Bank of America CD Rates

By: EconomyWatch Content Team   Date: 8 July 2010

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If you are used to doing just regular banking with your checking account or savings account then once you get some money saved you may wish to step things up a notch and begin to invest your money. If this is the first time for you to hear this then you do not have to worry as you do not have to invest a lot nor do you have to worry about taking a risk. The best place to begin is by opening a CD account. A certificate of deposit is a stable and secure type of investment whereby you place money into an account for a specified period of time. While the money is in there it earns interest for you.

If you currently bank with the Bank of America or even if you don’t the Bank of America CD rates are worth looking very closely at. The bank offers an array of CDs for you to pick from. Find out the relevant information about each one and then from there decide which one is best for your life. The options include the standard opt-up CD, the opt-up CD, the standard term CD, the flexible opt-up CD and the high yield CD. Here we look briefly at a few of these CDs.

The standard opt-up CD requires a minimum opening balance of $10,000 to $25,000. The term for this CD is 18 months. When you decide to open this type of CD account at the Bank of America you are granted the highest interest rate going for the longest term CDs.

The opt-up CD gives you all of the benefits and features that you get with the standard/traditional certificate of deposit. One added benefit however is that you are able to take advantage of higher interest rates if they should rise during the CD term. In other words the opt-up CD has a variable interest rate as opposed to a fixed interest rate that most CDs have.

If you wish to purchase a CD in the near future then it would be very smart to check the Bank of America CD rates on a consistent basis. In this way you will get familiar with the rates and will know when the best time is to open an account.

The flexible opt-up CD gives the customer the opportunity to raise the interest rate on the CD account after you have had the account for six months or more. This is a good option if you think that interest rates may rise during the term of your certificate of deposit.


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