Bank of America Carrot Score

Carrot Score

Higher than 13% of U.S. banks and credit unions

LowestMiddleHighest

By productProduct

CDs74
Savings60
Auto loans66
Credit cardsNot scored

Each bar is every U.S. bank and credit union, lowest score to highest. Choose a product to see its rates.

Where Bank of America ranks

By Carrot score, in each area where it has branches

And 246 more areas

Scores run from 60 to 99; 90 and up means rates near the best in the country. Top Carrot marks a score of 87 or more, the top quarter of U.S. banks and credit unions. It’s about rates only, not safety, service or who can join.

By product

How each product scores

How its rates compare with every U.S. bank and credit union. Open a product to see them.

CDs

74beats 37% nationallyOne of its best two · 5 terms

Term	Its rate	Beats	U.S. median	Top 25% atTop 25%	Top 10% at
3-8 months	3.75%	68%	3.50%	3.82%	4.05%
9-15 months	3.75%	54%	3.70%	4.00%	4.25%
16-30 months	1.75%	13%	3.35%	3.85%	4.20%
31-60 months	0.11%	1%	3.05%	3.65%	4.07%
Qualified	3.75%	40%	3.85%	4.15%	4.35%

Best rates 60.9 · all terms 34.9 → 50.5 → 74

Savings

60beats 2% nationallyAdds 1.5 · 4 balances

Balance	Its rate	Beats	U.S. median	Top 25% atTop 25%	Top 10% at
$1,000	0.04%	7%	0.20%	0.50%	1.51%
$10,000	0.04%	3%	0.50%	1.15%	2.20%
$100,000	0.04%	2%	1.00%	2.01%	2.93%
Qualified	0.04%	2%	0.60%	1.31%	2.43%

Best rates 2.6 · all balances 3.3 → 2.9 → 60

Auto loans

66beats 16% nationallyOne of its best two · 2 vehicles

Vehicle	Its rate	Beats	U.S. median	Top 25% atTop 25%	Top 10% at
New vehicle	5.64%counts as 5.89%	18%	5.00%	4.74%	4.25%
Used vehicle	5.84%counts as 6.09%	20%	5.39%	4.99%	4.49%

Best rates 20.2 · all vehicles 18.9 → 19.7 → 66

Credit cards

Not scoredNo rates found on its website.

Where the score could improve

Auto loans, New vehicle4.74%5.64% today, lower than 18% of U.S. institutions. 4.74% would reach the top quarter; 4.25% the top 10%.
Auto loans, Used vehicle4.99%5.84% today, lower than 20% of U.S. institutions. 4.99% would reach the top quarter; 4.49% the top 10%.
CDs, 16-30 months3.85%1.75% today, higher than 13% of U.S. institutions. 3.85% would reach the top quarter; 4.20% the top 10%.
To score in the 90sIts CDs already have a rate near the best in the country (3.75% at 3-8 months); its other CDs rates need to rank near the top too, so the weaker ones above matter most.

Scores update as rates change. Institutions can correct a rate we show; payment never changes a score.

Method

How the score works

Each product gets a standingWe compare its CD, savings, auto loan and credit card rates with every bank and credit union in the U.S. and give each product a standing out of 100. Its best rates count the most. For loans and cards, lower rates rank higher.
Its two best products set the scoreWe average its two strongest products. Each extra product it publishes adds 1.5 points, so sharing more rates can only help.
Its rank puts it on the 60–99 scaleWe rank that number against every scored bank and credit union in the country to get a score from 60 to 99. The top quarter earn Top Carrot.

How Bank of America got its score

Its products stand at 50.5 for CDs, 19.7 for auto loans and 2.9 for savings, out of 100. Its best two, CDs and auto loans, average 35.1. Publishing three products adds 1.5, for 36.6. That puts it ahead of 13% of U.S. banks and credit unions: a Carrot Score of 65.

The fine print: inside each product, its best rates make up 60% of its standing and all its rates the rest. Its best rates are its two best CD terms, its $10,000 and Qualified savings or money market rates, the better of its new and used auto loan rates, and its credit card purchase rate. The Qualified rate is the best $10,000 rate you can get by opening another account or meeting monthly requirements (or the standard rate, if that’s higher). Rates that need monthly activity get half credit for the extra they pay, and rates that need a combined balance count only from that balance. We subtract monthly fees and count an intro rate at what it earns over a full year. Accounts for kids, students, seniors, businesses, IRAs and health savings aren’t scored.

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