Bank of America is offering a short term High Yield Certificate of Deposit (CD) with a current CD rate of 3.20% APY for a seven month CD. There is a $5,000 minimum opening balance and the 3.20% APY is a special online rate.

The promotional APY rate only applies to the initial term of a new high yield CD opened through bankofamerica.com and is FDIC insured. There also is a $500,000 maximum limit that you can invent in high yield CDs and penalties apply for early withdrawals.