bank rates

BofA’s ‘Platinum Privileges’ Gives Tin Value

bank of america signBank of America has become the poster child for the sad state of CD rates at big banks.

Not only isn’t there an average rate among its standard CD rates, but members of the bank’s Platinum Privileges program don’t get any respect, either.

And qualifying for the Platinum Privileges relationship requires a minimum of $50,000 in combined balances in Bank of America deposit accounts and/or Merrill Edge brokerage accounts as well as an active Bank of America checking account or a Merrill Edge brokerage account.

That’s asking a lot considering what this Charlotte, N.C.-based big bank is offering in return.

For example, the standard rate on its featured CD, a 12-month CD available only online that requires a $10,000 minimum deposit, is 0.15% APY.

While the platinum rate is a tenth of a percentage point higher, that 0.25% APY is still less than the average annual yield that large banks and thrifts are currently paying for the 12-month term.

That’s a record-low 0.26%.

(It goes without saying that you’ll find much better deals on our CD Rates Leaderboard.)

Here’s what else you’ll find at Bank of America, but with a lesser $1,000 minimum deposit:

3-month CD rate is 0.01% APY (platinum is 0.10% APY) versus an average rate of 0.12% APY. (Leaderboard leader is 0.60% APY.)

6-month standard CD rate is 0.01% APY (platinum is 0.10% APY) versus an average rate of 0.17% APY. (Leaderboard leader is 0.89% APY.)

12-month standard CD rate is 0.03% APY (platinum is 0.12% APY) versus an average rate of 0.26% APY. (Leaderboard leader is 1.05% APY.)

24-month standard CD rate is 0.10% APY (platinum is 0.25% APY) versus an average rate of 0.41% APY. (Leaderboard leader is 1.30% APY.)

36-month standard CD rate is 0.15% APY (platinum is 0.30% APY) versus an average rate of 0.51% APY. (Leaderboard leader is 1.40% APY.)

60-month standard CD rate is 0.35% (platinum is 0.50% APY) versus an average rate of 0.84% APY. (Leaderboard leader is 1.85% 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 one of its 5,500 banking centers.

You have to check with your branch to find out the exact CD rates for your geographic area.

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

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. apaced said:
    on March 12th at 02:37 pm

    bofa king of the bait and switch did not get my bonus cash had check in hand but bank said was no good