bank rates

3 Bank Of America CDs Are Above Average

This big bank's CDs still pay well less than the best nationally available deals.CD rates continue to decline at Bank of America.

Since summer, its “featured CD,” a 12-month online-only offering that requires a $10,000 minimum deposit, has dropped from 0.50% APY to the current rate of 0.30% APY.

Luckily for Bank of America, the average annual yield that large banks and thrifts offer for 12-month CDs has also dropped, to 0.29%.

So, the big bank with 5,900 branches is able to put this one in the above-average column.

(Of course, you can always find far-better-than-average CD rates on our CD Rates Leaderboard.)

Only two of Bank of America’s standard term CDs, which require a $1,000 minimum deposit, are above average:

3-month CD rate is 0.26% APY versus an average rate of 0.13% APY. (Leaderboard leader is 0.65% APY.)

6-month CD rate is 0.26% APY versus an average rate of 0.18% APY. (Leaderboard leader is 0.91% APY.)

12-month CD rate is 0.28% APY versus an average rate of 0.29% APY. (Leaderboard leader is 1.12% APY.)

24-month CD rate is 0.35% APY versus an average rate of 0.45% APY. (Leaderboard leader is 1.30% APY.)

36-month CD rate is 0.40% APY versus an average rate of 0.57% APY. (Leaderboard leader is 1.42% APY.)

60-month CD rate is 0.65% APY versus an average rate of 0.94% APY. (Leaderboard leader is 1.81% APY.)

The Bank of America website features rates for Virginia, the state it uses to open CDs for savers who live in a state without a banking center.

Check with your branch to find out the exact CD rates for your geographic area.

You can learn more about Bank of America at www.bankofamerica.com or call 800-432-1000.

There are definitely better deals out there, and you’ll find them if you compare Bank of America’s returns with the best CD rates from scores of other banks in our extensive database.

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