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Bank of America, Member FDIC, is one of the largest banks in the U.S. Many people prefer to keep their money with a larger bank for such financial products as savings accounts or CDs. By going with a name you trust, you can keep your money secure while making your money work for you.
It is always a good idea to pick the right financial product or CD account for you. To help you decide, here are some key features of Bank of America CDs:
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The bank offers three types of CDs with varying term lengths, all of which feature a minimum deposit requirement of $1, 000. Here’s a look at the types of CDs Bank of America offers:
If you already have a checking account with Bank of America, you might enjoy the convenience of opening a CD account in the same place. Certain terms come with CD rates closely competitive with today’s neobanks. However, you can still find higher rates at online financial institutions, for the most part.
For instance, a seven-month Featured CD from Bank of America with an opening balance higher than $1, 000 earns a APY. Online bank Vio offers APY on a six-month term, but you only need a $500 minimum opening deposit.
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If opening a Bank of America CD will help you qualify for the Preferred Rewards program, however, it could pay to park your money there. You need a $20, 000 average combined balance over three months to qualify for the Gold tier of Preferred Rewards.
Between the interest rate discounts, credit card rewards bonuses and reduced banking fees for Preferred Rewards members, the value of the rewards could outweigh the lower interest rate.
Unless you are already a loyal Bank of America customer and want to increase your deposits to qualify for Preferred Rewards, you can find higher CD rates with online banks and some credit unions.
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Qualifying for Bank of America’s Preferred Rewards program, rated one of the best customer loyalty programs in the country by multiple news sources, could be incentive enough to open a Bank of America CD. Customers holding between $1 million to $10 million in Bank of America and Merrill accounts qualify for the Diamond tier, which delivers up to 75% credit card rewards bonuses, access to unique lifestyle benefits, interest rate reductions on mortgages and auto loans, and more.
Holding between $100, 000 to $1 million in Bank of America and Merrill accounts earns you Platinum Honors status, while $50, 000 to $100, 000 unlocks the Platinum tier. Gold tier status begins with a combined $20, 000 in Bank of America and Merrill deposit accounts.
Banking with Bank of America provides some perks and benefits, including the bank’s Preferred Rewards program. If you hold a certain amount in Bank of America deposit accounts or Merrill investment accounts, you’ll find opportunities for checking and savings accounts with no monthly maintenance fees, interest rate discounts on certain loan products, and rewards bonuses. If you are already a loyal customer, opening a CD here could be a savvy financial move.
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Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of March 5, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
By clicking the 'Subscribe Now' button, you agree to our Terms of Use and Privacy Policy. You can click on the 'unsubscribe' link in the email at anytime.Written by Marcos Cabello Marcos Cabello Writer, Banking/Deposits Ribbon Expertise • Consumer banking • Personal finance Marcos Cabello is a banking writer at , where he’s dedicated to helping readers make the best decisions about their finances. Previously, Marcos wrote about money for CNET and NextAdvisor, running the gamut of personal finance topics including U.S. economic policy and cryptocurrency. Read more Twitter Linkedin Marcos Cabello
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Edited by Brian Beers Brian Beers Managing editor Ribbon Expertise • Investing • Banking Brian Beers is the managing editor for the Wealth team at . He oversees editorial coverage of banking, investing, the economy and all things money. Read more Twitter Linkedin Brian Beers
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Bank of America offers a range of certificates of deposit that may appeal to customers looking for a bank with a nationwide footprint. The minimum deposit to open a standard CD is reasonable at $1, 000, but there’s a trade-off: Yields offered on Bank of America’s CDs are relatively low compared with other banks’ offerings.
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Bank of America offers two types of CD accounts: Featured CDs and Standard Term CDs. Featured CDs generally offer higher APYs than the standard CDs offered by Bank of America.
Note: Annual percentage yields (APYs) shown were last updated on Feb. 21, 2024, for accounts opened in New York and may vary by region.
Bank of America offers CDs with a range of term lengths to help you build your savings based on your timeline. A Bank of America CD can help grow your savings, but many banks offer higher CD rates.
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The top six-month CD is yielding around 5.35% APY as of Mar. 10, 2024. Bank of America’s six-month CD – and most of its standard term CDs – are yielding well below the national average.
As a big bank, Bank of America offers a range of products to help build your savings, including IRA CDs for retirement. But better rates on CDs can be found elsewhere.
Marcos Cabello is a banking writer
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