So far, Bank of America's CD and savings account rates in 2012 are pretty abysmal. The best CD rate available is currently their 10 year CD, which yields 2.30% APY, meaning you won't even beat inflation.
Their promotional offers probably offer the best deal as far as Bank of America products go, but to be honest they are still quite terrible. You can get far better rates at your local credit union or with an an online CD.
Promotional CDs and IRA CDs:
- 9 month CD yielding 0.30% APY with a minimum deposit requirement of $5,000 for standard deposits and $2,000 for retirement accounts.
- 12 month CD yielding 0.45% APY with a minimum deposit requirement of $10,000 for standard deposits and $2,000 for retirement accounts.
- 18 month “Opt Up” CD yielding 0.55% APY with a minimum deposit requirement of $10,000. This product is only available as a standard CD. After 6 months you have a one-time option to raise the rate for the remaining 12 months. The new rate will be based off of current market conditions at that time.
Regular CDs (2012 Edition):
- 7 to 89 day CD yielding 0.25% APY.
- 90 day to 23 month CD yielding between 0.28% and 0.35%.
- 2 year to 35 month CD yielding 0.40% APY.
- 3 year to 47 month CD yielding 0.60% APY.
- 4 year to 59 month CD yielding 0.85% APY.
- 5 year CD yielding 1.10% APY.
- 10 year CD yielding 2.30% APY.
One thing to note is that BofA automatically renews their CDs with the same duration if you do not opt out once the term is up. There is also an early withdrawal penalty for all these CDs.
Bank of America savings and money market accounts have laughable rates - the only reason you would keep your money in a BofA savings account is because they are "Too Big to Fail."