Bank of America offers two types of CDs. The first is a Featured CD account, which pays a higher rate but has a higher minimum deposit. The second, the Standard Term CD, has more flexible rates and balance requirements but lower APYs.
Standard CD account
The interest rates on Bank of America’s Standard Term CDs aren’t quite as high as its Featured CD rates. However, they’re much more accessible to the average person. This CD has just a $1,000 minimum deposit. CD terms are also much more flexible, ranging from as little as 28 days to as long as 10 years. Few banks give you this many CD term options. As a result, Bank of America is good fit if you’re interested in a non-traditional CD term. As with the Featured CDs, there’s an early withdrawal penalty if you take the money out too soon.
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