The current Bank of America, N.A. prime rate is 3.25% (rate effective as of March 16, 2020). The prime rate is set by Bank of America based on various factors, including the bank's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans. Bank of America may price loans to its customers at, above, or below the prime rate.
In some Bank of America loan documentation, the term "reference rate" has been used to refer to this lending rate. The terms "prime rate" and "reference rate" refer to the same rate.
Bank of America, N.A. — Bank of America, N.A. was created through the merger of NationsBank N.A. and Bank of America NT&SA on July 23, 1999. A history of the prime rate for Bank of America, N.A. shows each prime rate change since that date.