Early withdrawal penalty applies. See details below.
Automatic renewals
The product will auto-renew into a 9 Month Flexible CD but at a different rate. You’ll get a maturity notice beforehand in case you’d rather redeem your CD.adatext
Guaranteed funds
With a minimum $1,000 deposit, you can earn a fixed rate for the length of your term. Deposits are insured by the FDIC up to $250,000 per depositor. Learn more about FDIC insurance
Flexible withdrawals
Full balance and interest can be withdrawn prior to maturity. 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.
Choose the desired term then the deposit amount to see rate options.
Amount
Interest Rate
APYAnnual Percentage Yield (APY)adatext
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Fees
Fees , open
Annual Fee
$0
Transfer Fees
$0
Withdrawal Penalty
With a Flexible CD, we will waive the early withdrawal penalty except in connection with any withdrawals you request within the first 6 days of the account term (or the first 6 days following any partial withdrawal). See Deposit Agreement and Disclosures and Deposit Rate Sheet for more detail about the penalty calculation.
View a complete list of fees
Fees
Annual Fee
Transfer Fees
Withdrawal Penalty
$0
$0
With a Flexible CD, we will waive the early withdrawal penalty except in connection with any withdrawals you request within the first 6 days of the account term (or the first 6 days following any partial withdrawal). See Deposit Agreement and Disclosures and Deposit Rate Sheet for more detail about the penalty calculation.
View a complete list of fees
Why bank with us?
Why bank with us? , open
Safety and security
For 9 years in a row, Bank of America was recognized as having the Best Overall Identity Safety in Banking by Javelin Strategy & Research, the nation's leading provider of financial institution research.adatext
A convenient mobile appadatext
Keep track of your balance and accrued interest on the go. Sign in safely and quickly with fingerprint sign-in or Touch ID.®adatext
A broad network of support
We're here for you anytime, almost anywhere with 24/7 online access and thousands of financial centers.
Rewarding relationships
Qualifying members can earn more rewards with their everyday banking. Learn more about Preferred Rewards.
Why bank with us?
Safety and security
For 9 years in a row, Bank of America was recognized as having the Best Overall Identity Safety in Banking by Javelin Strategy & Research, the nation's leading provider of financial institution research.adatext
A broad network of support
We're here for you anytime, almost anywhere with 24/7 online access and thousands of financial centers.
A convenient mobile appadatext
Keep track of your balance and accrued interest on the go. Sign in safely and quickly with fingerprint sign-in or Touch ID.®adatext
Rewarding relationships
Qualifying members can earn more rewards with their everyday banking. Learn more about Preferred Rewards.
Contact us
Schedule an appointment
Schedule an appointment
Call us
Phone number: 844.375.7027
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You might be charged the equivalent of three months' interest for an early withdrawal from a CD that matures in six months or less. If you have a five-year CD, the penalty might be 12 months' worth of interest.
Also sometimes called a "flex CD," this certificate locks up your money for a fixed length of time (term) but provides a fluctuating interest rate based on different factors such as the prime rate, the Consumer Price Index (CPI), Treasury bills, or a market index. The Federal Deposit Insurance Corp. (
However, traditional CDs require you to keep your money in the account for a certain amount of time. CD terms typically range from a few months to five years, even longer. If you withdraw money from the CD before the term ends, you likely will have to pay an early withdrawal penalty.
Banks and credit unions often charge an early withdrawal penalty for taking funds from a CD ahead of its maturity date. This penalty can be a flat fee or a percentage of the interest earned. In some cases, it could even be all the interest earned, negating your efforts to use a CD for savings.
For CDs with terms of 24 months or less, the penalty is 90 days of simple interest on the dollar amount you withdraw early. For CDs with terms greater than 24 months, the penalty is 180 days of simple interest on the dollar amount you withdraw early.
Flexible rates have no special restrictions and follows the hotel's standard guarantee and cancellation policy. Non-Refundable rates are exclusive offers that require full prepayment at the time of booking and is nonrefundable.
A variable interest rate (sometimes called an “adjustable” or a “floating” rate) is an interest rate on a loan or security that fluctuates over time because it is based on an underlying benchmark interest rate or index that changes periodically.
The two CD types are fundamentally different. Fixed-rate CDs feature an interest rate that generally stays the same for the length of the investment. Flexible-rate CDs, however, have an interest rate that may increase or decrease over the term. Each has investing advantages, but often in differing contexts.
Paying an early withdrawal penalty could also make sense if your CD is earning considerably less than current interest rates. For example, if you have a long-term CD earning a 2% APY, and new CDs offer APYs in the 5% range, you should consider cashing out your long-term CD as it could mean earning 3% more on your cash.
If you pay an early withdrawal penalty, you can deduct the full amount from your taxes, even if it's an amount that's greater than the interest earned. So, if you earned $50 in interest, but you paid an early withdrawal penalty of $100, the full $100 can be deducted on taxes.
Federal law sets a minimum penalty on early withdrawals from CDs, but there is no maximum penalty. If you withdraw money within the first six days after deposit, the penalty is at least seven days' simple interest. Review your account agreement for policies specific to your bank and your account.
If you don't withdraw during this period, a bank will typically renew a CD automatically at the same or similar term to what the CD originally had. For example, a five-year CD matures and renews, or rolls over, into a new five-year CD. The new CD's rate likely won't be the same as the original.
Standard CDs are insured by the Federal Deposit Insurance Corp. (FDIC) for up to $250,000, so they cannot lose money. However, some CDs that are not FDIC-insured may carry greater risk, and there may be risks that come from rising inflation or interest rates.
Like savings and checking accounts, most CDs are protected by deposit insurance, meaning your funds are insured by the Federal Deposit Insurance Corp. (FDIC) at a bank and the National Credit Union Administration (NCUA) at a credit union.
You might only have seven to 10 days to withdraw penalty-free from a CD after it matures, depending on your bank's policy. If you don't withdraw, your bank might automatically renew your CD for the same or similar term but at the bank's current rate.
1 % of the amount withdrawn. If your account has a term greater than one year, the penalty will be greater of either A or B, plus a $25 early withdrawal fee.
CDs with a term of one year or longer have a penalty of 180 days' interest on the amount you withdraw or half the remaining interest that your CD would earn, whichever is greater. In addition to the penalty, you will pay a $50 transaction penalty.
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