Boa Cd Rates
- Boa Cd Rates At Banks
- Boa Cd Rates Certificate Of Deposit
- Bank Of America Money Market
- Boa Cd Rates Today
Deal Summary
Find out today's checking, savings, IRA and CD account interest rates from Bank of America.
84-month CD, 1.10% APY, minimum deposit $1000, dividends paid upon maturity.
First National Bank’s Top CD Rates
Overall interest rates may change during your CD’s term. If rates rise, you miss out on earning those higher rates, since your money is committed for the CD’s term. However, if rates go down, you benefit: You still earn the higher rate that was offered when you opened the CD. Find out today's checking, savings, IRA and CD account interest rates from Bank of America. Bank of America is offering some CD rates higher than the national average. 3 month (90 to 179 days) bank CD rates are at 0.28% while the national average is less at 0.24%. 5 year (60 to 119 months) CD rates at Bank of America are at 1.78% while the 5 year national average rate is at 1.74%. Link to this article. Bank of America CD rates Standard Term CD rates are available online for terms of 28 days to 10 years. These CDs require a minimum deposit of $1,000. Featured CD rates are slightly higher than.
Boa Cd Rates At Banks
First National Bank’s top CD rate is 1.10% APY. This rate is offered on the credit union’s 84-month CD with a minimum deposit of $1000. The dividends earned on this CD are paid upon maturity.
The 72-month CD is a great alternative. The account offers an 1.05% APY with a $1000 minimum deposit. This account also pays you your dividends upon maturity. Leaving your accounts untouched results in more earnings.
For short-term investors the credit union offers a 12-month CD. This CD offers an annual percentage yield of 0.60%. This CD is also obtainable with a $1000 minimum deposit as well. Like the other CDs, the dividends are paid out upon maturity.
First National Bank offers seven CDs. Each of these CDs can be opened with a $1000 minimum deposit. You are always welcome to invest more, but you don’t have to. These CD terms vary from 12 to 84-months. The APY starts at 0.60% and builds to 1.10%. Each of First National Bank’s CD accounts is subject to early withdrawal penalties.
Availability
You have to be an already existing member of First National Bank to open up a CD. However, the good news is that you can open a CD online without having to go into the bank.
Branches in Michigan
East Lansing, Grand Rapids, and Traverse City.
Bank Overview
Despite being a small family-owned bank from Michigan, First National Bank of America has over $2.6 billion in assets. They offer their clients everything from personal banking to commercial and mortgage loans.
The bank was first opened in 1955 as a way to help meet all of the financial needs of the people of Michigan. Ever since then, the bank has continued expanding and added other locations around Michigan. To this day, First National Bank is a privately owned bank that offer their customers exceptional rates on deposit accounts and more. No matter what, the First National Bank is determined to serve their customers as best as they possibly can.
Even with the 60 years they have of experience under their belt, the First National Bank of America still holds the same values and beliefs that they did back then. More importantly, they still care about their clients as if they were their own family.
To this day the First National Bank is looking for ways to provide exceptional service to all customers.
Bank of American hardly needs any introduction. They’re the second largest bank in the United States by assets, with over $2.61 trillion in total and they are the third largest bank in the country by branch locations with roughly 4,559 across all 50 states.
That said, their savings rates – both fixed and variable – leave much to be desired and lag the current national average(s) for their respective terms by considerable margins.
This isn’t unique to Bank of America though, as all the big banks at the moment offer abysmal rates to savers. Both Citibank and Chase Bank have kept their savings rates significantly under the national averages for all of 2020.
For those considering opening a fixed-rate, certificate of deposit with Bank of America continue reading our full review below.
Bank of America CDs are federally insured by the FDIC up to the applicable limits. These are $250,000 per depositor or $500,000 on joint accounts.
Bank of America has two sets of certificates of deposit available to consumers currently: “Featured CDs” and “Standard CDs.”
The Featured CDs come with a higher minimum deposit requirement of $10,000 compared to just $1,000 for the Standard CDs. Bank of America’s Featured CDs also offer five oddball terms to choose from. These are:
- 7 months
- 10 months
- 13 months
- 25 months
- 37 months
Bank of America Featured CD Rates
To put these yields in perspective the current national average for a 12 month CD and a 60 month CD sits at 0.22% APY and 0.47% APY, respectively. There are also several nationally available credit unions with CD rates still above the 1.0% APY mark for longer terms.
Their Standard CDs have much more flexible terms ranging from 1 month to 10 years (120 months). Consumers may choose the exact number of months within that range. Current rates, however, are flat across the board for all terms.
Bank of America Standard CD Rates
Interest is compounded and credited monthly on both featured and standard CDs.
In normal interest rate environments two variables may affect the overall APY (annual percentage yield) applied to your CD from Bank of America. These are:
- Your Location
- Your Deposit Amount
While these variables do not change your rate at the moment, Bank of America still requires you to select these before disclosing the yields they offer on their website.
Your location is determined by the zip code you reside in and the deposit amount is broken up into four ranges for the Featured CDs and three ranges for Standard CDs. For Featured CDs, the deposit ranges are:
- Less than $10,000
- $10,000 to $100,000
- $100,000 – $1m
- $1m +
For all of Bank of America’s Standard CDs the deposit ranges are:
Boa Cd Rates Certificate Of Deposit
- Less than $10,000
- $10,000 to $100,000
- $100,000 +
Early Withdrawal Penalties
Bank of America’s early withdrawal penalties vary by length of the term of the deposit. Below is a breakdown of what you can expect to pay if you need to make an early withdrawal to your CD. You should note that for CDs with terms of 60 months (5 years) or greater, fees can potentially add up to more than the overall interest earned if withdrawals happen often enough.
The interest penalties above are applied to the amount withdrawn.
Grace Period
The grace period is the brief window of time after your CD matures and before it gets renewed in which you have the ability to add or withdraw funds penalty free.
Bank Of America Money Market
Bank of America’s grace period is slightly lower than the standard 10 days at just 7 days.
Bank of America’s CDs also automatically renew, so if nothing is done within this 7 day period your CD will automatically renew with the same terms and whatever the current APY happens to be at that time.
Bank of America will send you reminders leading up to the grace period of your deposit but be sure to set up your own notifications as well.
While banking with large institutions such as Bank of America has its advantages such as easy in-person branch access, vast network of ATMs, and a wide range of financial products, their current CD rates are simply not competitive at this time.
In normal interest rate environments having both featured CDs with higher APYs and standard CDs with customizable term lengths is a major advantage, however Bank of America’s current yields make these standout features inconsequential today.
Boa Cd Rates Today
If you’re after a high yield CD, a nationally available credit union or online bank is going to be able to provide you with much better rates.