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Bank of America CD Rates for December 2022

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Bank of America CD rates don't stack up that well against the top online banks. But Bank of America CDs are a viable option for short- and long-term investments as they have a broad range of terms. Read on to learn more about Bank of America CD rates, how they compare to other banks, and whether they are right for you below.

Bank of America CD rates for December 2022

Bank of America Standard CD
  • 1 Year APY: 0.03%
  • 2 Year APY: 0.03%
  • 3 Year APY: 0.03%
  • 4 Year APY: 0.03%
  • 5 Year APY: 0.03%
Rates as of Nov. 30, 2022
Term
Bank of America Standard CD
1 Year
2 Year
3 Year
4 Year
5 Year
0.03%
0.03%
0.03%
0.03%
0.03%

Compare Bank of America CD rates

Unfortunately, Bank of America CD interest rates are not that competitive compared with some of the best CD rates. Neither its Standard CDs nor Featured CDs earn much interest at any term length. Below, you can compare Bank of America CD interest rates to some of our experts' favorite CDs:

Rates as of Nov. 30, 2022
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for CIT Bank CD
Member, FDIC
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes
Logo for Discover High Yield CD
Member, FDIC
4.00%
4.10%
4.15%
4.20%
4.25%
$2,500
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member, FDIC
Marcus by Goldman Sachs High Yield CD
4.15%
4.30%
4.00%
4.00%
3.80%
$500
Yes

Bank of America's CD review

Standard CDs

PROS

  • A multitude of term lengths
  • No monthly fees

CONS

  • CD rates aren't competitive

Bank of America's main CD product is a Standard CD. These CDs offer many term lengths ranging from 28 days to 10 years, making them perfect if you're building a CD ladder. You can open a Standard CD for as little as $1,000, much less than the $10,000 minimum required for its Featured CDs. Interest on Bank of America CDs is compounded and credited monthly.

Like most banks, Banks of America doesn't charge any maintenance fees on CD accounts.

Depending on the CD term, you could pay a penalty of up to 365 days' interest if you withdraw funds before the maturity date. Bank of America Standard CDs automatically renew at maturity. Customers will need to change terms, deposit or withdraw funds, or close the CD account during the grace period.

Other Bank of America CD accounts

Bank of America also offers the following CD accounts:

  • Featured CDs

FAQs

  • Bank of America CDs are right for people who are more interested in having a wide range of term-length options than earning high-yield interest rates. It’s also a great option for current Bank of America customers who want to keep all of their banking in one place.

  • You should get a Bank of America CD if you have extra funds to set aside for a short- or medium-term investment. CD deposits also come with the added protection of being FDIC-insured up to $250,000 per depositor.

  • A Bank of America CD is only worthwhile if you aren't concerned about getting the best CD rates available. You are sure to find CDs that offer higher APYs with comparable deposit requirements elsewhere.

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