2.00% Money Market Account with Rate Guaranteed until 2010 at Bank of America for NEA Members

Update 8/21/09: The 2% money market promotion is over, but there is still a 60-day intro rate, and the standard rate continues to be competitive. Rates are listed at this page.

Bank of America is offering an NEA-sponsored money market account with a rate guarantee of 2.00% APY through 12/31/09. Details of this offer are described at this NEA webpage. NEA is the National Education Association and is composed of active, student and retired teachers. According to the NEA webpage, the offer is only available to NEA members. Some important details of this offer described at the NEA webpage include:

• Accounts must be opened by 8/15/09
• To open account, call 1-800-215-2727 and mention Group ID #62982. (Mon-Sun, 7 a.m-10 p.m.ET)
• $5,000 minimum opening deposit (new money)
• The NEA-Sponsored Money Market Savings APYs are available exclusively to NEA members who open their accounts by phone
• These rates and APYs do not apply to accounts opened at Bank of America banking centers

Bank of America has long been offering this NEA affiliated money market account. I first reported on it in this 2006 post. There's also a long FW thread on this account. There used to be an AAA affiliated money market account, but that ended in 2008. More details of the NEA-affiliated money market savings account are provided at this website. The rates have always been based on the LIBOR rate so they've remained competitive. The standard rate for balances of $500 to $49,999 is 1.50% APY as of 8/10/09.

Readers have reported that Bank of America doesn't check one's NEA status. However, I've been told by a Bank of America CSR that you are suppose to be a NEA member to open this account. Since the NEA membership requirement is also stated at the NEA webpage I'm considering this deal limited to NEA members.

Credit for this find goes to FW member PhoenixDude who mentioned it in this FW thread.

For other high-yield savings and money market accounts, refer to my weekly rate summary.

Tags: money market accounts, Bank of America