Bank Of America’s High Yield CD has an 8 month term and a 5.10% APY. $5000 is required to open the certificate of deposit, and it is only available online.

Bank of America also offers a 4.70% APY return on their regular CD. Similar requirements apply. Up to $500,000 can be invested in their risk free CD.

As a brick and mortar bank, BofA has traditionally lagged behind other online bankers such as Emigrant Direct and ING Direct. They are starting to offer higher CD rates, but the best rates are still offered by smaller banks as incentive to join their bank.