Overview: TIAA Bank, part of the Fortune 100 company Teachers Insurance and Annuity Association of America, offers a wide range of Basic CDs with terms from three months to five years. Bank of America is offering one of the best CD rates for 7 month CD, this promotional CD rate is currently 3.68% with an APY of 3.75%. The rate is only available online at bankofamerica.com and is only for the initial term of a new CD.
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But with 0.06 percent APY as the highest payout option at Bank of America, its savings account rates are easily beaten by many other financial institutions. Some banks are currently paying around. Here are the Best CD Interest Rates for February 2021. 5 year: Navy Federal Credit Union, APY: 1.01%, $1,000 Min. Deposit; 5 year: Suncoast Credit Union, APY: 0.95%, $500 Min. See what the average interest rate was in the US for 3-month, 60-month, 1-year, 3-year and 5-year CDs since 2010 and learn how the economy affects rates.
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Online Banking and eCommunications System Requirements
When you first enrolled in Online Banking, you agreed to receive certain Online Banking notices, disclosures and communications ('eCommunications'). Please refer to your Online Banking enrollment documents for a list of these eCommunications. While you may be able to access Online Banking and eCommunications using other hardware and software, your personal computer needs to support the following requirements:
- An operating system, such as:
- Windows NT, 2000, ME, XP, Vista or Win 7; or
- Mac OS 10
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Most eCommunications provided within Online Banking or at other Bank of America websites are provided either in HTML and/or PDF format. For eCommunications provided in PDF format, Adobe Acrobat Reader 6.0 or later versions is required. A free copy of Adobe Acrobat Reader may be obtained from the Adobe website at www.adobe.com.
In certain circumstances, some eCommunications may be provided by e-mail. You are responsible for providing us with a valid e-mail address to accept delivery of eCommunications.
To print or download eCommunications you must have a printer connected to your computer or sufficient hard-drive space (approximately 1 MB) to store the eCommunications.
Withdrawing Consent to eCommunications and Effect on Online Banking Access
Subject to applicable law, you have the right to withdraw your consent to receiving eCommunications by calling the appropriate toll-free customer service phone numbers listed on the Customer Service tab. You will not be charged a fee for withdrawal of your consent.
If you withdraw your consent, we may stop providing you with eCommunications electronically and we may terminate your Online Banking access. Your withdrawal of consent is effective only after you have communicated your withdrawal to Bank of America by calling the appropriate customer service phone numbers and Bank of America has had a reasonable period of time to act upon your withdrawal. Your consent shall remain in force until withdrawn in the manner provided in this section.
- No minimum deposit requirement
- Can open online or in a branch
- Branch locations only in the Northeast
- Lower rates for shorter term lengths
- Northeastern bankers who have People’s United checking accounts
If you are looking to open a certificate of deposit (CD) account, People’s United Bank offers many different term lengths and no minimum deposit requirements. Although the majority of the rates offered are less than competitive with the best CD rates out there, rates for 12-month and 24-month CDs are both at 0.10% or above, making them attractive options.
Customers are able to open accounts online, but with nearly 400 branches in Connecticut, Massachusetts, Vermont, New York, New Hampshire and Maine, you’re very likely to be near a branch if you live in the Northeast. Rates and available term lengths can vary depending on which branch you visit. For the purposes of this article, we’ll be referring to the rates and term lengths available to those who open an account online.
| Term Length | Minimum Deposit | APY |
| 91 Day Plus CD | $0 | 0.05% |
| 4 Month CD | $0 | 0.05% |
| 5 Month CD | $0 | 0.05% |
| 6 Month CD | $0 | 0.05% |
| 7 Month CD | $0 | 0.05% |
| 8 Month CD | $0 | 0.05% |
| 9 Month CD | $0 | 0.05% |
| 10 Month CD | $0 | 0.15% |
| 11 Month Plus CD | $0 | 0.10% |
| 12 Month Plus CD | $0 | 0.10% |
| 15 Month Plus CD | $0 | 0.30% |
| 18 Month Plus CD | $0 | 0.10% |
| 24 Month Plus CD | $0 | 0.10% |
| 36 Month Plus CD | $0 | 0.45% |
| 48 Month Plus CD | $0 | 0.15% |
| 60 Month Plus CD | $0 | 0.60% |
91-Day CD Interest Rate Comparison
Overview of People’s United Bank CD Rates
People’s United Bank offers a wide variety of term lengths ranging from three months to five years. The abundance of options makes it an attractive destination for those looking to set up a CD ladder and receive payouts at semi-regular intervals. You have the option of opening a CD account online or going to a physical branch location, although specific rates may vary from location to location.
If you need to withdraw your money before the maturity date of your CD, then you will have to pay an early withdrawal penalty, which can be fairly substantial depending on your term length. For term lengths of 7 to 31 days (these are not available online), your penalty will be all the interest you would have earned on the amount you’re withdrawing. For term lengths of 32 to 365 days, your penalty will be 1% of the amount you’re withdrawing plus $25. So, let's say you opened a 12-month CD with a deposit amount of $3,000. If you needed to withdraw $1,500 after six months, you would pay a penalty of $40.
If your term length is longer than one year, you’ll pay a penalty of 3% of the amount you’re withdrawing plus $25. For example, if you were to make a $5,000 deposit in a 24-month CD and then withdraw $3,000 after a year, you would face a penalty of $115.
Once your CD reaches maturity, you will begin a grace period of 10 days, during which you may withdraw your money without penalty and either hold on to it or place it in a CD with a different term length. If you do nothing, the bank will renew you for a CD of the same term length as the one that just matured.
How Much You Earn With a People’s United Bank CD Over Time
Interest on CDs compound continuously, and interest is credited to your account monthly. Once your interest is credited to you, you can withdraw it from your account. Keep in mind, however, that this will limit the amount of total interest you can earn, as you will be keeping some of your interest from earning its own interest. Note that the below figures were calculated assuming that no interest is withdrawn during the term.
| Initial Deposit | 91 Day Plus CD | 12 Month Plus CD | 60 Month Plus CD |
| $1,000 | $1,000.12 | $1,001.00 | $1,030.36 |
| $2,500 | $2,500.31 | $2,502.50 | $2,575.91 |
| $5,000 | $5,000.62 | $5,005.00 | $5,151.81 |
| $10,000 | $10,001.25 | $10,010.00 | $10,303.62 |
How People’s United CD Rates Compare to Other Banks'
A CD account with People’s United Bank will net you more in interest than a CD at a large, national bank like Chase. Consequently, People’s United could be a good option to consider for in-person bankers. That said, you can still find more competitive rates with an online establishment like Ally, specifically if you're looking at term lengths on the very short and very long end of the spectrum.
| Term Length | People's United | Chase | Ally |
| 6 Month | 0.05% | 0.02% | 0.25% |
| 12 Month | 0.10% | 0.02% | 0.60% |
| 60 Month | 0.60% | 0.02% | 0.85% |
Compare People’s United Bank to Other Competitive Offers
Chase Bank Cd Rates
Should You Get a People’s United CD Account?
Bank Of America Cd Rates Special Promotion
If you already have a People’s United checking account and you can access slightly higher rates, then a People’s United CD could be an attractive option to consider. If you are flexible about term lengths, then you should choose either a 36-month or 60-month term, as those two rates are significantly higher than any others.
Bank Of America Cd Rates
If you are looking to purchase a shorter term length, then you will probably be able to find a more competitive rate elsewhere, especially if you’re comfortable banking online. Make sure to read up on all options so you’re aware of any fees that may apply.