The minimum opening balance varies depending on the type of CD account. View our CD accounts page for details.

Visit our bank account interest rates page to view our CD interest rates. You can also visit our Flexible CD, Featured CD and Fixed Term CD pages for rates on those specific products.

CD accounts are set to auto-renew at maturity, but there is a grace period (a period of time following the maturity date of the account) during which you can make a deposit to or withdrawal from the account, change the term of the account or cancel the account.

For CD account terms of 7-27 days, there is a grace period of 1 calendar day.

For CD account terms of 28 or more days, there is a grace period of 7 calendar days.

Please note that a deposit, withdrawal or term change can be made only once during the grace period.

A written notice will be sent to you at least 20 days in advance of the maturity date for CD terms of 30 or more days.

CD accounts are set to auto-renew at maturity. Please schedule an appointment, visit a financial center or call a customer service representative at 888.827.1812 (Mon-Fri 8 a.m.-9 p.m. or Sat 8 a.m.-8 p.m., all times ET) if you have any questions.

If your funds are coming from another account at Bank of America, you will be notified by email within 1 - 2 business days.

If your funds are coming by transfer from an account outside Bank of America, you will be notified by email within 12 business days.

Interest begins to accrue on the day your CD account is actually opened, not the day on which your form for opening the account is submitted. Your account will be opened at the interest rate that was effective the day you submitted your form.

Your CD account will be opened at the interest rate that was effective the day you submitted the form for opening your account.

Yes. When you open a CD account, you're agreeing to keep your money in the account for a specific period of time. If you want to withdraw your money earlier, you will be subject to the following penalties:

• For CDs with terms of less than 90 days: all interest earned on the amount withdrawn or 7 days of interest on the amount withdrawn, whichever is greater
• For CDs with terms of 90 days up to 12 months: 90 days of interest on the amount withdrawn
• For CDs with terms of 12-60 months: 180 days of interest on the amount withdrawn
• For CDs with terms of 60 months or longer: 365 days of interest on the amount withdrawn

In addition to these penalties, you will also pay the amount of any cash bonuses you received when you opened or reinvested the account. For complete information about early withdrawals, please refer to page 10 of the Deposit Agreement and Disclosures document.

For the Flexible CD, a penalty of 7 days interest will be imposed for early withdrawals within the first 6 days of the account term (or within the first 6 days following any partial withdrawal during the initial or any renewal term). If your account has not earned enough interest to cover an early withdrawal penalty, we deduct any interest first and take the remainder of the penalty from your principal. See Deposit Agreement and Disclosures and Deposit Rate Sheet for more detail about the penalty calculation.

An IRA is an individual retirement account that may provide either a tax-deferred or tax-advantaged way for you to save for retirement. There are many different types of IRAs –Roth, Traditional and rollover IRAs are the most common. Some people use the money in their IRA to invest in mutual funds or stocks while others may choose CDs or money market savings. Each IRA has certain eligibility requirements and each has unique features. Finding the right IRA for you will largely depend on which IRAs you’re eligible for and which one offers the benefits that are most important to you. Learn more about IRAs

A Roth IRA is a retirement savings account that provides several benefits including:

• Any earnings are free from federal income tax if withdrawn at or after you reach age 59½ and the account has been open 5 years or more
• Contributions (not earnings) can be withdrawn on a tax-free basis at any time^adatext
• Contributions are not tax-deductible

You can use a Roth IRA to hold investment products such as mutual funds, stocks, bonds and ETFs or bank products like CDs and money market savings.

Learn more about IRAs

A Traditional IRA is a retirement savings account that provides several benefits including:

• Any earnings enjoy deferred federal income tax until they’re withdrawn at or after you reach age 59½, at which time they’re taxed at your federal income tax rate
• Contributions and earnings can be withdrawn free of the 10% additional federal income tax at or after you reach age 59½
• Contributions may be tax deductible

You can use a Traditional IRA to hold investment products such as mutual funds, stocks, bonds and ETFs or bank products like CDs and money market savings.

Learn more about IRAs

While Roth and Traditional IRAs are both good choices when saving for retirement, there are many differences to keep in mind:

• Earnings in a Roth IRA are not subject to federal taxes. Earnings in a Traditional IRA are subject to taxes, but taxation is deferred until money is withdrawn in retirement, at which time the earnings are taxed at your current rate.
• Contributions to a Roth IRA can be withdrawn penalty-free at any time. Withdrawals from a Traditional IRA before the age of 59½ are subject to taxes and a 10% federal penalty.
• Anyone with earned income can contribute to a Traditional IRA. Contributions to Roth IRAs are restricted to those who do not exceed certain modified adjusted gross income limits.
• Traditional IRA contributions may be tax-deductible. Roth IRA contributions cannot be deducted.

Learn more about IRAs

If you're under age 50, you can contribute up to $7,000 for the current tax year. If you are age 50 or above, you can make an additional catch-up contribution of $1,000 or more. The maximum contribution limit is $8,000 for clients 50 and over. The catch-up contribution limit is indexed for inflation. Contributions must be made prior to each year's tax return deadline for the corresponding year (typically April 15).

Yes, if you are currently investing in a 401(k) or other employer-sponsored plan, you are still eligible to open and contribute to an IRA.

A rollover IRA is a retirement account specifically designed to receive transfers from a previous employer-sponsored retirement plan such as a 401(k) or 403(b). Rolling over retirement plan funds provides several benefits including:

• You can consolidate your retirement accounts for simplified management and greater control
• You get a wider variety of investment choices, enabling you to find investments that best fit your financial goals and personal preferences
• You maintain the tax-deferred status of your retirement savings while allowing your funds the opportunity to grow

Learn more about rolling over a 401(k)

It’s all about where the money is coming from. If your money is coming from an employer-sponsored savings plan such as a 401(k), you’ll open a rollover IRA. If your savings are already in a Traditional or Roth IRA, you simply open a new Traditional or Roth account and transfer your deposits or investments.

With a direct rollover, the check from your employer-sponsored plan is made out to the financial institution where you open your IRA. Since this money is deposited directly from the 401(k) to the IRA, no taxes are withheld.

With an indirect rollover, the check from your employer-sponsored plan is made payable to you and your former employer withholds a mandatory 20% for taxes. You have 60 days to deposit these funds into an IRA, and must also deposit the 20% that was withheld yourself, otherwise the 20% withheld will be considered a taxable distribution and only 80% will continue to grow tax-free or tax-deferred. In addition, if you are under age 59½ you would be subject to an additional early withdrawal penalty of 10%.

Absolutely. Once you've opened a rollover IRA it's easy to move your old IRA into it with assistance from our Retirement Help Desk by calling 888.827.1812 (Mon–Fri 8 a.m.-9 p.m. or Sat 8 a.m.– 8 p.m., all times ET).

To add a spouse to an account, please schedule an appointment and we’ll help you update your paperwork.

To update your retirement plan beneficiary declarations, download our IRA Beneficiary Change form (PDF, requires Adobe Reader layer) and bring it to your local financial center.

To remove your ex-spouse from an account, please schedule an appointment and we’ll help you update your paperwork.

To update your retirement plan beneficiary declarations, download our IRA Beneficiary Change form (PDF, requires Adobe Reader layer) and bring it to your local financial center.

Executing a Power of Attorney (POA) document is important for a wide range of reasons. From a financial perspective, your designated Attorney-in-fact (also known as Agent) would be able to act on your behalf in situations such as filing taxes, selling property, refinancing a mortgage or cashing checks. You should not execute a power of attorney unless you have complete faith in your designated Attorney-in Fact (Agent). As a convenience, Bank of America customers, in most states, may establish a Limited Power of Attorney for banking transactions by contacting your local financial center. However, your personal attorney can provide you with a General Power of Attorney form, which may cover many types of assets and transactions.

Note, to set up a Power of Attorney in the financial center, the Attorney-in-Fact (Agent) will need to be present to sign a Power of Attorney Signature Card Addendum for each account you wish to give them authority. As the Principal who executed the Power of Attorney, you may revoke it at any time, but you would need to inform the bank of any changes. A Power of Attorney terminates automatically at the death of the Principal.

*Currently, an Attorney-in-Fact cannot access a Principal’s accounts via Online Banking. However, access is available through the contact centers and financial centers.