ApyGuy: Maximize Your Savings & Earnings

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BBVA CD Rates – Flat 0.10% APY Across All Terms


image credit: bbvausa.com

BBVA USA (formerly BBVA Compass) is a subsidiary of the Spanish behemoth Banco Bilbao Vizcaya Argentaria and is the 30th largest bank in the United States with just shy of $93 billion in assets.

Although this bank only has branches in the sun belt states, it services customers nationwide with its online banking platform and mobile apps.

BBVA has branches in the following states:

  • Alabama (89 branch locations)
  • Arizona (63 branch locations)
  • California (61 branch locations)
  • Colorado (37 branch locations)
  • Florida (45 branch locations)
  • New Mexico (18 branch locations)
  • Texas (336 branch locations)

The state of Texas is BBVA’s largest stronghold. They are the 4th largest bank in the state based on consumer deposits held at the institution.

BBVA has also spent considerably on both marketing and real estate in Texas. Along with their 336 branch locations, BBVA holds the naming rights to BBVA stadium – a professional soccer venue in Houston.

If you’re in the market for an FDIC-insured certificate of deposit from BBVA, then continue reading our review below.

BBVA bank deposits are FDIC-insured up to $25,000 per depositor and come with yields that beat the national average for their respective terms.

BBVA claims the yields on their CDs vary based on location, and that you’ll need to contact a representative to get a specific quote. That said, we don’t expect rates to vary much by location at this time in today’s market. Many banks that quote CD rates by location all provide the same yields across all zip codes currently.

However, for the purposes of this review we will use the CD rates available to consumers opening BBVA deposits online, rather than in-branch. The rates on their online CDs do not vary by location.

BBVA USA CD Rates + Account Details

The online certificate of deposit suite offered by BBVA USA consists of just four products at the moment, all of which features the same yield of 0.10% APY.

They have an online 11 month CD, 12 month CD, 18 month CD and 36 month CD. There are no longer term deposits offered online through BBVA. If you’re looking for a CD with terms greater-than 3 years we would suggest reaching out to a local representative or finding a different bank or credit union.

All of BBVA’s online CDs come with a minimum deposit requirement of $500.

BBVA CD Rates

TermAPY
11 months0.10%
12 months0.10%
18 months0.10%
36 months0.10%

To put this flat yield in perspective, the current national average on a 12 month CD sits at 0.22% APY with top offers coming in around 0.70% APY.

For 36 month CDs, Connexus Credit Union offers the highest yield with an APY of 0.90% APY as of November 2020.

Early withdrawal penalties are steeper with BBVA’s online CDs than most online banks or credit unions. Early withdrawal fees at BBVA also have the ability to eat into your principal.

Early Withdrawal Fees

CD TermFee
Less than 12 monthsFlat $25 plus 1% of amount withdrawn
More than 12 monthsFlat $25 plus 3% of amount withdrawn

Interest is paid upon maturity for all online CDs. If you open a deposit in-branch this may be different.

You will also need to contact a representative (1-877-737-7727) to get the compounding frequency of your certificate of deposit. This information is not publicly available even for online CDs.

While BBVA has been known to offer exceptional promotional CDs in the past, they do not offer any at this time. Check back here often, as we update this post when new products are introduced by BBVA.

How to Open a BBVA CD, Both Online and In-Branch

The four online CD options available at BBVA.

Opening a BBVA USA certificate of deposit is fairly straightforward if you are a US resident or citizen. And the bank requires the same information from you whether you’re opening the deposit online or in a local branch.

Here’s what you’ll need:

  1. Drivers License. They’ll need your full legal name AND your drivers license number.
  2. Date of Birth.
  3. Current Address.
  4. Telephone Number.
  5. Social Security Number.

Other items you should have handy that they MAY require:

  1. Passport to further confirm your identity
  2. Taxpayer Identification number or EID or EIN number if opening for a business.
  3. Employment status (and job title)

If opening the account online, you should be able to have it completed in minutes. Once the account is open, you’ll need the routing number and account number of the bank you’d like to transfer money from to fund your BBVA CD.

Final Thoughts

While BBVA USA’s CD rates still beat the national average for their respective terms, more competitive offers can be found with other FDIC-insured online banks and/or nationally available credit unions.

Keep an eye out for promotional CDs that come in and out of BBVA’s deposit product suite regularly. If opening one of these promotions in the future, please know that they do not renew for the same yield and terms once they’ve reached maturity.

Do you have experience with BBVA’s CDs – either online or in branch? We’d love to hear about it in the comment section!

Live Oak Bank CD Rates: Up to 1.00% APY + 0.70% APY Online Savings Account!


image credit: liveoakbank.com

Live Oak Bank based out of Wilmington, North Carolina is a digital, cloud-based bank that has no branches or ATMs. Their primary focus is on small business banking and their mission is to be America’s best small business bank. They’ve made considerable ground on this front as they were the leading SBA and USDA lender by volume in 2019. On top of that Live Oak Bank is still relatively new – being one of the last banks to get a charter prior to the recession of 2008.

Although their focus is on small business, Live Oak Bank offers its products and services to both personal and business customers in all 50 states.

Today, on the personal side of their operation, they have several noteworthy deposit accounts that are FDIC insured and come with high yields compared to the current national average(s).

If you’re in the market for an FDIC-insured savings account or certificate of deposit you may want to check out Live Oak Bank’s current CD rates and online savings account offer. Please note that Live Oak Bank does not offer IRA CDs at this time.

Our full review of these products continue below.

Live Oak Bank CD Rates + Account Details

Live Oak Bank currently has 7 standard term certificates of deposit to choose from. The terms range from 6 months to 5 years and still provide ascending rates (albeit not by much). CDs sold at Live Oak Bank are federally insured by the FDIC up to $250,000 per depositor. Live Oak Bank CDs have a minimum deposit requirement of $2,500 and a maximum deposit allowance of $250,000.

Interest is compounded daily and credited monthly. A nice feature of Live Oak Bank CDs is that they let you transfer your interest to an external account every month if you so choose. This is great for individuals or couples living off of the interest as income. The default option, however, is for the interest to simply go back into the CD account for further compounding.

Live Oak Bank CD Rates

TermAPY
6 months0.60%
1 year0.70%
18 months0.60%
2 year0.60%
3 year0.60%
4 year0.60%
5 year1.00%

To give the offers above some context, the current national average for a 12 month CD and a 5 year CD sit at roughly 0.22% and 0.47% APY, respectively.

Opening a deposit with Live Oak Bank is pretty straight forward and can be done online in minutes. To start you will click on the “get started” button in the upper right. From there you will begin the application process.

You should have all of your personal information handy when starting this process. Necessary information may include:

  • Name
  • Address
  • Email Address (must be unique for each account holder)
  • Mobile Phone Number
  • Social Security Number
  • They may request additional documentation for verification purposes

You will need to also have the routing and bank account number of the bank/account you’ll be transferring the funds from.

Early Withdrawal Fees

As with most bank CDs, you will incur a fee if you withdraw your funds prior to the maturity date. The fees are based on the term length of your deposit.

CD TermFee
24 months or less90 days simple interest
24 months or greater180 days simple interest

Live Oak Bank CDs come with a standard 10 day grace period. During this time you can withdraw or add funds to your deposit penalty free. If nothing is done during this period, a new CD with the same terms and the current rate will be opened with your funds. Live Oak Bank will notify you prior to your grace period but you should have your own reminders set as well.

Live Oak Bank Online Savings Account

Live Oak Bank has one of the most competitive online savings accounts on the market currently. The account comes with no monthly maintenance fees, no minimum balance requirements and has a minimum deposit requirement of just $10.00 to open the account.

Please note that If an account has a balance less than $10.01 and no activity for 24 consecutive months (“no activity” is defined as no withdrawals, deposits, contact with a Customer Success Manager, nor customer log-ins to the online banking website), a dormant account fee will be assessed, and the account will be closed. The amount of the fee will be the account balance or $10.00, whichever is less.

Live Oak Bank Online Savings Account Rate

Minimum BalanceAPY
$00.70%

To put this offer in perspective, the current national average for a savings account sits at a paltry 0.07% APY currently.

You’ll need the same personal information you would for a CD to open a Live Oak Bank online savings account. Funding the account can be done in 1 of 4 ways:

  1. You can transfer funds electronically via ACH. To do this, log on to the Live Oak Bank Portal and choose the ‘Transfer Funds’ option. You may transfer funds between Live Oak accounts and linked external accounts. Please allow 1-2 business days for the process to complete.
  2. You can mail a physical check to their HQ at:
    Live Oak Bank
    Attention: Deposits
    1757 Tiburon Drive
    Wilmington, NC 28403
  3. Deposit a check with the Live Oak Bank Mobile App. The app is available for both IOS and android phones. Just keep in mind the mobile deposit cutoff time is 4:00 p.m. ET. Any deposits received after 4:00 p.m. ET will be processed on the following business day.
  4. Wire funds into your account. Log on to the Live Oak Bank Portal for wire instructions. You must have an open account to deposit by wire. A new account cannot be opened by wire.

There might be some additional fees you’ll want to look out for depending on what kind of actions you intend to take with this account. Below is a list of possible fees you may run into.

Live Oak Bank Fee Schedule

Fee DescriptionFee Amount
Monthly Account Fee$0
Fee for each transaction after the 6 permitted by Federal regulation D$10 for ea. after the sixth in a monthly statement cycle.
Stop Payment$25
Returned Item$10
Non-Sufficient Funds$25
Legal Actions$50 minimum
Incoming Wire$15
Outgoing Wire$19

Final Thoughts

Live Oak Bank has competitive APYs on their personal deposit accounts. Both their variable rate, online savings account and each of their 7 standard term CDs come with yields that beat the national average by a respectable margin.

That said, more competitive yields on CDs can be found with other online banks and nationally available credit unions, but don’t expect rates to be much higher than what you see here.

A nice feature of the CDs is that interest can be distributed to external accounts which is ideal for those living off of interest as income. The biggest downside to their CDs, however, is that they are limited to standard accounts and cannot be opened in IRAs.

First Republic Bank CD Rates – Up to 0.55% APY


image credit: firstrepublic.com

First Republic Bank got its start in 1985 as a small thrift company. Today, the firm offers personal banking, business banking, and wealth and trust management services.

They have ~70 branch locations in 6 states (California, Connecticut, Florida, Massachusetts, New York and Oregon) with most being centered in major metropolitan areas.

Because they cater to high net-worth, low risk individuals, many of their banking products come with steeper minimum deposit requirements than those at other online banks and/or nationally available credit unions.

First Republic bank offers a full suite of deposit products. They offer checking accounts, money market accounts, savings accounts and CDs (certificates of deposit).

In our review below we will focus on the 12 certificates of deposit products sold by First Republic Bank.

First Republic Bank’s CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts. All of their CDs come with a minimum deposit requirement of $10,000.

First Republic Bank CD Rates + Account Details

First Republic Bank Rate Finder tool.

To view First Republic Bank’s current CD rates on their website, you’ll have to use their “Rate Finder” tool. This tool requires you to specify your region before populating a list of their going CD rates. That said, we’ve run this scenario for all available regions and found rates to be static across the board. In normal interest rate environments, however, these rates may vary slightly by region.

First Republic Bank currently has 12 CDs to choose from. They have 10 standard term CDs and 2 promotional CDs. The promotional CDs consist of a “4 Month Special” and an “8 Month Liquid CD.”

The 4 month special, for all intents and purposes, is just like a regular CD but it comes with a higher APY. Its current annual percentage yield is listed in our table below.

The liquid CD comes with the same guaranteed interest rate that a standard CD does, but allows you access to your funds without incurring a penalty. You are allowed to withdraw funds once per week (every 7 days), however you must maintain a minimum balance of $10,000 in this account. If you dip below this threshold First Republic Bank may close the CD and transfer the funds to another account.

First Republic Bank CD Rates

TermAPY
30 days0.05%
3 months0.25%
4 Month Special0.30%
6 months0.30%
8 Month Liquid CD0.20%
12 months0.35%
18 months0.40%
2 years0.40%
3 years0.45%
4 years0.45%
5 years0.55%
6 years0.55%

To give these offers above some context, the current national average for a 12 month CD and a 60 month CD sit at just 0.22% APY and 0.47% APY, respectively.

Outside of the 8 month liquid CD all of First Bank Republic’s other CD options come with early withdrawal penalties if you need funds prior to maturity. It should also be noted that First Bank Republic’s early withdrawal penalties are more expensive than other banks and credit unions.

Early withdrawal penalties are as follows:

  • CDs with terms of 1 year or less have a penalty equal to six months’ interest on the amount you withdraw.
  • CDS with terms of 1 year or greater have a penalty equal to 15 months’ interest on the amount you withdraw.

The best way to access the funds from your CD is to wait until it matures. Consider locking in one of First Bank Republic’s shorter term deposits if you’re unsure whether or not you can keep your money tied up for longer periods of time.

Opening a CD with First Republic Bank

There are three ways to open a certificate of deposit with First Republic Bank, none of which are online.

  1. The first is to give the bank a call at (888) 408-0288. They have banking specialists available during regular working hours to get you set up with any CD you choose.
  2. The second option is to complete an online form and have the bank reach out to you. You can find this form here.
  3. The third would be to stop into a branch and speak with a representative in person. You can locate a First Republic Bank branch here.

When you speak with a representative either in person or via the phone you will need the following information to get your CD account open and funded:

  • Full name (drivers license)
  • Address
  • Phone Number
  • Email
  • Social Security Number

To fund the account you will need the routing number and account number of the institution and bank account that you will be transferring the funds from. You can also mail them or hand them a check (if meeting in person).

Final Thoughts

While in most cases First Republic Bank’s CD rates beat out the national average for each respective term, better yields can be found through online banks and nationally available credit unions.

Because First Republic Bank caters to higher net worth individuals, they impose steep minimum deposit requirements on their deposits and expensive early withdrawal penalties if you need access to your funds prior to maturity.

All of this should be considered before deciding to open a CD with First Republic Bank.

Ponce Bank High Yield Savings – 0.50% APY!


image credit: SaveBetter.com

Ponce Bank has launched a high yield savings account through the SaveBetter platform that pays a noteworthy APY of 0.50% and comes with a minimum deposit requirement of just $1.00.

The SaveBetter platform that houses this offer, allows for consumers to create just one account (with SaveBetter) which then unlocks access to a curated network of FDIC member banks and their FDIC-insured savings products.

Ponce Bank and their high yield savings account is currently the highest yielding product within the SaveBetter network. We should note that the network only consists of three banks at the moment:

  • Ponce Bank,
  • Continental Bank and
  • Central Bank of Kansas City.

Ponce bank does not offer this digital savings product through their own website. If you visit Poncebank.com and navigate to their savings solutions section, you’ll notice the savings product(s) there are not the one offered through SaveBetter.

To access the high yield savings account Ponce Bank offers in this review, you’ll want to navigate to the products exploration page on SaveBetter. You can also continue reading our comprehensive review on the product below.

Ponce Bank High Yield Savings Account APY + Details

The Ponce Bank high yield savings account available through SaveBetter is federally insured by the FDIC up to $250,000 per depositor. Joint accounts are not available at this time.

Ponce Bank High Yield Savings Account

Min DepositMonthly FeeAPY
$1$00.50%

To put the yield above in perspective, the current national average for a savings account sits at just 0.07% APY. That said, there are still a handful of online banks and even nationally available credit unions offering yields near 0.75% APY still. Keep in mind these rates are variable and can change anytime without notice.

Interest is compounded daily and credited monthly.

Drawbacks to Ponce Bank High Yield Savings Account

The account has some notable drawbacks that one should consider before opening it.

First, the account provides limited access to your funds. You will not have an ATM or debit card of any kind. You also can not deposit money through traditional methods such as direct deposit, wire transfer, cash deposit, or remote check deposit via a mobile app. The only way to withdraw funds is by linking a bank account. And depending on the bank or credit union you’ve linked, this could take anywhere from 3 – 5 business days to receive a transfer.

No joint accounts. Typically banks and credit unions allow for joint savings and/or deposit accounts which expands FDIC coverage up to $500,000 so that both individuals are covered up to the applicable limits of $250,000 per depositor.

You have to use the SaveBetter mobile app to manage the account. And the app does not provide any basic budgeting or automatic savings tools that many digital savings products do.

Customer Service goes through SaveBetter and office hours are limited. To reach an actual representative for questions regarding your Ponce Bank High Yield Savings account, you’ll need to call: 844-994-EARN (3276). And the hours of operation are just Monday to Friday from 9:00 a.m. – 4:00 p.m. Eastern Standard Time.

How to Open the Ponce Bank High Yield Savings Account

If you’d like to open the Ponce Bank high yield savings account and earn the advertised interest rate, you’ll first need to navigate to the Ponce Bank offer page on Save Better here.

Once there, follow these steps:

  1. Click the forest green “Save now” button.
  2. Enter your email address, and set a strong password.
  3. Enter your name and go over the terms and conditions (link at the bottom). Once done, confirm that you have read them. Click “Continue“.
  4. Then you’ll need to confirm your email address.
  5. From there, you’ll enter your date of birth, Social Security number and contact details. Then click “Continue“.
  6. Review and submit your application.
  7. Once approved you’ll need to connect the bank in which you’ll be transferring funds from. You’ll need your bank account number and routing number to complete this step.

Items to have handy to complete the process:

  • Driver’s license or government-issued ID
  • Social Security Card (if you don’t have the number memorized)
  • Bank account number and routing number of the institution you’ll be transferring the funds from.

Final Thoughts

If you’re strictly after a high yield, variable-rate online savings account and do not need regular access to these funds, then this Ponce Bank high yield savings account may be a good option for you.

If you value in-person banking and easy access to cash and your money held, then this product may not be a good fit for you.

Also keep in mind you’ll be interfacing with SaveBetter and their app(s) to manage the account and will not have any interaction with Ponce Bank itself.

Sallie Mae CD Rates up to 0.60% APY + 0.55% APY Money Market Account


image credit: salliemae.com

Sallie Mae has become a household name as the largest originator of student loans in the country.

Founded in 1972 as the Student Loan Marketing Association, Sallie Mae operated with government sponsorship by handling both federal and private sector loans.

Some may remember their Federal Stafford and Federal Perkins loans coming from Sallie Mae. However, Sallie Mae started the path of incorporation as a private company during the 90s and completed it in 2004, severing their operation from the government.

Today, their product suite covers a large range of financial services from private education loans and college savings programs to banking services and insurance programs.

In this review, we’ll focus on the savings side of Sallie Mae Bank. Sallie Mae is a member of the Federal Deposit Insurance Corporation and currently offers several types of FDIC-insured savings accounts for a variety of needs: the SmartyPig savings account, certificates of deposit, money market, and high-yield savings accounts are all on the menu with Sallie Mae.

Please note the SmartyPig savings account will not be covered here. Use the link above to read more about that account.

Sallie Mae CD Rates + Account Details

If you’re looking to lock-in an interest rate, a certificate of deposit may be the way to go.

Sallie Mae was named as one of the best banks for certificates for deposit in 2020 by GOBankingRates.

Although their CD rates have been more competitive in the past, they still feature returns that beat the national average(s) for their respective terms by decent margins.

TermMinimum DepositAPY
6 months$2,5000.30%
9 months$2,5000.30%
11 months$2,5000.30%
12 months$2,5000.50%
13 months$2,5000.50%
15 months$2,5000.50%
18 months$2,5000.55%
24 months$2,5000.60%
30 months$2,5000.60%
36 months$2,5000.60%
60 months$2,5000.60%

To put Sallie Mae’s CD rates (above) in perspective, the current national average for a 12 month CD sits at 0.22% APY and the current average for a 5 year CD sits at 0.47% APY.

As you can see from the table, there is a wide range of terms to choose from but the current yields don’t vary much by term.

Grace Period

Upon the maturity of your Sallie Mae CD, you’ll have a 10 calendar day grace period during which you can withdraw funds from your CD account without penalty. If no action is taken within the 10 day grace period, the funds will automatically renew into the same CD with its current rate.

Locking-In CD Rates

The interest rate and APY will be determined on the date you fund the CD account, not the date you open the account. However, you will receive the higher interest rate of the date your account opened or was funded if the first deposit occurs within ten days from the opening date.

Once your interest rate is set and fixed, you will be paid this rate until maturity. Interest is compounded daily and credited to your account monthly.

The interest begins to accrue on the same business day if the deposit is received before 11:00 PM ET. If the deposit occurs after 11:00 PM ET on a business day or non-business day, the deposit is considered received on the next business day.

Early Withdrawal Penalties

If your CD account has a maturity of 12 months or less, the penalty is equal to 90 days of simple interest on the amount withdrawn. If the CD account has a maturity greater than 12 months, the penalty will equal 180 days of simple interest on the amount withdrawn.

In circumstances such as death or incompetence of the account holder, the law may permit an early withdrawal penalty waiver.

Sallie Mae Money Market Rates + Account Details

Sallie Mae’s money market account is similar to their SmartyPig account but with a few more features. For example, you can write checks from the money market account plus earn a slightly higher rate.

Unlike Sallie Mae’s CDs there are no minimum deposit requirements to open a money market account. The APY you receive applies to all balances as well, which is different than most money market accounts that tie yields to balances.

Sallie Mae Money Market Account Rates

Monthly BalanceMinimum DepositAPY
$0$00.55%

To put the APY (above) in perspective, the current national average for a money market account sits at roughly 0.11% APY. On top of the respectable yield, the lack of both minimum deposit and monthly balance requirements make this an attractive account. Keep in mind money market rates are variable and can change at any time without notice.

Transaction Limitations

You may deposit or withdraw money via:

  • Check,
  • EFT, or
  • Wire Transfer.

There is a maximum of 6 transfers or withdrawals (a combination of either) during any calendar month or statement cycle per Federal Regulation D. Please note that if using your Sallie Mae money market account to repay loans at Sallie Mae, there is no limit in the number of transfers you may make.

Sallie Mae Fee Schedule

  • Check Order Charge (for orders placed after account opening; orders placed at the time of account opening are free): $5
  • Stop Payment Charge: $15
  • Returned Check Fee: $5
  • Insufficient Funds (NSF) Fee: $19
  • Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

Sallie Mae Money Market Promotional Offers

Sallie Mae may offer a bonus interest rate and APY from time to time for their money market account customers. The promotional period’s bonus rate will be paid regardless of your balance and discontinued after the promotional period has ended. Your interest rate and APY will then revert to Sallie Mae’s current interest rate and APY. Promotions are not valid with other offers or promotions unless otherwise stated.

Sallie Mae High Yield Savings Account Rates + Details

The high yield savings account is similar to the SmartyPig and money market account in that it has no minimum balance/deposit requirements or monthly maintenance fees.

The rate is slightly lower than the money market account, but still handily beats the current national average for FDIC-insured online savings accounts.

Sallie Mae High Yield Savings Account Rate

Monthly BalanceMinimum DepositAPY
$0$00.50%

Rates are compounded daily and credited to your account monthly. As with the money market account the APY is variable and subject to change at any time without notice.

Transaction Limitations

You may withdrawal or deposit money via:

  • Check,
  • EFT, or
  • Wire Transfer

The same 6 transaction limitation applies to the high yield savings account. This applies to both withdrawals and deposits (a combination of either) per federal regulation.

Fees

• Returned Check Fee: $5
• Wire Fee: $20 (United States only). Please note that the receiving bank may charge a wire fee on their end. Sallie Mae will not allow international wire transfers.

Banking Experience and Customer Sentiment

Sallie Mae has just one physical location in Utah, which is their headquarters. So if you value in-person banking this institution likely isn’t for you.

That said, if you value respectable rates and low maintenance accounts that can be managed 100 percent digitally than Sallie Mae deserves your consideration. Their rates are regularly among the top online offers available and their accounts have received a number of awards from third party sites.

According to user reviews on both Android and iOS apps, Sallie Mae’s app experience ranges from mediocre to comfortably above average (especially as far as banking apps go).

They receive just 3.6 starts on Android, but an impressive 4.6 stars on the App Store.

Sallie Mae’s SmartyPig account has a separate app and also receives high marks.

Final Thoughts

Sallie Mae has a variety of options in terms of deposit accounts. All of their variable rate products feature $0 minimum deposit and monthly balance requirements which make them available to pretty much anyone.

Their CDs feature above average rates, but better APYs can be locked-in through other online institutions or credit unions.

Bank Of America CD Rates – Should You Consider Opening?


Bank of American hardly needs any introduction. They’re the second largest bank in the United States by assets, with over $2.61 trillion in total and they are the third largest bank in the country by branch locations with roughly 4,559 across all 50 states.

That said, their savings rates – both fixed and variable – leave much to be desired and lag the current national average(s) for their respective terms by considerable margins.

This isn’t unique to Bank of America though, as all the big banks at the moment offer abysmal rates to savers. Both Citibank and Chase Bank have kept their savings rates significantly under the national averages for all of 2020.

For those considering opening a fixed-rate, certificate of deposit with Bank of America continue reading our full review below.

Bank of America CD Rates + Account Details

Bank of America CDs are federally insured by the FDIC up to the applicable limits. These are $250,000 per depositor or $500,000 on joint accounts.

Bank of America has two sets of certificates of deposit available to consumers currently: “Featured CDs” and “Standard CDs.”

The Featured CDs come with a higher minimum deposit requirement of $10,000 compared to just $1,000 for the Standard CDs. Bank of America’s Featured CDs also offer five oddball terms to choose from. These are:

  • 7 months
  • 10 months
  • 13 months
  • 25 months
  • 37 months

Bank of America Featured CD Rates

TermAPY
7 months0.05%
10 months0.05%
13 months0.05%
25 months0.05%
37 months0.05%

To put these yields in perspective the current national average for a 12 month CD and a 60 month CD sits at 0.22% APY and 0.47% APY, respectively. There are also several nationally available credit unions with CD rates still above the 1.0% APY mark for longer terms.

Their Standard CDs have much more flexible terms ranging from 1 month to 10 years (120 months). Consumers may choose the exact number of months within that range. Current rates, however, are flat across the board for all terms.

Bank of America Standard CD Rates

TermAPY
1 month (28 days)0.03%
3 months0.03%
6 months0.03%
12 months0.03%
2 years0.03%
3 years0.03%
4 years0.03%
5 years0.03%
6 years0.03%
7 years0.03%
8 years0.03%
9 years0.03%
10 years0.03%

Interest is compounded and credited monthly on both featured and standard CDs.

In normal interest rate environments two variables may affect the overall APY (annual percentage yield) applied to your CD from Bank of America. These are:

  1. Your Location
  2. Your Deposit Amount

While these variables do not change your rate at the moment, Bank of America still requires you to select these before disclosing the yields they offer on their website.

Your location is determined by the zip code you reside in and the deposit amount is broken up into four ranges for the Featured CDs and three ranges for Standard CDs. For Featured CDs, the deposit ranges are:

  • Less than $10,000
  • $10,000 to $100,000
  • $100,000 – $1m
  • $1m +

For all of Bank of America’s Standard CDs the deposit ranges are:

  • Less than $10,000
  • $10,000 to $100,000
  • $100,000 +

Early Withdrawal Penalties

Bank of America’s early withdrawal penalties vary by length of the term of the deposit. Below is a breakdown of what you can expect to pay if you need to make an early withdrawal to your CD. You should note that for CDs with terms of 60 months (5 years) or greater, fees can potentially add up to more than the overall interest earned if withdrawals happen often enough.

CD TermPenalty
90 days or less7 days’ interest
90 days – 12 months90 days’ interest
12 months – 60 months180 day’s interest
60 months +365 days’ interest

The interest penalties above are applied to the amount withdrawn.

Grace Period

The grace period is the brief window of time after your CD matures and before it gets renewed in which you have the ability to add or withdraw funds penalty free.

Bank of America’s grace period is slightly lower than the standard 10 days at just 7 days.

Bank of America’s CDs also automatically renew, so if nothing is done within this 7 day period your CD will automatically renew with the same terms and whatever the current APY happens to be at that time.

Bank of America will send you reminders leading up to the grace period of your deposit but be sure to set up your own notifications as well.

Final Thoughts

While banking with large institutions such as Bank of America has its advantages such as easy in-person branch access, vast network of ATMs, and a wide range of financial products, their current CD rates are simply not competitive at this time.

In normal interest rate environments having both featured CDs with higher APYs and standard CDs with customizable term lengths is a major advantage, however Bank of America’s current yields make these standout features inconsequential today.

If you’re after a high yield CD, a nationally available credit union or online bank is going to be able to provide you with much better rates.