Its minimum deposit requirements while affordable, can be beaten. While some of Bank of America’s CD rates are above the national average, many are well below and all of them are lower than what top competitors offer. You have the option to collect the interest at maturity or at intervals throughout the term. Compounding interest is a powerful tool to make money using your money. Once you open the CD, the interest is compounded and added to your account on a monthly basis.

More importantly, the terms are skewed shorter, which doesn’t help those looking for long-term CDs. For example, you’ll find a 13-month CD instead of a 12-month option. Bank of America’s CDs tend to tack on an extra month. Many banks offer CDs in standard term lengths, such as 6-month or 12-month. Bank of America Featured CDs require a similar opening deposit, but with higher yields and fewer available terms.No matter your term, your APY is a miniscule 0.03%. Most CD terms range from six months to five years but these CDs let you pick terms of 28 days to ten years. The minimum deposit is $1,000, which is normal, but the term range is exceptional.

Bank of America offers two groups of certificates of deposit (CDs):