Dedicated to Deposits: Deals, Data, and Discussion

5.36% Money Market Account from Bank of America?

POSTED ON BY

Bank of America
Update 10/25/08: Bank of America no longer has AAA affiliated accounts. However, there are still NEA affiliated accounts. For the latest rates, refer to the the BofA/NEA webpage. For more details about these accounts, refer to this FW thread.

With the merger of MBNA and Bank of America, there was uncertainity over the high-yield money market accounts that MBNA had been offering through various groups. I had reported on these MBNA money market accounts in previous posts. All of these accounts except the one through AAA now have been converted to Bank of America's standard low rate money market account. However, the money market account through AAA seems to have retained the high yield.

The AAA Money Market Savings Account remains indexed to the Money Fund Report (MFR) Averages. For balances over $50K, the rate is equal to the MFR + 0.50 which is currently 5.36% APY. For balances between $10K and $50K, the rate is equal to MFR + 0.25 which is currently 5.10% APY. These are great rates, especially for an account that offers limited check writing. Below shows the full rate tier:

Daily Balance Index Rate APY
Less than $2.5K MFR-0.25 4.48% 4.57%
$2.5K to $10K MFR 4.73% 4.83%
$10K to $50K MFR+0.25 4.98% 5.10%
$50K and over MFR+0.50 5.23% 5.36%

According to this FW thread this account can be linked to your Bank of America checking account for instant transfers. Also, it is reported that it requires an AAA membership, and a hard credit inquiry is done in the application even for current Bank of America customers. Also, there's a $10 monthly maintenance fee ($12 in Texas) for balances under $2.5K.

Many have reported difficulty in the online application. This may be due to the transitioning of the website to Bank of America. We should be able to get more information on this account later this week.

If you're interested in a $100 sign-up bonus for a Bank of America checking account (and additional bonuses), refer to this post.
  Tags: Bank of America

Comments
23 comments.
Comment #1 by Anonymous posted on
Anonymous
Awesome deal on the B of A bonuses. Put the bare minimum required as deposits and got $50 for one acct. opened and $100 for another opened (both personal accounts). Got the $ and closed the accounts (terrible interest otherwise). Thanks for all your great info you provide Bank Guy!! It's been making me some $$.

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Comment #2 by scott (anonymous) posted on
scott
NEA account seems to be open to anyone, At least that what the CSR's are telling us. So you get the AAA rate + Bonus of 1.50% for first 60 days. I told them at least 3 times I am not a member but she kept saying as long as I use that priority code it's ok. Got my first statement and account got setup right and showed 6.46% rate

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Comment #3 by Anonymous posted on
Anonymous
Where do I find the priority code for the 1.50% AAA bonus??

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Comment #4 by scott (anonymous) posted on
scott
https://www2.onlineaccountopen.com/deposits/affinity/index.cfm?AFFINITYGROUPID=10394&AFFINITYPRIORITYCODE=HA02B&REQ=OV&RequestTimeout=300

It is NEA account not AAA. Don't worry about being a member. They don't care

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Comment #5 by Anonymous posted on
Anonymous
thanks!

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Comment #6 by scott (anonymous) posted on
scott
https://www1.onlineaccountopen.com/deposits/affinity/index.cfm?AFFINITYGROUPID=10394&AFFINITYPRIORITYCODE=HA02B&REQ=OV&RequestTimeout=300

Not sure the link went thru correct

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Comment #7 by scott (anonymous) posted on
scott
Seem posting the link here not working, Go to Fat Wallet thread here and click on it
http://www.fatwallet.com/t/52/437553/

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Comment #8 by Michael becerra (anonymous) posted on
Michael becerra
Can this AAA money market account be serviced in BofA brick and mortar locations? Anybody have experience with adding POD?

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Comment #9 by scott (anonymous) posted on
scott
I opened both NEA and AAA online but use my branch to service account. BoA does not have POD but you can do ITF (In Trust For). After opening accounts online I went into branch and had them change accounts to ITF, Takes about 5 minutes

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Comment #11 by Michael (anonymous) posted on
Michael
Is there a requirement for an advantage checking to get the great rate on this AAA money market?

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Comment #12 by scott (anonymous) posted on
scott
No requirement to get any checking account. AAA/NEA accounts are now 5.40% for $50k+ and can write 3 checks a month. Also got my First statement for NEA account and with the bonus rate got a sweet 6.46% APY

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Comment #13 by Anonymous posted on
Anonymous
anyone in CA have success with this account working properly? i have read that in CA the interest doesn't get credited correctly. thanks.

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Comment #14 by Anonymous posted on
Anonymous
Had no trouble for the first 3 statements. Then the rate changed but a quick phone call to them had it sorted out. Now, let's see what they do next month :-)

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Comment #15 by Anonymous posted on
Anonymous
great, this is really something useful, i will give a new article on this subject on www.dealunion.com, so that more people will be able to know this.

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Comment #16 by Anonymous posted on
Anonymous
Does anyone know if money in this account qualifies for free stock trading by B of A? please let us know.

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Comment #17 by Michael (anonymous) posted on
Michael
Yes! I have this account and use the balance for $0 stock trades at my Banc of America Investment account.

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Comment #18 by Michael (anonymous) posted on
Michael
Just FYI, BofA DOES have POD. I went in and got my account changed to POD.

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Comment #19 by Anonymous posted on
Anonymous
dealunion is a well known SPAMMER who spams about his site dealunion.com

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Comment #20 by Anonymous posted on
Anonymous
Got a letter from AAA last week that says their relationship with Bank of America (BoA) will expire on 12/31/2007. It looks like that means I will no longer be getting the nice rate of interest on their Money Market Account. A shame since this account balance also qualifies me for their (free) Advantage Cheking and for $0 commission trades in their Banc of America brokerage account.

The letter says that AAA will be coming out with "an important new banking partnership" in January 2008 (for FDIC insured products), but no further details are offered.

Has anybody who has a BoA money market account through NEA also gotten a similar letter? I'd like to keep a high yielding account with BoA such a what's offered through NEA (and I qualify), but if it's going to disappear at the end of December as well, I guess there's no point.

I'm open to suggestions, and would appreciate any comments....

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Comment #21 by Anonymous posted on
Anonymous
Im looking to open an account for my daughter.. more like a fixed deposit account.. the plan is me and my husband would deposit $500.00 each a total of $1000.00 per month in this account on my daughters name.. but she should not be able to take any money out until she turns 18 for college.. and if needed me and my husband should be able to take money out together.. one shouldnt be allowed to take any money out widout the other ones consent... IS THERE ANY SUCH ACCOUNT?.. oh and definately the one that pays the best interest... THANKS for the HELP in advance!

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Comment #22 by Banking Guy (anonymous) posted on
Banking Guy
I'm not sure if accounts with the features you describe exist. 529 accounts and custodial accounts may be close. BofA may offer custodial accounts. Here are some government info on these: intro to 529 plans and Custodial Accounts.

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Comment #23 by Anonymous posted on
Anonymous
As of September 11, 2008 the interest rate on the ex-AAA money market account is 1.91%. rates have been falling slowly but steadily for the past 8 months

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