bank rates

CD Rates At Bank Of America Beat Average

You'll need a $10,000 minimum deposit to purchase these CDs.Don’t read too much into that headline.

Yes, Bank of America’s CD rates have held steady over the past couple months.

And now, thanks to steadily dropping average annual yields offered by large banks and thrifts, most are above average.

But none of these CDs is really worth your time.

Bank of America’s 12-month “featured CD” pays 0.50% APY with a $10,000 minimum deposit to those who invest online.

But 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.

That branch rate matches the current average rate offered for 12-month CDs, which is 0.35%.

The top 12-month CD rate on our CD Rates Leaderboard more than doubles Bank of America’s featured rate.

That 1.15% APY is owned by two banks: CIT Bank, which requires a $25,000 minimum deposit, and Doral Bank Direct, which requires a $1,000 minimum deposit.

Bank of America’s other standard CD rates, which require a $1,000 minimum deposit:

3-month CD rates are 0.28% APY versus an average 0.15% APY. (Leaderboard leader is 0.80% APY.)

6-month CD rates are 0.30% APY versus an average 0.22% APY. (Leaderboard leader is 0.88% APY.)

24-month CD rates are 0.40% APY versus an average 0.53% APY. (Leaderboard leader is 1.30% APY.)

36-month CD rates are 0.60% APY versus an average 0.68% APY. (Leaderboard leader is 1.65% APY.)

60-month CD rates are 1.21% APY versus an average 1.17% APY. (Leaderboard leader is 2.20% 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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Comments (2)
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2 Existing Comments
  1. Kathy at Bankaholic said:
    on December 28th at 09:07 am

    All of these rates are still available.

  2. Kathy at Bankaholic said:
    on January 9th at 09:46 am

    These rates are still being offered.