bank rates

Bank Of America CD Rates Don’t Budge

The average rates offered by large banks and thrifts are so low these days it’s hard to imagine a bank not beating them.

Most Bank of America CD rates fall below averageBut then averages are calculated by adding together rates from a range of banks and dividing the total in half. Some of those numbers have to be high, others low.

Bank of America obviously had a hand in supplying the low numbers.

Since we last wrote about this big bank with 5,900 branches, little has changed.

Its “featured CD” remains a 12-month CD that pays 0.60% with a $10,000 minimum deposit when opened online. (The rate if you walk into a branch is 0.45% APY.)

That doesn’t beat the average annual yield for 12-month CDs currently offered by large banks and thrifts, which is 0.70%.

And it doesn’t come close to the top nationally available 12-month CD rates on the CD Rates Leaderboard. Melrose Credit Union leads that term, with 1.41% APY.

Bank of America also offers:

3-month CD rates at 0.28% APY, which ties the average rate. (Leaderboard leader is 0.75% APY.)

6-month CD rates at 0.30% APY versus an average rate of 0.42% APY. (Leaderboard leader is 1.07% APY.)

12-month CD rates at 0.45% APY versus an average rate of 0.70% APY. (Leaderboard leader is 1.41% APY.)

24-month CD rates at 0.65% APY versus an average rate of 1.12% APY. (Leaderboard leader is 1.75% APY.)

36-month CD rates at 1.00% APY versus an average rate of 1.47% APY. (Leaderboard leader is 2.17% APY.)

60-month CD rates at 2.01% APY versus an average rate of 1.72% APY. (Leaderboard leader is 2.93% APY.)

Although the Bank of America website doesn’t allow you to search for specific rates by ZIP code, check with your branch for rates for your 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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  1. Kathy at Bankaholic said:
    on May 16th at 09:00 am

    As of May 16, 2011, the featured CD rate has dropped to 0.50% APY. The 36-month rate is 1.01% APY, and the 60-month rate is 2.00% APY.