Bank of America is offering attractive rates on some of its MyExpression Banking products. This includes a 4.25% APY CD with terms of 90 to 179 days. The minimum deposit is $1,000. Also, the Money Market Savings Account has a yield of 3.86% APY for balances of $5,000 and above.
Update 10/17/08: Readers have reported problems in the online application and problems with Bank of America honoring the listed rates. The listed rates have actually increased this morning (CD APY is 4.28% and the MMSA APY is 3.93% APY). Here is a snapshot of the CD rate table. Only certain MyExpression Banking organizations list these rates. I've confirmed these for the Defenders of Wildlife (DoW) and The Society of Mechanical Engineers. Also, rates may vary by state. Update: I called Bank of America at 1.800.414.4229, and asked about the rate of the MyExpressions DoW CD for terms of 90 to 179 days. The CSR quoted me the same rate as listed on the website, 4.28% APY. She said you could apply online or by phone for this, but it's important that DoW be selected or the regular (low) rate would apply.
Last year I first mentioned the MyExpressions Money Market Savings Account which was then offering yields of 5.71% APY. The yield didn't remain competitive, and for much of this year it has been under 3%. However, the yield has recently gone way up, and is now a very competitive 3.86% APY. Note, this 3.86% APY for balances over $5K is shown in the rate table that can be viewed by selecting the "Rates & Fees" tab. There's a minimum balance of $2,500 to avoid a $12 monthly maintenance fee.
If you're concerned about the yield falling on the money market account, the CD would be a better choice. The online application allows you to select any term from 90 to 179 days.
MyExpression Banking has many different organizations, but not all have the high MMA and CD rates. One organization that has consistently offered high yields is the Defenders of Wildlife (DoW) Charitable Cause. I described how to get to the rate tables for this account in my post from last year. You do not have to be a member of the organization to open these accounts.
As I reported last year, these accounts must be opened online. They are not available at Bank of America branches.
Credit for this CD find goes to this BestCashCow post.