Bank of America Review, Rates: CDs, Savings, Money Market, Checking, Mortgages
Bank of America is rated the number one bank in America. To uphold this great achievement, Bank of America is involved in helping the economy and creating healthy communities. Bank of America increases financial resources for small businesses and actively invests in education to help develop the nation’s workforce.
- Established: 1784
- Headquarters: Charlotte, North Carolina
- Website: www.bankofamerica.com
- Support: Bank of America Customer Service Phone Number
- Products: Auto Loans, Banking, Credit Cards, Home Equity, Mortgages
- Assets: $2.23 Trillion
- Available: Online, over phone, and in branches; nationwide (5,900 banking centers)
- Similar Banks: Wells Fargo, Chase Bank, Citibank, US Bank
Bank of America Corporation was founded in 1874 and was formally known as NationsBank Corporation until the official name change that took place on October, 1998. Since then, Bank of America has committed to providing their customers with competitive accounts and easy access to their money with 18,000 ATMs coast to coast.
Bank of America CD rates: with Bank of America, you actually have two options. You have the Risk Free CD and then you have the Featured CD. These two CD’s will have different rates and different rules so you are going to want to learn about them both. If you are serious about opening a CD, you have to have all of the information available to you in order to make the best decision possible for your needs. With the Risk Free CD, you will not have to worry about a ton of penalties when it comes to accessing your money.
Bank of America CD Rates
- 0.90% 9 Month CD Rates on $5,000.00 minimum
- 1.40% 1 Year CD Rates on $5,000.00 minimum
- 1.01% 18 Month CD Rates on $10,000.00 minimum
- 1.01% 6 Month CD Rates on $1,000.00 minimum
- 1.01% 1 Year CD Rates on $1,000.00 minimum
- 1.01% 18 Month CD Rates on $1,000.00 minimum
- 1.25% 2 Year CD Rates on $1,000.00 minimum
- 1.50% 3 Year CD Rates on $1,000.00 minimum
- 2.00% 4 year CD Rates on $1,000.00 minimum
- 3.00% 5 Year CD Rates on $1,000.00 minimum
Savings Accounts: When researching the savings account that Bank of America has to offer, I was able to find two. These accounts are called the Growth Cash Maximizer and the Regular Savings. The Growth Cash Maximizer is a high interest savings account primarily for those who want tiered interest rates. There is no monthly service charge as long as you link an existing Bank of America Prima® with Tiered Interest Checking account with $2,500 or more otherwise the service charge is $12. The Regular Savings is ideal for those who are starting to save for the first time and requires a low $300 minimum balance to avoid the $5 monthly service charge.
It is important to know that with this savings account, there is a minimum balance requirement of $300. There are also some restrictions on the number of withdrawals that you are allowed to make for free each month. After all, you want to encourage yourself to save your money instead of withdrawing it every chance you get. If you have to go above the minimum then you are looking at a $3 fee for each transaction. This can add up quickly and really would not do you any good when you are attempting to save money. Therefore, you will want to keep your money where it belongs, which is in the savings account.
It is important to make sure that you are paying extra attention to the rates that Bank of America offers for their savings accounts. Their regular savings account comes with an interest rate of 0.05% and an APY of 0.05%. You may want to inquire about Bank of America CD Rates and Bank of America Money Market Rates. Even though that may not seem as though it is a ton of money, if you start running the figures, you can actually earn yourself a lot of money through the interest by simply depositing what you can and leaving it in the bank for as long as you can without withdrawing it.
Contact Bank of America Customer Service.
When it comes to things such as money market account rates, the eyes of many people start to glaze over. This is not because the information is not important but rather because many people automatically assume that these are not things that they are going to be able to understand or that are important to them.
For those who have less than $5,000 in, there is the standard rate of 0.10% and an APY of 0.10%. If you have between $5,000 and $9,999, then there is the standard rate of 0.10% and an APY of 0.10%. When you finally reach figures between $10,000 and $24,999, you are looking at 0.25% for both the standard rate and the APY. You will have 0.45% when you have between $25,000 and $49,999. After that threshold, monies in the range of $50,000 and up will receive .50% in standard rates and APY. Of course, you have to remember that these rates are variable and that they are subject to change. You will have to make sure that you are keeping yourself up on all of the current rates if you want to stay ahead of the game.
Are you still a little confused on how it all works with the money market accounts? If so, do not worry as you are not alone. There are a lot of people out there that have had to reach out for a little additional assistance when it comes to understanding these rates and the terms that are commonly used. This would be a great time to check out how friendly Bank of America is when it comes to customer service.
The sooner you start looking into all of your options the better. You want to make sure that you are not just saving your money, but that you are making your money work for you in the best way possible. When your money is making money for you, you will find that there is a lot of positive things that can be done.
Checking Accounts: All of the checking accounts require low opening deposits requirements with the highest being $100. Like any other bank, there are ways to waive the monthly service charge such as depositing money automatically or maintain the minimum balance. Bank of America charges fees from $8.95 to $25 per month. The checking accounts that Bank of America offers do not differ from each other that much besides that the only account you can earn interest from is the Prima® with Tiered Interest Checking account. All of the accounts offer special rates on CDs, IRAs, select loans, and lines of credit.
Are you thinking of purchasing a new home for yourself and your family? Do you already have a home but thinking about refinancing the existing mortgage that you have? If so, then you might want to consider Bank of America as one of the banks you might work with (Read Customer Reviews on Bank of America). Of course, before you make any decision, you have to make sure that you are on top of what the current mortgage rates are for any bank that you are considering. Bank of America is one of the best banks around so you are not going to want to put off your decision for too long or you might miss out on a great deal.
When it comes to the Bank of America mortgage rates, you are going to find that there is not some flat rate that is charged across the board for everyone. There will be minimums for the interest rates, but whether or not you are going to quality for such low rates will be dependent on a wide variety of things, such as your credit, down payment and various other factors. Also, you are going to find that the rates that are offered will vary depending on what is going on in the market so you have to be prepared to move forward with the mortgage loan should you find yourself being offered a handsome mortgage rate that you do not want to pass up on.
The minimum mortgage rates will also be dependent on the area you live in and the amount of money that you are borrowing. There are so many different variables that you will not be able to get an accurate quote until you take your information, to your local Bank of America. It will be reviewed by mortgage professionals and you will be informed of what the mortgage rate is that they can offer you. Don’t let this disappoint you because if you are serious about getting your home refinanced or purchasing a new home for yourself and your family, then you have to get started sometime and somewhere.
Now that you know a little more about the mortgage rates that you would be able to expect from Bank of America, you are going to be able to move forward. Make sure that if you are given a quote for a particular rate that you are moving as quickly as possible because they are normally only able to lock in those quotes for a certain amount of time.
If you are interested in contact Bank of America’s customer service for Mortgages or Mortgage Refinancing, or want to get a quote please visit Bank of America Mortgage Phone Number.