APY GUY: Maximize Your Savings & Earnings

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TD Bank CD Rates – Now up to 5.00% APY!

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Fact Checked :

TD Bank is the 8th largest bank in the country by assets despite mostly operating on the east coast. They have over 1,100 locations in 15 US states plus Washington D.C. and are headquartered in Cherry Hill, New Jersey.

For savers looking for fixed-rate deposit products, TD Bank offers three different types of certificates of deposit to choose from. They are:

  1. TD Choice Promotional CDs
  2. TD No-Catch CDs
  3. TD Step Rate CDs

All of TD Bank deposits are federally insured by the FDIC up to $250,000 per depositor. We will breakdown the APYs, terms, conditions and details of all of TD Bank’s CDs in our review below.

When viewing TD Bank’s CD rates on their website, you will first be prompted to enter your location.

After you’ve entered your location you will be able to click through their CD accounts options and view their current rates. That said, we ran this scenario in three separate locations and found the exact same annual percentage yields for each. The locations we sampled are:

  1. Boca Raton, Florida
  2. Washington D.C.
  3. Boston, Massachusetts

TD Choice Promotional CDs

image credit: td.com

Like all of TD Bank CDs, the TD Choice Promotional CDs feature a tiered interest rate and APY (annual percentage yield) based on your deposit amount, however, as of May 2023, all tiers pay the same rate. Earlier this year TD Bank was providing slightly higher yields for higher deposit sizes.

To get the best APY (their “Bump Rate”) you’ll need to also have a TD Bank checking account.

CD terms range from 3 months to 5 years and come with a minimum deposit requirement of $250.

Promotional CD Rates

CD TermStandard APYBump Rate APY
6 month1.00%3.51%
9 month1.00%5.00%
12 month1.00%3.75%
To earn the Bump Rate APY you must have a TD bank checking account.

TD Bank’s CD rates were surveyed on May 22, 2023.

To give these offers above some context, the current national average for a 12 month CD sits at 1.59% APY and the average yield on a 5 year CD sits at 1.37% APY according to FDIC data.

If you do decide to open one of these, remember your money will be locked up for the duration of the deposit’s term. If you need access to your funds prior to maturity, an early withdrawal penalty will apply. If you foresee a chance that you will need these funds prior to maturity, you may want to open a No-Catch CD which allows for one penalty-free withdrawal per term.

Early Withdrawal Penalties

Withdrawing funds from your TD Choice Promotional CD prior to maturity will cost you some or all of your interest earned. Below is a breakdown of TD Bank’s early withdrawal penalties.

  • For CDs with terms of 7 to 89 days, TD Bank will deduct all accrued interest.
  • For CDs with terms of 90 days to one year, TD will deduct three months’ interest.
  • For CDs with terms between 1 and 2 years, TD will deduct six months’ interest.
  • For CDs with terms between 2 and 3 years, TD will deduct nine months’ interest.
  • For CDs with terms between 3 and 4 years, TD will deduct twelve months’ interest.
  • For CDs with terms between 4 and 5 years, TD will deduct eighteen months’ interest.

Compounding Interest

TD Bank does not state the compounding schedule on their website, however according to their CD rate calculator interest appears to be compounded monthly. Many banks, both online and brick and mortar, compound interest daily resulting in a higher annual percentage yield.

Grace Period

As with most banks and credit unions, TD Bank has a 10 calendar day grace period in which you can withdraw or add money to your CD penalty free. TD Bank will send you a notification prior to your deposit’s maturity, but you may want to have your own reminders set as well. If nothing is done during this grace period, your funds will roll into another CD of the same term and current APY.

TD Bank No-Catch CDs

TD Bank’s No Catch CDs currently come with only two deposit terms to choose from: 6 months and 12 months. Although these products have featured tiered APYs in the past based on deposit amount, they all feature the same lackluster yield currently.

The major difference with these accounts is that they allow for one penalty-free withdrawal per term.

No-Catch CD Rates

CD TermAPY
6 month0.05%
12 month0.05%
APY = Annual Percentage Yield

The minimum deposit requirement is $250.

Interest is compounded presumably monthly on these CDs as well and the same grace period applies. All of these CDs will automatically renew if nothing is done during the grace period.

TD Step Rate CDs

TD Bank’s Step Rate CDs function exactly as their name implies in that your interest rate takes a ‘step up’ on your anniversary each year. You have just two terms to choose from with these products: a 3 year term or a 5 year term.

As an added bonus, the Step Rate CD also comes with a similar feature as the “No-Catch CD.” Upon each yearly anniversary of your CD, you will be given a 10 calendar day window in which you can add or withdraw funds penalty-free. You may withdraw any amount at this time whether it be all of your funds or just a partial amount.

3 Year Step Rates

YearAPY
Composite APY0.10%
Year 10.05%
Year 20.10%
Year 30.15%
APY = Annual Percentage Yield

The composite APY is simply the blended APY you will have received at the maturity of your deposit term.

5 Year Step Rates

CD TermAPY
Composite APY0.15%
Year 10.05%
Year 20.10%
Year 30.15%
Year 40.20%
Year 50.25%
APY = Annual Percentage Yield

While the 5 year TD Step Rate CD features the highest yield of any TD Bank CD, it still lags the national average and considerably higher 5 year CD rates can be found with other banks and credit unions.

How Much Can you Earn with a TD Bank CD?

How much you earn with a TD Bank CD is going to depend on your deposit size, the CD’s term and its APY. Take a look at the table below to see how much you’d made with each of TD Bank’s Choice Promotional CDs assuming a deposit size of $25,000.

CD TermAPYEarnings
6 months3.51%$434.97
9 months5.00%$931.76
12 months3.75%$937.50
Earnings = Sum of all interest payments made through maturity.

How do TD Bank’s CD Rates Compare?

To get a better idea of how TD Bank’s CD rates stack up against some of their competitors, take a look at the table below. It compares TD Bank’s best CD rate with some of the best CD rates offered by other well known banks.

BankBest CD Rate (APY)
TD Bank5.00%
BMO Harris5.10%
Huntington Bank5.13%
Santander Bank5.00%
CD rates surveyed May 22, 2023.

My Banking Direct Review – Earn over 5.00% APY!

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Fact Checked :

logo credit: mybankingdirect.com

My Banking Direct is a service of Flagstar Bank which is a subsidiary of New York Community Bank, based out of Hicksville, New York.

New York Community Bank was founded in 1859 and is one of the largest regional banks in the country with over $90 billion in assets at the end of 2022.

Flagstar Bank has 395 branches across 9 states mostly in the midwest and the east coast.

My Banking Direct is an FDIC-insured, online bank with no physical branches and a handful of competitive deposit accounts available to consumers across the country.

My Banking Direct offers the following fixed and variable rate deposit accounts:

  • High Yield Savings Account – Currently yielding 5.00% APY (annual percentage yield) and is among the rate leaders nationwide for online savings accounts.
  • CDs (Certificates of Deposit) – Only 1 term available (5 months) and it comes with a 5.05% APY and a minimum deposit requirement of $2,500.
  • Direct Checking – Comes with free debit card and access to 55k ATMs via Allpoint and Presto. $1.00 minimum to open.

To see if My Banking Direct and their deposit accounts are right for you, continue reading our review below.

My Banking Direct Pros and Cons

✅ Pros🛑 Cons
– High yields on CDs and savings
– Allowed to add funds to the CD any time during its term
– Visa Debit card with checking account
– Low minimum to open savings and checking accounts
– Free access to 55k ATMs with checking
– No overdraft or insufficient funds fees
– FDIC insured		– No money market account
– Only 1 short term CD available
– High minimum deposit for CDs (used to be just $500)
– No physical branches

High Yield Savings Account

My Banking Direct’s High Yield Savings Account requires a minimum deposit of $500 to open. There are no monthly maintenance fees to worry about and the account earns the advertised APY on all balances of $1.00 or more.

The account is set up as a tiered-rate account, however, all tiers pay the same interest rate as of the time of this writing. You can see the tiers and the APY in the table below.

High Yield Savings Rates

BalanceAPY
$1.00 – $9,999.995.00%
$10k – $49,999.995.00%
$50k +5.00%
APY = Annual Percentage Yield

To put this yield into perspective, the average yield for a savings account and a money market account sit at just 0.40% and 0.59% APY, respectively, according to FDIC data.

That said, the top yields from online banks and nationally available credit unions are now inching up to the 5.00% APY mark with My Banking Direct among the rate leaders.

Compounding and Crediting Interest

Interest is calculated on a simple interest basis using the daily balance method. Interest payments are credited back to your account monthly. You can learn more in My Banking Direct’s Truth in Savings disclosure forms (view PDF here).

Certificates of Deposit

As noted, My Banking Direct offers just 1 CD at the moment and the term is 5 months. It comes with a minimum deposit requirement of $2,500.

CD Rates

CD TermsAPY
5 months5.05%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a 6 month CD sits at 1.19% and top rates from online banks are between 5.00% and 5.20% APY.

My Banking Direct used to offer 12 and 24 month CDs as well back in March of this year, but now offers just one promotional account. They also upped their minimum deposit requirement to the current $2,500 (up from just $500).

📌 Special Feature: Unlike most CD accounts, My Banking Direct allows you to make additional deposits to the 5 month CD at anytime during the term.

Grace Period and Early Withdrawal Fees

The grace period is the brief window of time (usually 7 or 10 days) upon your CD’s maturity in which you can close out your CD or modify it before it automatically renews into a new CD account with the same term and the going interest rate.

Unlike most banks, however, My Banking Direct’s CDs do not automatically renew unless you specify otherwise upon applying for and opening the CD. In the case that you do specify that you’d like it to automatically renew, then you will be given a 7 day grace period upon maturity in which you may modify it or close it out before it auto-renews.

If you do not make this specification on the front end of the CD, then 30 days prior to your CD’s maturity, My Banking Direct will send you a maturity notice. Upon the maturity of your CD, your funds will sit in a “Post Maturity Account” until you transfer or withdraw them.

If you need access to the funds in your My Banking Direct CD prior to its maturity, you will face an early withdrawal fee.

The early withdrawal fee for the 5 month CD is:

  • 30 days’ simple interest on the principal amount withdrawn.

You can learn more by reading My Banking Direct’s Truth-in-Savings disclosure forms for their CDs here.

Direct Checking with Debit Card

image credit: mybankingdirect.com

My Banking Direct’s Direct Checking account comes with a minimum deposit requirement of just $1.00 to open it.

There are no monthly maintenance fees or service fees of any kind plus no overdraft or insufficient funds fees.

You’ll also get a free debit card which can be used for free at over 55,000 ATM locations via Allpoint and Presto‘s network of ATMs.

Another perk of using your My Banking Direct debit card for purchases is the rewards you can earn. Once you’ve requested and activated your debit card, you’re automatically enrolled in the rewards program.

With the rewards program you’ll receive $20 cash deposited to your Direct Checking account for every 2,000 rewards points you earn. You can earn up to 50,000 points per year ($500 cash in your account) plus the points don’t expire, they just carry over to the next year.

Below is an example of qualifying transactions, the points you’d earn and the cash it’s worth.

Expenditure CategoryMax Points in 1 YearDollar Value
Daycare480$4.80
Dinner out1,440$14.40
Entertainment480$4.80
Gas720$7.20
Groceries720$7.20
Home Improvements240$2.40
Prescriptions240$2.40
Vacation120$1.20
The examples above assume each purchase is $50 or more.

You can learn more about their rewards program here.

Some negative aspects of the Direct Checking account are:

  • Outside of network ATMs may charge you for usage
  • Outgoing wires are not permitted

Ally Bank CD Rates – Now up to 4.85% APY!

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Fact Checked :

Ally Bank is an acclaimed digital bank that offers a suite of competitive FDIC-insured online deposit accounts including CDs (certificate of deposits), savings accounts, interest checking and money market accounts.

In this review we will just focus on Ally Bank’s fixed-rate CDs. They have seven standard term CDs ranging from 3 months to 5 years that can be opened as standard CDs or IRA CDs. They also have two promotional CDs – the “Raise Your Rate CD” and the “No Penalty CD.”

The Raise Your Rate CD is beneficial in an ascending interest rate environment. This product gives you the opportunity to increase your rate once over a 2-year term or twice over a 4-year term if the rate for your term and balance tier goes up while your CD is active.

The No Penalty CD, as the name implies, allows you to withdraw any amount at any time after the first six days of funding the account. You can keep the interest earned with no penalties.

For those that may not remember, Ally Bank is the rebrand of GMAC – the financial arm of General Motors. Following the financial collapse of 2008, GMAC fully rebranded to Ally Bank in 2009. Since then they’ve been recognized for numerous awards for online banking innovation, customer service, and their commitment to giving back to local communities.

To see if Ally Bank’s CD rates are right for you, continue reading our review below.

Ally Bank CD Rates + Account Details

image credit: ally.com

Ally Bank CDs are FDIC insured up to $250,000 per depositor or $500,000 for joint accounts. There is no minimum deposit requirement to open an Ally Bank CD.

CD Rates

TermAPY
3 months2.50%
6 months3.50%
9 months4.15%
12 months4.50%
13 month select4.75%
18 months4.80%
20 month special4.85%
3 years4.25%
5 years4.10%
APY = Annual Percentage Yield

Ally Bank’s CD rates were surveyed on May 19, 2023.

To give the yields above some context, the current national average for 12 month CDs and 5 year CDs sits at just 1.59% and 1.37% APY (annual percentage yield), respectively, according to FDIC data.

The top yields from online banks like Ally and credit unions with nationwide acceptance are now inching over the 5.00% APY and 4.50% APY mark for the same respective terms.

The 20 month CD is a promotional term available through August 15, 2023. This will automatically renew into an 18 month CD upon maturity. Read more here.

The 13 month Select CD is another promotional deposit that is available June 13, 2023. This will automatically renew into a 12 month CD upon maturity. Read more here.

Ally Ten Day Best Rate Guarantee

All of Ally Bank’s CDs come with a “ten day best rate guarantee.” This means that if you fund your account within 10 days of opening it and rates go up during this time, you will get Ally’s best rate for that term and your balance tier during that time. This also applies with CD renewals.

Compounding Interest

Interest is compounded daily which gives your overall APY a boost over bank deposits that compound less frequently like monthly or quarterly.

Tiered rates by deposit amount do exist in more favorable savings rate environments; however, Ally Bank CDs pay the same APY for each term regardless of your deposit amount currently.

Early Withdrawal Penalties

Early withdrawal penalties at Ally Bank vary by CD term. They are as follows:

  • CD terms of 24 months or less will incur an early withdrawal penalty of 60 days’ interest.
  • CD terms of 25 – 36 months will incur an early withdrawal penalty of 90 days’ interest.
  • CD terms of 37 – 48 months will incur an early withdrawal penalty of 120 days’ interest.
  • CD terms of 48 months or longer will incur an early withdrawal penalty of 150 days’ interest.

Grace Period

Ally Bank has a standard grace period of 10 days where you can withdraw, add or transfer funds without incurring a fee. If nothing is done during this period, the CD will renew under the same terms at the current APY.

Ally Bank Loyalty Rewards for CD Account Holders

Ally Bank has a little-known loyalty program for those that continue to open and/or renew certificates of deposit with them. Currently, they are giving a 0.05% APY bump when you renew any CD with them. Be sure to check back 30 days before your CD matures to see what the reward is at that time.

Raise Your Rate CD Rates + Details

The Raise Your Rate CD offered by Ally Bank is going to be best suited for a climbing interest rate environment. Given the fact that CD rates are generally fixed throughout their duration, an opportunity to give your CD rate a bump when interest rates are on the rise, can be a huge benefit. And one that many other banks do not offer.

Raise Your Rate CD Rates

TermAPY
2 year3.75%
4 year3.75%
APY = Annual Percentage Yield

The 2 year Raise Your Rate CD will give you the opportunity to increase your rate once over the life of the deposit.

The 4 year Raise Your Rate CD will give you the opportunity to increase your rate twice over the life of the deposit.

No Penalty CD Rate + Details

The Ally Bank No Penalty CD comes with only one term at the moment. The term is 11 months. You can withdraw any or all of your money from this deposit at any time after six days from funding the account.

No Penalty CD Rate

TermAPY
11 months4.25%
APY = Annual Percentage Yield

As with Ally Bank’s other certificate of deposit products this APY is the same regardless of your deposit amount. In the past Ally Bank has rewarded larger deposits with higher yields; however, rates today are the same across the board for all amounts.

[You can read a review of Ally Bank’s money market account and its current APY here.]

How Much Can You Earn with an Ally Bank CD?

How much you earn with an Ally Bank CD depends on 3 variables. They are:

  1. the term you choose,
  2. its APY (annual percentage yield), and
  3. your deposit size.

Below is a chart showing the total amount of earnings you’d accumulate from interest payments through the life of a few of Ally Bank’s CDs. This assumes a deposit size of $10,000.

CD TermAPYTotal Interest Earned
6 month3.50%$173.49
12 month4.50%$450.00
20 month special4.85%$821.33
5 year4.10%$2,225.13
APY = Annual Percentage Yield

How do Ally Bank’s CD Rates Compare?

To get a better idea of how Ally’s CD rates stack up against the competition take a look at the 2 tables below. The first table compares Ally Bank’s best CD rates with other top U.S. banks and the second compares Ally’s CD rates with other FDIC-insured online banks.

Ally vs Big Banks

BankMin. DepositBest CD Rate
Ally Bank$5,0004.85%
Chase$1,0004.00%
Bank of America$100,0004.50%
Citibank$5004.75%
Wells Fargo$1,0004.51%
CD rates surveyed May 19, 2023.

Ally vs other Online Banks

BankMin. DepositBest CD Rate
Ally Bank$5,0004.85%
Crescent Bank$1,0004.90%
CFG Bank$5005.25%
Bread Savings$1,5005.20%
Sallie Mae$2,5005.00%
CD rates surveyed May 19, 2023.

Final Thoughts

Ally Bank keeps their CDs simple and rewarding with no monthly maintenance fees, no opening deposit requirements and even the opportunity to open a “no penalty CD” with fee-free access to your deposited funds.

Their CD rates beat the national average handily although Ally has pulled back their top yields slightly as they used to offer a 5.00% APY promotional CD earlier this year.

Frequently Asked Questions

Still have questions about Ally Bank’s certificates of deposit? See what other consumers are asking and our responses below.

Are Ally Bank’s CDs FDIC insured?

Yes, Ally Bank is member FDIC (#57803) and all of their deposit accounts are federally insured up to $250,000 per depositor or $500,000 on joint accounts.

Are Ally CD rates higher than Capital One CD rates?

CD rates are changing rapidly due to an increasing interest rate environment. Here is a head-to-head comparison of Capital One’s CD rates vs Ally Bank’s CD rates:

AllyCapital One
6 months3.40%3.30%
12 months4.50%4.15%
60 months4.10%4.10%
CD rates surveyed May 19, 2023.

Are Ally Bank’s CD rates going up?

Not at the moment. Ally Bank’s CD rates rose substantially throughout the second half of 2022 and into the beginning of 2023, however, they peaked towards the end of Q1, 2023 with a 5.00% APY (annual percentage yield) offer before dropping down their top yield to the current 4.85% APY shortly thereafter.

Ameriprise Financial CD Rates – Now up to 4.90% APY!

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Ameriprise Financial, headquartered in Minneapolis, Minnesota is a diversified financial services company that is publicly traded on the NYSE (New York Stock Exchange) and sits on roughly $176 billion in assets.

They offer consumers a wide range of investment products including IRA (Individual Retirement Accounts), retirement plans, college savings, advisory services, mutual funds, etc. They also offer a variety of banking solutions such as CDs (certificates of deposit), cash management accounts, home loans and even credit cards.

For the purpose of this review we will focus on Ameriprise Financial’s CD rates as they have been on the rise – along with the interest rate environment in general.

Ameriprise Financial CD Rates + Account Details

image credit: ameriprise.com

First, we should note that unlike nearly all the other CDs we cover on APYGUY, Ameriprise Financial is not federally insured by the FDIC. This means these products carry risk including the potential for loss of principal.

Rather than the FDIC, your deposits are backed by the Ameriprise Certificate Company which is made up of cash reserves and “qualified assets” with “varying ratings.” To learn more go here and scroll to the bottom.

CD Rates

Ameriprise offers 9 CDs with terms ranging from 3 months to 3 years with a minimum deposit requirement of $1,000. They also have a special 13 month CD that comes with their highest yield of 4.40% APY (annual percentage yield) but requires a minimum deposit of $1,000,000.

CD TermAPY
3 months4.45%
6 months4.80%
7 months4.55%
9 months4.50%
12 months4.40%
18 months4.30%
24 months4.20%
30 months4.05%
36 months4.00%
APY = Annual Percentage Yield

For deposits $100,000 or more you’ll get an additional 0.10% APY added to any CD term.

To put these yields into perspective, the current national average for a 12 month CD and a 60 month CD sit at just 1.59% and 1.37% APY, respectively, according to FDIC data.

That said, there are a number of FDIC-insured online banks and NCUA-insured credit unions with nationwide acceptance offering yields above 5.00% APY and 4.50% APY for the same respective terms.

13 Month CD

The 13 month CD requires a minimum deposit of $1,000,000 million. If depositing over $2m then you will first need approval from the Ameriprise Certificate Company.

CD TermAPY
13 month4.50%
$1m minimum

This CD will automatically renew into a standard 12 month CD if nothing is done during the grace period.

Grace Period and Early Withdrawal Fees

Ameriprise allows for a longer than average grace period of 15 days upon the maturity of your CD in which you may modify your deposit (either by term or by deposit size) or close it out without incurring any fee. If nothing is done during this 15 day period then the CD will automatically into a new one with the same term and the going APY at that time.

Please note – If you open the 7 month CD, this will automatically renew into a 6 month CD if nothing is done during the grace period.

If you need access to your CD’s funds prior to its maturity due to an emergency, Ameriprise allows for you to withdraw all or part of your interest earnings plus up to 10% of your principal without penalty. If you need access to more than that, a 2% withdrawal charge will be assessed on the amount greater than 10% of your principal.

First Internet Bank CD Rates – Now up to 5.06% APY!

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Fact Checked :

First Internet Bank of Indiana, also simply called First Internet Bank, was the very first FDIC-insured, 100-percent online bank.

To give you an idea of how far things have come for them, take a look at their online presence in 1999 below. We dug up this snapshot in time using the web.archive.org tool. This is their homepage only months after launch.

First Internet Bank of Indiana website in 1999 – only months after launch.

When First Internet Bank launched their primary focus was on personal, FDIC-insured deposit accounts. Today, they offer a full suite of deposit products for both personal and business accounts and a full suite of loan products consisting of auto loans, home loans, mortgages, personal loans and credit cards.

For the purpose of this review, we will focus on First Internet Bank’s three main deposit products that earn interest. These include:

  • First Internet Bank’s CDs (certificates of deposit)
  • First Internet Bank’s Money Market Account
  • First Internet Bank’s Online Savings Account

To see if First Internet Bank’s savings products are a right fit for you, continue reading our comprehensive review below.

First Internet Bank CD Rates + Account Details

image credit: firstib.com

First Internet Bank has eight term CDs with durations ranging from 3 months to 5 years. Their CDs come with a minimum deposit requirement of $1,000 and are federally insured by the FDIC up to the applicable limits.

CD Rates

CD TermAPY
3 months3.04%
6 months4.91%
12 months5.06%
18 months4.86%
24 months4.70%
36 months4.54%
48 months4.54%
60 months4.49%
APY = Annual Percentage Yield

To put the yields above in perspective, the current national average for a 12 month CD and a 60 month CD sit at 1.59% APY and 1.37% APY, respectively, according to FDIC data.

Compounding and Crediting Interest

All of First Internet Bank’s CDs come with monthly compounding interest. Interest payments are also made to the account monthly.

Grace Period and Early Withdrawal Fees

First Internet Bank will send you a notification letting you know that your CD is about to mature. Upon maturity you will be given a 10 calendar-day grace period in which you may modify your CD or close it out without facing any early withdrawal fees. If nothing is done during this grace period the CD will automatically renew for the same term and the going APY at that time.

If you need access to your funds prior to maturity, First Internet Bank will impose an early withdrawal fee. Fortunately, they have these penalties clearly laid out on their CD rate page. The penalties are as follows:

First Internet Bank CD Early Withdrawal Penalties

CD TermPenalty
3 months90 days’ interest
6 months180 days’ interest
12 months180 days’ interest
18 months180 days’ interest
24 months360 days’ interest
36 months360 days’ interest
48 months360 days’ interest
60 months360 days’ interest

First Internet Bank Money Market Account Rate + Details

First Internet Bank’s money market account is a variable-rate product that comes with a competitive yield on balances above $1 million. For balances below that amount, the yield is on par with other online banks.

The account can be opened with just $100 but you will have to maintain an average daily balance of $4,000 to avoid a $5 monthly maintenance fee. Account details and APY below.

Money Market Account Rates

APY (daily balance of $1m or less)3.56%
APY (daily balance of more than $1m)5.20%
Min Deposit$100
Monthly Fee$5
Average daily balance to avoid fee$4,000
APY = Annual Percentage Yield

To put this yield in perspective, the current national average for money market accounts sits at just 0.59% APY.

As per federal regulation D, First Internet Bank allows just 6 transactions per month with this money market account. You will be charged an excessive transaction fee of $5 per transaction if you go over 6 in any given month.

If you need access to cash, First Internet Bank will provide ATM surcharge rebates of up to $10 per month with their money market account.

Online Savings Account Rate + Details

The online savings account requires a minimum deposit of just $25 to open the account. There is zero monthly maintenance fee and no average daily balance to maintain.

Online Savings Account Rate

APY0.80%
Min Deposit$25
Monthly Fee$0
Average daily balance to avoid fee$0

To put this yield in perspective, the current national average for traditional savings accounts is just 0.40% APY. That said, there are still several online savings accounts featuring APYs over 4.50% with no minimum balance requirements or fees.

First Internet Bank’s online savings account also limits you to just 6 transactions per month per federal regulation.

As with the money market account, the online savings account also features up to $10 in ATM surcharge reimbursement per month.

Bank of America CD Rates – Now up to 4.60% APY!

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Fact Checked :

Bank of America hardly needs any introduction. They’re the second largest bank in the United States by assets, with over $3.169 trillion in total and they are the third largest bank in the country by branch locations with roughly 3,900 across all 50 states. They also service nearly 67 million consumers and business clients mostly in the United States but also within an additional 35 countries across the globe.

Bank of America’s CD (certificate of deposit) suite currently consists of 5 “Featured CDs” with oddball terms ranging from 7 to 37 months. They also have standard CDs which they refer to as “Fixed Term CDs” that can be customized to the month and range from just 28 days to 10 years.

Their CD rates vary slightly by region. We’ve sampled Bank of America’s CD rates in two locations to complete this review. These are:

  • Los Angeles, CA (zip code: 90011)
  • New York City, NY (zip code: 11368)

If you’re considering opening a CD account with Bank of America continue reading our review below.

Bank of America CD Rates + Account Details

image credit: bankofamerica.com

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’s standard Fixed Term CDs and Featured CDs both require a minimum deposit of $1,000. They used to impose a $10k minimum for their featured CDs but dropped it to the current level in Q1 of 2023.

Featured CD Rates (Los Angeles)

TermAPY
7 months4.60%
10 months0.05%
13 months4.60%
25 months3.20%
37 months0.05%
APY = Annual Percentage Yield

To put these yields in perspective the current national average for a 12 month CD and a 36 month CD sits at 1.54% APY and 1.34%, respectively, according to FDIC data.

That said, some FDIC-insured online banks and nationally available credit unions are now paying over the 5.00% APY mark on short term CDs and ~4.75% APY on longer term CDs.

Featured CD Rates (New York City)

TermAPY
7 months4.50%
10 months0.05%
13 months4.50%
25 months3.00%
37 months0.05%
APY = Annual Percentage Yield

Standard CD Rates (Los Angeles)

Bank of America’s 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. All terms pay 0.03% APY currently other than 3-5 month terms which pay 4.00% APY.

TermAPY
1 – 2 months0.03%
3 – 5 months4.00%
6 – 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%
APY = Annual Percentage Yield

Standard CD Rates (New York City)

Bank of America’s Standard CDs come with the same terms and yields for NYC residents as they do for L.A. area residents per the time of this writing. See table below.

TermAPY
1 – 2 months0.03%
3 – 5 months4.00%
6 – 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%
APY = Annual Percentage Yield

Deposit Size and Tiers

Although Bank of America’s Featured and Standard Fixed Rate CDs provide the same yield regardless of deposit size, this may change in the future. Bank of America has set up their CD accounts in tiers based on deposit size. Below is the breakdown of their tiers for both Featured and Standard CDs.

Featured CDs:

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

Standard Fixed Term CDs:

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

Compounding and Crediting Interest

Interest is compounded and credited monthly on both Featured and Standard CDs.

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 calendar days.

Bank of America’s CDs automatically renew, so if nothing is done within this 7 day period your CD will automatically renew with the same term and the going APY 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.

Early Withdrawal Penalties

If you need access to the funds in your Bank of America CD prior to its maturity, you will face an early withdrawal fee. See table below for details.

CD TermEarly Withdrawal Fee
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.

How Much Can you Earn with a Bank of America CD?

How much you earn on a Bank of America CD is going to depend on 4 variables. These are:

  1. Your deposit amount.
  2. Your interest rate or APY (annual percentage yield).
  3. Your CD’s term.
  4. Your Location.

Here is a table breaking down the total dollar amount you would earn on Bank of America’s most competitive Featured CD accounts based on a $100,000 deposit in L.A.

CD TermAPYTotal Earnings
7 months4.60%$2,658.16
13 months4.60%$4,992.75
25 months3.20%$6,782.32
Total Earnings = Total interest paid for the duration of the CD.

How do Bank of America’s CD Rates Compare?

To get a better idea of how Bank of America’s CD rates stack up against various forms of competition then take a look at the three tables below. The first table compares Bank of America’s best CD rates with those from the other top U.S. banks . The second table compares Wells Fargo’s CD rates with popular FDIC-insured online banks and the third compares them with CD rates found through brokerages such as Fidelity or Vanguard.

Bank of America’s CD Rates vs Other Big Banks

BankMin. DepositBest APY
Bank of America$100,0004.60%
Chase$100,0004.00%
Citibank$100,0004.75%
U.S. Bank$1,0004.40%
Wells Fargo$5,0004.51%
CD rates surveyed on May 15, 2023

Bank of America’s CD Rates vs Online Banks

BankMin. DepositBest APY
Bank of America$100,0004.60%
Citizens Access$5,0005.00%
Discover Bank$2,5004.75%
Marcus by Goldman Sachs$5005.05%
Synchrony Bank$05.00%
CD rates surveyed on May 15, 2023

Bank of America’s CD Rates vs Brokered CDs

BankMin. DepositBest APY
Bank of America$100,0004.60%
Charles Schwab$1,0005.25%
Edward Jones$1,0005.15%
Fidelity$1,0005.15%
Vanguard$1,0005.20%
CD rates surveyed on May 15, 2023

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 Featured CD rates, while on the rise, aren’t quite as competitive as other offers from online banks at this time.

That said, Bank of America’s CD rates are still rising and have already done so multiple times in May following the Fed’s latest rate hike to start the month.