bank rates

Bank Of America’s Best? 1-Year CD Rates

The great majority of Bank of America's CD rates are below average, and its specials are the only exceptions.You’ll find a mixed bag of above- and below-average CD rates at Bank of America.

This big bank with 5,900 branches is in on the recent big bank trend of staying steady, with just one change that we can see since our last post about its rates six weeks ago.

Bank of America has dropped its 60-month CD rates a tenth of a percentage point.

It now pays 1.11% APY with a $1,000 minimum deposit.

That move puts the 60-month term in the “below-average” category, as the average annual yield at large banks and thrifts offering this term is 1.15% APY.

(If you head to the CD Rates Leaderboard, you’ll find that KeySource Commercial Bank, our 60-month leader, pays 1.95% APY with a $5,000 minimum deposit.)

Bank of America’s “featured CD” remains a 12-month offering that pays 0.50% APY with a $10,000 minimum deposit.

Now, that rate only applies to those who invest online. The rate if you walk into a branch is just 0.35% APY but requires a lesser $1,000 minimum deposit.

Either beat the current average annual yield large banks and thrifts offer for 12-month CDs, which is 0.34%.

Bank of America’s other standard term CD rates, which require a $1,000 minimum deposit:

3-month CD rate is 0.28% APY versus an average rate of 0.15% APY. (Leaderboard leader is 0.65% APY.)

6-month CD rate is 0.30% APY versus an average rate of 0.22% APY. (Leaderboard leader is 0.85% APY.)

24-month CD rate is 0.40% APY versus an average rate of 0.53% APY. (Leaderboard leader is 1.26% APY.)

36-month CD rate is 0.60% APY versus an average rate of 0.69% APY. (Leaderboard leader is 1.55% 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.

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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Comments (1)
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One Existing Comment
  1. Kathy at Bankaholic said:
    on April 16th at 07:17 am

    Bank of America has dropped the rate for its featured 12-month CD to 0.45% APY.