bank rates

BofA’s Best CD Is Still Its 12-month CD

Bank of America’s CD rates certainly aren’t the worst we’ve seen.

But they’re definitely not the best either – even from Bank of America itself.

Last June, for instance, this big bank with 5,900 branches was paying 1.75% APY for 60-month CDs with a $1,000 minimum deposit.

It’s now offering 1.11% APY.

Granted, the best nationally available rate for that term on our CD Rates Leaderboard was 2.85% APY last June, and the top nationally available rate there now is 1.81% APY.

Large banks and thrifts are currently offering an average annual yield of 1.12% APY for 60-month CDs.

Bank of America’s 12-month “featured CD,” which is only available online, still pays 0.50% APY with a $10,000 minimum deposit.

That at least beats the current average annual yield large banks and thrifts are offering for 12-month CDs, which is a record-low 0.33% APY.

Here’s what you can earn from Bank of America’s other standard term certificates of deposit, which require a $1,000 minimum deposit:

3-month CDs are paying 0.28% APY versus an average rate of 0.15% APY. (The Leaderboard rate is 0.65% APY.)

6-month CDs are paying 0.30% APY versus an average rate of 0.21% APY. (The Leaderboard rate is 1.00% APY.)

12-month CDs are paying 0.35% APY versus an average rate of 0.33% APY. (The Leaderboard rate is 1.15% APY.)

24-month CDs are paying 0.40% APY versus an average rate of 0.52% APY. (The Leaderboard rate is 1.25% APY.)

36-month CDs are paying 0.60% APY versus an average rate of 0.69% APY. (The Leaderboard rate 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 June 22nd at 12:12 pm

    Bank of America’s featured 12-month CD is now paying just 0.45% APY.