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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 Fixed Term CD is the national bank's traditional CD. The current rate is 0.03% to 4.00% APY (Annual Percentage Yield).
These CDs have a $1,000 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 Terms | APY |
| 28 days to 89 days | 0.03% on all account balances |
| 90 days to 179 days | 4.00% on all account balances |
| 6 months to 120 months | 0.03% on all account balances |
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 0.05% to 5.00% (vary by location) APY.
These CDs require at least $1,000 to open. Once a Featured CD matures, it renews into a Fixed Term CD with a similar term.
The Bank of America Featured CD 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 Terms | APY |
| 7 months | 5.00% on all account balances |
| 10 months | 0.05% on all account balances |
| 13 months | 4.75% on all account balances |
| 25 months | 3.20% on all account balances |
| 37 months | 0.05% on all account balances |
Bank of America Flexible CD Rates
The Bank of America Flexible CD 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 pays 3.51% 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 $1,000 is needed to get this account.
Bank of America CD Rates Pros and Cons
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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℠ or Chase Sapphire℠ Banking, and make at least five transactions from your checking account.
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 $2,500, and promotional CDs require a minimum of $5,000.
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 7-month Wells Fargo Special Fixed Rate CD offers the best rate overall out of all Wells Fargo CDs.
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.
Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:- Are banks open today? Here's a list of US bank holidays for 2023
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Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start SavingEditorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
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