Bank of america money market savings interest rate

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When finding the best interest rate, Bank of America CD rates are often a top contender. However, is this the case? This guide will look at Bank of America’s CD rates and compare them to other top banks to see who offers the best interest rate.

Earn The Highest Interest Rates On Savings Today

Fixed annuities are almost identical to Certificates of Deposit (CDs) accounts and provide higher interest rates and penalty-free withdrawals for income.

TermInsurance CompanyInterest Rate
N/A SaveBetter Money Market 3.00%
12 Months SaveBetter CD 3.20%
14 Months Sallie Mae (No-Penalty CD) 3.30%
24 Months Oceanview Fixed Annuity 3.80%
36 Months Canvas Fixed Annuity 5.25%
48 Months Oxford Fixed Annuity 4.50%
60 Months Canvas Annuity 5.15%
72 Months Oceanview Annuity 4.80%
*Fixed annuities are only for saving money to use in retirement.

Disclaimer: This is a review. The Annuity Expert is not associated with a bank or credit union. However, fixed annuities are sold at most financial institutions. We aim to help you find the highest interest rates for your retirement savings. We may receive a small referral fee if you purchase something using a link in this article.

Compare Fixed Annuity Rates

Find the highest interest rates for your savings ranging from 2 to 10 years.

Compare CD Rates From 423 Banks And Credit Unions

Find the highest interest rates for your savings ranging from 3 months to 5 years.

3 Month CD Rates

The following banks and credit unions have the highest CD rates for 3 months.

Best 3-Month CD RatesRateTermMinimum
Synchrony Bank 1.75% APY 3 Months $0.00
Popular Direct 1.75% APY 3 Months $10,000.00
TIAA Bank 1.20% APY 3 Months $1,000.00
TotalDirect Bank 2.00% APY 3 Months $25,000.00
Bethpage Federal Credit Union 1.75% APY 3 Months $50.00
Merrick Bank 2.45% APY 3 Months $25,000.00
Chevron Federal Credit Union 2.15% APY 3 Months $500.00
Spectrum Federal Credit Union 2.15% APY 3 Months $500.00
Parsons Federal Credit Union 3.00% APY 4 Months $10,000.00
Luana Savings Bank 2.17% APY 3 Months $1,000.00

6 Month CD Rates

Best 6-Month CD RatesRateTermMinimum
CommunityWide FCU 3.25% APY 6 Months $1.000.00
Quontic Bank 1.70% APY 6 Months $500.00
PenFed Credit Union 1.70% APY 6 Months $1,000.00
NASA Federal Credit Union 3.55% APY 9 Months $1,000.00
Synchrony Bank 2.75% APY 6 Months $0.01
Live Oak Bank 2.75% APY 6 Months $2,500.00
Popular Direct 2.65% APY 6 Months $10,000.00
Merrick Bank 3.58% APY 9 Months $25,000.00
TAB Bank 3.05% APY 9 Months $1,000.00
North American Savings Bank 3.40% APY 7 Months $5,000.00

1 Year CD Rates

The following banks and credit unions have the highest CD rates for 12 months.

Best 12-Month CD RatesRateTermMinimum
CommunityWide FCU 3.25% APY 12 Months $1,000.00
Bread Savings 3.60% APY 12 Months $1,500.00
First National Bank of America 3.55% APY 12 Months $1,000.00
PenFed Credit Union 3.15% APY 12 Months $1,000.00
Marcus by Goldman Sachs 3.25% APY 12 Months $500.00
Popular Direct 3.55% APY 12 Months $10,000.00
Synchrony Bank 3.46% APY 12 Months $0.00
Alliant Credit Union 3.50% APY 12 Months $1,000.00
Merrick Bank 3.85% APY 12 Months $25,000.00
Discover 3.00% APY 12 Months $1,000.00
TAB Bank 3.25% APY 12 Months $1,000.00
Parsons Federal Credit Union 4.00% APY 12 Months $10,000.00

2 Year CD Rates

The following banks and credit unions have the highest CD rates for 24 months.

Best 2-Year CD RatesRateTermMinimum
Bread Savings 3.75% APY 24 Months $1,500.00
Synchrony Bank 3.71% APY 24 Months $0.01.00
First National Bank of America 3.60% APY 24 Months $1,000.00
Pentagon Federal Credit Union 3.50% APY 24 Months $1,000.00
Marcus by Goldman Sachs 3.40% APY 24 Months $500.00
Merrick Bank 4.00% APY 24 Months $25,000.00
American Heritage Credit Union 3.75% APY 24 Months $500.00
Lafayette Federal Credit Union 4.11% APY 24 Months $500.00
Langley Federal Credit Union 4.07% APY 21 Months $1,000.00

3 Year CD Rates

The following banks and credit unions have the highest CD rates for 3 years.

Best 3-Year CD RatesRateTermMinimum
Quontic Bank 3.00% APY 36 Months $500.00
Bread Savings 4.00% APY 36 Months $1,500.00
Pentagon Federal Credit Union 3.60% APY 36 Months $1,000.00
Synchrony Bank 3.81% APY 36 Months $0.01%
First National Bank of America 3.65% APY 36 Months $1,000.00
Marcus by Goldman Sachs 3.45% APY 36 Months $500.00
Limelight Bank 3.30% APY 36 Months $1,000.00
Alliant Credit Union 3.60% APY 36 Months $1,000.00
Quorum Federal Credit Union 4.00% APY 30 Months $1,000.00
Merrick Bank 4.00% APY 36 Months $25,000.00
Discover 3.15% APY 36 Months $2,500.00
Popular Direct 3.70% APY 36 Months $10,000.00
American Heritage Credit Union 4.05% APY 30 Months $500.00
Lafayette Federal Credit Union 4.22% APY 36 Months $500.00

4 Year CD Rates

The following banks and credit unions have the highest CD rates for 4 years.

Best 4-Year CD RatesRateTermMinimum
Bread Savings 4.15% APY 48 Months $1,500.00
NASA Federal Credit Union 3.85% APY 49 Months $10,000.00
PenFed Credit Union 3.50% APY 48 Months $1,000.00
Synchrony Bank 3.81% APY 48 Months $0.01
First National Bank of America 3.70% APY 48 Months $1,000.00
Marcus by Goldman Sachs 3.45% APY 48 Months $500.00
Merrick Bank 4.00% APY 48 Months $1,000.00
American Heritage Credit Union 4.00% APY 48 Months $500.00
Lafayette Federal Credit Union 4.32% APY 48 Months $500.00

5 Year CD Rates

The following banks and credit unions have the highest CD rates for 5 years.

Best 5-Year CD RatesRateTermMinimum
Bread Savings 4.25% APY 60 Months $1,500.00
Popular Direct 3.80% APY 60 Months $10,000.00
Synchrony Bank 3.81% APY 60 Months $0.00
PenFed Credit Union 3.60% APY 60 Months $1,000.00
Connexus Credit Union 3.01% APY 60 Months $5,000.00
First National Bank of America 3.75% APY 60 Months $1,000.00
Marcus by Goldman Sachs 3.50% APY 60 Months $500.00
Alliant Credit Union 3.65% APY 60 Months $1,000.00
Discover 3.30% APY 60 Months $2,500.00
Lafayette Federal Credit Union 4.42% APY 60 Months $500.00
American Heritage Credit Union 4.00% APY 60 Months $500.00

Next Steps

In conclusion, these CD rates are an excellent option for those looking for a good interest rate. However, comparing the different rates other banks offer is essential to finding the best option for you. Contact us today for a quote, and we would be happy to help!

Bank of america money market savings interest rate

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

Bank of america money market savings interest rate

Does Bank of America have a money market savings?

Your Rewards Money Market Savings Account FDIC Coverage This account is insured by the Federal Deposit Insurance Corporation (FDIC) and is backed by the U.S. government. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

What is the interest rate on a money market account right now?

The average rate is currently around 0.20% APY.

What bank pays the most interest on money market accounts?

Best money market accounts and rates for October 2022.
High Rate: Ally Bank - 2.10% APY..
High Rate: Discover Bank - 2.00%-2.05% APY**.
High Rate: Synchrony Bank - 1.60% APY..
High Rate: TIAA Bank - 1.60% APY..
High Rate: CIT Bank - 1.55% APY..
High Rate: Navy Federal Credit Union - 0%-1.25% APY***.

Which is better money market or savings account?

Money market accounts typically earn higher interest rates than savings accounts. According to the FDIC, earned interest rates can be more than twice as high as for money market accounts than for savings accounts depending on how much you invest.