Bank of America certificate of deposit review

Want to see a complete review of the Bank of America certificate of deposit? From Responsible Economy we show you all the features: fees, interest rate, requirements and everything you need to know. You also have a video and a comparison with the best certificates of deposit in 2023. Welcome!

Explanatory video

We have made a video in which we explain in a very simple way all the characteristics of the Bank of America certificate of deposit. If you want to support us you can subscribe and thus also receive daily information.

YouTube video
Bank of America certificate of deposit review

Features

In this section, we explain or analyze in great detail each of the characteristics of the Bank of America certificate of deposit:

Bank of america certificate of deposit features
Bank of america certificate of deposit features

Interest rate

Without a doubt, the interest rate is one of the most important points in certificates of deposit. The maximum interest rate you can get with Bank of America is 3.90% APY with a term of 13 months.

As you will see later, an interest rate of 3.90% APY is not competitive because there are banks that offer up to 5% APY.

Fees

Of course no one to pay commissions. The bank of america certificate of deposit has no set-up fees or annual maintenance fees.

Terms

The terms that you can choose to open the certificate of deposit range from 7 months to 37 months.

Penalites

As you surely know, certificates of deposit have penalties for withdrawing the money before the agreed term, although there are certificates of deposit without penalties. The Bank of America certificate of deposit does have penalties for withdrawing money early.

Minimum deposit

To open a certificate of deposit with Bank of America you must make a minimum deposit of $1000.

Comparison with the best certificate of deposit in 2023

We have made a comparison of the Bank of America certificate of deposit with the best certificates of deposit that you can open in the United States in 2023:

Logo capital One CDs
  • 5% APY
  • Minimum deposit: $0
  • Term: 11 months
  • Member FDIC
Marcus by Goldman Sachs
  • 4,40% APY
  • Minimum deposit: $5000
  • Term: 12 months
  • Member FDIC
CIT Bank Logo
  • 4,65% APY
  • Minimum deposit: $1000
  • Term: 13 months
  • Member FDIC
synchrony-bank-logo
  • 4,60% APY
  • Minimum deposit: $0
  • Term: 14 months
  • Member FDIC
Alliant Logo
  • 4,60% APY
  • Minimum deposit: $1000
  • Term: 12 months
  • Member FDIC
Bask bank logo
  • 4,55% APY
  • Minimum deposit: $1000
  • Term: 12 months
  • Member FDIC
Barclays Logo
  • 4,50% APY
  • Minimum deposit: $0
  • Term: 12 months
  • Member FDIC
BMO logo
  • 4,50% APY
  • Minimum deposit: $1000
  • Term: 12 months
  • Member FDIC

Pros and cons

Once we have seen the characteristics of the Bank of America certificate of deposit and a comparison with the best certificates of deposit, we have made a table with all the advantages and disadvantages:

ProsCons
No feesLow interest rates
$1000 minimum deposit
Only up to 37 months
Pros and cons Bank of America certificate of deposit

Requirements

To open the Bank of America certificate of deposit you must meet the following requirements:

  • Must be over 18 years old
  • Live in the United States
  • Have an American phone
  • Have a Social Security

Conclusions and opinions

After all the review carried out, our opinion is that the Bank of America certificate of deposit is not competitive because it offers a maximum interest rate of 3.90% APY and there are banks that are offering 5% APY, it is necessary to carry out a minimum deposit of $1000 and the maximum term is 37 months.

Frequent questions

If you still have any questions about the Bank of America certificate of deposit, here we answer all your questions:

More information about Bank of America

We have made a table with interest information about Bank of America:

InformationDescription
websitehttps://www.bankofamerica.com/
Twitterhttps://twitter.com/BankofAmerica
Facebookhttps://www.facebook.com/BankofAmerica
Phone1 (800) 432-1000
Interest information about Bank of America

Anothers product of Bank of America

You also have a list of all the products offered by Bank of America:

Related content

Finally, you have related posts about certificate of deposit:

Updated the day 27 February, 2023 by Alfredo Barandiarán

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