bank rates

Bank Of America Keeps Average CD Rates

The nation's second-largest bank's featured CD is a 12-month CD paying 0.50% APY. Bank of America’s CD rates are holding steady, which seems to be the case at many big banks these days.

Unfortunately, none appear anxious to boost those rates to the benefit of savers.

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

That rate only applies to those who invest online. The rate if you walk into one of Bank of America’s 5,900 branches is 0.35% APY with a $1,000 minimum deposit.

Both of those rates beat the current average annual yield large banks and thrifts are offering for 12-month CDs, which is 0.34%.

I refuse to give Bank of American (or any other bank) kudos for barely beating average rates, since most of those average rates have been at record lows for quite some time.

Plus, you’ll earn more than double on most certificates of deposit if you head to our CD Rates Leaderboard. The top 12-month CD rate there pays 1.15% APY.

Bank of America’s other standard 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 0.60% 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 0.51% APY. (Leaderboard leader is 1.30% APY.)

36-month CD rate is 0.60% APY versus an average rate of 0.68% APY. (Leaderboard leader is 1.55% APY.)

60-month CD rate is 1.21% APY versus an average rate of 1.16% APY. (Leaderboard leader is 1.95% APY.)

The Bank of America website automatically features rates for Virginia, since that’s 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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  1. Kathy at Bankaholic said:
    on February 21st at 07:16 am

    None of these rates has changed.