Current Bank of America CD Rates (Earn up to 5.40%) – DIGIWIZ CENTRAL

Current Bank of America CD Rates (Earn up to 5.40%)

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The information for the following product(s) has been collected independently by Business Insider: Chase Sapphire℠ Banking. The details for these products have not been reviewed or provided by the issuer.

Bank of America Fixed Term CD – Product Name Only

Bank of America (Member FDIC) is one of the best national banks, but its CD rates are still short of the best ones available at online banks. 

Bank of America has three types of CDs: Featured, Fixed Term, and Flexible accounts. Your CD rate will largely vary depending on the type of CD and term you get. 

Bank of America CD Rates

Bank of America Fixed Term CD Rates

The Bank of America Standard Term CD is the national bank’s traditional CD. The current rate is Bank of America Fixed Term CD – APY APY (Annual Percentage Yield).

These CDs have a Bank of America Fixed Term CD – Minimum Deposit minimum opening deposit and come in a wide range of terms, from 28 days to 120 months. Bank of America pays low CD rates on most term fixed-term CD lengths, with the exception of terms between 90 days and 179 days.

Bank of America CD rates are the same in many areas, but they can vary depending on where you live. We used the zip code from New York City, New York, for the following Bank of America CD rates: 

CD TermsAPY28 days to 89 days0.03% on all account balances90 days to 179 days4.00% on all account balances6 months to 120 months0.03% on all account balances

Featured Nationally Available Deposit Rates

These accounts all offer at least 5% APY on deposits.

Western Alliance Bank 3 Month CD – Product Name Only: Western Alliance Bank 3 Month CD – APY APYCIT Bank 6 Month Term CD – Product Name Only: CIT Bank 6 Month Term CD – APY APYPonce Bank 9 Month CD – Product Name Only: Ponce Bank 9 Month CD – APY APYWestern Alliance Bank 1 Year CD – Product Name Only: Western Alliance Bank 1 Year CD – APY APYSallie Mae 14 Month CD – Product Name Only: Sallie Mae 14 Month CD – APY APYDiscover 18 Month CD – Product Name Only: Discover 18 Month CD – APY APYValley Direct 3 Year Variable CD – Product Name Only: Valley Direct 3 Year Variable CD – APY APYUFB High Yield Savings – Product Name Only: UFB High Yield Savings – APY APY

Bank of America Featured CD Rates

Bank of America Featured CDs are the bank’s promotional terms, which means their rates may only be offered for a specific time frame. The Bank of America Featured CD rate is Bank of America Featured CD – APY APY. 

These CDs require at least Bank of America Featured CD – Minimum Deposit to open. Once a Featured CD matures, it renews into a Fixed Term CD with a similar term.

The Bank of America Featured CD – Product Name Only only comes with five terms: seven months, 10 months, 13 months, 25 months, and 37 months. The 7-month and 13-month terms pay the highest rates. The 25-month CD rate is decent, while 10-month and 37-month CD rates are low. We used the zip code from Los Angeles, California, for the following Bank of America CD rates: 

CD TermsAPY7 months and 13 monthsup to 5.40% depending on balances25 months3.20% on all account balances10 months and 37 months0.05% on all account balances

Bank of America Flexible CD Rates

The Bank of America Flexible CD – Product Name Only is a type of no-penalty CD. You won’t have to pay for any withdrawals after the first six days of opening an account.

The Bank of America Flexible CD – Product Name Only pays Bank of America Flexible CD – APY APY, which is a good rate compared to other banks. It’s only available in a 12-month term, and once it matures, it will renew into a 9-month term. A minimum of Bank of America Flexible CD – Minimum Deposit is needed to get this account. 

Bank of America CD Rates Pros and Cons

ProsCons

High interest rates on select terms (7- or 13- month Featured CDs; Fixed Term CDs between 90 days and 179 days)

No-penalty CD option with a good interest rate

Variety of CD terms

Low interest rates on most Fixed Term CD lengthsThe best CD rates at online banks and credit unions may still pay even higher rates regardless of the termOther banks may let you open an account with less money upfrontStandard-to-high early withdrawal penalties

Compare Bank of America CD Rates

Bank of America CD Rates vs. Chase CD Rates

Bank of America and Chase each have CD terms up to 10 years. Both banks pay relatively low rates overall, with higher rates on select terms.

The best option for you will largely depend on which term you choose. If you’re looking for a short-term CD between three to five months, Bank of America’s traditional CD rates may be more appealing than Chase CD rates. Bank of America also may be more suitable if you like the 7-month or 13-month promotional CDs.

Chase may be a better option than Bank of America for long-term CDs over a year, but only if you qualify for a relationship rate. To get a relationship rate at Chase, you must have Chase Premier Plus Checking℠ – Product Name Only or Chase Sapphire℠ Banking – Product Name Only, and make at least five transactions from your checking account.

Chase Bank Review

Bank of America CD Rates vs. Wells Fargo CD Rates

If you want to open a CD with less than $2,500, Bank of America will have to be your default option. Wells Fargo traditional CDs require at least Wells Fargo Standard Fixed Rate CD – Minimum Deposit, and promotional CDs require a minimum of Wells Fargo Special Fixed Rate CD – Minimum Deposit.

If your goal is to strictly find the most competitive CD rate, deciding between these two banks depends on the term. 

For traditional CDs, Wells Fargo CD rates are higher on 6-month and 1-year terms. Meanwhile, Bank of America notably offers great rates for terms between 90 days and 179 days.

Meanwhile, for promotional CDs, Bank of America’s strongest options are its 7-month and 13-month terms. At Wells Fargo, the 5-month or 11-month Wells Fargo Special Fixed Rate CD – Product Name Only offers the best rates overall out of all Wells Fargo CDs.

Wells Fargo Bank Review

The bottom line: Bank of America CD rates are low overall, with the exception of select short-term options. You’ll still find the best CD rates at online financial institutions, though, regardless of which term you’d like to get. 

 

Why You Should Trust Us: How We Reviewed Bank of America CDs

At Insider, we rate CDs on a scale from 0 to 5. We use a CD methodology that looks at interest rates, minimum opening deposits, early withdrawal penalties, variety of CD terms, ethics, customer support, and mobile apps.

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