Bank of America is adverting a promotional money market savings account in Texas with a 2.50% APY guaranteed through 6/30/2009. The APY applies to balances between $10,000 and $250,000. To qualify for this APY, it requires $10,000 minimum in new funds and you must have one of the following: Advantage checking, a Small Business with a Business Checking account or a Premier or Private Bank relationship. The promotional money market savings account automatically converts to a Growth Money Market Savings account after 6/30/2009. This special doesn't seem to be listed at Bank of America's website. It was advertised in Friday's Dallas Morning News. The ad is available online here. This special appears to only be available in Texas. I have not seen this advertised in other states.
The 2.50% APY is not the best yield for a savings account, but it's now a higher rate than many online savings account rates. The rate lock is a nice feature when rates continue to decline. One downside is the checking requirement. The Advantage Checking has a $20 monthly fee unless you meet certain balance requirements. I'm not sure of the monthly fees associated with the Promotional Money Market account or the Growth Money Market Savings account. As is common with Bank of America, you have to keep a close eye on fees.