If you’ve checked Bank of America’s CD rates lately, you already know the sting: a one-year CD earns you pocket change. That gap between what the biggest U.S. bank offers and what online banks are paying is a $420 difference on a $10,000 deposit.

4 related posts

Bank of America 3-month Flex CD APY: 0.10% ·
Bank of America 1-year Fixed CD APY: 0.03% ·
Ally 1-year High Yield CD APY: 3.75% ·
Marcus 1-year CD APY: 4.00% ·
BoA 7-month Featured CD APY: 3.25%

Quick snapshot

1Confirmed facts
2What’s unclear
  • Exact terms of national promotions like the rumored 9.5% APY CD
  • Whether Bank of America will raise CD rates in the coming months
  • Specific jumbo CD rates at Bank of America beyond standard offerings
3Timeline signal
4What’s next
  • If the Fed holds rates steady, Bank of America may keep its rock-bottom CD pricing
  • Savers will continue shifting deposits to online banks offering 3%+ APY

Here’s a quick reference table of the core numbers that matter for comparison.

Deposit term Bank of America APY Ally APY Marcus APY
3 months 0.10% (NerdWallet) 3.00% (NerdWallet) —
6 months 0.03% (NerdWallet) 3.50% (NerdWallet) —
1 year 0.03% (NerdWallet) 3.75% (NerdWallet) 4.00% (NerdWallet)
3 years 0.03% (NerdWallet) — 3.90% (NerdWallet)

The pattern: Bank of America pays near-zero on standard CDs, while online competitors offer yields 100x higher on the same one-year term.

Why are Bank of America CD rates so low today?

Bank of America’s scale and business model are the main reasons. The bank generates inexpensive funding through checking and savings accounts, so it doesn’t need to offer competitive CD rates to attract deposits. According to its standard rate sheet, the 1-year Fixed Term CD pays just 0.03% APY (NerdWallet (personal finance guide)). Even its promotional 7-month Featured CD only reaches 3.25% APY (NerdWallet).

  • Bank of America prioritizes low-cost deposits over rate competitiveness.
  • Nationally, the average 1-year CD rate is around 1.85%—BoA is far below that.
  • Online banks like Ally and Marcus compete directly for savings, offering rates closer to Fed benchmarks.
Why this matters

The typical Bank of America saver loses $420 in potential interest per year on a $10,000 CD compared to the best available rates.

Bank of America rate-setting policy

  • Rates are set centrally and vary by region; the San Francisco sheet shows the lowest tiers.
  • Featured CDs are promotional and may not be available at all branches.
  • Flexible CDs offer slightly better terms (e.g., 1-year Flexible at 2.50% APY) but still trail online banks (NerdWallet).
The catch

Even Bank of America’s best flexible CD (2.50% APY) is 1.25 percentage points below Ally’s standard 1-year High Yield CD.

Comparison to national average

  • National average 1-year CD rate (June 2026): approximately 1.85% (Bankrate (rate aggregator)).
  • Bank of America’s 0.03% is 1.82 points below that average.

The implication: Bank of America is pricing itself out of the CD market for rate-conscious savers, betting that convenience and existing relationships will retain deposits.

Which U.S. bank has the highest CD rates?

While no single bank dominates every term, online institutions consistently offer the top yields. As of June 2026, Marcus by Goldman Sachs offers a 1-year CD at 4.00% APY (NerdWallet (personal finance guide)), and Ally Bank’s 1-year High Yield CD yields 3.75% APY (NerdWallet).

  • Marcus (Goldman Sachs): 4.00% APY 1-year, no minimum deposit.
  • Ally Bank: 3.75% APY 1-year, no minimum deposit (Ally Bank (official rate page)).
  • First National Bank of America: 3.60%–4.25% APY (rates vary by term).
  • Highest nationally available CD APY reported at 7.50% (promotional, limited availability).
The trade-off

The highest yields often come with restrictions—limited-time offers, jumbo minimums, or short terms.

Top national CD rates June 2026

  • Best 1-year: 4.00% APY (Marcus).
  • Best 6-month: 3.50% APY (Ally).
  • Best 3-month: 3.00% APY (Ally).

The pattern: online banks offer multiples of what Bank of America pays, with lower minimums and easier access.

How much will a $10,000 CD make in one year?

The difference between Bank of America and top national rates is dramatic. On a $10,000 deposit:

  • At Bank of America’s 0.03% APY: you earn $3 in one year.
  • At Ally’s 3.75% APY: you earn $375.
  • At Marcus’s 4.00% APY: you earn $400.
  • At the highest reported 7.50% APY: you would earn $750.

That’s a difference of up to $747—or 249 times more interest—just by choosing a different bank.

Bottom line: A saver leaving $10,000 in a Bank of America 1-year CD effectively gives up $397 in guaranteed earnings compared to the Marcus CD.

Earnings at Bank of America rates

  • $10,000 × 0.03% = $3 (using BoA 1-year fixed).
  • $10,000 × 0.10% (3-month flex) = $10, but only for 3 months.

Earnings at top national rates

  • $10,000 × 4.00% = $400 (Marcus 1-year).
  • $10,000 × 3.75% = $375 (Ally 1-year).

The takeaway: even a small amount of effort to switch banks can yield hundreds of dollars in additional interest.

What is the best CD rate for $100,000 today?

For larger deposits, jumbo CDs sometimes offer slightly higher rates. But Bank of America does not publish separate jumbo CD rates, so a $100,000 deposit earns the same 0.03% as a $1,000 deposit.

  • Ally Bank: no minimum deposit for standard CDs, and rates don’t increase with jumbo amounts.
  • Marcus: no minimum deposit; same 4.00% APY for any amount up to $1 million.
  • First National Bank of America: jumbo rates may reach up to 4.25% for $100,000+.

The catch: top jumbo CD rates are rare and often require locking money for longer terms.

Jumbo CD rates

  • Best jumbo CD rates as of June 2026: around 4.25% APY from regional banks.
  • Bank of America does not advertise jumbo rates, so institutional clients may get better deals.

Bank of America jumbo CD options

  • No separate jumbo product; standard rates apply.
  • Flexible CDs allow additional deposits, but still pay low rates.

Top jumbo CD rates from competitors

  • First National Bank of America: 3.60%–4.25% APY.
  • Rising Bank: 2.55%–4.21% APY.

The implication: if you have $100,000, you’re better off splitting it across online CDs or using a high-yield savings account that offers 3%+ liquidity.

Is it worth putting $10,000 in a CD?

A CD is worth it when you want a guaranteed return and don’t need immediate access to the money. With Bank of America, the near-zero return makes a CD essentially worthless as an investment. With Marcus or Ally, a $10,000 CD earns $400 a year—comparable to many dividend stocks without the risk.

  • For emergency funds: use a high-yield savings account (3%+ APY, instant access).
  • For money you can lock up: a 1-year CD at 4% beats a savings account by 0.5–1 percentage point.
  • For Bank of America loyalists: a 1-year CD at 0.03% loses to inflation by over 3%.
What to watch

If interest rates rise further, Bank of America may raise its CD rates, but history suggests it will lag far behind the market.

The trade-off: you sacrifice liquidity for a small rate advantage. For most savers, a 4% CD is a solid choice, but only if you can leave the money untouched.

Clarity section

Confirmed facts

  • Bank of America 3-month Flexible CD APY: 0.10%.
  • Bank of America 1-year Fixed CD APY: 0.03%.
  • Ally 1-year High Yield CD APY: 3.75%.
  • Marcus 1-year CD APY: 4.00%.
  • Minimum deposit for BoA CDs: $1,000.
  • FDIC insurance covers CDs up to $250,000 per depositor.

What’s unclear

  • Whether Bank of America will offer higher promotional rates in 2026.
  • Exact eligibility for the 9.5% APY promotional CD.
  • Specific jumbo CD rates at Bank of America.

Quotes from industry voices

Bank of America’s CD rates are among the lowest in the industry, often paying less than 0.10% on standard terms.

— NerdWallet editorial team, 2026 review

Our best CD rates of June 2026 show that top yields are available from online banks, some reaching 4.00% or more.

— Bankrate, June 2026

Summary

Bank of America’s CD rates are designed for convenience, not growth. A saver who parks $10,000 in a one-year CD at BoA earns just $3, while the same deposit at Marcus returns $400. For anyone with $1,000 or more to save, the choice is clear: move your money to an online competitor that values your deposit, or accept that you’re subsidizing the bank’s low-cost funding model.

Related reading: Ally Bank CD rates · Marcus CD rates

Additional sources

bankrate.com, bankrate.com, investopedia.com, investopedia.com, fortune.com, forbes.com, ally.com

A Bank of America CD rates comparison shows that top national CDs offer APYs far above Bank of America’s current 0.10%.

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Frequently asked questions

What is the minimum deposit for a Bank of America CD?

$1,000 for standard CDs, according to NerdWallet (NerdWallet).

Can I withdraw money early from a Bank of America CD?

Yes, but you may forfeit interest. Flexible CDs allow early withdrawal after six days without penalty. Fixed-term CDs charge a penalty of several months’ interest.

How often do Bank of America CD rates change?

Rates are set at account opening and fixed for the term. Promotional Featured CDs change periodically at the bank’s discretion.

Are Bank of America CDs FDIC insured?

Yes, all CDs are FDIC-insured up to $250,000 per depositor per institution (FDIC (federal deposit insurer)).

What is the difference between a flexible CD and a fixed-term CD at Bank of America?

A Flexible CD allows you to redeem all funds after six days without penalty, but you cannot make partial withdrawals. A Fixed-term CD locks your money for the full term with a penalty for early withdrawal.

Do I need a Bank of America checking account to open a CD?

No, but you must have a Bank of America deposit account (checking or savings) to transfer funds for the CD.

How do I open a Bank of America CD online?

Log into your Bank of America online banking, go to the “Open an Account” section, select CD, and choose your term. You’ll need to fund it from an existing account.