Bank of America is offering a very competitive 48-59 month CD paying 4.01% APY. But is only seems to be available for Massachusetts residents. After being tipped off on the rate, I checked a variety of different states (CA, NY, TX, NH, CT) and couldn't find the same rate. California doesn't even list the rates for standard Certificates of Deposit.
To get this rate you must either apply online, or be an Advantage Checking, Money Manager, Premier, Private Bank, and Small Business client managed customer.
Compared to other big banks (Chase, Wells Fargo, this Massachusetts CD rate is very competitive. For other states, the 48-59 Month Bank of America CD rate is in the 2-2.5% APY range. It's also competitive compared to the best 3 year CD rates from all FDIC insured banks.
The fact that the offer is only available in Massachusetts demonstrates the cookie-cutter approach large national banks take to pricing. They often offer higher rates in more competitive markets. The more bank competition, the better.
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