Bank of America Certificate of Deposit Account Interest Rates – A Bank of America Certificate of Deposit, or CD, can be an excellent way to add money to your savings and earn interest on it in the process. The following Bank of America CD Account Interest Rates are updated every day so you can see the current rates and compare them to other offers from Bank of America and other top banks and credit unions. A high-yield certificate of deposit may be right for you if you don’t want to risk putting your money into volatile stocks or if you have an important event coming up that you’re planning to use your savings for, such as a wedding or home improvement project.
About Bank of America Certificate of Deposit
Bank of America offers a variety of CDs with different interest rates and terms. The best way to choose the right CD is to compare rates and terms from different banks, and then pick the bank and account that best suits your needs. Bank of America offers some of the best CD rates in the industry, so it’s definitely worth considering if you’re looking for a place to park your money.
Bank of America Certificate of Deposit Account Interest Rates
What CD Accounts Does BoA Offer?
Bank of America offers two types of certificate of deposit accounts and they are Featured CD account and the Standard Term CD account. Each of this CD account has it’s own unique interest rate. The account that is right for you depends on your individual needs and goals. To learn more about the different types of accounts offered by Bank of America, visit their website or speak to a customer service representative.
Features Of Bank of America Certificate of Deposit
When you open a Bank of America Certificate of Deposit (CD) account, you’ll earn a fixed rate of interest over a set period of time. The term length for a Bank of America CD account ranges from 28days to 10 years, and the longer the term, the higher the interest rate. All Bank of America CDs are FDIC insured up to $250,000 per depositor.
How Long Are BoA CDs Valid?
Bank of America CDs typically have a term of anywhere from 28days to 10years. The interest rate on your account will depend on the term length you choose. For example, a one-year CD may have a higher interest rate than a five-year CD. When your CD matures, you’ll have the option to renew it at the current interest rate or cash out your earnings.
What Are the Minimum Deposits and Initial Investments For BoA CDs?
Bank of America offers a wide range of CDs, with minimum deposits and initial investments that vary depending on the account you choose. You can open a Bank of America CD account with a minimum opening deposit of $10,000 for Featured CD account and $1,000 for Standard Term CD account.
Requirements For Opening a Bank of America Certificate of Deposit Account.
To open a Bank of America Certificate of Deposit (CD) account, you must have a Bank of America checking or savings account, or open one when you open your CD account.
Bank of America Certificate of Deposit Account Interest Rates
You’ll need to be a United States citizen or resident alien
Have a Social Security number.
You must also have a valid government-issued ID, such as a driver’s license, passport or state ID.
If you’re opening an account online, you’ll need to provide your name, address, date of birth and phone number.
You’ll also need to create a username and password for online access to your account.
Once the application is approved, Bank of America will send you a packet in the mail with all the forms that are needed to complete your new Bank of America CD account. Bank of America certificates of deposit account rates change daily, so we recommend checking our rates page before deciding on an investment plan. Bank of America Certificate of Deposit Account Interest Rates
Bank of America Certificate of Deposit Interest Rates
Interest rates for the various of types of certificate of deposit account are competitive and are subject to change without notice at any time before opening an account or receiving notice from Bank of America. Compare the Bank of America certificate of deposit account options below.
Featured CD account |
Standard Term CD account |
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Minimum opening deposit
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$10,000
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$1,000
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Term
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Annual percentage yield (APY)
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0.05–0.05%Footnote1
depending on balance and term
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0.03–0.03%Footnote2
depending on balance and term
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Additional deposits allowed?
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No additional deposits until maturity
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No additional deposits until maturity
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Early withdrawal penalty?
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Early withdrawal penalty appliesFootnote3
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Early withdrawal penalty appliesFootnote3
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How To Open a Bank of America Certificate of Deposit Account
You can open a Bank of America Certificate of Deposit account online at the BoA website in just a few minutes. Simply log in to your account, click on the Open an Account link, and select CDs from the drop-down menu. Then, choose the type of CD account you want to open and enter your deposit amount. Once you’ve reviewed and accepted the terms and conditions, your account will be opened and funded.
How Much Money Will I Earn on My Bank Of America CD Savings?
When you open a Bank of America Certificate of Deposit (CD) account, you’ll earn interest on your deposited funds. The amount of interest you earn will depend on the current interest rate and the length of time you keep your money in the account. For example, if you have a $1,000 balance in your CD account and the current interest rate is 0.05%, you’ll earn $5 in interest after one year.
What Happens if I Need to Cash Out My BoA Cd Before It Matures?
If you have a Bank of America Certificate of Deposit (CD) that you need to cash out before it matures, there are a few things you should know.
First, you will likely be charged an early withdrawal penalty.
Second, the amount you receive may be less than the original amount you deposited due to interest that has accrued.
Third, if you have a multiple-maturity CD, cashing it out early will void any remaining terms. For example, if you have a 12-month CD with three more years left on it and you want to withdraw money before then, the certificate will only pay out for its last three years because the initial twelve months were already paid off when they came due.
Fourth, Bank of America CDs usually don’t carry penalties for closing your account early so long as your account is closed within 60 days after opening.
What About My FDIC Insurance Coverage on my Bank Of America Cd Savings?
When you open a Bank of America Certificate of Deposit (CD) account, your money is FDIC insured up to $250,000 per depositor. This means that if Bank of America were to ever fail, your money would be safe and you would be able to withdraw it from another bank. You can learn more about FDIC insurance coverage.
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