December 6, 2023

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.

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 AvailableStandard, No-penalty, IRA
Minimum Deposit$1,000
Terms28 days to 10 years
Interest PaymentsMonthly
Early Withdrawal Penalty*
  • Terms less than 90 days: greater of all interest earned or 7 days' interest
  • Terms 90 days to 12 months: 90 days' interest
  • Terms 12 to 60 months: 180 days' interest
  • Terms greater than 60 months: 365 days' interest
Grace PeriodTerms 7-27 days: 1 day
Terms 28 or more days: 7 days
*Penalties are not applicable for Flexible CDs withdrawn after 6 days into the CD term.

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.

Compare Odd Term CD Rates

Bank of America Fixed Term CD Rates

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.

Compare Standard Term CD Rates

Bank of America Flexible CD Rates

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.

Compare No-Penalty CD Rates

Bank of America IRA CD Rates

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.

Bank of America CD APY
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

How do Bank of America's CD rates compare to other banks you have used?

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.

Can I partially withdraw my Bank of America CD?
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

If you're not sure whether a Bank of America CD is ideal for you, here are its pros and cons to consider.


  • 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


  • Not all CD terms have high APY
  • $1,000 minimum for all CDs
  • Early withdrawal penalties for most CDs
  • Monthly compounding interest

How important are CD rates in your decision to choose Bank of America as your bank?

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:

  1. Go to their Certificate of Deposit Accounts page.
  2. Get started on the Account Type (Featured, Fixed Term, or Flexible CD) and select the term length.
  3. Fill out your personal and contact information and Social Security number.
  4. 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.

How to fund Bank of America CD
To fund your Bank of America CD online, here are three ways[3]:
  1. Transfer funds from an existing Bank of America account. You will receive an email notification in 1-2 business days.
  2. Transfer funds from an external bank account. You will receive an email notification within 12 business days.
  3. 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.

How do I reach Bank of America?
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. Fee waived with $500 daily balance, linked Advantage Relationship Banking®, or Preferred Rewards membership. Also waived for those under 18, students under 25, and new accounts for the first six months.

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.

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.


  1. ^ FDIC. National Rates and Rate Caps, Retrieved 10/04/2023
  2. ^ Bank of America. Deposit Agreement and Disclosures: Time Deposit of CD Account: Early Withdrawals, Retrieved 10/04/2023
  3. ^ Bank of America. Applying for Bank Accounts FAQs, Retrieved 10/04/2023
  4. ^ Bank of America. CD & IRA FAQs, Retrieved 10/04/2023
  5. ^ Bank of America. CDs & IRAs Customer Service Retrieved: 10/04/2023
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer 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 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit
  • 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*
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

Rue Atanacio is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Rue Atanacio at 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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