Best CD Rates Info

As the largest commercial bank in the United States, Bank of America offers a wide array of savings products for its customers. Naturally, in our quest to find the best CD rates available, Best CD Rates Info was eager to review Bank of America CD rates to see what they have to offer. After reviewing several of their CD offerings, the one we found most interesting was the Bank of America Opt-Up CD.

We reviewed the Bank of America CD rates for a couple of different regions, and found the Opt-Up CD being offered in both with an interest rate of 2.96% and an Annual Percentage Yield of 3.00%. Those numbers are for those customers who qualify for Bank of America’s “preferred rate” (the non-preferred rate for this CD is a 2.71% interest rate and a 2.75% APY). The Bank of America Opt-Up CD is only offered as a 30-month CD. The minimum balance for the CD is $10,000 (the maximum is $500,000). However, the really interesting aspect of the Bank of America Opt-Up CD is the “opt-up” feature.

The opt-up feature gives the customer a one-time opportunity to increase the interest rate of the CD. The customer can make the election to increase the interest rate for the CD after the first six months of the term has passed, provided that interest rates have increased since the initial rate. Once the customer makes the election, the bank will look at the initial rate (example: 3.00%) and the then-current rate (example 4.00%) and increase the customer’s interest rate by adding half of the difference (for our example, 3.50%).

This makes the Bank of America Opt-Up CD an interesting option for those who feel that interest rates may be rising soon. Please note: Certificate of Deposit rates may vary by region, and may change quickly, so if you are looking for a high interest rate CD please check the Bank of America web site to confirm rates and availability in your area.