Authority: Bank of America (BOA/BofA) is a major US chartered national bank that provides banking services and products for consumers including deposit products that are FDIC insured. It has origins back from 1904 and is listed on the New York Stock Exchange. It has a major presence in many states and has the largest ATM network in the country including more than 5,800 banking centers.
How to open a Bank of America Certificate of Deposit:
- You can apply directly online at the bank website: http://www.bankofamerica.com
- You may also visit a physical Bank of America branch by searching by their website address, zip code, city or state for nearest locations.
- On the website in 2011 you can also web chat with a representative who can help you in the process of setting up an account.
What information you may required provide to open a two year US Bank of America CD Account:
- This may include a social security number, debit or account number, a home address, email, banking ID and password.
Information to consider when opening Bank of America 2 Year CD Rates:
Considered a medium term investment or savings product because it is over 1 year, a two year CD provides a higher rate of return compared to a savings account. However it is still illiquid until maturity although interest payments depending on the product selected can be taken monthly as an option. Like other banks, Bank of America is also influenced by the monetary policy of the Federal Reserve (independent central bank of the United States) when setting the interest rates for their deposit accounts. The 'Fed' who sets the 'fed funds rate' and provides economic forecasts on inflation can influence significantly whether Bank of America raises, lowers or keeps unchanged its for CDs. For 2 year Bank of America CDs, would consider the medium term policy directions and forecasts of the federal reserve in conjunction with its net interest margins on deposits, BofA liquidity (deposits are a cash flow source of funding to fund activities and provides liquidity), regulations, competition and loan to deposit ratio profiles.
The current 2 year interest rate displayed below is for the Standard CD/IRA Product and was calculated for the State of California.
The rate of 0.10% is 0.56% lower than the average 0.66%. Also it is -0.1 % lower than the highest rate.Updated May, 2016