Bank of America CD Rates: What You Need To Know Before You Open One
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
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Bank of America CD rates depend on the term length, account type and promotional offers available. Here’s a breakdown of the current rates based on CD term and type.
Featured CDs
Bank of America periodically offers promotional CDs with higher rates than its standard offerings. Here’s a look at the current promotional Featured CDs:
| Term Length | Annual Percentage Yield | Minimum Deposit |
|---|---|---|
| 7 months | $1,000 | |
| 10 months | $1,000 | |
| 13 months | $1,000 | |
| 25 months | $1,000 | |
| 37 months | $1,000 |
Fixed Term CDs
Bank of America’s standard CDs provide a variety of term options, with interest rates that remain fixed throughout the CDs’ duration.
Here are the current rates and terms for Bank of America Fixed Term CDs:
| Term Length | Annual Percentage Yield | Minimum Deposit |
|---|---|---|
| 28 to 89 days | $1,000 | |
| 90 to 179 days | $1,000 | |
| 6 to 11 months | $1,000 | |
| 12 to 17 months | $1,000 | |
| 18 to 23 months | $1,000 | |
| 24 to 35 months | $1,000 | |
| 36 to 47 months | $1,000 | |
| 48 to 59 months | $1,000 | |
| 60 to 119 months | $1,000 | |
| 120 months | $1,000 |
Flexible CD
The Bank of America Flexible CD is a no-penalty CD, meaning you can withdraw funds without facing early withdrawal fees after the first six days.
Bank of America currently offers a 12-month term for its Flexible CD. Here’s a look at the current rate and minimum deposit required:
| Term Length | Annual Percentage Yield | Minimum Deposit |
|---|---|---|
| 12 months | $1,000 |
Features and Benefits of Bank of America CDs
Bank of America CDs offer security and predictability. Here are some key features and benefits of these accounts:
| Feature | Details |
|---|---|
| FDIC insurance | Deposits are insured up to $250,000 per depositor, per account type, offering protection against bank failure. |
| Fixed interest rates | Provides a predictable return on savings over the selected term. |
| No monthly maintenance fees | CDs don’t have recurring fees, unlike some savings accounts. |
| Flexible CD terms | Options available for both short- and long-term savings goals. |
| Easy online and mobile access | CDs can be managed anytime through Bank of America’s online banking or mobile app. |
Pros and Cons of Bank of America CDs
Just like most other banking offerings, there are some pros and cons to consider with Bank of America CDs. Here’s a breakdown of both sides:
Pros
- Trusted and reputable institution: One of the largest and most reliable banks in the U.S.
- Multiple CD term options: Offers a variety of term lengths to fit different savings goals.
- No-penalty CD available: The 12-month flexible CD allows withdrawals without penalties.
Cons
- Lower rates than online competitors: Bank of America’s standard CD rates are significantly lower than online banks.
- Higher minimum deposit requirement: Requires a $1,000 minimum deposit, whereas some banks allow lower or no minimums.
How Much Can You Earn With a Bank of America CD?
The amount you can earn with a Bank of America CD depends on your deposit amount, the CD term length and the interest rate offered at the time you open the account. Here are some examples:
| Deposit Amount | Term Length | APY | Estimated Interest Earned |
|---|---|---|---|
| $1,000 | 7 months | $21.90 | |
| $1,500 | 13 months | $65.25 | |
| $2,000 | 25 months | $84.60 | |
| $5,000 | 37 months | $17 |
Try the GOBankingRates Savings Calculator to see how much you could earn on your savings journey.
How To Open a Bank of America CD Account
Opening a CD with Bank of America is straightforward:
- Choose your CD type and term: Decide which CD aligns with your savings goals.
- Gather necessary information: Have your Social Security number, home address and email ready.
- Fund your CD: A minimum deposit of $1,000 is required. You can transfer funds from a Bank of America account or an external bank.
- Apply online or in person: Visit Bank of America’s website to apply online or visit a branch for personalized assistance.
Bank of America CD Rates vs. Other Banks
While Bank of America CDs provide a secure place to grow your money, their rates may not always be the most competitive. Here’s how Bank of America CD rates compare with other leading banks:
| Bank | Term | APY | Minimum Deposit |
|---|---|---|---|
| Bank of America | 7 months | $1,000 | |
| Discover® Bank | 6 months | $0 | |
| Synchrony Bank | 6 months | $0 | |
| Ally Bank | 6 months | $0 |
Are Bank of America CDs Right For You?
Bank of America CDs offer stability and peace of mind, but they may not be the best fit for rate chasers or those with smaller balances.
Ideal for:
- Customers who already bank with Bank of America.
- Savers who prefer in-person service.
- Those who prioritize FDIC insurance and account security.
Not ideal for:
- People who are looking for the highest CD rates.
- Savers with lower balances who can’t meet deposit minimums.
- Customers who are comfortable banking entirely online for higher rates.
Tips for Getting the Best CD Rates
To earn more with your CD, consider these strategies:
- Compare terms: Shorter-term promotional CDs might offer higher yields than long-term CDs.
- Try CD laddering: Open multiple CDs with staggered maturities to maintain liquidity while earning interest.
- Watch promotional offers: Bank of America periodically offers Featured CDs with higher rates.
FAQs About Bank of America CD Rates
What are people asking about CD rates? Find the answers to frequently asked questions below:- What is the minimum deposit for a Bank of America CD?
- A $1,000 minimum deposit is required to open a Bank of America CD.
- Can I open a CD online?
- Yes, you can open a new CD account online.
- What happens if I withdraw before the term ends?
- Withdrawing before the CD maturity date may result in early withdrawal penalties, except for the No-Penalty CD.
- Are Bank of America CD rates competitive in 2025?
- Featured CD rates are competitive and currently go up to 4.00% APY. Standard CDs have lower rates and are not that competitive.
More on Bank of America
- Bank of America Review
- Bank of America Savings Account Interest Rates
- Bank of America Promotions and Bonuses
- Bank of America ATM Withdrawal and Deposit Limits
- Bank of America Monthly Maintenance Fees
Dawn Allcot and Sarah Sharkey contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 15, 2025.Â
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- Investor.gov. "Certificates of Deposit."
