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If you have more you can invest, you’ll be rewarded with a higher BMO CD rates. The Special Rate CD offers an 11-month or 55-month option with the higher APYs, but you have to invest a minimum. One of the credit unions, Quorum, cut its 5-year rate far below 1% to 0.65%. It’s the first time Quorum’s 5-year CD rate has fallen below 1.00% since we began tracking Quorum in 2010. PenFed lowered its CD rates by 5 bps. Its 5-year CD rate is now 0.70%, which is 45 bps lower than the pre-2020 low of 1.15% in 2013. A CD with Bank of America can help you grow your savings, but you are not working with the best rates on the market. Many banks offer higher rates that you shouldn’t ignore. For example, Limelight. Bank of America offers its personal banking customers a variety of products and services, including: checking accounts, savings accounts, CDs, loans and investments. Additional products include: student banking, mobile banking and online banking.
Bank of America offers a range of certificates of deposit that could help you grow your savings with a well-known brand. While the minimum deposit to open a standard CD at B of A is low, there is a trade-off: The yields offered on Bank of America’s CDs are relatively low compared to other banks' offerings.
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Bank Of America Ira Cd Rates Specials
Bank of America earned 2.4 out of 5 stars in Bankrate’s review across its deposit products. Its CDs earned a 2.6 rating.
Bank of America CD rates
B of A offers two kinds of CD account types: featured CDs and fixed term CDs. Featured CDs offer a higher APY but require a higher balance. Fixed term CDs offer lower APYs but have a lower minimum deposit requirement.
Let's take a closer look at the CDs that Bank of America has to offer. Note: These rates are for southeast Florida residents and could vary by state.
| Account | Term | Interest rate | APY | Minimum deposit |
| Featured CD | 7 months | 0.05% | 0.05% | $10,000 |
| Featured CD | 10 months | 0.05% | 0.05% | $10,000 |
| Featured CD | 13 months | 0.05% | 0.05% | $10,000 |
| Featured CD | 25 months | 0.05% | 0.05% | $10,000 |
| Featured CD | 37 months | 0.05% | 0.05% | $10,000 |
| Fixed Term CD | 28-179 days* | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 6-11 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 12-17 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 18-23 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 24-35 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 36-47 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 48-59 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 60-119 months | 0.03% | 0.03% | $1,000 |
| Fixed Term CD | 120 months | 0.03% | 0.03% | $1,000 |
Note: The APYs (Annual Percentage Yield) shown are as of Jan. 15, 2020. The APYs for some products may vary by region.
*IRA CDs are not available for a term less than six months.
How Bank of America CDs compare to top-yielding banks
Bank of America offers CDs with a range of term lengths to help you build your savings based on your timeline. A CD with Bank of America can help you grow your savings, but you are not working with the best rates on the market.
Many banks offer higher rates that you shouldn't ignore. For example, Limelight Bank currently offers 0.70% percent APY on a 1-year CD. Research some of the best rates offered by financial institutions.
Other savings options at Bank of America
As a big bank, Bank of America offers a range of products to help you build your savings.
You can open IRA products through Bank of America to save for your retirement goals. Additionally, the bank offers savings accounts, including ones designed for minors. However, you can find much higher rates on savings accounts elsewhere.
- No minimum deposit requirement
- Can open online or in a branch
- Branch locations only in the Northeast
- Lower rates for shorter term lengths
Bank Of America 7 Month Cd Special
- Northeastern bankers who have People’s United checking accounts
If you are looking to open a certificate of deposit (CD) account, People’s United Bank offers many different term lengths and no minimum deposit requirements. Although the majority of the rates offered are less than competitive with the best CD rates out there, rates for 12-month and 24-month CDs are both at 0.10% or above, making them attractive options.
Customers are able to open accounts online, but with nearly 400 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine, you’re very likely to be near a branch if you live in the Northeast. Rates and available term lengths can vary depending on which branch you visit. For the purposes of this article, we’ll be referring to the rates and term lengths available to those who open an account online.
| Term Length | Minimum Deposit | APY |
| 91 Day Plus CD | $0 | 0.05% |
| 4 Month CD | $0 | 0.05% |
| 5 Month CD | $0 | 0.05% |
| 6 Month CD | $0 | 0.05% |
| 7 Month CD | $0 | 0.05% |
| 8 Month CD | $0 | 0.05% |
| 9 Month CD | $0 | 0.05% |
| 10 Month CD | $0 | 0.15% |
| 11 Month Plus CD | $0 | 0.10% |
| 12 Month Plus CD | $0 | 0.10% |
| 15 Month Plus CD | $0 | 0.30% |
| 18 Month Plus CD | $0 | 0.10% |
| 24 Month Plus CD | $0 | 0.10% |
| 36 Month Plus CD | $0 | 0.45% |
| 48 Month Plus CD | $0 | 0.15% |
| 60 Month Plus CD | $0 | 0.60% |
91-Day CD Interest Rate Comparison
Overview of People’s United Bank CD Rates
People’s United Bank offers a wide variety of term lengths ranging from three months to five years. The abundance of options makes it an attractive destination for those looking to set up a CD ladder and receive payouts at semi-regular intervals. You have the option of opening a CD account online or going to a physical branch location, although specific rates may vary from location to location.
If you need to withdraw your money before the maturity date of your CD, then you will have to pay an early withdrawal penalty, which can be fairly substantial depending on your term length. For term lengths of 7 to 31 days (these are not available online), your penalty will be all the interest you would have earned on the amount you’re withdrawing. For term lengths of 32 to 365 days, your penalty will be 1% of the amount you’re withdrawing plus $25. So, let's say you opened a 12-month CD with a deposit amount of $3,000. If you needed to withdraw $1,500 after six months, you would pay a penalty of $40.
If your term length is longer than one year, you’ll pay a penalty of 3% of the amount you’re withdrawing plus $25. For example, if you were to make a $5,000 deposit in a 24-month CD and then withdraw $3,000 after a year, you would face a penalty of $115.
Once your CD reaches maturity, you will begin a grace period of 10 days, during which you may withdraw your money without penalty and either hold on to it or place it in a CD with a different term length. If you do nothing, the bank will renew you for a CD of the same term length as the one that just matured.
How Much You Earn With a People’s United Bank CD Over Time
Interest on CDs compound continuously, and interest is credited to your account monthly. Once your interest is credited to you, you can withdraw it from your account. Keep in mind, however, that this will limit the amount of total interest you can earn, as you will be keeping some of your interest from earning its own interest. Note that the below figures were calculated assuming that no interest is withdrawn during the term.
| Initial Deposit | 91 Day Plus CD | 12 Month Plus CD | 60 Month Plus CD |
| $1,000 | $1,000.12 | $1,001.00 | $1,030.36 |
| $2,500 | $2,500.31 | $2,502.50 | $2,575.91 |
| $5,000 | $5,000.62 | $5,005.00 | $5,151.81 |
| $10,000 | $10,001.25 | $10,010.00 | $10,303.62 |
How People’s United CD Rates Compare to Other Banks'
A CD account with People’s United Bank will net you more in interest than a CD at a large, national bank like Chase. Consequently, People’s United could be a good option to consider for in-person bankers. That said, you can still find more competitive rates with an online establishment like Ally, specifically if you're looking at term lengths on the very short and very long end of the spectrum.
| Term Length | People's United | Chase | Ally |
| 6 Month | 0.05% | 0.02% | 0.25% |
| 12 Month | 0.10% | 0.02% | 0.60% |
| 60 Month | 0.60% | 0.02% | 0.85% |
Compare People’s United Bank to Other Competitive Offers
Should You Get a People’s United CD Account?
If you already have a People’s United checking account and you can access slightly higher rates, then a People’s United CD could be an attractive option to consider. If you are flexible about term lengths, then you should choose either a 36-month or 60-month term, as those two rates are significantly higher than any others.
If you are looking to purchase a shorter term length, then you will probably be able to find a more competitive rate elsewhere, especially if you’re comfortable banking online. Make sure to read up on all options so you’re aware of any fees that may apply.
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