I noticed their CD rates are only 0.01%, the same as their savings accounts. Does anyone really keep their money there? If so, why?
Hi, People might choose them for the convenience of brick-and-mortar locations.
Also, you’re checking the wrong spot for Bank of America CDs. Their short-term CDs, like the 13-month option, offer around 3.20%, which isn’t amazing but definitely better than their savings account rate.
Hey, I work at Chase. The CD rates are decent, but liquid accounts aren’t great. Yet, people still open CDs.
Hello, During my time at another major bank, I witnessed one notable instance of CD usage among high-end clients in wealth management, who received better rates than the rest of us. The only other case involved an elderly man with dementia; his children set up CD ladders to protect his funds from impulsive spending and scams.
Hello, Yes, I do it because it removes the temptation to transfer money and spend it. I also enjoy being able to view the balance alongside my main checking account. This way, I can manage my finances better and stay focused on my savings goals.