In an earlier post, we discussed how few banks are offering variations on certificate of deposit requirements; rather, most financial institutions have plain vanilla CDs with rigid terms and limits on withdrawals. This week, I wanted to focus some BankShout articles on banks that are advertising CDs with atypical benefits or unusual twists.

Bank of America boasts two such variations. According to BofA’s website, the bank is offering both an “Opt-Up” certificate and a “Risk Free” CD. Customers who want to deviate from the normal deposit-then withdraw when your term is up-template should consider Bank of America’s options.

The Opt-Up certificate is an 18-month term. Basically, you have the ability to request a higher rate after six months, without changing the term length. Good on deposits between $10,000 and $25,000, the Opt-Up CD would be the choice for customers who feel that interest rates may rise in the medium term, since you wouldn’t then be locked into a rate lower than market values. Current annual percentage yield on the Opt-Up option is 1.10% as of January 21, 2010, according to Bank of America’s website.

The Risk Free certificate carries a fairly low annual percentage yield–just .40% APY currently. Yet the Risk Free CD gives Bank of America customers the right to withdraw funds anytime after the first six days of opening the account (or after making a partial withdrawal). This makes the Risk Free certificate work more like a savings account. Minimum to open is $5000.

Depositors who are looking to either time market interest rates or maintain flexibility do have options, therefore. If you are looking to digress from the normally staid CD choices, Bank of America may be worth looking into.