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Banking
Sarah Sharkey
Jenn Jones
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BLUEPRINT
Updated 10:39 am ET March 13, 2023
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Many Bank of America’s CD terms offer unimpressive rates, with an annual percentage yield (APY) as low as 0.03%. The bank’s best offerings, the Feature CDs, do offer better yields, but have fewer terms available.
Annual percentage yields (APYs) and account details are accurate as of March 1, 2023.
Bank of America offers two groups of certificates of deposit (CDs):
Once you open the CD, the interest is compounded and added to your account on a monthly basis. Compounding interest is a powerful tool to make money using your money. You have the option to collect the interest at maturity or at intervals throughout the term. Early withdrawal penalties apply.
The point of a CD is to grow and protect your funds. Here’s what you would earn with a $10,000 investment when earnings are compounded monthly.
While some of Bank of America’s CD rates are above the national average, many are well below and all of them are lower than what top competitors offer. Its minimum deposit requirements while affordable, can be beaten. Both Capital One and Synchrony Bank don’t have CD minimum balance requirements.
Shop around before diving into a CD with any particular bank. As you consider your CD options, take the time to compare rates and terms across multiple financial institutions. You might be pleasantly surprised to find a better deal.
In terms of assets, Bank of America is the second largest commercial bank in the United States and has roots that go back more than 240 years. The full-service bank has approximately 3,900 physical branch locations. But, if in-person banking isn’t your first choice, you can take advantage of its strong online banking platform and highly-rated mobile app, which has at least 4.6 stars out of five on both Apple and Google’s app store.
You can see CD rates directly on bank websites. But it’s often easier to shop around for CD rates through a site that compiles up-to-date rates. With the information in one place, you can more easily find a CD that suits your needs—whether you’re after the absolute best return on your savings or certain term lengths. Here’s how to start investing.
Most CDs compound interest on a daily or monthly basis and will credit the interest earned to your account each month. With Bank of America’s Featured CDs, you’ll see your interest compounded and credited on a monthly basis.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Sarah Sharkey
Blueprint
Sarah Sharkey is a personal finance writer who enjoys diving into the details to help readers make savvy financial decisions. She covered mortgages, insurance, money management, and more. She lives in Florida with her husband and dogs. When she’s not writing, she’s outside exploring the coast.
Jenn Jones
Blueprint
Jenn Jones is the deputy editor for banking at USA TODAY Blueprint. She has a wide range of experience in personal finance and a deep interest in sharing knowledge that empowers others. Prior, she was a senior writer at LendingTree, covering banking, investments, mortgages and more. She also served as a finance manager at World Car dealerships and an editor at Standard & Poor’s Money Market Directory. She holds a B.S. in commerce from the University of Virginia.
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