really lose money with a Bank of America CD. This is because Bank of America is covered by FDIC insurance which means deposits are protected up to $250,000 per depositor, per ownership category.
However, if you make a premature withdrawal, you might incur early withdrawal fees that can eat into your earnings. These penalties could even reduce the initial amount you invested in certain situations.
How to Open a CD with Bank of America
You can open a CD at Bank of America online or at one of their financial centers. Here's how to do it through their website:
- Go to their Certificate of Deposit Accounts page.
- Get started on the Account Type (Featured, Fixed Term, or Flexible CD) and select the term length.
- Fill out your personal and contact information and Social Security number.
- Provide account information to fund your account.
If you're planning to open a CD with $100,000 or more, you will need to visit a financial center to process an application.
To fund your Bank of America CD online, here are three ways[3]:
- Transfer funds from an existing Bank of America account. You will receive an email notification in 1-2 business days.
- Transfer funds from an external bank account. You will receive an email notification within 12 business days.
- Mail a check to: Bank of America,TX2-979-02-14, PO Box 619040 Dallas, TX 75261-9943
How to Withdraw Upon Maturity
Bank of America will send you a notice at least 20 days before maturity for CDs with terms 30 days or more[4]. When you receive the notice, here are your options:
- Close the CD and withdraw all funds
- Add deposit to the CD or withdraw from CD
- Change the CD term
- Automatic renewal
At maturity, you will have a grace period to make your move. For CD terms less than 28 days, the grace period is 1 calendar day. For CD terms 28 days or more, it is 7 calendar days. Withdrawals after the grace period will incur early withdrawal penalties.
Note that their CDs are set to renew automatically at maturity. Bank of America may change the CD term, APY, and other features, so make sure you inform them how you'd like to proceed when your CD matures.
You can reach out to their customer service, schedule an appointment, or visit a financial center.
For concerns regarding Bank of America CDs, you can call their customer service at 888-827-1812 on Mondays to Fridays from 8am to 9pm ET or Saturdays from 8am to 8pm ET.[5]
Other Bank of America Accounts
If CDs don't fit the bill for you, here are other accounts that Bank of America offers.
Bank of America Advantage SafeBalance Banking®
No overdraft fees, no paper checks, and a $25 minimum opening deposit. Monthly fee waived for those under 25, or with daily balance of at least $500 or Bank of America Preferred Rewards members.
Bank of America Advantage Plus Banking®
$100 minimum opening deposit. Monthly fee waived with a $1,500 balance, or have one direct deposit of at least $250, or become a member of Bank of America Preferred Rewards. Allows check writing and overdraft protection.
Bank of America Advantage Relationship Banking®
Open with $100. Monthly fee waived with a minimum daily balance of $20,000 or more in your account or become a member of Bank of America Preferred Rewards. Offers an interest-bearing checking account.
Bank of America Advantage Savings
Open with $100. Access tiered interest rates.
Bank of America Savings IRAs
Offers safe options with IRA CDs and money market accounts, ensuring FDIC insurance on deposits and earnings.
Bank of America Investment IRAs
Open an IRA with Merrill Edge for a more aggressive retirement plan, allowing investments in stocks, bonds, mutual funds, and ETFs.
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Bank of America® Business Advantage Banking - $400 or $750 Cash Bonus Offer
- The $400 or $750 cash bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new eligible business checking customers only.
- Offer expires 12/31/2026.
- To qualify, a new Business Advantage Relationship Banking or Business Advantage Fundamentals™ Banking account through the promotional page and deposit New Money* directly into that new eligible account within thirty (30) days of account opening (“Deposit Period”). At the
end of the Deposit Period, all New Money deposits made directly into new eligible Business Advantage Banking account will be totaled to determine which Balance Requirement you have met and which corresponding Cash Bonus Tier you
are eligible for.
Balance Requirement Cash Bonus Tier $5,000 $400 $15,000 $750 - Maintain a daily balance in that new Business Advantage Banking account that meets the applicable Balance Requirement during the Maintenance Period**
- After you satisfy all of the requirements, Bank of America will attempt to deposit your earned bonus directly into your new eligible Bank of America Business Advantage Banking account within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *New Money is new funds deposited into your Business Advantage Banking account that are not transfers from other Bank of America accounts or Merrill investment accounts.
- ** The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
- Bank of America, N.A. Member FDIC
Frequently Asked Questions
What are Bank of America CD rates right now?
Bank of America CD rates today may not be the most competitive for some CD terms. But the APY on Featured CDs and Flexible CD may be a good choice if you want to open a CD at Bank of America.
Can I add additional funds to my Bank of America CD?
No, you cannot make additional deposits with Bank of America CDs. You can only add deposits during the grace period of your CD after its maturity date.
Bottom Line
If you prefer working with a traditional bank like Bank of America, they do offer various CDs that you can consider to grow your savings passively. But, they may not give you the best CD rates.
For higher APY on a CD, you're probably better off looking at online banks or credit unions. You can even check out alternative investments if locking away your money is an issue.
References
- ^ FDIC. National Rates and Rate Caps, Retrieved 10/04/2023
- ^ Bank of America. Deposit Agreement and Disclosures: Time Deposit of CD Account: Early Withdrawals, Retrieved 10/04/2023
- ^ Bank of America. Applying for Bank Accounts FAQs, Retrieved 10/04/2023
- ^ Bank of America. CD & IRA FAQs, Retrieved 10/04/2023
- ^ Bank of America. CDs & IRAs Customer Service Retrieved: 10/04/2023
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- Chase Overdraft Assist℠ – no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
U.S. Bank Business Essentials - $400 Bonus
Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice.
Rue Atanacio is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Rue Atanacio at rue.atanacio@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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