Bank of America CD Rates

This article provides an overview of the Bank of America CD rates.  Bank of America is a huge bank, with millions of B of A accounts opened in America.  Bank of America does not have the best cd rates, but since so many millions of Americans are Bank of America account holders, we had to provide a review of the Back of America CD rates.

Bank of America CDs come in several varieties.  You can purchase a High Yield CD, Risk Free CD, Opt-Up CD or a Standard CD.  Thist article will review each of these varieties of B of A CD’s.

Bank of America High Yield CD

The Bank of America High Yield CD has a short 7-month term and a minimum deposit of $5,000.  The CD interest rate on this BofA CD is 3.69% or 3.75% APY.  For a 7 month CD this is a very good interest rate.  If you are looking for a short term investment, we really like the Bank of America High Yield CD.

Bank of America Risk Free CD

The main feature of the Bank of America Risk Free CD is that B of A Bank will waive the early withdrawl penalty if you withdrawal the money from this CD early but re-deposit into another B of A account.  You have to remember that you will pay for this increased flexibility.  The Bank of America CD rates on the Risk Free CD are less than the cd rates on the Bank of America High Yield CD rates.  The Risk Free CD rates are currently 2.60% APY for a 9 month CD.

Bank of America Opt-Up CD

The Bank of America Opt-Up CD allows you to convert your BofA CD into a new CD if the Bank of America CD rates go up.  However, the CD rate of the new CD will be half-way between the original CD rate of your Opt-Up CD and the new CD rates.  If you think that CD interest rates might go up, the Bank of America Opt-Up CD is a great way to cover you on upside risk.

Due to the length of this post, we will cover the Standard CDs offered by Bank of America in a subsequent article.  Hopefully this first article on Bank of America CD rates provided you with a good review of the Bank of America CD’s.

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