Bank of America CD Rates: Up to 3.90% APY. Should You Open One?
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Bank of America has a wide selection of CDs. Some of its short-term CDs pay decent rates today, but most pay far less than the competition.
Here's a look at Bank of America's CD rates and terms, as well as some higher-APY options you should check out.
Bank of America CD rates
Bank of America offers a huge variety of CD terms between 28 days and 10 years. All of its CDs pay 0.03% APY except for the ones below:
| Term | APY |
|---|---|
| 3 months | 3.51% |
| 4 months | 3.51% |
| 5 months | 3.51% |
| 7 months* | 3.90% |
| 10 months* | 3.45% |
| 13 months* | 2.50% |
| 25 months* | 2.00% |
| 37 months* | 0.11% |
*These are "featured CDs" with nonstandard terms. They will automatically renew into a 3-month Flexible CD with a lower APY unless you make a change during the grace period.
All other CDs renew into CDs with the same term unless you make a change during the grace period. The new APY may be different.
Lastly, there's one more CD not included above: the 12-month Flexible CD. This one allows no-penalty early withdrawals, unlike other Bank of America CDs (and most CDs in general). The current APY is 3.10%.
How Bank of America's CD rates compare
Here are some of the best CD rates you can find today for a variety of terms:
Western Alliance Bank CD
On Raisin's Secure Website.
LendingClub CD
On LendingClub's Secure Website.
Synchrony Online CD
On Synchrony Bank's Secure Website.
All have higher APYs than Bank of America CDs. They also have lower minimum deposits than Bank of America, which requires at least a $1,000 deposit for all CDs.
How big of a difference does the APY make? Let's look at how much the LendingClub 8-month CD would earn compared to Bank of America CDs with similar terms.
| CD | APY | Earnings on $10,000 Deposit |
|---|---|---|
| Bank of America 7-month featured CD | 3.90% | $226 |
| Bank of America 8-month CD | 0.03% | $2 |
| LendingClub 8-month CD | 4.45% | $295 |
The LendingClub 8-month CD earns far more than Bank of America's 7-month special -- which is its highest-paying CD now. The interest paid by BofA's 8-month CD is abysmal.
If you want to earn one of the highest APYs on the market right now, then read our full review of LendingClub CDs and open an 8-month CD today. More interest rate cuts are expected this year, but this CD will keep your money growing well into 2026.
Are Bank of America CDs worth it?
No, Bank of America CDs are not worth opening due to their low APYs.
Bank of America does stand out by offering 1-month and 10-year CDs, which are uncommon. However, at 0.03% APY, they don't deserve a place in your financial plan. The 12-month Flexible CD is also outclassed by other no-penalty CDs.
Other banks offer higher APYs and lower minimum deposits. So if you're looking to lock in today's high CD rates, then check out our list of the best CDs and open one today.
Our Research Expert
James McClenathen is a full-time Managing Editor and Personal Finance Writer at Motley Fool Money, overseeing the production and quality of editorial content while also writing about credit cards, investing, and everyday money management. He has worked at The Motley Fool since 2012 and brings extensive experience as an editor, reporter, and finance expert. A graduate of the University of Michigan, James has spent more than a decade of his career helping readers make smarter financial decisions.
Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal non-IRA accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest in effect at that time. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.