Bank of America offers a number of different certificate of deposit products including standard bank CDs, high yield CDs, CDs that allow for rate increases and bank CDs that offer no penalty on early withdrawals.
Bank of America CD rates can vary by region, the Bank America CD rates below are based on Illinois bank locations. The bank CD earns interest that is compounded and credited monthly. The CD interest earned can be withdrawn monthly without penalty.
Current CD rates for the standard bank CDs have fallen recently but compare with many of the major banks. Of course, when comparing CD interest rates, bigger banks doesn’t always mean bigger rates of return. Most of the largest banks in the US offer comparatively low CD rates.
A 1 year Bank of America CD has rate of 0.65%
The 2 year CD rate at Bank of America is 1.11%
The 4 year CD rate is 2.01%
The 5 year CD interest rate is 2.51%
The minimum deposit to obtain these listed rates is $1,000.00.
The Bank of America Opt-Up® CD is the bank’s term deposit that gives the account holder the option to increase the rate one time after six months, if interest rates rise during the term of the CD. If CD rates rise, the account holder can increase their CD rate between the opening rate and the current rate offered by Bank of America.
The current CD interest rate on the Bank of America Opt-Up® CD is 1.25% for a term of 18 months. This account requires a minimum $10,000.00.
Bank of America is also promoting a Risk Free CD®. The bank CD allows the account holder the option to access funds prior to the CD maturity date without incurring an early withdrawal penalty. This CD requires a minimum deposit of $5,000 and has a nine month term.
The CD rate for the Risk Free CD is 0.40%.
The annual percentage yields (APY) listed are accurate as of 05/09/2010 but are not guaranteed. For current Bank of America CD rates are to obtain additional account information, a Bank of America representative can be reached at 1-800-900-9000.
Bank of America is the second largest bank in the United States as measured by total assets, and has a wide range of savings accounts and certificates of deposit that it offers not just those listed above.
Bank of America offers both short term and long term CDs with terms ranging from seven days to ten years. The minimum opening requirement for the bank CDs with a term of seven days to 27 days is $15,000.00. The Bank of America CD rates that are available on terms in excess of 28 days require only a $1,000.00 minimum deposit.
Bank of America also offers promotional CDs that generally have more competitive bank rates. The Bank of America CD rates marketed as promotional bank CD rates are dependent on the region in which the account is opened.
Bank of America is currently offering the following three different promotional CD rates and terms in Illinois:
A one year CD rate is at 1.40%. This CD rate requires a minimum investment of $5,000.00. This CD rate applies to the one year term CD opened online through bankofamerica.com.
A nine month Risk Free CD with a CD rate of 0.90%. The Bank of America Risk Free CD allows the account holder the ability to access their funds prior to maturity without penalties. The minimum deposit for this bank CD is also $5,000.00 and must be opened online only.
An Opt Up CD with an 18 month term CD that has a CD rate of 1.65%. The Bank of America Opt Up CD allows the account holder the option to increase their CD rate one time after six months, if CD rates rise, with no added fees or extension to the CD term. The minimum deposit for this bank CD is $10,000.00 and the CD account must be opened online.
Standard Bank of America CD rates are available with a variety of terms. Normal conditions on the standard Bank of America CDs and CD rates include, for CD terms between 28 days and ten years, interest is compounded and credited monthly and can be withdrawn monthly without penalty.
Bank of America CD rates are subject to change at the bank’s discretion. For current CD rates and terms, call a bank representative at 888-827-1812. Bank rates, CD rates and additional account details are posted on the Bank of America website which can be found at the following address: www.bankofamerica.com.