Bank of America’s CD (certificate of deposit) Rates and Review
Bank of America, based out of Charlotte, North Carolina is one of the largest banks in the country. They have over 5,000 locations and thousands of ATM’s in 35 states. They offer online banking nationwide, including brokerage and private banking through U.S. Trust and have the ability to lend in all 50 states, through credit cards, mortgages and home equity loans. Their savings rates have slid recently along with the rest of the industry but still offer money market accounts, CD’s (certificate of deposits), checking and traditional savings.
Recent Developments – In mid-2008 Bank of America acquired Countrywide Financial in a stock deal. Countrywide now operates as a subsidiary of Bank of America Corporation under the title “Bank of America Home Loans”.
Bank of America’s CD Rates:
Bank of America only offers “short term deposit products.” They have 12 month CD’s as well as 24 month CD’s.
- Their 12 month CD yields 1.00% APY with a minimum deposit of $5,000 required
- Their 24 month CD yields 1.50% APY with a minimum deposit of $5,000 required
Please note - The Annual Percentage Yield (APY) is accurate as of 12/11/2009. The minimum balance required to open a High Yield CD is $5,000. They may limit the amount you may invest in one or more High Yield CDs to a total of $1,000,000 ($250,000 for CDs opened through bankofamerica.com). Alternative terms not allowed and additional restrictions may apply. Fees could reduce the earnings on the account and a penalty is imposed for early withdrawal.
Bank of America’s promotions and popular accounts:
Bank Of America is publicly traded on the New York Stock Exchange (NYSE: BAC).
