Dedicated to Deposits: Deals, Data, and Discussion

Money Market Account Deal at Bank of America for NEA Members

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Bank of America

Bank of America continues to offer the NEA-sponsored money market account with rates indexed with the average 1-month LIBOR. In addition, there's a 60-day new-account promo rate that's one percentage point above the standard rates. Details of this offer are described at this NEA webpage and at this Bank of America page. It's a tiered money market account with a top rate of 1.25% APY for $50K+. The rate is 1.15% APY for balances of $500 to $50K. The 60-day bonus rate is 2.24% APY for $50K+ and 2.14% APY for $500 to $50K. These rates are listed at the BofA page as of 5/13/2010.

EverBank's 2.25% promo is 30 days longer, but only the first $100K qualifies for this rate in the checking account ($50K in the money market account). There doesn't appear to be a limit for this NEA Bank of America special.

NEA is the National Education Association and is composed of active, student and retired teachers. According to the NEA webpage, the offer is "Provided by Bank of America exclusively for NEA members and their families." However, readers have reported that Bank of America doesn't check one's NEA status. Nevertheless, I'm considering this deal limited to NEA members.

Some important details of this offer described at the NEA webpage include:

  • $500 minimum opening deposit
  • Limited check writing is available
  • Accounts can be opened online or by phone
  • These rates 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. The rates have always been based on the LIBOR rate so they've remained competitive.

Thanks to the reader who mentioned this 60-day promo rate in the Open Discussion Thread.

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  Tags: money market accounts, Bank of America

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