bank rates

Bank Of America Customers, If You Must Buy, Consider 12-Month CD Rates

It now pays above-average on 60-month CDs.We were prepared to give Bank of America some measured approval — kind of like a golf clap — over its 5-year CD rates.

At the beginning of last week, this North Carolina-based bank paid 1.11% APY, which, granted, is a terrible rate. But it’s still better than the woeful national average of 1.09% APY, a record low.

And then BofA killed even that little enthusiasm by cutting its rate to 1.00% APY.


If you’re shopping for certificates of deposit from BofA or any of its too-big-too-fail ilk, we know you’re shopping for convenience, not the best rates.

But that’s no reason to accept a rate that’s below the national average.

If you can handle working with a bank that might not have a branch on every corner, you’ll find much better deals on our CD Rates Leaderboard. Another option is to search our list of the highest CD rates from credit unions and local banks.

There you’ll find 5-year deals that go for more than double what you’ll get from BofA.

If convenience is your No. 1 factor in choosing a CD, there is one option at Bank of America to consider.

Its 12-month promotional CD, which pays 0.50% APY with a $10,000 minimum deposit, pays considerably better than the national average from large banks and thrifts — another record low of 0.31% 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.

Before you open a certificate at Bank of America, check the best CD rates from scores of other banks in our extensive database.

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