Bank of America CD Rates: How They Compare

Bank of America CD
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Bank of America offers a wide range of terms for certificates of deposit and a low minimum deposit requirement, but the rates available online don’t stand out.

Bank of America CD rates

  • Standard Term CD rates are available online for terms of 28 days to 10 years. These CDs require a minimum deposit of $1,000.

  • Featured CD rates are slightly higher than Standard Term ones, but the minimum deposit is also higher, $10,000. These are promotional rates, also known as CD specials (see how they work).

This is a look at some of Bank of America’s online rates for its short, long and common CD terms.

*Rates listed are for San Francisco, where NerdWallet is based. Rates can vary by location.

More details about Bank of America CDs

What to consider when opening CDs

  • Interest rates are fixed. If you open a Bank of America CD today, its APY will stay the same until the CD expires. This benefits you if you lock in a CD before rates start dropping, but on the flip side, you’ll earn less on a CD if rates keep rising. It’s hard to know when CD rates will go up since it depends on Fed rate hikes and other factors (see more about historical CD rates).

  • One common rule with CDs, including with Bank of America CDs: You can’t add more funds after making a deposit into a CD.

  • You lose interest if you withdraw early. CDs are built to keep your money out of sight, out of mind. If you dip into a Bank of America CD before it expires, there’s an early withdrawal penalty, which means losing some or all the interest you earned.

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Capital One 360 CD

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Capital One 360 CD

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Diverse range of terms, but low rates

Bank of America CD
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Bank of America’s Standard Term CDs may be a convenient option if you already have other accounts with Bank of America and want a range of terms to choose from, but you can find better rates elsewhere.

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