You've got a Certificate of Deposit (CD) with Bank of America maturing soon, and you're thinking about rolling it over? That's a smart move to keep your money working for you and potentially earn more interest! While Bank of America's mobile app is a powerful tool for many banking needs, managing CD rollovers directly through the app can be a bit more nuanced. They often prefer you to interact with their online banking portal or even a financial specialist for these types of transactions.
However, don't despair! This comprehensive guide will walk you through the typical process and equip you with the knowledge to smoothly rollover your Bank of America CD, even if the app isn't your primary tool for the final step. We'll cover everything from understanding your options to making the right choice for your financial goals.
Navigating Your CD Rollover with Bank of America
Rollover a CD means you're reinvesting your principal and often your earned interest into a new CD, usually for another term. It's a great way to continue earning a fixed rate of return without your funds sitting idle.
 |
| How To Rollover Cd Bank Of America App |
Step 1: Get Ready! Understanding Your CD Maturity Notice
First things first, let's get organized! Bank of America will typically send you a maturity notice at least 20 days before your CD is set to mature. This is your golden ticket to understanding your options.
What to Look For in Your Maturity Notice:
- Maturity Date: This is the exact date your CD term ends. It's crucial to know this as you'll have a grace period after this date to make your decision.
- Current CD Details: It will list the principal amount, the interest earned, the current interest rate (APY), and the original term.
- Automatic Renewal Terms: Bank of America CDs often have automatic renewal. Pay close attention to what your CD will automatically renew into if you do nothing. For example, some Featured CDs may renew into a 3-Month Flexible CD, and Fixed Term CDs often renew into the same term length. This new rate might be different from your original rate.
- Grace Period: This is a short window (typically 7 calendar days for CDs with terms of 28 days or more, or 1 calendar day for shorter terms) after the maturity date during which you can make changes without penalty. This is when you can decide to rollover, withdraw, or change terms.
- Contact Information: It will provide details on how to contact Bank of America for changes, typically including a phone number for CD services and potentially information about visiting a financial center.
Engage with me here: Have you received your maturity notice yet? If not, don't worry! You can still access your CD information through the Bank of America app or online banking. Let's make sure you're prepared.
Step 2: Exploring Your Rollover Options (And Why the App Might Not Be Your Final Stop)
While the Bank of America app is fantastic for checking balances and basic transactions, managing CD rollovers, particularly changing terms or types of CDs, often requires a more direct approach. This is because CDs are term-based investments, and changing them involves re-establishing the agreement.
QuickTip: Focus on one line if it feels important.
Your Key Options at Maturity:
- Automatic Rollover (Do Nothing): As mentioned, your CD will likely automatically renew into a new CD. This is the easiest option, but it might not be the best option for you. The new rate and term might not align with your current financial goals or market conditions.
- Roll Over to a New Term/Type: This is often the most strategic move. You can choose a new term length (shorter or longer) or even a different type of CD offered by Bank of America (e.g., a Flexible CD if you anticipate needing access to funds). This is where you might need to use online banking or contact a representative.
- Withdraw Funds: If you need the money, you can withdraw your principal and interest without penalty during the grace period.
- Withdraw Interest Only: You can choose to withdraw the earned interest and roll over only the principal.
Why the App Isn't Always the Direct Rollover Tool:
Bank of America's mobile app is designed for convenience and quick access to your accounts. CD rollovers often involve:
- Reviewing new rates: CD rates fluctuate, and you'll want to see the current rates for various terms before deciding.
- Selecting a new term: You might want a different term than your original CD.
- Potentially changing CD types: From a Fixed Term to a Flexible CD, for example.
- Formalizing a new agreement: A CD is a contract, and changing its terms usually requires a more formal process than a simple tap on the app.
Therefore, while you can view your CD details in the app, the actual "rollover" action for a specific, chosen new term is typically done via their online banking platform or with assistance from a Bank of America representative.
Step 3: Accessing Your CD Information and Exploring Rates
Even if you can't execute the rollover solely within the app, the app is your first stop for gathering crucial information and getting a head start.
Sub-heading: Using the Bank of America Mobile App to View Your CD
- Log In: Open your Bank of America Mobile Banking app and securely log in using your credentials, Touch ID, or Face ID.
- Navigate to Accounts: Once logged in, look for your "Accounts" summary or a similar section.
- Locate Your CD: Scroll through your accounts until you find your Certificate of Deposit. It might be listed under "Savings" or a specific "CD" category.
- View Details: Tap on your CD account to see its current balance, maturity date, and potentially the interest rate and term. While it might not show all rollover options here, it gives you a clear picture of your current CD's status.
Sub-heading: Checking Current Bank of America CD Rates
This is a critical step before deciding on a rollover. You want to ensure you're getting the best possible return.
- Online Banking is Best for Rates: For the most up-to-date and comprehensive CD rates, it's highly recommended to visit the Bank of America official website directly (bankofamerica.com) and navigate to their "CD Rates" or "Savings Accounts" section. Rates can vary by location and promotional offers.
- Look for Different Terms: Compare the Annual Percentage Yield (APY) for various CD terms (e.g., 3-month, 6-month, 1-year, 2-year, 5-year).
- Consider Special Offers: Bank of America often has "Featured CDs" or "CD Specials" with higher rates for specific, sometimes unusual, terms. Pay attention to these!
- Note Down Potential Options: As you browse, make a note of the terms and APYs that look appealing for your rollover.
Step 4: Making Your Rollover Decision
Now that you have all the information, it's time to decide! This is where your financial goals come into play.
QuickTip: Focus more on the ‘how’ than the ‘what’.
Sub-heading: Factors to Consider for Your Rollover:
- Interest Rate Environment: Are interest rates generally rising or falling? If they're rising, a shorter-term CD might be beneficial so you can re-invest at higher rates sooner. If they're falling, locking in a longer-term CD now might be a good idea.
- Your Liquidity Needs: When do you anticipate needing access to these funds? If you might need them sooner, consider a shorter-term CD or a Flexible CD (if offered) that has a reduced or no early withdrawal penalty after a certain period.
- Your Financial Goals: Is this money for a short-term goal (e.g., a down payment in 6 months) or a long-term goal (e.g., retirement in several years)?
- Desired APY: Aim for the highest APY you can get for the term that suits your needs.
- Grace Period Deadline: Remember you have a limited time to make changes!
Step 5: Executing the Rollover (Likely Outside the App)
As established, while the app shows your CD, the actual rollover action for a new term or type will typically be completed through Bank of America's online banking platform or by contacting them directly.
Option A: Rollover via Bank of America Online Banking (Recommended)
This is generally the most convenient method for making specific changes to your CD rollover.
- Log In to Online Banking: Go to Bank of America's website (bankofamerica.com) and log in to your online banking account.
- Navigate to Your CD Accounts: Once logged in, find your CD accounts. This might be under "Accounts," "Investments," or a similar section.
- Look for Rollover/Maturity Options: Around your CD's maturity date (especially during the grace period), you should see options related to its maturity. This might be a "Manage CD" or "Maturity Options" button next to your specific CD.
- Select Your Rollover Preference: You should be presented with choices:
- Renew for the same term and type: This is the default.
- Renew for a different term: You'll likely be able to select from available terms and see their corresponding rates.
- Change CD type: If you wish to switch from a Fixed Term to a Flexible CD, for instance.
- Withdraw principal and/or interest: If you decide not to rollover.
- Confirm and Submit: Carefully review your selection, the new term, and the new APY. Once you're sure, confirm the transaction. You should receive a confirmation message.
Option B: Rollover by Phone
If you prefer to speak with someone or encounter issues online, calling Bank of America is a good option.
 |
- Find the Correct Number: Refer to your maturity notice for the specific CD services phone number. If you don't have it, you can find it on the Bank of America website under "Contact Us" or by searching for "Bank of America CD customer service."
- Be Prepared: Have your account details (account number, personal information) ready. Also, have the specific new CD term and type you're interested in handy.
- Speak with a Specialist: Explain that your CD is maturing and you wish to roll it over into a new CD with specific terms. They will guide you through the process, confirm rates, and execute the rollover for you.
Option C: Visit a Bank of America Financial Center
For in-person assistance or if your situation is complex, a visit to a financial center can be helpful.
- Locate a Branch: Use the Bank of America app or website to find the nearest financial center.
- Schedule an Appointment (Optional but Recommended): To save time, consider scheduling an appointment, especially if you have detailed questions.
- Bring Documentation: Bring your maturity notice, ID, and any other relevant account information.
- Discuss Your Options: A banking specialist will be able to discuss all your rollover choices, show you current rates, and help you complete the necessary paperwork.
Important Considerations for Your CD Rollover
- FDIC Insurance: Remember that CDs are FDIC insured up to applicable limits ($250,000 per depositor, per insured bank, for each account ownership category).
- Early Withdrawal Penalties: Unless you have a Flexible CD, withdrawing funds before maturity will incur a penalty. Ensure your chosen term aligns with your financial timeline.
- Market Conditions: Keep an eye on interest rate trends. If rates are expected to rise significantly, a shorter CD might allow you to reinvest at a higher rate sooner. If rates are expected to fall, locking in a longer-term CD could be advantageous.
10 Related FAQ Questions
Here are some frequently asked questions about Bank of America CDs and their rollovers:
QuickTip: Don’t just consume — reflect.
How to check my Bank of America CD maturity date?
You can check your Bank of America CD maturity date by logging into your Bank of America Mobile Banking app or Online Banking. Navigate to your accounts, select your CD, and the maturity date will be displayed in the account details.
How to find current Bank of America CD rates?
The most accurate and up-to-date Bank of America CD rates can be found on the official Bank of America website (bankofamerica.com) by navigating to their "CD Rates" or "Savings Accounts" section. Rates can vary based on location and promotional offers.
How to avoid early withdrawal penalties on a Bank of America CD?
To avoid early withdrawal penalties, you must wait until your CD matures and then withdraw your funds during the grace period (typically 7 days after maturity for terms of 28 days or more). Bank of America also offers a "Flexible CD" which generally allows penalty-free withdrawals after the first six days of the term.
How to change the term of my Bank of America CD during rollover?
You can typically change the term of your Bank of America CD during rollover through Bank of America Online Banking by accessing the "Maturity Options" for your CD, or by contacting Bank of America's CD services over the phone or by visiting a financial center.
How to withdraw interest from my Bank of America CD at maturity?
During the grace period of your CD's maturity, you can typically elect to withdraw only the interest earned while rolling over the principal amount into a new CD. This option is usually available through online banking or by contacting Bank of America.
QuickTip: A quick skim can reveal the main idea fast.
How to contact Bank of America for CD rollover assistance?
You can contact Bank of America for CD rollover assistance by calling the CD services phone number provided on your maturity notice or by finding it on the Bank of America website under their "Contact Us" section for CD and IRA accounts. You can also visit any Bank of America financial center.
How to know if my Bank of America CD automatically renews?
Most Bank of America CDs are set for automatic renewal. Your maturity notice will explicitly state the terms of the automatic renewal, including the new term length and type of CD it will renew into if you do not provide other instructions during the grace period.
How to get the best rate on a Bank of America CD rollover?
To get the best rate on a Bank of America CD rollover, actively research their current "Featured CD" or "CD Special" rates on their website. Compare these promotional rates with standard CD rates for various terms and choose the one that aligns with your liquidity needs and financial goals.
How to understand the grace period for a Bank of America CD?
The grace period is a window of time after your CD's maturity date (typically 7 calendar days for terms of 28 days or more, or 1 day for shorter terms) during which you can make changes to your CD without penalty, such as withdrawing funds, rolling it over, or changing the term.
How to open a new Bank of America CD if I decide not to roll over?
If you decide not to roll over your maturing CD, you can withdraw the funds and then open a new CD with Bank of America through their online banking platform, by phone, or in person at a financial center. This allows you to choose a completely new CD product or deposit amount.
 |
