bank rates

Best Of Bank Of America: 1-Year CD Rates

The fact that Bank of America’s featured CD is only slightly above average doesn’t bode well for the rest of its CD rates.

The great majority of Bank of America's CD rates are below average, and its specials are the only exceptions.It’s paying 0.60% for 12-month CDs opened online with a $10,000 minimum deposit. (The rate if you walk into one of Bank of America’s 5,900 branches is 0.45% APY.)

The average annual yield for 12-month CDs offered by large banks and thrifts is 0.48%.

But the top nationally available 12-month CD rate on the CD Rates Leaderboard is 1.45% APY. That’s quite a difference.

The only other above-average CD rates at Bank of America:

3-month CD rate is 0.28% APY versus an average rate of 0.20% APY. (Leaderboard leader is 0.80% APY.)

60-month CD rate is 2.01% APY versus an average rate of 1.72% APY. (Leaderboard leader is 3.00% APY.)

We honestly aren’t sure why anyone would buy a certificate of deposit from Bank of America or most other big banks, for that matter.

If you look closely at one of the big banks, you can almost always find a decent rate or two. But hardly ever will you find a rate that competes with the best in the country.

There definitely are 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 (6)
1 Star2 Stars3 Stars4 Stars5 Stars (7 votes, average: 3.57 out of 5)
6 Existing Comments
  1. SeniorSaver said:
    on March 2nd at 10:59 am

    Golden State depositors seemed to be blessed on 5-year CDs. The BofA rate here is 2.25% APY (versus the 2.01% nationally). Chase also has a 2.25% APY rate in California (versus its 2.00% APY elsewhere). Of course, there’s Kaiser Federal with the 3.00% APY “special,” as well as Union Bank with 2.50% APY.

    Almost makes it worth living here–but not quite.

  2. Mike at Bankaholic said:
    on March 2nd at 01:05 pm

    We should have mentioned that BofA rates may differ from state to state.

  3. Terrin said:
    on March 3rd at 10:02 pm

    I wouldn’t give Bank of America or Chase a dime. First, they are largely responsible for everybody having low rates with their irresponsible mortgage lending. Second, many online banks like Ally offer a better deal.

  4. Kathy at Bankaholic said:
    on March 16th at 09:00 pm

    Bank of America’s 60-month rate has inched up to 2.25% APY, but the other rates are the same as of March 16, 2011.

  5. Kathy at Bankaholic said:
    on March 30th at 08:59 am

    Bank of America’s rates are the same as of March 30, 2011, including the higher 60-month rate of 2.25% APY.

  6. Kathy at Bankaholic said:
    on May 26th at 09:56 am

    In some areas, the featured rate for the 12-month CD is down to 0.50% APY as of May 26, 2011, and the 60-month rate is 2.01% APY.