Bank Of America Cd Rates Specials

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Find the latest Bank of America bonuses, promotions, and offers here.You'll find Bank of America Checking, Savings, and Business offers to start at $100, $200, $250, $300, $400, $500, $750, $2,500 bonuses here. Find out today's checking, savings, IRA and CD account interest rates from Bank of America. One of the credit unions, Quorum, cut its 5-year rate far below 1% to 0.65%. It’s the first time Quorum’s 5-year CD rate has fallen below 1.00% since we began tracking Quorum in 2010. PenFed lowered its CD rates by 5 bps. Its 5-year CD rate is now 0.70%, which is 45 bps lower than the pre-2020 low of 1.15% in 2013. Annual Percentage Yield (APY) is accurate as of and applies to the initial term of a new Standard Term CD. The minimum balance required to open this CD is $1,000. We may limit the amount you deposit in one or more CDs to a total of $1,000,000 ($250,000 for CDs opened through bankofamerica.com).A penalty may be imposed for early withdrawal.

• No minimum deposit requirement
• Can open online or in a branch

• Branch locations only in the Northeast
• Lower rates for shorter term lengths

• Northeastern bankers who have People’s United checking accounts

If you are looking to open a certificate of deposit (CD) account, People’s United Bank offers many different term lengths and no minimum deposit requirements. Although the majority of the rates offered are less than competitive with the best CD rates out there, rates for 12-month and 24-month CDs are both at 0.10% or above, making them attractive options.

Customers are able to open accounts online, but with nearly 400 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine, you’re very likely to be near a branch if you live in the Northeast. Rates and available term lengths can vary depending on which branch you visit. For the purposes of this article, we’ll be referring to the rates and term lengths available to those who open an account online.

91-Day CD Interest Rate Comparison

Overview of People’s United Bank CD Rates

People’s United Bank offers a wide variety of term lengths ranging from three months to five years. The abundance of options makes it an attractive destination for those looking to set up a CD ladder and receive payouts at semi-regular intervals. You have the option of opening a CD account online or going to a physical branch location, although specific rates may vary from location to location.

If you need to withdraw your money before the maturity date of your CD, then you will have to pay an early withdrawal penalty, which can be fairly substantial depending on your term length. For term lengths of 7 to 31 days (these are not available online), your penalty will be all the interest you would have earned on the amount you’re withdrawing. For term lengths of 32 to 365 days, your penalty will be 1% of the amount you’re withdrawing plus $25. So, let's say you opened a 12-month CD with a deposit amount of $3,000. If you needed to withdraw $1,500 after six months, you would pay a penalty of $40.

If your term length is longer than one year, you’ll pay a penalty of 3% of the amount you’re withdrawing plus $25. For example, if you were to make a $5,000 deposit in a 24-month CD and then withdraw $3,000 after a year, you would face a penalty of $115.

Once your CD reaches maturity, you will begin a grace period of 10 days, during which you may withdraw your money without penalty and either hold on to it or place it in a CD with a different term length. If you do nothing, the bank will renew you for a CD of the same term length as the one that just matured.

How Much You Earn With a People’s United Bank CD Over Time

Interest on CDs compound continuously, and interest is credited to your account monthly. Once your interest is credited to you, you can withdraw it from your account. Keep in mind, however, that this will limit the amount of total interest you can earn, as you will be keeping some of your interest from earning its own interest. Note that the below figures were calculated assuming that no interest is withdrawn during the term.

How People’s United CD Rates Compare to Other Banks'

A CD account with People’s United Bank will net you more in interest than a CD at a large, national bank like Chase. Consequently, People’s United could be a good option to consider for in-person bankers. That said, you can still find more competitive rates with an online establishment like Ally, specifically if you're looking at term lengths on the very short and very long end of the spectrum.

Compare People’s United Bank to Other Competitive Offers

Should You Get a People’s United CD Account?

If you already have a People’s United checking account and you can access slightly higher rates, then a People’s United CD could be an attractive option to consider. If you are flexible about term lengths, then you should choose either a 36-month or 60-month term, as those two rates are significantly higher than any others.

If you are looking to purchase a shorter term length, then you will probably be able to find a more competitive rate elsewhere, especially if you’re comfortable banking online. Make sure to read up on all options so you’re aware of any fees that may apply.

• No maintenance or opening fees

• Higher interest rates elsewhere
• Only three account options

• Existing customers who want to open more savings accounts

Bank of the Ozarks is a smaller bank that offers only three certificate of deposit terms. There is a slightly high minimum deposit requirement of $1,000 which might prevent potential customers from opening an account. If you’re able to open an account, however, you’ll be better off by opening the 24-month account. That way you can get the best CD rate the bank offers, although not the highest in the industry.

Luckily, there is no fee to open or maintain a Bank of the Ozarks CD account.

Overview of Bank of the Ozarks CDs

Bank of the Ozarks’ three CD terms offer low to mediocre interest rates that are fixed for the entirety of the term. It could potentially be the most beneficial for you to open all three CD accounts at the same time. However, this will require you stashing at least $3,000 away into these accounts. You’ll want to make sure you can safely put that money away without needing it for rent or another crucial expense. Creating this CD ladder of three accounts allows you to receive payouts over the years from each account.

You will face a penalty fee if you make an early withdrawal from your CD. You’ll want to double check what these penalties might be with your banker or the terms and conditions when you open your account.

How Much You Earn With Bank of the Ozarks Certificate of Deposits Over Time

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As you can see in the table below, Bank of the Ozarks CDs don’t really yield big savings. By meeting the minimum deposit of $1,000, you’ll see growth of a few dollars with the 12-month and 24-month CDs and only a few cents with the shorter 6-month account. You’ll need to make larger deposits to see larger returns. However, you don’t want to stretch your money just to earn more with a Bank of the Ozarks CD. In that case, it would make more sense to find a bank with better CD rates and lower minimums.

How Bank of the Ozarks CDs Rates Compare to Other Banks

With only three CD account options, Bank of the Ozarks doesn’t have too much to compare to other banks. Many banks have a variety of CD terms from 3 months to up to 10 years. Another bank that only offers three CD accounts is HSBC, again with six-month, 12-month and 24- month options. HSBC also requires a $1,000 minimum deposit. However, HSBC offers much better rates than Bank of the Ozarks.

If you’re looking for a wider range of CD terms and higher-earning rates, you can check out online banks like Ally and Marcus by Goldman Sachs. Ally doesn’t require a minimum deposit but allows for higher balances to earn at higher rates. The bank also offers three types of CD accounts so you can find the account that works best for you and your financial situation.

Marcus doesn’t offer quite as many options as Ally, but with nine available terms, it still offers more than Bank of the Ozarks. Marcus also allows for a lower minimum deposit of $500.

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Compare Bank OZK to Other Competitive Offers

Should You Get a Bank of the Ozarks CD Account?

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You should consider getting a Bank of the Ozarks CD account if you’re already a customer with the bank. This will make it easier to add another account rather than becoming a new customer. It may also be easier to find out about the bank’s CD terms and conditions, especially its early withdrawal penalties. Additionally, it might be best to open a Bank of the Ozarks CD account if you live near a bank branch.