Featured CDs offer a higher APY but require a higher balance. The APYs for some products may vary by region. A Certificate of Deposit is a type of savings account that has a set interest rate and withdrawal date. The financial market is constantly changing and interest rates fluctuate alongside it. A more flexible account with faster access to cash, Consider an IRA to help maximize your returns. Annual Percentage Yield (APY) is accurate as of 01/21/2021 and applies to the initial term of a new Standard Term CD. Bank of America Certificate of Deposit (CD) Rates Review Learn more about how Bank of America certificates of deposit (CDs) work. 3.5. It was calculated for the State of California and requires a minimum of $1000. However, certificates of deposit lock in your money for a predetermined period of time in exchange for a higher interest rate. Bank of America CDs may be best suited for individuals who want a shorter term CD… B of A offers two kinds of CD account types: featured CDs and fixed term CDs. The biggest difference between these two accounts is the minimum opening deposit. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Bank of America offers a range of certificates of deposit that could help you grow your savings with a well-known brand. Bank of America earned 2.4 out of 5 stars in Bankrate’s review across its deposit products. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. The biggest difference between these two accounts is the minimum opening deposit. … A bank agrees to pay interest at a certain rate if savers deposit their cash for a set term, or period of time. 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. Bank of America CDs are available in a range of term lengths between 1 and 120 months, making it easy to find an option that suits your financial goals. Certificates of Deposit - Branch Banks 2021. 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. A jumbo CD is like a regular CD but requires a higher minimum deposit, and in exchange, it can pay a higher interest rate. For example, Limelight Bank currently offers 0.70% percent APY on a 1-year CD. Its CDs earned a 2.6 rating. Note: The APYs (Annual Percentage Yield) shown are as of Jan. 15, 2020. Bank of America, N.A. All rights reserved. The special rate is a promotional online CD rate and the minimum opening balance is $5,000. Featured CDs offer a higher APY but require a higher balance. It’s highest rate tops at 1.1% APY for its 84-month term. 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. As you can see below, Bank of America CD rates doesn’t even come close to the rates of other banks, namely online banks like Marcus by Goldman Sachs and Ally Bank. If you opt out, though, you may still receive generic advertising. Ally’s one-year CD 0.75% APY outperforms Bank of America’s 0.03% … According to Bankrate’s most recent national survey of banks and thrifts, the average rate for a 1-year CD is 0.21 percent. Many banks offer higher rates that you shouldn’t ignore. 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. For 6 month Bank of America CDs, it would consider the current policies and short term forecasts of federal reserve as well as its net interest margins, BofA liquidity (deposits are a cash flow source of … Find the best CD rates by comparing national and local rates. The risk free CD provides you with the ability to access your funds without penalty. Here’s an explanation for Also it is 2.55 % … How Bank of America’s CD rates compare. Bank of America offers its personal banking customers a variety of products and services, including: checking accounts, savings accounts, CDs, loans and investments. All Rights Reserved. Annual Percentage Yield (APY) is accurate as of 01/07/2021 and applies to the initial term of a new Standard Term CD. Bank of America offers a Featured CD and a Standard Term CD. 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. Please enter the zip code for your home address so we can give you accurate rate and fee information for your location. 0.20% to 0.85% APY. CD has a XXXX-month term. Find the best CD rates by comparing national and local rates. First National Bank of America is a Michigan-based community bank. Bank of America interest rates are lower than what you can find at other banks. For a limited time, Bank of America is offering a High Yield 7 month Certificate of Deposit (CD) that currently yields 4.11%. How Bank of America’s CD rates compare. These accounts typically provide security for longer-term savings and no monthly fees, but at the cost of access and liquidity of the funds. B of A offers two kinds of CD account types: featured CDs and fixed term CDs. The First National Bank of America CD currently offers a fixed 0.75% APY on its three-year CD. 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. 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