Bank Of America - Highest 1 Year CD Rates
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Bank of America - Highest 1 Year CD Rates

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1T6-540 Certificate of deposit (CD) is almost identical in most of the banks. The only difference that underlies them is the CD rates on them. The sources, deposit needs and cost structure differs from bank to bank. Depending upon the overheads and their needs, the banks offer the rates. Nowadays, the bans also prefer to compete only according to their convenience and affordability.
There are several internet banks which spend less on their publicity and technology. Hence, they pass on their savings to the customers in the form of higher rates. There are also certain distressed banks which offer competitive CD rates to attract their customers. On the other had, the strong banks also offer higher CD rates to maintain their customers and attract new customers.
1T6-207 One such bank offering highest CD rates is the Bank of America. However, the rates keep on changing. So it is essential to keep a track of the changes. Bank of America is offering CD that is risk free and allows you to get money right away. The CD rate the bank offers is 4.11% APY. This requires you to maintain a minimum amount of $5,000 to open an account. You will have to keep the deposit for a period of 9 months. However, the maximum amount that can be deposited is $5, 00, 000, which is stated in small print.
The interest on these deposits is credited on a monthly basis. Normally, the interest is compounded. You can also open a deposit account by transferring funds from your checking account or even your savings account with some other bank. The interest is offered on deposits with the branches of the bank in certain states only like Florida, Illinois, Texas and California.
1T6-215 Next Step: Go for these deposits and earn a higher rate on your savings.