Bank of America's interest rates change daily and depend on the product, your credit, and current market conditions

Bank of America publishes rates for savings accounts, money market accounts, CDs, and loans, but the rate you receive depends on several factors. Your credit score, account history, deposit amount, and the Federal Reserve's current policy all affect what you pay or earn. The bank updates rates regularly—sometimes daily—so a rate quoted today may not be the rate you lock in tomorrow.

The rates listed on Bank of America's website are often the lowest available to new customers with strong credit. If you have a lower credit score, carry existing debt with the bank, or open an account with a small deposit, you may receive a lower rate on savings products or a higher rate on loans. There is no single "Bank of America rate"—there are ranges, and where you fall depends on your individual situation.

Key Takeaways

  • Bank of America's published rates are starting points; your actual rate depends on your credit score, account history, and the amount you deposit or borrow.
  • Savings account rates are typically lower than CD rates, and both change when the Federal Reserve adjusts its benchmark rate.
  • Loan rates (mortgages, auto loans, personal loans) vary based on credit score, loan term, and down payment, and are quoted individually during the application process.
  • You can view current rates on Bank of America's website, but you must contact the bank directly or visit a branch to learn your specific rate.

Savings and money market account rates

Bank of America offers several savings products: regular savings accounts, money market accounts, and certificates of deposit (CDs). Savings accounts typically earn the lowest rate, often less than 0.01% annual percentage yield (APY) on standard accounts. Money market accounts pay slightly more and may require a higher minimum balance. CDs lock your money for a set term (3 months to 5 years) and pay a higher rate in exchange for that commitment.

The exact rates change based on the Federal Reserve's actions. When the Fed raises its benchmark rate, banks typically raise savings rates within weeks. When the Fed cuts rates, savings rates fall. Bank of America's rates are generally lower than online banks or credit unions offer for the same products, because the bank operates physical branches and charges lower fees on checking accounts.

To see current rates, visit the Bank of America website and look for the "Rates & APY" section. The rates shown are for new accounts opened with the stated minimum deposit. If you already have an account, your rate may differ—older accounts sometimes earn less than new ones.

Certificate of deposit (CD) rates

CDs at Bank of America pay more than savings accounts because you agree not to withdraw the money until the term ends. Terms range from 3 months to 5 years. A 3-month CD pays less than a 5-year CD, and rates vary by term. You can view all available terms and rates on the Bank of America website before opening an account.

If you withdraw money before the CD matures, Bank of America charges an early withdrawal penalty. The penalty amount depends on the term length—longer CDs have larger penalties. For example, a 5-year CD might charge 150 days of interest as a penalty, while a 1-year CD might charge 30 days. The bank deducts the penalty from your principal, so you may end up with less money than you deposited.

CDs are useful if you know you won't need the money for a specific period and want a may provide rate. Unlike savings accounts, your CD rate does not change after you open it—you lock in the rate for the full term.

Mortgage rates

Bank of America offers fixed-rate mortgages (15-year and 30-year) and adjustable-rate mortgages (ARMs). Fixed rates stay the same for the life of the loan. ARM rates start lower but adjust after an initial period (typically 3, 5, 7, or 10 years), then change annually based on market conditions.

Your mortgage rate depends on your credit score, down payment, loan amount, and the current market. A borrower with a 760 credit score and 20% down payment receives a better rate than someone with a 650 score and 5% down. Bank of America quotes rates individually during the pre-approval process, not as a single published number. To learn your rate, you must contact a loan officer or apply online.

Mortgage rates move with the bond market and the Fed's policy, not daily but in response to broader economic conditions. Rates can shift between the time you receive a quote and the time you lock in a rate, so the bank typically allows you to lock a rate for 30 to 60 days while you finalize the purchase.

Auto loan and personal loan rates

Bank of America auto loans range from 36 to 84 months. Your rate depends on your credit score, the age and value of the vehicle, your down payment, and whether you are a new or existing customer. Existing Bank of America customers with direct deposit sometimes receive a small rate discount.

Personal loans at Bank of America are unsecured (you do not pledge collateral) and range from $1,000 to $100,000, with terms from 24 to 84 months. Rates are higher than auto loans because the bank takes more risk. Like mortgages and auto loans, personal loan rates are quoted individually based on your credit and income, not published as a single rate.

To receive a rate quote for either product, you must apply or contact the bank. The quote is typically good for 30 days, giving you time to decide before the rate expires.

Credit card rates and APR

Bank of America credit cards carry an annual percentage rate (APR) that varies by card and by cardholder. The purchase APR (the rate you pay on regular purchases) ranges widely depending on the card type and your creditworthiness. The bank publishes a range—for example, 15.99% to 24.99%—but your specific rate depends on your credit score and history.

If you carry a balance, you pay interest at your APR. If you pay the full statement balance by the due date, you pay no interest. Some Bank of America cards offer an introductory 0% APR period on purchases or balance transfers, typically lasting 6 to 21 months depending on the card. After the intro period ends, the regular APR applies.

Cash advance APRs are higher than purchase APRs and begin accruing interest immediately—there is no grace period. Late payment fees and penalty APRs (a higher rate applied if you miss a payment) also apply.

How to find Bank of America's current rates

Visit bankofamerica.com and navigate to the rates page. You can view current rates for savings accounts, money market accounts, and CDs without logging in. These rates update regularly and show the APY for each product at different balance levels.

For loans and credit cards, you cannot see your personal rate without applying or contacting the bank. You can view the APR range for each card on the website, but your actual rate depends on your credit profile. Call 1-800-432-1000 or visit a local branch to speak with a loan officer about mortgage, auto, or personal loan rates.

Bank of America also offers rate alerts through its website—you can sign up to be notified when CD rates change or when a specific rate threshold is reached. This is useful if you are waiting for rates to rise before opening a CD or waiting for rates to fall before refinancing a loan.

Frequently Asked Questions

Why is my Bank of America savings rate lower than the rate shown on the website?

The published rate is typically the rate for new accounts opened with the minimum deposit and strong credit. Existing accounts, accounts opened with smaller deposits, or accounts held by customers with lower credit scores may earn a lower rate. Bank of America does not always increase rates on existing accounts when it raises rates for new ones.

Can I lock in a rate before I apply for a mortgage or loan?

You can lock a rate after you receive a quote from the bank, usually for 30 to 60 days. You cannot lock a rate before applying because the bank needs to review your credit and income first. Once you have a quote and lock it, that rate is may provide for the lock period, even if market rates change.

What happens to my CD rate if the Federal Reserve cuts interest rates?

Your CD rate does not change—you locked in a fixed rate when you opened the CD, and it stays the same until maturity. However, if you open a new CD after rates fall, the new CD will pay the lower rate. This is why some people "ladder" CDs by opening multiple CDs with different maturity dates, so they can reinvest at higher rates if rates rise before each CD matures.

Do Bank of America's rates match other banks?

Bank of America's rates are typically lower than online banks and credit unions offer for savings products, but higher than some for loans. Online banks have lower overhead and can pass savings to customers through higher CD and savings rates. Credit unions often offer better rates to members. Bank of America's advantage is branch access and integrated checking accounts, not the highest rates.

How often do Bank of America rates change?

Savings and CD rates can change daily, though they usually move in response to Federal Reserve decisions or broader market shifts. Loan rates (mortgages, auto, personal) move more frequently and are quoted individually. Credit card APRs can change monthly, though the bank must give you 45 days' notice of any increase on an existing card.