Bank of America CD
|Bank of America is always at the service of its customers with its wide range of products and services. The bank being the largest in the United States and having its operations internationally is committed to provide its customers with the best. The bank amongst its various products like accounts, loans, mortgages, credit and debit cards, insurance and investment products also has various CD accounts also known as Certificate of Deposits which entitles customers for higher savings. Bank of America CD is part of various BoA savings accounts which includes every type ranging from basic savings to money market.
Bank of America CDs are available to its personal as well as small business banking customers and are of different types, all with their own salient features and benefits. The different types of CDs are designed by BoA to make it available and suitable for various individual needs of customers who are from different walks of life. The various CD options available for all types of customers are being listed here:
Bank of America Personal CD
Bank of America Featured CD: This CD helps customers to maximize their savings without committing their money for a long period. This account can be opened with minimum of $10,000 with a locked interest rate of 0.45% APY (annual percentage yield) and the term is a short one being of just 12 months i.e. 1 year.
Bank of America Opt Up CD: This CD allows customers to take advantage of rising interest rates and is best for those who want the best features of traditional CDs with a new way to take advantage of rising rates or step up rates. This opt up CD carries attractive benefits and features which include a short 18 month term and the amount to open lying between $10,000 and $50,000. Customers get the option to increase their rate one time after six months, if interest rates rise during their CD term, with no fee or term extension. This account carries an interest rate of 0.55% and same APY which is standard.
Bank of America Risk Free CD: This CD gives customers the return of a CD and the flexibility similar to a savings account. This CD from Bank of America gives the customers option of accessing their funds prior to the maturity date without any early withdrawal penalty. This account can be opened with a minimum deposit of $5,000 and a short term of 9 months. Customers can invest up to $1,000,000 in one or more Risk Free CDs from BofA. The account rates and APY on this Bank of America CD is 0.30%.
Bank of America Small Business CDs
Business Featured CD: This Small Business High Yield CD helps customers to maximize their savings without investing their money for a long period. This comes with a short term of 12 months and requires just $10,000 minimum to open and comes with an average APY of 0.45%.
Business Risk Free CD: This CD gives business banking customers the return of a CD with flexibility similar to a savings account. This CD comes with guaranteed returns and zero-fee withdrawals with easy access to funds whenever customers need them. This comes with a short term of 9 months and requires only $5,000 minimum to open.
Standard Business CDs: This CD account from Bank of America allows customers to lock in a yield for a term of their choice also known as investment CD, this CD gives choice of term to customers to choose from ranging from 7 days to 10 years. Customers earn stable and secure returns on their investments and this comes with tiered interest rates i.e. more customers invest, the higher the interest rate. Customers can open this account with minimum of $15,000 if they want a shot term of 7 to 29 days and a minimum of $1,000 if they want higher interest rates for a longer term of 30 days to 10 years.
All these CDs from Bank of America comes are FDIC insured for maximum permitted by the law and offered with certain common account services like Online banking, and access to numerous banking centers, BofA ATMs and no-fee access at over 55,000 Global ATM alliance ATMs worldwide. Customers can easily open a CD account online which is secure, fast and easy. These no risk BoA CDs gives access to funds even prior to maturity date with no penalty. Also these CDs can be uses as collateral for a secured loan. With online banking, customers can even use Quicken to download their account details and statement for no additional fees.
Bank of America CD Rates
Bank of America offers CD in all the states of US but customers must note that the rates may vary for different locations and they should check their local branch for current rates. The interest rates vary for different states like Illinois (Chicago), Michigan, California, NJ, NY, Virginia, Texas, Florida etc. The interest rates are subject to change from time to time as well so customers can even keep monitoring the rates as they have given a change since August 2011 to November 2011. As of today, December 6, 2011 the current rates for business CD is given here as an example:
|CD 1 month - 59 days||Interest Rate||APY|
|Less than $10,000||0.25||0.25|
|$10,000 - $49,999||0.25||0.25|
|$50,000 - $99,999||0.25||0.25|
|$100,000 - $499,999||0.25||0.25|
|$500,000 and over||0.25||0.25|
For more interest rates like that of terms as 5 years, 9 months, 18 months, 7 years or Jumbo CDs , customers can visit the BofA website. Customers can also check the official website for calculators available if any like laddering calculator.
Bank of America CD Customer Service
Bank of America customer service center can be contacted for any issues or problems raised in your mind regarding CDs and IRA CD. Customers can contact the representatives over there in case they face any trouble or want to make any query or can sent postal mail enquiry at banks mailing address. Customers can also reach to customer service center of the bank in case they want to lodge complaints, need more information on various CD aspects including Form 1099, NEA CDs, grace period, check for various promotional offer code and special bonus, inquire about recently launched platinum privileges and many more. Customers can contact the customer service executives by calling them on dedicated phone numbers, email or mail. The department phone numbers are given here:
|General Customer Service Phone Number||1-888-827-1812|