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Bank of America CD Rates

Bank of America Certificate of Deposit rates are very favourable and these CDs can either be short term or long term. The balance requirement for Bank of America CDs varies with these two types. Bank of America offers high interest rates on the Certificate of Deposit which are now taken up by many customers and these alluring interest rates also work as CD promotion. To invest in this scheme of the bank one must be the citizen of US or residing in USA as resident aliens.

Bank of America Certificate of Deposit

There exist many types of Certificate of Deposits. But Bank of America offers the following types:
  • High Yield CD
  • Risk Free CD
  • Opt Up CD
  • Standard Term BofA CD
The minimum balance for Bank of America high yield Certificate of Deposit is $5,000 and insured by FDIC. The term for this is seven months and it is made available to the customers at special online rates. One needs to complete the term otherwise premature withdrawal of the money also causes the Bank of America CD penalty. For high yield CD with all types of balances the interest rate is 4.11%. Bank of America accounts for this type of Certificate of Deposit can be in the form of online banking that can be accessed from anywhere. There are more than 5,800 banking centers, 16,700 nationwide and 30,000 Global ATMs that allow free access for the BofA Certificate of Deposit Account. You can also use CD calculator to calculate the maturity date, original interest rate etc.

With the help of Bank of America Risk free CD one can withdraw money before maturity and in this no penalty is charged. To withdraw money seven days prior notice in the written form is required to be served with the BofA. The term for this is nine months and it needs $5,000 as a minimum balance. BofA CD rates for this type are 2.67%.

Opt-UP CD is the combination of old and new. In this all the aspects of old Certificate of Deposits are kept alive with new Bank of America CD interest rates that are now rising.

The term period for this is 30 months and the needed amount can be between $10,000 to $500,000. This is a long term Bank of America Certificate of Deposit that has high interest rate. After the initial six months, the depositor has the option to increase the interest rates and this facility is without any fee or extension.

Then there are standard term CD which generally are of 120 months and with the changes in the amount interest rate varies.

Bank of America CD Rates Today

Bank of America CD Rate is calculated monthly and depositor can withdraw it without penalties. In this you can open an account either by selecting the term of the CD or amount of it.

Bank of America special accounts for Certificate of Deposit can be opened online. On special accounts interest is earned and it varies with the rates. Certificate of Deposits are quiet like savings account and are a time deposit that is put forwarded to the customer. The difference exists as CDs are for a fixed term and with fixed amount of interest rates. At the end of the period these can be withdrawn with the accrued interest rate. The Bank of America CDs are fully insured and thus a risk free option.

After the maturity the Certificate of Deposit is renewed automatically and notice is send as a reminder. If you opt not to renew this then CD can be redeemed on the date of maturity and within the grace period of seven days. Withdrawal can be made only at the time of maturity otherwise Bank of America imposes certain penalties. For further inquiry customer care center or CD Department can be contacted. Or you can also browse the website for more information on Bank of America CD rates, accounts, online special options, penalties, phone numbers and deposits etc.

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