Certificate of Deposit - View CD Rates and Account Options (2024)

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Help grow your savings
with a CD Help grow your savings
with a CD Help grow your savings
with a CD

Compare CD accounts

Did you know?

A CDlayer typically earns higher interest than a traditional savings account

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Compare CD options


	Featured CD account Early withdrawal penalty applies. See details below. Learn more Get started with Feature CD Accountlayer	Fixed Term CD account Early withdrawal penalty applies. See details below. Learn more Get started with Fixed Term CD Accountlayer	Flexible CD account Early withdrawal penalty applies. See details below. Learn more Get started with Flexible CD Accountlayer
Minimum opening deposit	$1,000	$1,000	$1,000
FDIC insured?	Deposits are insured by the FDIC up to $250,000 per depositor.	Deposits are insured by the FDIC up to $250,000 per depositor.	Deposits are insured by the FDIC up to $250,000 per depositor.
Term	Choose from multiple options: 7 month to 37 month. These products will auto-renew into a Fixed Term CD for the same term. See available terms and rateslayer	Choose any term: 28 days to 10 years. These products will automatically renew for the same term. See available terms and rateslayer	Open a 12 month term online. The product will auto-renew into a 9 Month Flexible CD.
Annual percentage yield (APY)	For Featured CD AccountXXXX–XXXX%^adatext depending on balance and term	For Standard Term CD AccountXXXX–XXXX%^adatext depending on balance and term	For Flexible CD AccountXXXX–XXXX%^adatext depending on balance and term
Additional deposits allowed?	For Featured CD Account No additional deposits until maturity	For Standard Term CD AccountNo additional deposits until maturity	For Standard Term CD AccountNo additional deposits until maturity
Early withdrawal penalty?	An early withdrawal penalty applies to any withdrawal you request outside of the grace period, which begins on the maturity date of your CD. If your account has not earned enough interest to cover an early withdrawal penalty, we deduct any interest first and take the remainder of the penalty from your principal. For more detail about the penalty calculation and how grace periods are determined, see Deposit Agreements and Disclosures and Deposit Rate Sheet.	An early withdrawal penalty applies to any withdrawal you request outside of the grace period, which begins on the maturity date of your CD. If your account has not earned enough interest to cover an early withdrawal penalty, we deduct any interest first and take the remainder of the penalty from your principal. For more detail about the penalty calculation and how grace periods are determined, see Deposit Agreements and Disclosures and Deposit Rate Sheet.	We will waive the early withdrawal penalty except in connection with any withdrawals you request within the first 6 days of the account term (or the first 6 days following any partial withdrawal). See Deposit Agreements and Disclosures and Deposit Rate Sheet for more detail about the penalty calculation.

Get more details about our CDs

What is a CD (Certificate of Deposit)?

A CD (certificate of deposit) is a type of deposit account that’s payable at the end of a specified amount of time (referred to as the term). CDs generally pay a fixed rate of interest and can offer a higher interest rate than other types of deposit accounts, depending on the market. These accounts typically provide security for longer-term savings and no monthly fees, but at the cost of access and liquidity of the funds.

What you'll get with any CD account

Locked rates

Once you've chosen a term and made your deposit, your rate is fixed for the length of your term. Early withdrawal penalty applies.

FDIC insurance

FDIC insurance up to the applicable limits.

Learn more about FDIC insurance

Automatic renewals

We’ll automatically reinvest your funds at the end of the term. You’ll get a maturity notice beforehand in case you'd rather redeem your CD.

Other savings accounts available

Everyday savings

A more flexible account with faster access to cash

Learn more about savings accounts

Retirement planning

Consider an IRA to help maximize your returns

Learn more about IRAs

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More help managing money

Savings or CDs –

which is right for you?

Account options made simple

Saving for short-term financial goals
How do CDs work?
Saving and investing: From under the mattress to an IRA

Great!

Before we open your Fixed Term CDFeatured CDFlexible CD, choose your:

Terms available for Fixed Term CDFeatured CD:

Term Select menu for Term

Opening deposit amount Select menu for Opening deposit amount

For deposits over $250,000, visit a financial center to open your account.

Fixed Term CDFeatured CDFlexible CD ()

Amount	Interest Rate	APYAnnual Percentage Yield (APY)

Open now Explore more Featured CD rates

Open now Explore more Fixed Term CD rates

Open now Explore more Flexible CD rates

Term Select menu for Term

Opening deposit amount Select menu for Opening deposit amount

For deposits over $250,000, visit a financial center to open your account.

Amount	Interest Rate	APYAnnual Percentage Yield (APY)

Rates

Choose the desired term, then the deposit amount to see rate options.

Term Select menu for Term

Opening deposit amount Select menu for Opening deposit amount

For deposits over $250,000, visit a financial center to open your account.

Amount	Interest Rate	APYAnnual Percentage Yield (APY)

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Certificate of Deposit - View CD Rates and Account Options (2024)

FAQs

What are CD account rates? ›

Here are Bankrate's top picks for banks with the best CD rates.

Popular Direct — 3 months - 5 years, 4.30% – 5.30% APY, $10,000 minimum deposit.
Synchrony Bank — 3 months - 5 years, 0.25% – 5.25% APY, no minimum deposit.
America First Credit Union — 3 months - 5 years, 4.20% – 5.25% APY, $500 minimum deposit.

More items...

What bank has the highest interest rate on CD accounts? ›

Compare the Best CD Rates

Institution	Rate (APY)	Early Withdrawal Penalty
TotalDirectBank	5.42%	1 month of interest
Genisys Credit Union	5.41%	3 months of interest
MutualOne Bank	5.40%	3 months of interest
NASA Federal Credit Union	5.40%	All earned interest up to 6 months

18 more rows

What are the options available when interest is paid to a CD? ›

Once a CD reaches its maturity date, the account holder has the option to either withdraw their original deposit plus the interest earned or renew the CD for an additional term. There are three main factors to understanding how a CD works: Deposit amount: The dollar amount that is put into the account.

Discover More Details ›

What is a certificate of deposit CD account? ›

A certificate of deposit, or CD, is a type of savings account offered by banks and credit unions. You generally agree to keep your money in the CD without taking a withdrawal for a specified length of time. Withdrawing money early means paying a penalty fee to the bank.

Discover More ›

How much will a $500 CD make in 5 years? ›

This CD will earn $108.33 on $500 over five years, which means your deposit will grow by 21.7%.

Read On ›

How much does a $10,000 CD make in a year? ›

Earnings on a $10,000 CD Over Different Terms

Term Length	Average APY	Interest earned on $10,000 at maturity
1 year	1.81%	$181
2 years	1.54%	$310.37
3 years	1.41%	$428.99
4 years	1.32%	$538.55

1 more row

Apr 24, 2024

Know More ›

Who has the highest 12 month CD rate today? ›

Best 1-Year CD Rates

Northern Bank Direct – 5.60% APY.
Apple Federal Credit Union – 5.40% APY.
NexBank – 5.40% APY.
CIBC Agility – 5.36% APY.
TotalDirectBank – 5.35% APY.
CFG Bank – 5.31% APY.
Rising Bank – 5.31% APY.
First Internet Bank – 5.31% APY.

More items...

Discover More Details ›

Is a 12 month CD worth it? ›

A one-year CD typically offers a higher interest rate than shorter-term CDs, such as three-month CDs and six-month CDs. Offers higher interest rates than traditional savings accounts.

Which bank gives 7% interest on savings accounts? ›

As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

What is the biggest negative of putting your money in a CD? ›

Banks and credit unions often charge an early withdrawal penalty for taking funds from a CD ahead of its maturity date. This penalty can be a flat fee or a percentage of the interest earned. In some cases, it could even be all the interest earned, negating your efforts to use a CD for savings.

Discover More ›

Do you pay taxes on CDs? ›

Key takeaways. Interest earned on CDs is considered taxable income by the IRS, regardless of whether the money is received in cash or reinvested. Interest earned on CDs with terms longer than one year must be reported and taxed every year, even if the CD cannot be cashed in until maturity.

Know More ›

Should I lock in long-term CD now? ›

If you believe interest rates will stay elevated for the near future or need regular income, CD laddering may still make sense. If you're concerned about interest rates falling in the future and don't expect to need access to your funds, locking in today's high rates for the long-term may make more sense.

Learn More Now ›

What are two major negatives of a certificate of deposit CD )? ›

CD rates may not be high enough to keep pace with inflation when consumer prices rise. Investing money in the stock market could generate much higher returns than CDs. CDs offer less liquidity than savings accounts, money market accounts, or checking accounts.

Explore More ›

How risky are certificate of deposits CDs? ›

Standard CDs are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000, so they cannot lose money. However, some CDs that are not FDIC-insured may carry greater risk, and there may be risks that come from rising inflation or interest rates.

Account Name	APY (Annual Percentage Yield) Accurate as of 5/2/2024	Minimum Account Opening Balance
Barclays 1 Year Online CD	5.00%	$0
Western Alliance Bank 3 Month CD, powered by Raisin	5.26%	$1
Barclays 6 Month Online CD	5.00%	$0
SkyOne Federal Credit Union 1 Year No Penalty CD	4.75%	$1

Certificate of Deposit - View CD Rates and Account Options (2024)

Help grow your savingswith a CD Help grow your savingswith a CD Help grow your savingswith a CD

Did you know?

Compare CD options

Featured CD account

Early withdrawal penalty applies. See details below.

Fixed Term CD account

Early withdrawal penalty applies. See details below.

Flexible CD account

Early withdrawal penalty applies. See details below.

What is a CD (Certificate of Deposit)?

What you'll get with any CD account

Locked rates

FDIC insurance

Automatic renewals

Other savings accounts available

Everyday savings

Retirement planning

Why choose Bank of America?

Why choose Bank of America?

More help managing money

Savings or CDs –

Savings or CDs –

Rates

Contact us

FAQs

What are CD account rates? ›

Do you pay taxes on CDs? ›

References

Help grow your savings
with a CD Help grow your savings
with a CD Help grow your savings
with a CD