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Bank of America CD Rates: Pros, Cons, and Current Rates

The article from MSN Money discusses Bank of America's Certificate of Deposit (CD) offerings, detailing their current rates, terms, and the pros and cons associated with choosing Bank of America for CDs. Bank of America provides CDs with terms ranging from 28 days to 10 years, with rates that are competitive but not the highest in the market. The article highlights that while Bank of America offers a wide range of CD terms, the interest rates are generally lower compared to online banks or credit unions. Key advantages include the bank's extensive branch network, making it convenient for in-person banking, and its well-established reputation. However, the cons include lower APYs, potential penalties for early withdrawal, and the requirement for a higher minimum deposit compared to some competitors. The piece also notes that Bank of America occasionally offers promotional rates for new CD accounts, which could be beneficial for short-term investments. Overall, the article suggests that while Bank of America might not be the best choice for those solely seeking the highest yield, it could be suitable for customers valuing convenience, stability, and a full suite of banking services.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/bank-of-america-cd-rates-pros-cons-and-current-rates/ar-BB1quAeT ]