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Bank of America has three types of CDs: Featured, Fixed Term, and Flexible accounts.
Featured CDs are the bank's promotional CDs, while the Fixed Term CDs are the bank's standard term options. Bank of America Flexible CDs are a no-penalty CD.
The CD rate will largely vary depending on the type of CD and term you get. Learn more about current Bank of America CD rates, below.
Current Bank of America CD Rates
Bank of America (Member FDIC) is one of the best national banks, but its CD rates are still short of the best ones available at online banks.
Select short-term CDs pay better rates than average CDs. In particular, the 7-month and 13-month Featured CDs might be worthwhile if you prioritize getting a CD from a brick-and-mortar bank that's under 18 months. Most of Bank of America CDs long-term CDs are less competitive than other brick-and-mortar banks, though.
Bank of America Fixed Term CD Rates
The current rate for Bank of America Fixed Term CDs is 0.03% to 4.00% APY (Annual Percentage Yield).
The Bank of America Fixed Term CD is the national bank's traditional CD.These CDs come in a wide range of terms, from 28 days to 120 months. Bank of America pays low CD rates on most term fixed-term CD lengths, with the exception of terms between 90 days and 179 days.
Bank of America CD rates are the same in many areas, but they can vary depending on where you live. We used the zip code from New York City, New York, for the following Bank of America CD rates:
| CD Terms | APY |
| 28 days to 89 days | 0.03% on all account balances |
| 90 days to 179 days | 4.00% on all account balances |
| 6 months to 120 months | 0.03% on all account balances |
Bank of America Featured CD Rates
The Bank of America Featured CD rate is 0.05% to 5.00% (vary by location) APY.
Bank of America Featured CDs are the bank's promotional terms, which means their rates may only be offered for a specific time frame. Once a Featured CD matures, it renews into a Fixed Term CD with a similar term.
The Bank of America Featured CD only comes with five terms: seven months, 10 months, 13 months, 25 months, and 37 months. The 7-month and 13-month terms pay the highest rates. The 25-month CD rate is decent, while 10-month and 37-month CD rates are low.
We used the zip code from Los Angeles, California, for the following Bank of America CD rates:
| CD Terms | APY |
| 7 months | 5.00% on all account balances |
| 10 months | 0.05% on all account balances |
| 13 months | 4.90% on all account balances |
| 25 months | 3.00% on all account balances |
| 37 months | 0.05% on all account balances |
Bank of America Flexible CD Rates
The Bank of America Flexible CD pays 4.25% APY, which is a good rate compared to other banks. It's only available in a 12-month term, and once it matures, it will renew into a 9-month term.
The Bank of America Flexible CD is a type of no-penalty CD. You won't have to pay for any withdrawals after the first six days of opening an account.
How to Open a Bank of America CD
To get a Bank of America CD, you can apply online. Bank of America also lets you schedule an appointment online with a banker if you'd rather open an account in person.
The CD application will ask you to provide basic information, like your social security number, email address, and home address. People who aren't U.S. citizens or U.S. permanent residents can provide their individual taxpayer identification number and foreign ID to open Bank of America accounts.
Opening a Bank of America CD will require a minimum of $1,000. To deposit money into a Bank of America CD, you can transfer money from another Bank of America account or link an external bank account.
Is Bank of America Right For You?
Bank of America CD rates are low overall, with the exception of select short-term options. The 7-month and 13-month Featured CDs as well as Fixed Term CDs between 90 days and 179 days are decent options compared to other brick-and-mortar banks. You'll still find the best CD rates at online financial institutions, though, regardless of which term you'd like to get.
Bank of America has standard minimum opening requirements for CDs, but its early withdrawal penalties are steep for certain terms. You might prefer a different bank if you prefer more lenient early withdrawal penalties.
If you're interested in a specialty CD, Bank of America does have a no-penalty with a good interest rate. However, other financial institutions may let you open an account with less money upfront.
Bank of America CD Pros and Cons
Bank of America CD Pros
- High interest rates on select terms (7- or 13- month Featured CDs; Fixed Term CDs between 90 days and 179 days)
- No-penalty CD option with a good interest rate
- Variety of CD terms
Bank of America CD Cons
- Low interest rates on most Fixed Term CD lengths
- The best CD rates at online banks and credit unions may still pay even higher rates regardless of the term
- Other banks may let you open an account with less money upfront
- Standard-to-high early withdrawal penalties
Bank of America CD Alternatives
Bank of America CDs vs. Chase CDs
Bank of America and Chase each have CD terms up to 10 years. Both banks pay relatively low rates overall, with higher rates on select terms.
The best option for you will largely depend on which term you choose. If you're looking for a short-term CD between three to five months, Bank of America's traditional CD rates may be more appealing than Chase CD rates. Bank of America also may be more suitable if you like the 7-month or 13-month promotional CDs.
Chase may be a better option than Bank of America for long-term CDs over a year, but only if you qualify for a relationship rate. To get a relationship rate at Chase, you must have Chase Premier Plus Checking℠ or Chase Sapphire℠ Banking, and make at least five transactions from your checking account.
Chase Bank Review
Bank of America CDs vs. Wells Fargo CDs
If you want to open a CD with less than $2,500, Bank of America will have to be your default option. Wells Fargo traditional CDs require at least $2,500, and promotional CDs require a minimum of $5,000.
If your goal is to strictly find the most competitive CD rate, deciding between these two banks depends on the term.
For traditional CDs, Wells Fargo CD rates are higher on 3-month and 1-year terms. Meanwhile, Bank of America notably offers great rates for terms between 90 days and 179 days.
Meanwhile, for promotional CDs, Bank of America's strongest options are its 7-month and 13-month terms. At Wells Fargo, the 4-month and 7-month Wells Fargo Special Fixed Rate CD offers the best rates overall out of all Wells Fargo CDs.
Wells Fargo Bank Review
Why You Should Trust Us: How We Reviewed Bank of America CDs
At Business Insider, we rate CDs on a scale from 0 to 5. We use a CD methodology that looks at interest rates, minimum opening deposits, early withdrawal penalties, variety of CD terms, ethics, customer support, and mobile apps.
Bank of America FAQs
What are the current CD rates at Bank of America?
Bank of America Fixed Term CDs pay 0.03% to 4.00% APY, and Featured CDs range from 0.05% to 5.00% (vary by location) APY. The exact APY depends on the term you select. Bank of America has a 12-month Flexible CD that pays 4.25% APY.
How can I open a CD account with Bank of America?
Bank of America CDs can be opened online or at a branch. You'll need to include your social security number, email address, and home address in the CD application. You can also apply for a CD if you aren't a U.S. citizen or permanent resident — you'll use an individual taxpayer identification number and foreign ID to verify your identity.
Is there a minimum deposit requirement for Bank of America CDs?
All Bank of America CDs have a $1,000 minimum deposit requirement.
Can I withdraw money from a Bank of America CD before it matures?
You can take money from a Bank of America Flexible CD before it matures, and you will only pay a penalty if you withdraw money during the first 6 days of account opening or within 6 days of making a partial withdrawal. If you take out money from a Bank of America Fixed Term CD or Featured CD before it matures, there will be a penalty. The penalties vary depending on the term you choose — it can be anywhere from the equivalent of 90 days of interest to all interest earned.
How do Bank of America's CD rates compare to other banks?
Overall, Bank of America CD rates aren't the most competitive available — the highest can be found at online banks or credit unions. Bank of America has some solid short-term options if you're mainly interested in CDs from brick-and-mortar banks. However, most of the terms above 18 months are pretty low.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.
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Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, budgeting, and general saving. Sophia was also a part of Business Insider's 2024 series "My Financial Life," which focused on telling stories that could help people live and spend better.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:
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EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.Sophia is a member of the National Association of Hispanic Journalists.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.
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