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.
Features
In this section, we explain or analyze in great detail each of the characteristics of the Bank of America certificate of deposit:
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:
- 5% APY
- Minimum deposit: $0
- Term: 11 months
- Member FDIC
- 4,40% APY
- Minimum deposit: $5000
- Term: 12 months
- Member FDIC
- 4,65% APY
- Minimum deposit: $1000
- Term: 13 months
- Member FDIC
- 4,60% APY
- Minimum deposit: $0
- Term: 14 months
- Member FDIC
- 4,60% APY
- Minimum deposit: $1000
- Term: 12 months
- Member FDIC
- 4,55% APY
- Minimum deposit: $1000
- Term: 12 months
- Member FDIC
- 4,50% APY
- Minimum deposit: $0
- Term: 12 months
- Member FDIC
- 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:
| Pros | Cons |
|---|---|
| No fees | Low interest rates |
| $1000 minimum deposit | |
| Only up to 37 months |
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:
| Information | Description |
|---|---|
| website | https://www.bankofamerica.com/ |
| https://twitter.com/BankofAmerica | |
| https://www.facebook.com/BankofAmerica | |
| Phone | 1 (800) 432-1000 |
Anothers product of Bank of America
You also have a list of all the products offered by Bank of America:
- Checking accounts: here you have Bank of America checking accounts.
- Advantange plus: Bank of America Advantage Plus is the most popular checking account in BoA
- Bank of America Advantage Relationship Banking is a premier checking account.
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Updated the day 27 February, 2023 by Alfredo Barandiarán
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