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  Bank of America Standard Term CD

Bank of America Standard Term CD

in CD Accounts from Bank of America · fdic

Unaffiliated

Bank of America Standard Term CD

Unaffiliated

in CD Accounts from Bank of America · Member FDIC

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Highlights
Minimum Opening Deposit Starting at $1,000
Certificate Term
  • 1 month
  • 3 months
  • 6 months
  • 9 months
  • 11 months
  • 18 months
  • 2 years
  • 25 months
  • 27 months
  • 28 months
  • 30 months
  • 31 months
  • 3 years
  • 37 months
  • 39 months
  • 42 months
  • 43 months
  • 4 years
  • 49 months
  • 55 months
  • 58 months
  • 59 months
  • 5 years
  • 61 months
  • 6 years
  • 7 years
  • 10 years
APY (Annual Percentage Yield) 0.03% - 0.10%

Bank of America Standard Term CD Review

Bank of America Standard Term CD is offered by Bank of America, a bank founded in 1784 and based in Charlotte, NC. Bank of America Standard Term CD is available in 50 states (and Washington, DC).

Key Takeaways
  • Very high APY. This account offers an annual percentage yield of up to 0.10%, which is much higher than the national average for a CD account.
  • $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
  • Wide selection of CD terms. Bank of America CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of Bank of America Standard Term CD
Pros Cons
  • FDIC insured.
  • Multiple CD terms available.
  • Available in all 50 states.
  • High-interest yield.
  • No charge on incoming domestic or international wire transfers.
  • There isn't a no-penalty CD option.
Bank of America Standard Term CD FAQ

Are cd accounts from Bank of America federally insured?

Yes, your Bank of America cd accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does Bank of America offer?

Bank of America CD provides the following types of CDs.
  • Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.
  • Jumbo CDs. A jumbo CD requires a higher minimum balance than that required by traditional CDs. In exchange, jumbo CDs pay higher interest rates.
  • IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but Bank of America CD offers a CD that is specifically for retirement.

What CD rates does Bank of America offer on its CDs?

Bank of America CD offers an APY starting at 0.03% and ranging up to 0.10%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What terms does Bank of America CD offer?

Bank of America offers CD terms of the following lengths:
Bank of America Standard Term CD Rates & Terms
Description
11-Month APY 0.03%
2-Year APY 0.1%
3-Month APY 0.03%
3-Year APY 0.10%
4-Year APY 0.10%
5-Year APY 0.10%
6-Month APY 0.03%
7-Year APY 0.10%
APY (Annual Percentage Yield) 0.03% - 0.10%

What is the minimum deposit to open a CD account with Bank of America?

Bank of America CD requires a minimum deposit of $1,000 to open an account.

What is the grace period for Bank of America CD?

There is a 7-day grace period for Bank of America CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 7-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Bank of America CD charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

Bank of America does not charge an early withdrawal fee.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

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Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Minimum Opening Deposit Starting at $1,000
11-Month APY 0.03%
2-Year APY 0.1%
3-Month APY 0.03%
3-Year APY 0.10%
4-Year APY 0.10%
5-Year APY 0.10%
6-Month APY 0.03%
7-Year APY 0.10%
APY (Annual Percentage Yield) 0.03% - 0.10%
CD Accounts
  • IRA
  • Jumbo
  • Traditional
Grace Period for Account Changes 7 days
Certificate Term
  • 1 month
  • 3 months
  • 6 months
  • 9 months
  • 11 months
  • 18 months
  • 2 years
  • 25 months
  • 27 months
  • 28 months
  • 30 months
  • 31 months
  • 3 years
  • 37 months
  • 39 months
  • 42 months
  • 43 months
  • 4 years
  • 49 months
  • 55 months
  • 58 months
  • 59 months
  • 5 years
  • 61 months
  • 6 years
  • 7 years
  • 10 years

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