Prime Rate Information

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.

Company Prime Rate History

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.

Following is a history of changes in the prime rate for Bank of America, N.A. (Note: 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.)

Updated March 16, 2020

Prime rate history for 2020

Prime rate 2020
Date Rate
March 16, 2020 3.25%
March 4, 2020 4.25%

Prime rate history for 2019

Prime rate 2019
Date Rate
October 31, 2019 4.75%
September 19, 2019 5.00%
August 1, 2019 5.25%

Prime rate history for 2018

Prime rate 2018
Date Rate
December 20, 2018 5.50%
September 27, 2018 5.25%
June 14, 2018 5.00%
March 22, 2108 4.75%

Prime rate history for 2017

Prime rate 2017
Date Rate
December 14, 2017 4.50%
June 15, 2017 4.25%
March 16, 2017 4.00%

Prime rate history for 2016

Prime rate 2016
Date Rate
December 15, 2016 3.75%

Prime rate history for 2015

Prime rate 2015
Date Rate
December 16, 2015 3.50%

Prime rate history for 2008

Prime rate 2008
Date Rate
December 16, 2008 3.25%
October 29, 2008 4.00%
October 8, 2008 4.50%
April 30, 2008 5.00%
March 18, 2008 5.25%
January 30, 2008 6.00%
January 22, 2008 6.50%

Prime rate history for 2007

Prime rate 2007
Date Rate
December 11, 2007 7.25%
October 31, 2007 7.50%
October 31, 2007 7.50%
September 18, 2007 7.75%

Prime rate history for 2006

Prime rate 2008
Date Rate
June 29, 2006 8.25%
May 10, 2006 8.00%
March 28, 2006 7.75%
January 31, 2006 7.50%

Prime rate history for 2005

Prime rate 2005
Date Rate
December 13, 2005 7.25%
November 1, 2005 7.00%
September 20, 2005 6.75%
August 9, 2005 6.50%
June 30, 2005 6.25%
May 3, 2005 6.00%
March 22, 2005 5.75%
February 2, 2005 5.50%

Prime rate history for 2004

Prime rate 2004
Date Rate
December 14, 2004 5.25%
November 10, 2004 5.00%
September 22, 2004 4.75%
August 11, 2004 4.50%
July 1, 2004 4.25%

Prime rate history for 2003

Prime rate 2003
Date Rate
June 27, 2003 4.00%

Prime rate history for 2002

Prime rate 2002
Date Rate
November 7, 2002 4.25%

Prime rate history for 2001

Prime rate 2001
Date Rate
December 13, 2001 4.75%
November 7, 2001 5.00%
October 3, 2001 5.50%
September 18, 2001 6.00%
August 22, 2001 6.50%
June 28, 2001 6.75%
May 16, 2001 7.00%
April 19, 2001 7.50%
March 21, 2001 8.00%
February 1, 2001 8.50%
January 3, 2001 9.00%

Prime rate history for 2000

Prime rate 2000
Date Rate
May 16, 2000 9.50%
March 21, 2000 9.00%
February 2, 2000 8.75%

Prime rate history for 1999

Prime rate 1999
Date Rate
November 16, 1999 8.50%
August 24, 1999 8.25%
July 1, 1999 8.00%