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Early withdrawal penalty applies. A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate of interest. Many banks offer higher rates that you shouldn’t ignore. A bank agrees to pay interest at a certain rate if savers deposit their cash for a set term, or period of time. While Bank of America does offer some pretty nifty features for their CDs (such as flexible term lengths and low minimum deposit amounts), we still can’t get over the fact that the interest rates offered on these CDs are much, much lower than the CDs that you can get elsewhere. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. The risk free CD provides you with the ability to access your funds without penalty. Looking for a full range of investment choices? The APYs for some products may vary by region. Certificates of Deposit - Branch Banks 2021. The biggest difference between these two accounts is the minimum opening deposit. None. Bank of America CD rates. However, you can find much higher rates on savings accounts elsewhere. These ads are based on your specific account relationships with us. These accounts typically provide security for longer-term savings and no monthly fees, but at the cost of access and liquidity of the funds. It also … Additionally, the bank offers savings accounts, including ones designed for minors. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Please enter the zip code for your home address so we can give you accurate rate and fee information for your location. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. A Certificate of Deposit is a type of savings account that has a set interest rate and withdrawal date. Bank of America CDs may be best suited for individuals who want a shorter term CD… For a limited time, Bank of America is offering a High Yield 7 month Certificate of Deposit (CD) that currently yields 4.11%. Its fixed term CD products range from 28 days (1 month) to 120 months (10 years). Term lengths are available from as short as … You’ll get a maturity notice beforehand in case you'd rather redeem your CD. Programs, rates, terms and conditions are subject to change without notice.Investment and insurance products: "Get more rewards with your everyday banking" is a trademark and Bank of America and the Bank of America logo are registered trademarks of the Bank of America Corporation. Fixed term CDs offer lower APYs but have a lower minimum deposit requirement. The offers that appear on this site are from companies that compensate us. Our editorial team does not receive direct compensation from our advertisers. Bank of America offers its personal banking customers a variety of products and services, including: checking accounts, savings accounts, CDs, loans and investments. A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate of interest. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Bank of America earned 2.4 out of 5 stars in Bankrate’s review across its deposit products. Certificates of Deposit - Branch Banks 2021. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. They’re known for offering some of the highest CD rates. But with 0.06 percent … Bankrate’s editorial team writes on behalf of YOU – the reader. B of A offers two kinds of CD account types: featured CDs and fixed term CDs. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. It was calculated for the State of California and requires a minimum of $1000. Its time deposit CD minimum requires $1000 to open. A Certificate of Deposit is a type of savings account that has a set interest rate and withdrawal date. Featured CDs offer a higher APY but require a higher balance. Which certificate of deposit account is best? Ally High Yield Certificate of Deposit. Choose the desired term, then the deposit amount to see rate options. We are an independent, advertising-supported comparison service. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. 3 month (90 to 179 days) bank … We may limit the amount you deposit in one or more CDs to a total of $1,000,000 ($250,000 for CDs opened through bankofamerica… This IRA interest rate is for a term between 1 year to 17 months and is under the 'Standard CD/IRA Products ' section on the bank website. You should review any planned financial transactions that may have tax or legal implications with your personal tax or legal advisor.Securities products are provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S", or "Merrill"), a registered broker-dealer, registered investment adviser, Member SIPC layer, and a wholly-owned subsidiary of Bank of America Corporation. © 2020 Bank of America Corporation. However, certificates of deposit lock in your money for a predetermined period of time in exchange for a higher interest rate. According to Bankrate’s most recent national survey of banks and thrifts, the average rate for a 1-year CD is 0.21 percent. How Bank of America’s CD rates compare. The risk free CD provides you with the ability to access your funds without penalty. A certificate of deposit (CD) is a type of FDIC-insured deposit account offered by many banks and credit unions that usually has a fixed interest rate over a certain number of months or years. Bank of America offers CDs with a range of term lengths to help you build your savings based on your timeline. While we adhere to strict We maintain a firewall between our advertisers and our editorial team. If you prefer that we do not use this information, you may opt out of online behavioral advertising. Annual Percentage Yield (APY) is accurate as of 01/21/2021 and applies to the initial term of a new Standard Term CD. Bank of America's customer service and feature set have been absolutely appalling over the 8+ years that I have been with the bank. The special rate is a promotional online CD rate and the minimum opening balance is $5,000. Its CDs earned a 2.6 rating. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bank of America, N.A. A certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount of money for a set period of time, in return for a fixed rate of interest. Zip code for your location balance is $ 1,000 period of time in exchange for featured placement sponsored... To save for your home address so we can give you accurate rate and date... And the Standard term CD fact-check editorial content is not influenced by advertisers editorial team receives no direct compensation our... The APYs for some products may vary by bank of america cd interest rates wholly owned subsidiaries of Bank America. 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