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Bank of America's Money Market Savings Account Yield Up to 5.12%

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Bank of America
Bank of America's Defenders of Wildlife (DoW) Money Market Savings Account had a significant rate increase on all tiers today. The top yield is 5.12% APY for balances over $50,000. It's nice to see a savings account rate increase. Bank of America tweaks the rates on this account every Friday, and most Fridays the rates have been declining since I first reported on this account in September. Below is the list of the rates for all the tiers:

Tier Interest Rate APY
Less than $2,500 2.96% 3.00%
$2,500 - $9,999 4.65% 4.75%
$10,000 - $24,999 4.75% 4.85%
$25,000 - $49,999 4.75% 4.85%
$50,000 - $99,999 5.00% 5.12%
$100,000 - $499,999 5.00% 5.12%
$500,000 - $2,499,999 5.00% 5.12%
$2,500,000 and over 5.00% 5.12%

Note, rates may vary slightly by state. The above rates are for Texas. There's no direct link to this rate table. The closest link takes you to the MyExpressions Banking DoW page. From here, you have to click on the small right arrow on the right side of the Savings block to change to the Money Market Savings. Then you have to click on "Rate & Fees" link and than on the "More" link.

I have more details about this account in my September post. It's important to note that it's not available at BofA's branches. You have to open it online.

The Other Affinity Accounts

This DoW Money Market now has higher rates than the rates of the AAA and NEA Affinity Money Market Accounts. These rates are based on the Money Fund Report (MFR) averages. The top yield for these accounts is currently 4.70% APY for balances over $50,000. For more details about these accounts, please refer to this 2006 post or this FW thread.

Several readers who have this AAA Affinity Money Market Account mentioned that they've received a letter from AAA stating that their relationship with BofA will expire on 12/31/07. So these high rates may not last.

Thanks to the readers who've sent me info on these changes.

Bank of America continues to offer some decent yields on its 4-month online CDs, and last week they were having a 4-month CD special with a yield as high as 5.20% APY at many of their branches. For more info on these Bank of America CDs and other promotions, please refer to this Bank of America post.

  Tags: savings account, Bank of America

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