Bank of America CDs Pay Almost Nothing

We’re honestly shocked at how far Bank of America’s CD rates have dropped in a relatively short time.

To start, its “featured CD,” a 12-month online-only offering that requires a $10,000 minimum deposit, is now 0.15% APY — exactly half of what it was just two months ago.

But its standard term CD rates have suffered the most damage:

3-month CD rate is 0.01% APY, down from 0.26% APY, versus an average rate of 0.12% APY. (Leaderboard leader is 0.65% APY.)

6-month CD rate is 0.01% APY, down from 0.26% APY, versus an average rate of 0.18% APY. (Leaderboard leader is 0.90% APY.)

12-month CD rate is 0.03% APY, down from 0.28% APY, versus an average rate of 0.28% APY. (Leaderboard leader is 1.05% APY.)

24-month CD rate is 0.10% APY, down from 0.35% APY, versus an average rate of 0.44% APY. (Leaderboard leader is 1.30% APY.)

36-month CD rate is 0.15% APY, down from 0.40% APY, versus an average rate of 0.55% APY. (Leaderboard leader is 1.40% APY.)

60-month CD rate is 0.35%, down from 0.65% APY, versus an average rate of 0.90% APY. (Leaderboard leader is 1.80% 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.

You have to check with your branch to find out the exact CD rates for your geographic area. Charlotte, N.C.-based Bank of America has 5,900 branches nationwide.

We know folks have settled for Bank of America’s poor rates in the past because they felt it was easier to invest where the rest of their accounts are.

But certificates this poor — they practically pay nothing — aren’t worth any amount of convenience.

Especially when many of the banks on our CD Rates Leaderboard let you buy certificates of deposit online — and pay significantly more to boot.

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

Compare Bank of America’s returns with the best CD rates from scores of other banks in our extensive database.