Bank of America Offering 4.01% APY 48 Month CD - But Only for Massachusetts Customers

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.

Today's Highest Online CD Rates

Bank	Product Term	Interest Rate (APY)
Finworth, a division of InsBank	1-Year	4.55% APY with $50,000 minimum
TotalDirect, a division of City National Bank of Florida	1-Year	4.50% APY with $25,000 minimum
First Internet Bank of Indiana	1-Year	4.42% APY with $1,000 minimum
Merrick Bank	3-Year	4.15% APY with $25,000 minimum
Colorado Federal Savings Bank	3-Year	3.95% APY with $5,000 minimum
M.Y. Safra Bank	3-Year	3.90% APY with $500 minimum
Merrick Bank	5-Year	4.05% APY with $25,000 minimum
Synchrony Bank	5-Year	4.00% APY with no minimum
M.Y. Safra Bank	5-Year	3.90% APY with $500 minimum

Bank

Product Term

Interest Rate (APY)

Finworth, a division of InsBank

1-Year

4.55% APY with $50,000 minimum

TotalDirect, a division of City National Bank of Florida

1-Year

4.50% APY with $25,000 minimum

First Internet Bank of Indiana

1-Year

4.42% APY with $1,000 minimum