When searching for a place to put their hard earned cash, many people choose to purchase a CD at a local bank. Doing so allows them to earn a specific percentage of interest on their deposit over a specific period of time. The longer the deposit remains in the CD, the higher the interest. Obviously when searching for a bank to purchase a CD everyone is asking the million dollar question: “Which bank has the highest interest rate?”. It may seem like one of the big national banks, such as Bank of America, would be a safe bet.

However, according to bankaholic.com Bank of America may not even make the top 25 list nationally. Bankaholic.com complies data on CD rates from banks all across the country. It then examines that data to find the best interest rates, and then puts those banks in order by rank. For a one year CD Bank of America is not seen on the list at all. The highest interest rate on a one year CD was claimed by Aurora Bank, with a rate of 1.57%. It should be noted that this site examines banks from all across the country, and therefore the best rates may be at banks that are not local.

Aurora Bank for example, is located in Deleware. It may be more helpful to use a website such as bankrate.com to help find interest rates at your local bank. Bankrate.com will allow you to choose your state and city, and then it will narrow your results to banks in your area. It also allows you the option to enter your zip code for even more personalized information. In some cases Bank of America did make the list of best interest rates in certain areas of the country. One final option that individuals can take is to go to the financial institutions themselves, and ask about the interest rates on their CD’s. Many banks will have that information right out in the lobby. That’s good old fashioned comparison shopping. In conclusion, while Bank of America offers many services, their CD’s may not always have the best interest rates.