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4.00% 7-Month CD at Brick-and-Mortar Bank of America

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Bank of America
For those who prefer to open a CD at a branch, Bank of America has a 4.00% APY 7-month CD. This rate is just a little lower than what you can get if you apply online.

This brick-and-mortar rate doesn't seem to be listed at Bank of America's website. It has been advertised in several newspapers. Here are online ads from Dallas and San Francisco. The minimum deposit may vary by state. In the San Francisco ad, the minimum deposit is $5,000. In Dallas, it's $10,000. Some details from the ad's small print include: funds must be new to BofA and the maximum deposit limit is $2.5 million per household.

If you open this 7-month special CD, just be sure that you don't let it automatically roll over into their standard CDs. Their current rate for CDs with terms of 6 to 11 months is under 2%.

For more details about Bank of America's 4.11% 7-month Online CD, please refer to this Friday post.

To review other CD promotions from other major banks, please refer to my latest weekly summary.

Thanks to the readers who emailed me this info.

  Tags: CD rates, Bank of America

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
I'll bet that any BankofAmerica within walking distance (across the parking lot of the mall) of an IndyMac branch is picking up a lot of money as people exit IndyMac clutching a check.

1
Comment #2 by Anonymous posted on
Anonymous
Here's the question: does the recommendation to stay below the FDIC-insured limit apply here, given the feeling of most people that it is unthinkable that Bank of America could ever go under?

1
Comment #3 by Anonymous posted on
Anonymous
"Too big to fail" may be, in fact, true for some institutions, but IMO it's a bad idea to plan your finances around that notion. Also, it was pointed out some days ago (around the time Indymac went under, I think) that even if you do eventually get all your money back, it's a long and painful process for the uninsured amounts.

1
Comment #4 by Anonymous posted on
Anonymous
Make it a joint account and you're protected up to $200 K, rather than just $100 K. Put the excess in Countrywide, which was bought by B of A and is now offering the same 4.11 7-month rate.

1