For all of 2012, Bank of America’s FDIC-insured savings accounts and certificates of deposit are pretty much on par with the nation’s other largest banks – quite terrible.
In 2013, things are even worse for BofA’s CD and savings accounts with yields below one tenth of a percent for one year CDs and just a quarter of one percent for two year CDs. The highest yielding CD currently offered from Bank of America is their “10 year CD” which is yielding just 0.60% annually.
If you must invest in one of Bank of America’s savings products we would recommend looking through their “promotional offers.” The rates on these products are still well under the national average (and a far cry from some of the top savings rates offered by online banks) but provide the best yields for their specific term out of all of BofA’s savings products.
Currently Bank of America is running three deposit promotions – a 9 month CD, 12 month CD and 18 month CD. All of these products are available as standard deposits or IRA CDs. They are available through BofA’s online channel only and require a minimum deposit of between $2,000 and $10,000.
Dont expect bank deposit rates as a whole to get much better in 2013. The FED has said they will begin to consider raising interest rates again when the unemployment rate drops to 6.5%. It’s been around 7.8% for much of 2013 so far.
Bank of America’s Deposit Rates February 2013:
(Rates accurate as of February, 2013. If you believe this information is out of date, go to Bank of America’s CD rate tables to get updated rate information.)
If you do open one of Bank of America’s deposits, keep in mind they will automatically renew into new CDs with the same duration if you do not give them sufficient notice of cashing out of the account. An early withdrawal penalty also applies for all of their deposits.
Variable rate savings account are available as well through BofA but are currently providing abysmal yields. Their money market accounts feature interest rates between just 0.15% and 0.35% depending on your daily balance.
[Bank of America also has a $50 bonus associated with their checking account.]
Compare Bank of America’s CD rates above with the top FDIC-insured bank CDs available nationwide below.
Find a Bank of America ATM or Branch Near You: