Bank of America Lowered Rates

Bank CD Rates — Tue, 18 Mar 2008 02:18:23 +0000

Bank of America has dropped their rates along with the rest of the banking industry. Big banks like Bank of America have historically offered lower rates, and their current rates have not broken this trend. Bank of America’s high yield CD has a yield of 3.06% APY, with a 4 month maturity term. Minimum balance on this CD is $5,000.Their Risk Free CD offers an even lower rate of 2.75% APY and a 9 month term. However, this CD allows you to withdraw funds prior to maturity without a penalty, which makes it similar to a high yield savings account.

The Bank of America regular savings account yields a pitiful .20% APY compared to Washington Mutual’s 4.00% APY or E*Trade Financial’s 4.10% APY.

Bank of America CD Rates

How to Verify a Bank’s FDIC-Insured Status

Bank CD Rates — Tue, 04 Mar 2008 00:08:59 +0000

Here’s a few steps to take when trying to verify a bank’s FDIC insured status:

Check to see if the bank website has the “Member FDIC” logo.
Then go to the actual FDIC site to verify that the bank is indeed a member of FDIC. FDIC insured investments are insured up to $100,000.
On the verification page compare the office address on record at FDIC with that found on the bank’s website.
It might also help to check out the performance ratings and financial information of the bank. This is strongly recommend if you are looking for a long term relationship and/or investing a sizable amount into this CD or savings account.

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Bank of America Lowered Rates

How to Verify a Bank’s FDIC-Insured Status