Bank of America CD Rates for February 2024

Bank of America investment bank and loan Branch. Bank of America is also known as BofA or BAC. stock photo
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Bank of America, Member FDIC, is one of the largest banks in the U.S. Many people prefer to keep their money with a larger bank for such financial products as savings accounts or CDs. By going with a name you trust, you can keep your money secure while making your money work for you.

Bank of America CDs: Quick Take

It is always a good idea to pick the right financial product or CD account for you. To help you decide, here are some key features of Bank of America CDs:

  • Bank of America offers a variety of CDs, including Fixed Term CDs, Featured CDs and Flexible CDs.
  • Opening a CD could help you qualify for the Preferred Rewards program.
  • Though the rates are generally on the lower side, Preferred Rewards members can get interest rate discounts, credit card rewards bonuses and reduced banking fees, which could all offset that fact and make opening a CD here convenient and beneficial. 

Current Bank of America CD Rates

Account Annual Percentage Yield
7-month Featured CD
10-month Featured CD
13-month Featured CD
25-month Featured CD
37-month Featured CD

How Bank of America CDs Compare

Bank or Brokerage 6-month CD 1-year CD
Discover® Bank, Member FDIC
PNC Bank

Types of Bank of America CDs

The bank offers three types of CDs with varying term lengths, all of which feature a minimum deposit requirement of $1,000. Here’s a look at the types of CDs Bank of America offers:

  • Fixed Term CD: A Fixed Term CD account has a variety of terms ranging from 28 days to 10 years and offers annual percentage yields ranging from to .
  • Featured CD: Featured CDs offer terms ranging from seven months to 37 months. See the chart above for the rates this account offers.
  • Flexible CD: A Flexible CD account has a 12-month term and automatically renews into a nine-month Flexible CD upon reaching its maturity date, unless you choose to redeem it. In the event that you make an early withdrawal, Bank of America will waive the early withdrawal penalty as long as you do so after the first six days of the CD term or after the first six days that follow any partial withdrawal.
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Are Bank of America CDs Right for You?

Here are some pros and cons to consider to help you decide whether a Bank of America CD fits your needs:


  • FDIC insured
  • Brick-and-mortar locations
  • Variety of terms
  • Automatic renewals
  • Online and mobile banking


  • Can find higher rates with online-only banks
  • Early withdrawal penalties
  • $1,000 minimum opening deposit

Who Should Open a Bank of America CD?

If you already have a checking account with Bank of America, you might enjoy the convenience of opening a CD account in the same place. Certain terms come with CD rates closely competitive with today’s neobanks. However, you can still find higher rates at online financial institutions, for the most part.

For instance, a seven-month Featured CD from Bank of America with an opening balance higher than $1,000 earns a APY. Online bank Vio offers APY on a six-month term, but you only need a $500 minimum opening deposit.

If opening a Bank of America CD will help you qualify for the Preferred Rewards program, however, it could pay to park your money there. You need a $20,000 average combined balance over three months to qualify for the Gold tier of Preferred Rewards.

Between the interest rate discounts, credit card rewards bonuses and reduced banking fees for Preferred Rewards members, the value of the rewards could outweigh the lower interest rate.

Who Might Want To Pass on Bank of America’s CD Options?

Unless you are already a loyal Bank of America customer and want to increase your deposits to qualify for Preferred Rewards, you can find higher CD rates with online banks and some credit unions.

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More About Bank of America’s Preferred Rewards Program

Qualifying for Bank of America’s Preferred Rewards program, rated one of the best customer loyalty programs in the country by multiple news sources, could be incentive enough to open a Bank of America CD. Customers holding between $1 million to $10 million in Bank of America and Merrill accounts qualify for the Diamond tier, which delivers up to 75% credit card rewards bonuses, access to unique lifestyle benefits, interest rate reductions on mortgages and auto loans, and more.

Holding between $100,000 to $1 million in Bank of America and Merrill accounts earns you Platinum Honors status, while $50,000 to $100,000 unlocks the Platinum tier. Gold tier status begins with a combined $20,000 in Bank of America and Merrill deposit accounts.

Final Take To GO

Banking with Bank of America provides some perks and benefits, including the bank’s Preferred Rewards program. If you hold a certain amount in Bank of America deposit accounts or Merrill investment accounts, you’ll find opportunities for checking and savings accounts with no monthly maintenance fees, interest rate discounts on certain loan products, and rewards bonuses. If you are already a loyal customer, opening a CD here could be a savvy financial move.


What are people asking about CD rates? Find the answers to frequently asked questions below.
  • What are Bank of America's CD rates right now?
    • Bank of America's CD rates start at 0.03% APY for a Fixed Term CD and go up to 4.85% APY for a seven-month Featured CD.
  • Which bank gives 7% interest on a savings account?
    • No banks in the U.S. offer 7% interest on a savings account. However, Digital Federal Credit Union offers 6.17% APY on balances of up to $1,000 in its Primary Savings account. The account has a $5 minimum deposit and no monthly fee.
  • Where can I get high CD rates?
    • In general, online banks are the way to go for high CD rates. Vio Bank offers a high 5.15% APY on a six-month CD with a minimum opening deposit of $500, and BrioDirect offers 5.35% APY on a 12-month CD.
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Dawn Allcot 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 Feb. 1, 2024.

Rates may vary by region. To verify rates in your area, check the bank’s website for details.

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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