Why You Can Trust CNET MoneyWriters and editors and produce editorial content with the objective to provide accurate and unbiased information. A separate team is responsible for placing paid links and advertisements, creating a firewall between our affiliate partners and our editorial team. Our editorial team does not receive direct compensation from advertisers.CNET Money is an advertising-supported publisher and comparison service. We’re compensated in exchange for placement of sponsored products and services, or when you click on certain links posted on our site. Therefore, this compensation may impact where and in what order affiliate links appear within advertising units. While we strive to provide a wide range of products and services, CNET Money does not include information about every financial or credit product or service.CNET editors independently choose every product and service we cover. Though we can’t review every available financial company or Offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.Toni HusbandsStaff WriterToni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.Liliana HallLiliana Hall is an editor for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.Courtney JohnstonEditorCourtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.Toni HusbandsStaff WriterToni Husbands is a staff writer with CNET Money who enjoys exploring topics that promote financial wellness. She began writing about personal finance to document her experience paying off $107,000 of debt, which is detailed in her book, The Great Debt Dump. Previously, she contributed as a freelance writer for websites, including CreditCards.com, Centsai and Wisebread. She was also a regular contributor to Business AM TV, and her work has been featured on Yahoo News. Being a part-time real estate investor and amateur gardener also brings her joy.Liliana HallLiliana Hall is an editor for CNET Money covering banking, credit cards and mortgages. Previously, she wrote about personal credit for Bankrate and CreditCards.com. She is passionate about providing accessible content to enhance financial literacy. She graduated from the University of Texas at Austin with a bachelor's degree in journalism, and has worked in the newsrooms of KUT and the Austin Chronicle. When not working, she is probably paddle boarding, hopping on a flight or reading for her book club.Courtney JohnstonEditorCourtney Johnston is a senior editor leading the CNET Money team. Passionate about financial literacy and inclusion, she has a decade of experience experience as a freelance journalist covering policy, financial news, real estate and investing. A New Jersey native, she graduated with an M.A. in English Literature and Professional Writing from the University of Indianapolis, where she also worked as a graduate writing instructor.Bank of America is one of the largest banks in the US. It offers a wide variety of financial products -- including checking and savings accounts, credit cards, loans and investing services -- as well as thousands of retail locations and ATMs across the country. Bank of America also features a strong online experience with a robust website and a fully featured mobile app. That noted, its basic bank accounts offer dispiritingly low annual percentage yields compared to many other institutions.Bank of America is one of the biggest banks in the US, with nearly 4,000 branches and 15,000 ATMs. The Charlotte, North Carolina-based bank provides a full suite of banking and financial products and services to nearly 70 million retail banking customers and small-business clients. Despite its large presence in the banking industry, it doesn’t have the best certificate of deposit rates. Savers looking to maximize their returns can find more competitive CD rates at other banks. You can open a CD with Bank of America online or at one of its branch locations – but some rates are as low as 0.03% APY. Bank of America’s Featured CD accounts offer rates between 3% and 5%, but that applies only to a handful of terms.  Here’s our take on Bank of America’s CD options.Bank of America offers three types of CDs: featured, fixed-term and flexible. Bank of America’s CD accounts require a $1,000 minimum deposit and come in various term lengths ranging from 28 days to 10 years, depending on the type you choose. Note that available terms may vary by region. The rates on some of Bank of America’s featured CDs are well above the Federal Deposit Insurance Corporation’s national average. For example, you can earn between 3% and 5% with a seven-month, 13-month or 25-month CD. But some rates are as low as 0.05%. You’ll need to keep your money in the CD for the entire term to avoid an early withdrawal penalty.These CDs are also set up to automatically renew to a fixed-term CD with the same term length once they reach maturity. But you’ll receive a maturity notice before renewal in case you choose to redeem your CD or change the type or term. Bank of America’s fixed-term CDs are like its featured CDs, but there are more terms to choose from. Terms lengths range from one month to 10 years, and most earn a 0.03% APY, well below the FDIC average. The only exception is the three-, four- and five-month terms, which earn a 4.00% APY.  Bank of America offers one flexible CD option -- a 12-month CD -- that lets you withdraw money from your CD penalty-free anytime after the first six days of funding the account. If you withdraw from the account during the first six days, you’ll be subject to a penalty of seven days’ interest.  You’ll pay an early withdrawal penalty if you withdraw money from your featured CD account or fixed-term CD account before the CD term ends. The fee varies depending on the length of your CD term. Here’s a breakdown of Bank of America’s early withdrawal penalties, based on term length.   Though its flexible CD lets you withdraw your funds before the CD term expires, you’ll have to leave your funds in the CD for at least six days to avoid an early withdrawal penalty.Early withdrawal penalties can significantly impact your earnings if you aren’t careful. There are a handful of reasons why you might need to withdraw from a CD early, but the easiest way to avoid an unnecessary penalty is to hold off until the maturity date. If you’re concerned about locking in a lump sum for an extended period, diversify your funds in a CD ladder, open a no-penalty CD or consider a high-yield savings account instead.Here’s how much you can earn if you deposit $1,000 in one of Bank of America’s CDs: CD rates at Bank of America are underwhelming compared with rates from competing online-only banks and credit unions. Many banks on CNET’s best CD list offer competitive rates well above the FDIC’s national average. But Bank of America doesn’t come close -- with the exception of a few terms. Capital One, for example, offers an APY of 4.40% on its 24-month CD, while Bank of America only offers 3.00% APY on its 25-month featured CD. If you don’t want to lock your money in a CD, Bank of America offers an Advantage Savings account – but its APY is well below the national average. The standard APY is 0.01%, but if you qualify for the Preferred Rewards program, you can earn up to 0.04%. It requires a $100 minimum deposit to open and an $8 monthly maintenance fee. You can avoid paying the monthly maintenance fee if you maintain a $500 minimum monthly balance. However, there are better savings options without fees and with higher APYs. Check out CNET’s best savings accounts list to find banks offering savings APYs between 4% and 5.25%.Some of the best banks offer savings and CD rates well above 4%, but Bank of America continues to offer low APYs that don’t stack up against the competition. If you prefer big banks with a national presence, the convenience of Bank of America might stand out to you. But other big banks with physical branches offer competitive APYs on savings and CDs right now. Capital One’s 360 Performance Savings offers a 4.30% APY with no monthly maintenance fees or minimum deposit requirements. Capital One also offers nine CD terms, ranging from six months to five years. Its 12-month CD, for example, currently offers a competitive 5.00% APY.  But if you’re chasing high rates, you can find more competitive rates for high-yield savings accounts and CDs at other banks. Online banks and credit unions usually offer the best rates, because they don’t have physical branches to manage.