Bank of America - Risk Free CD

Average Score:

•   An Amazing CD

  Bank of America's Risk Free CD is just that - risk free. I first signed up for this CD about eight years ago when I received a fairly large sum of money from an inheritance and didn't know what I was going to do with it.

  The Risk Free CD was the perfect answer -- I could earn interest on my money (at a rate better than those Bank of America offered for other short- and medium-term CDs) and still withdraw all or part of the money at any time without penalty. Over the years, I have allowed this CD to roll over repeatedly, and as I have needed cash for one thing or another, I have simply moved money from the CD into my checking account. More than anything, the Risk Free CD is like a passbook savings account with CD-level interest. The only negative thing I can think of is that you can't transfer funds from the CD over the internet, you have to go into a branch to do it. However, considering all the benefits of this account, it's a small price to pay. When I have gone to a branch (one of two near where I live) the customer service has been quick, efficient, and painless.

  I cannot recommend this account highly enough.

  Posted by ravnewmark -- Aug. 5, 2009