In an effort to compete with various online banks, Bank of America is currently offering a short 4 month certificate of deposit with a 5.10% APY rate. Bank of America also offers a CD with a 4.85% APY. Minimum balance on both these CDs is $5,000.

While these aren’t necessarily the highest CD rates available on the market, Bank of America is probably the least likely bank to go under, and so this is a good choice for those looking for peace of mind. However, it should be noted that the majority of banks are FDIC insured, which means in the event of a bankruptcy you will be compensated up to $100,000 per account.

Opening a CD with Bank of America can also be convenient if you already do all your banking with them.

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