4/13/2022»»Wednesday

Bank Of America Cd

4/13/2022
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Bank of America is offering one of the best CD rates for 7 month CD, this promotional CD rate is currently 3.68% with an APY of 3.75%. The rate is only available online at bankofamerica.com and is only for the initial term of a new CD. Varies, but may be lower than a CD. At Bank of America, it’s $100. CDs Accounts are also FDIC-insured but less accessible. You agree to keep your money in the CD for a set amount of time—7 months, 12 months, 24 months or longer. If you access your funds before the maturity date, you may pay a penalty.


  • Go to the Internet Explorer, Firefox or Chrome websites and download a new browser version
  • Review Online Banking system requirements, options for access, notices and disclosures
  • Once you have finished, you will need to restart your computer and sign back into Online Banking

Online Banking and eCommunications System Requirements

When you first enrolled in Online Banking, you agreed to receive certain Online Banking notices, disclosures and communications ('eCommunications'). Please refer to your Online Banking enrollment documents for a list of these eCommunications. While you may be able to access Online Banking and eCommunications using other hardware and software, your personal computer needs to support the following requirements:

  • An operating system, such as:
    • Windows NT, 2000, ME, XP, Vista or Win 7; or
    • Mac OS 10
  • Access to the internet and an internet browser which supports HTML 4.0 and 128bit SSL encryption and Javascript enabled, such as:
    • For Windows NT, 2000, ME, XP, Vista, or Win 7
      • Microsoft Internet Explorer 7.0 and higher
      • Firefox 3 and higher
      • Chrome 3.0 and higher
    • For Macintosh using OS 10.x
      • Safari 3.0 and higher
      • Firefox 3 and higher
      • Chrome 4.0 and higher

Most eCommunications provided within Online Banking or at other Bank of America websites are provided either in HTML and/or PDF format. For eCommunications provided in PDF format, Adobe Acrobat Reader 6.0 or later versions is required. A free copy of Adobe Acrobat Reader may be obtained from the Adobe website at www.adobe.com.

In certain circumstances, some eCommunications may be provided by e-mail. You are responsible for providing us with a valid e-mail address to accept delivery of eCommunications.

To print or download eCommunications you must have a printer connected to your computer or sufficient hard-drive space (approximately 1 MB) to store the eCommunications.

Withdrawing Consent to eCommunications and Effect on Online Banking Access

Subject to applicable law, you have the right to withdraw your consent to receiving eCommunications by calling the appropriate toll-free customer service phone numbers listed on the Customer Service tab. You will not be charged a fee for withdrawal of your consent.

If you withdraw your consent, we may stop providing you with eCommunications electronically and we may terminate your Online Banking access. Your withdrawal of consent is effective only after you have communicated your withdrawal to Bank of America by calling the appropriate customer service phone numbers and Bank of America has had a reasonable period of time to act upon your withdrawal. Your consent shall remain in force until withdrawn in the manner provided in this section.

Bank of American hardly needs any introduction. They’re the second largest bank in the United States by assets, with over $2.61 trillion in total and they are the third largest bank in the country by branch locations with roughly 4,559 across all 50 states.

That said, their savings rates – both fixed and variable – leave much to be desired and lag the current national average(s) for their respective terms by considerable margins.

This isn’t unique to Bank of America though, as all the big banks at the moment offer abysmal rates to savers. Both Citibank and Chase Bank have kept their savings rates significantly under the national averages for all of 2020.

For those considering opening a fixed-rate, certificate of deposit with Bank of America continue reading our full review below.

Bank of America CDs are federally insured by the FDIC up to the applicable limits. These are $250,000 per depositor or $500,000 on joint accounts.

Bank of America has two sets of certificates of deposit available to consumers currently: “Featured CDs” and “Standard CDs.”

Bank Of America Cda Idaho

The Featured CDs come with a higher minimum deposit requirement of $10,000 compared to just $1,000 for the Standard CDs. Bank of America’s Featured CDs also offer five oddball terms to choose from. These are:

  • 7 months
  • 10 months
  • 13 months
  • 25 months
  • 37 months

Bank of America Featured CD Rates

To put these yields in perspective the current national average for a 12 month CD and a 60 month CD sits at 0.22% APY and 0.47% APY, respectively. There are also several nationally available credit unions with CD rates still above the 1.0% APY mark for longer terms.

Their Standard CDs have much more flexible terms ranging from 1 month to 10 years (120 months). Consumers may choose the exact number of months within that range. Current rates, however, are flat across the board for all terms.

Bank of America Standard CD Rates

Interest is compounded and credited monthly on both featured and standard CDs.

In normal interest rate environments two variables may affect the overall APY (annual percentage yield) applied to your CD from Bank of America. These are:

  1. Your Location
  2. Your Deposit Amount

While these variables do not change your rate at the moment, Bank of America still requires you to select these before disclosing the yields they offer on their website.

Your location is determined by the zip code you reside in and the deposit amount is broken up into four ranges for the Featured CDs and three ranges for Standard CDs. For Featured CDs, the deposit ranges are:

  • Less than $10,000
  • $10,000 to $100,000
  • $100,000 – $1m
  • $1m +

For all of Bank of America’s Standard CDs the deposit ranges are:

  • Less than $10,000
  • $10,000 to $100,000
  • $100,000 +

Early Withdrawal Penalties

Bank of America’s early withdrawal penalties vary by length of the term of the deposit. Below is a breakdown of what you can expect to pay if you need to make an early withdrawal to your CD. You should note that for CDs with terms of 60 months (5 years) or greater, fees can potentially add up to more than the overall interest earned if withdrawals happen often enough.

The interest penalties above are applied to the amount withdrawn.

Grace Period

Bank

The grace period is the brief window of time after your CD matures and before it gets renewed in which you have the ability to add or withdraw funds penalty free.

Bank of America’s grace period is slightly lower than the standard 10 days at just 7 days.

Bank Of America Cdfi

Bank of America’s CDs also automatically renew, so if nothing is done within this 7 day period your CD will automatically renew with the same terms and whatever the current APY happens to be at that time.

Bank of America will send you reminders leading up to the grace period of your deposit but be sure to set up your own notifications as well.

While banking with large institutions such as Bank of America has its advantages such as easy in-person branch access, vast network of ATMs, and a wide range of financial products, their current CD rates are simply not competitive at this time.

Bank Of America Cd S

Bank

In normal interest rate environments having both featured CDs with higher APYs and standard CDs with customizable term lengths is a major advantage, however Bank of America’s current yields make these standout features inconsequential today.

Bank Of America Cd Rates Specials

Cds

Bank Of America Cd Rate

If you’re after a high yield CD, a nationally available credit union or online bank is going to be able to provide you with much better rates.