bank rates

Promo CD Rates Only Good Choices At BofA

You only have a couple of smart choices if you’re going to buy a CD at Bank of America this fall.

None of its rates are even close to the best nationally available returns you’ll find on our most recent CD Rates Leaderboard.
The great majority of Bank of America's CD rates are below average, and its specials are the only exceptions.
The great majority of its rates are less than the national average.

The exceptions that you need to focus on are the clearly labeled “promotional rates” offered online and at Bank of America’s 5,900 branches.

The best deal is a special 12-month certificate of deposit that pays 0.60% APY and is available to all investors if bought online, with a steep $10,000 minimum deposit.

Yeah, we know this special was paying 0.80% APY in August. But the new rate still beats the national average for 1-year CDs of 0.53% APY.

A rate sheet we picked up at a local branch offered the same promotional rate but limited it to Bank of America checking account customers. (Everyone else earns 0.35% APY.)

It also listed 7- and 18-month specials for checking account holders that we didn’t see online, and which paid 0.45% APY and 0.75% APY, which also beat the average returns on 6- and 12-month CDs.

Stray from these promotions and the returns are just abysmal (although the minimum deposit drops to a more affordable $1,000). Here are the online and branch rates we found, followed in parenthesis by the average rate:

6-month CDs: 0.30% APY online, 0.05% at branch (0.32% APY)

24-month CDs: 0.65% APY online, 0.40% at branch (0.79% APY)

36-month CDs: 1.00% APY online, 0.75% at branch (1.08% APY)

60-month CDs: 1.21% APY online, 0.95% at branch (1.57% APY)

Compare these returns with the best CD rates from scores of other banks in our extensive database and we know you’ll find better deals.

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