bank rates

Is This The Best Bank Of America Can Do?

Bank of America signAfter Bank of America last month reported first-quarter revenue of $23.5 billion (yes, billion), CEO Brian Moynihan issued a cheery statement about what a great job the nation’s second-largest bank by assets has been doing.

Here’s the punch line, in Moynihan’s own words: “Our strategy of connecting our customers to all we can do for them is working.”

While it may be true that Bank of America is trying to sell its customers every possible product under the institution’s umbrella, Moynihan didn’t mention the huge quality deficit his bank has.

Certificates of deposit are one of this bank’s products, right?

With billions in quarterly revenue, is the best Bank of America can do when it comes to CDs a meager 0.45% APY?

That’s the 60-month CD rate you get if you “connect” by depositing a minimum of $50,000 in combined balances in Bank of America deposit accounts and/or Merrill Edge brokerage accounts while also owning an active Bank of America checking account or a Merrill Edge brokerage account.

Less connected folks can only hope for a top rate of 0.35% APY.

Either way, these are shockingly low yields. The standard 5-year CD pays less than half the average rate of 0.79% APY offered by large banks and thrifts across the country. Did we mention that average rate is a record low, too?

The top nationally available deal on our CD Rates Leaderboard pays more than five times the standard Bank of America 60-month rate.

Standard term CDs pay as little as 0.01% APY. Who, exactly, is buying these worthless products?

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.

Investors may believe Moynihan when he suggests his bank is doing right by customers, but savers know better.

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. A.Bundy said:
    on May 15th at 09:12 pm

    who would want to invest in a bank that ruined the nation’s economy in the first place? for an added bonus, they have the worst rates of all banks!