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2.50% Money Market Account with Rate Guaranteed till Jun 30th at Bank of America in Texas

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Bank of America
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.

Thanks to the reader Duck who mentioned this promotion in the Daily News & Deals post.
  Tags: money market accounts, Texas, savings account, Bank of America

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Comments
5 comments.
Comment #1 by Anonymous posted on
Anonymous
this is not correct. I contacted them

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Comment #2 by Anonymous posted on
Anonymous
I opened this account today. No problems. Info is correct.

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Comment #3 by Anonymous posted on
Anonymous
Since Bank of America is spread out across the country, they have separate operating divisions of the bank. Rates vary depending on the local market. I don't play the temporary rate promo game which then plummets right after the promo period ends. In order for that to benefit me, I would need to invest a six figure sum of money, but given the problems with Bank of America recently, I wouldn't bite.

1
Comment #4 by Rockie (anonymous) posted on
Rockie
Alliance Bank, a community bank based in Sulphur Springs, Texas has a great rate on a checking account. They call it Freedom Checking and it is paying 5% on the balance with no minimum balance required. Of course there are hoops one has to jump through to get that great rate, but they are easy to meet. One must have one automatic deposit once per month, get their bank statement online, login to their Internet banking once per statement cycle, and have 10 debit card transactions. If all the criteria are met, not only do you earn the 5%, you will also get ATM surcharges refunded, up to a max of $50.00 per month. This is a really nice account and it is from a solid community bank--not one of those big mega banks that is having financial problems. The community banks do a much better job, plus they support and spend money right here in our own towns. This bank has branches in Rockwall, Greenville, and in Commerce near Texas A & M-Commerce. Their ATM in Commerce is brand new!

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Comment #5 by Anonymous posted on
Anonymous
There are select BOA Branches in New York offering this. However I tried looking into what a "Growth Money Market" savings is and on BOA's site doesn't give any information

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