Our editorial team is independent and objective. To help support our review work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Bankiful site. This site does not include all companies or products available within the market.

We also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content.

While we work hard to provide accurate and up to date information that we think you will find relevant, Bankiful does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.

Bank of America CD Rates for October 2024

Online banks offer higher rate CDs than Bank of America CD Rates.
bank-of-america-cd-rates
Certificate of deposits (CDs) are an attractive savings tool because they FDIC-insured up to $250,000. Unlike the stock market, you can earn interest on your money with low-risk. CDs generally allow your savings to grow at a faster rate than they would in a savings account.

Bank of America’s CD Rates

Bank of America's 25-Month and 37-Month CDs rates are significantly lower than the national average CD rates, according to the FDIC.

7-Month CD Rate: 4.35% APY

10-Month CD Rate: 4.00% APY

13-Month CD Rate: 3.25% APY

25-Month CD Rate: 2.00% APY

37-Month CD Rate: 0.05% APY

CD Rates Higher Than Bank of America CD Rates

Quontic Bank 6-Month CD

Minimum Deposit

$100

Rates

4.60% APY

Features

Enjoy daily compounding interest plus there are no maintenance fees.

Quontic Bank 12-Month CD

Minimum Deposit

$100

Rates

4.00% APY

Features

Enjoy daily compounding interest plus there are no maintenance fees.

Quontic Bank 24-Month CD

Minimum Deposit

$100

Rates

3.35% APY

Features

Enjoy daily compounding interest plus there are no maintenance fees.

Quontic Bank 36-Month CD

Minimum Deposit

$100

Rates

3.25% APY

Features

Enjoy daily compounding interest plus there are no maintenance fees.

SkyOne CreditUnion 5-Month CD

Minimum Deposit

$1

Rates

4.25% APY

Features

SkyOne Federal Credit Union uses the secure Raisin platform to offer savings products to savers nationwide.

A certificate of deposit (CD) is a relatively low-risk investment that is insured up to $250,000 by the FDIC. However, in exchange for that low-risk you must agree to specific term periods when investing in a CD.

CD Terms. Typical terms can range from several months up to 5 years. Once a CD reaches maturity you generally have three options:

  1. Withdraw your money and put it in another account.
  2. Withdraw your money and open a different CD.
  3. Allow your CD to renew.

What term should you choose. Choosing a CD depends on when you need the money. If you need your money soon, consider a CD with a shorter term. But if you’re saving for retirement or a future purchase, a longer term CD may be more beneficial.

You lose interest if you withdraw early. The economic environment must be taken into consideration when choosing a CD. If it seems that interest rates may be on the rise you don't want to get locked into a CD that charges a penalty to withdraw funds early which means losing some or all the interest you earned.

Why Bank of America CD Rates Are So Low

Larger banks like Bank of America really don't have to compete for new customers;  they already have a large share of the consumer market with approximately 67 million customers.

Another reason Bank of America CD rates are so low is that financial institutions profit when the rate on the money they lend out is higher than the rate they pay customers who deposit money into savings vehicles like CDs.

You can find a better deal on CD rates than what Bank of America offers with online banks that are actively competing for new customers.

Plus, online banks can offer higher rates because they don't incur the daily operating costs of running branch locations. That savings is passed onto customers in the form of high-yield savings accounts and totally free checking accounts.

Learn how to earn more & save smarter

Get free tutorials, expert tips, news, and resources delivered to your inbox weekly.

You have been successfully Subscribed! Ops! Something went wrong, please try again.

Best online savings rates

The national savings rate is 0.45% APY. This online bank pays way more.

CIT Bank

Platinum Savings
4.70% APY
/Month
Minimum $5,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Upgrade

PREMIER SAVINGS
4.69% APY
/Month
Minimum $1,000 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured

Quontic Bank

HIGH-YIELD SAVINGS
4.25% APY
/Month
Minimum $100 balance
No maintenance fees
Mobile & Online Banking
Deposits are FDIC insured
Disclaimer: Our goal is to provide the most relevant and current information. However, the information is for informational purposes only and is not intended to be personal financial advice.

© 2024 Bankiful.com All rights reserved.