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 and one “Flexible CD” with a 12 month term. 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 may vary slightly by region, but per the time only their flexible CD rate differs by region.

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

Bank of America CD Rates + Account Details

Bank of America CDs are federally insured by the FDIC up to the applicable limits.

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.

Bank of America’s CD rates were surveyed on September 14, 2023.

Featured CD Rates

To put these yields in perspective the current national average for a 12 month CD and a 36 month CD sits at 1.76% APY and 1.41%, respectively, according to FDIC data.

That said, some FDIC-insured online banks and nationally available credit unions are now paying over the 5.50% APY mark on short term CDs and ~4.50% APY on longer term CDs.

Standard CD Rates

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.

Flexible CD Account

The Flexible CD account is Bank of America’s newest deposit product. It comes with a 12 month term and allows for early withdrawals penalty free. You must, however, keep your funds in the account for at least 6 days after opening it before making your first withdrawal or a penalty of 7 days interest will apply.

This account is available as a CD or IRA CD and requires a minimum deposit of $1,000 to open. Its APY varies by region. See table below.

This 12 month Flexible CD will automatically renew into a 9 month Flexible CD if nothing is done during the grace period. Bank of America will send you a maturity notice in case you’d rather redeem the CD than have it auto renewed.

Deposit Size and Tiers

Although Bank of America’s Featured, Flexible 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.

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.

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

Bank of America’s CD Rates vs Online Banks

Bank of America’s CD Rates vs Brokered CDs

Bank of America Certificate of Deposit FAQs

Still have questions about Bank of America’s CD rates? See what other consumers are asking around the web along with our responses below.

Are Bank of America CDs FDIC Insured?

Yes. Bank of America is member FDIC (FDIC #3510). All consumer deposits are federally insured up to $250,000 per depositor or $500,000 for joint accounts.

Are Bank of America’s CDs Callable?

No. None of Bank of America’s CDs are callable. They will never redeem or close out your CD prior to its maturity.

Are Bank of America’s CD Rates Good?

A handful of Bank of America’s promotional CDs and standard CDs are significantly above the national average for their term, however, better yields can still be found through many FDIC-insured online banks and NCUA-insured credit unions with nationwide acceptance.

Does Bank of America Have CD Specials or Promotional Rates?

Yes. They currently offer 5 “Featured CDs” with oddball terms between 7 and 37 months. Their 7 month and 13 month options are their most competitive offers and both come with an APY of 5.00%.

Does Bank of America Offer Business CD Accounts?

Yes. Bank of America offers business CD accounts with the same terms and yields as their personal CDs. You can locate their business CDs here.

Does Bank of America Offer a Money Market Account?

No. Bank of America does not offer a money market account at this time. They have offered a “Rewards Money Market Savings” account in the past, but it is no longer available.

Does Bank of America Offer a Savings Account?

Bank of America does offer a savings account called “Advantage Savings.” The APY (annual percentage yield) is not competitive at this time and ranges between 0.01% and 0.03% depending on your relationship status with Bank of America (i.e. how many different BofA accounts you hold).

What is Bank of America’s Routing Number?

Bank of America’s routing number is 026009593.