Bank of America Certificate of Deposit : Business Certificate of Deposit BOA
The minimum opening balance varies depending on the type of CD account. Visit the Bank of America account interest rates page to view our CD interest rates. You can also visit our Featured CD and Standard Term CD pages for rates on those specific products.
CD accounts are set to auto-renew at maturity, but there is a grace period (a period of time following the maturity date of the account) during which you can make a deposit to or withdrawal from the account, change the term of the account or cancel the account.
For CD account terms of 7-27 days, there is a grace period of 1 calendar day.
For CD account terms of 28 or more days, there is a grace period of 7 calendar days.
Please note that a deposit, withdrawal or term change can be made only once during the grace period.
How do I renew my CD account?
CD accounts are set to auto-renew at maturity. Please schedule an appointment, visit a financial center or call a customer service representative at 888.827.1812 (Mon-Fri 8 a.m.-9 p.m. or Sat 8 a.m.-8 p.m., all times ET) if you have any questions.
Interest begins to accrue on the day your CD account is actually opened, not the day on which your form for opening the account is submitted. Your account will be opened at the interest rate that was effective the day you submitted your form.
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Does the bank charge a penalty for early withdrawal of my money?
When you open a CD account, you’re agreeing to keep your money in the account for a specific period of time. If you want to withdraw your money earlier, you will be subject to the following penalties:
- For CDs with terms of less than 90 days: all interest earned on the amount withdrawn or 7 days of interest on the amount withdrawn, whichever is greater
- For CDs with terms of 90 days up to 12 months: 90 days of interest on the amount withdrawn
- For CDs with terms of 12-60 months: 180 days of interest on the amount withdrawn
- For CDs with terms of 60 months or longer: 365 days of interest on the amount withdrawn
In addition to these penalties, you will also pay the amount of any cash bonuses you received when you opened or reinvested the account. For complete information about early withdrawals, please refer to page 10 of the Deposit Agreement and Disclosures document.
Featured CD account
- Multiple term options available
- Competitive, promotional interest rates
- $10,000 minimum opening deposit
Standard Term CD account
- 28 day to 10 year terms available
- Rates vary based on balance/term
- $1,000 minimum opening deposit
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Compare CD options
Featured CD account | Standard Term CD account | |
|---|---|---|
Minimum opening deposit | $10,000 | $1,000 |
Term | ||
Annual percentage yield (APY) | 0.05–0.05% depending on balance and term | 0.03–0.03% depending on balance and term |
Additional deposits allowed? | No additional deposits until maturity | No additional deposits until maturity |
Early withdrawal penalty? | Early withdrawal penalty applies | Early withdrawal penalty applies |
Once you’ve chosen a term and made your deposit, your rate is fixed for the length of your term. Early withdrawal penalty applies
