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Bank of America’s Featured Certificate of Deposit accounts come in five CD terms, ranging from seven months to 37 months. The bank’s CD rates tend to be much lower than the best CD rates from online banks: BofA offers rates as low as 0.05% APY for some terms on its Featured CDs, with a minimum opening deposit of $1,000.

Bank of America also offers Standard Term CDs, which allow you to choose any term from 28 days to 10 years. Standard Term CDs have a minimum deposit of $1,000 and offer 0.03% APY on all terms and balances.

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, except 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:

Featured 1-Year CD Rate
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Raisin Western Alliance Bank 1 Year CD
Annual Percentage Yield (APY)


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  • Accounts pay high-interest rates
  • No fees
  • Open accounts you might not be able to access outside of Raisin
  • Minimum opening requirements are often lower than if you opened an account directly with a bank


  • No checking accounts or business accounts
  • The only way to deposit or withdraw money is by connecting to an external account
  • Can’t connect to third-party budgeting apps, like Mint

Product Details

  • Raisin is an online marketplace that partners with banks to offer competitive rates
  • Offers high-yield savings accounts, money market accounts, CDs, and no-penalty CDs
  • Filter your search by institution, or by type of institution (e.g., minority-led, family-owned, or supports small business)
  • Interest is compounded daily and paid monthly
  • Deposits are federally insured by the FDIC or NCUA

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 4.70% (vary by location) APY.

These CDs require at least $1,000 to open. Once a Featured CD matures, it renews into a Fixed Fixed-termite 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 the 10-month and 37-month CD rates are low. We used the zip code from Boston, Massachusetts, 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 high interest.

Bank of America CD Rates Pros and Cons

Pros Cons
  • 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

  • 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

Here’s an overview of Bank of America’s CD rates. This article focuses on Bank of America’s Featured CDs, which offer a higher APY and require a higher minimum deposit. Rates are accurate as of Sept. 14, 2023.

CD Term APY Minimum Deposit
7 Months 5.00% $10,000
10 Months 0.05% $10,000
13 Months 5.00% $10,000
25 Months 3.20% $10,000
37 Months 0.05% $10,000

Bank of America CD Rates vs. Wells Fargo CD Rates

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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

Bank of America CD Rates vs. Chase CD Rates

Bank of America and Chase each have CD terms of 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’s 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

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