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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. 

Bank of America has three types of CDs: Featured, Fixed Term, and Flexible accounts. Your CD rate will largely vary depending on the type of CD and term you get. 

Bank of America CD Rates

Bank of America Fixed Term CD Rates

The Bank of America Fixed Term CD is the national bank's traditional CD. The current rate is 0.03% to 4.00% APY (Annual Percentage Yield).

These CDs have a $1,000 minimum opening deposit and 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: 

Bank of America Featured CD Rates

Bank of America Featured CDs are the bank's promotional terms, which means their rates may only be offered for a specific time frame. The Bank of America Featured CD rate is 0.05% to 5.40% (vary by location) APY. 

These CDs require at least $1,000 to open. 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: 

Bank of America Flexible CD Rates

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.

The Bank of America Flexible CD pays 3.51% 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. A minimum of $1,000 is needed to get this account. 

Bank of America CD Rates Pros and Cons

Compare Bank of America CD Rates

Bank of America CD Rates vs. Chase CD Rates

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 CD Rates vs. Wells Fargo CD Rates

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 6-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 5-month or 11-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 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.

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Business Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for 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. You can reach Laura Grace at [email protected].Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »

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Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email [email protected].Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:

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Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.

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