Bank of America certificate of deposit review

Would you like to read a comprehensive review of the Bank of America certificate of deposit? Responsible Economy has conducted a thorough analysis of its features, including fees, interest rates, requirements, and everything you need to know. We also provide a video and a comparison with the best certificates of deposit in 2023. Welcome!

Explanatory video

We have created a video where we provide a simple explanation of all the features of the Bank of America certificate of deposit. If you enjoy our content, consider subscribing to our channel to show your support and receive daily updates.

YouTube video
Bank of America certificate of deposit review

Features

In this section, we will provide a detailed analysis of 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

The interest rate is a crucial factor when considering a certificate of deposit. With Bank of America, the maximum interest rate you can earn is 3.90% APY with a term of 13 months.

However, it’s important to note that a 3.90% APY interest rate is not competitive compared to other banks that offer rates of up to 5% APY.

Fees

Bank of America’s certificate of deposit does not come with any set-up fees or annual maintenance fees. You won’t have to worry about paying any commissions.

Terms

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

Penalites

When opening a certificate of deposit with Bank of America, you have a range of terms to choose from, ranging from 7 months to 37 months. Select the term that aligns with your financial goals and needs.

Minimum deposit

To open a certificate of deposit with Bank of America, you are required to make a minimum deposit of $1000. Ensure you meet this requirement when considering opening an account.

Comparison with the best certificate of deposit in 2023

We have conducted a comparison between the Bank of America certificate of deposit and the best certificates of deposit available for opening in the United States in 2023. Here is a summary of the comparison:

Logo capital One CDs
  • 5.25% APY
  • Minimum deposit: $0
  • Term: 18 months
  • Member FDIC
Marcus by Goldman Sachs
  • 5.10% APY
  • Minimum deposit: $500
  • Term: 12 months
  • Member FDIC
CIT Bank Logo
  • 5.00% APY
  • Minimum deposit: $1,000
  • Term: 6 months
  • Member FDIC
synchrony-bank-logo
  • 5.40% APY
  • Minimum deposit: $0
  • Term: 16 months
  • Member FDIC
Alliant Logo
  • 5.18% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Bask bank logo
  • 5.15% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Barclays Logo
  • 5.15% APY
  • Minimum deposit: $0
  • Term: 12 months
  • Member FDIC
BMO logo
  • 5.25% APY
  • Minimum deposit: $1,000
  • Term: 13 months
  • Member FDIC

Certificates of deposit calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

Bank of America certificate of deposit calculator

Bank of America Certificate of deposit calculator

Your earnings:
Total Result:

Pros and cons

Here is a table summarizing the advantages and disadvantages of the Bank of America certificate of deposit:

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 a Bank of America certificate of deposit, you must meet the following requirements:

  • Be at least 18 years old.
  • Reside in the United States.
  • Have an active American phone number.
  • Possess a valid Social Security number.

Conclusions and opinions

After conducting a thorough review, we have concluded that the Bank of America certificate of deposit may not be the most competitive option. The maximum interest rate of 3.90% APY falls short compared to other banks offering rates as high as 5% APY. Additionally, the requirement of a minimum deposit of $1000 and the maximum term of 37 months may not align with the preferences and needs of all individuals seeking a certificate of deposit. It is advisable to explore other banks and their offerings to find a certificate of deposit that better suits your financial goals.

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 1 September, 2023 by Alfredo Barandiarán

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