For CD terms of 90 days to 12 months, the early withdrawal penalty is 90 days’ worth of interest on the amount withdrawn. If you take your money out of the CD before the term ends, you’ll have to pay a penalty for early withdrawal. You can also choose to have interest disbursed at maturity or certain intervals. Interest on the bank’s CDs is compounded monthly and credited to your account monthly. And instead of a 12-month CD, it offers a 13-month CD.

For example, the bank offers a seven-month CD rather than a six-month term, which is more common. Notably, Bank of America’s Featured CDs come in odd terms, generally one month longer than what is standard. Many other banks pay higher APYs while requiring a lower minimum deposit or no minimum at all.

Rates are accurate as of December 1, 2023.īank of America’s Featured CDs require a minimum opening balance of $1,000, which is relatively high, but could be worth it if you choose a term that gets a higher APY. This article focuses on Bank of America’s Featured CDs, which offer a higher APY.

Here’s an overview of Bank of America’s CD rates. Another option is the Bank of America Flexible Certificate of Deposit, available with a term of 12 months and a rate of 3.51% APY for a minimum deposit of $1,000. The Bank of America Fixed Term Certificates of Deposit have a minimum deposit of $1,000 and offer APYs ranging from 0.03% to 4.00% depending on term and balance. However, depending on the term you choose, some Bank of America Featured CDs offer APYs as high as 5.00%.īank of America also offers Fixed Term CDs, which allow you to choose any term from one month to 10 years. The bank’s CD rates tend to be much lower than the best CD rates from online banks: BofA offers rates as low as 0.05% annual percentage yield (APY) for some terms on its Featured CDs, with a minimum opening deposit of $1,000. The Bank of America Featured Certificates of Deposit come in five CD terms, ranging from seven months to 37 months.

Chase bank term deposit rates