Frequently Asked Questions
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We offer 2 convenient ways of opening a Business CD:
The minimum opening balance varies depending on the type of business CD account. View our business CD comparison chart for details.
Visit our bank account interest rates page to view our business CD interest rates. See available terms and rates.
Yes. When you open a business CD account, you're agreeing to keep your money in the account for a specific period of time. If you want to withdraw your money earlier, you will be subject to the following penalties:
- For CDs with terms of less than 90 days: all interest earned on the amount withdrawn or 7 days of interest on the amount withdrawn, whichever is greater
- For CDs with terms of 90 days up to 12 months: 90 days of interest on the amount withdrawn
- For CDs with terms of 12-60 months: 180 days of interest on the amount withdrawn
- For CDs with terms of 60 months or longer: 365 days of interest on the amount withdrawn
For the Flexible CD, a penalty of 7 days interest will be imposed for early withdrawals within the first 6 days of the account term (or within the first 6 days following any partial withdrawal during the initial or any renewal term). If your account has not earned enough interest to cover an early withdrawal penalty, we deduct any interest first and take the remainder of the penalty from your principal. See Deposit Agreement and Disclosures and Deposit Rate Sheet for more detail about the penalty calculation.
Yes. Bank of America will automatically renew the account on the maturity date, which includes both principal and interest. Unless you make a change during the grace period, the new term is the same length as the previous term of the account for the Fixed and Featured CD products and may differ for the Flexible CD product.
We offer 3 convenient ways of opening a business savings account:
- Choose your business savings account and apply online
- Call 866.543.2808
- Schedule an appointment with a small business specialist
Once we have both your completed application and required supplemental documents, we’ll make an application decision. If approved, your account could be open and ready to use within 24 hours. Remember, we need your supplemental documents within 11 days after you apply.
After your account is open, you should receive your ATM card in the mail within 5-7 business days.
If you are already a customer, you can make your opening deposit by transferring money from your existing account. If you're transferring money from another bank, you can use a Visa® or MasterCard® debit card, check or money order.
If for some reason your account isn't approved, your deposit request will be canceled.
Business Advantage Savings account
The monthly fee is $10. However, we waive the monthly fee if you do one of the following each statement cycle:
- Maintain a $2,500 minimum daily balance
- Include one Business Advantage Savings account as part of your Business Advantage Relationship Banking solution
- Be a member of Preferred Rewards for Business (first 4 savings accounts per enrolled business)
Business Advantage Savings account
Interest is calculated at the discretion of Bank of America and can change at any time after the account is opened without notice or limit. See a complete listing of rates
Business Advantage Savings account
No, you may not write checks on this account or use a debit card for point-of-sale purchases and transactions. However, you can link this account to your Business Advantage Banking account for overdraft protection.
No. There are no additional fees to sign up for and use Business Advantage 360, Bank of America's Small Business Online Banking. In fact, once you sign up you'll have access to our online and mobile features such as mobile check deposit, online account management tools and access to your account online 24/7. Fees may apply for additional services.
