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Update on Bank of America's High Yield Money Market Savings Account


Update 10/27/07: Rates have continued to fall on this account. Please check BoA's website for latest rates.

The rates went down slightly on BoA's Defenders of Wildlife (DW) Money Market Savings Account. But the rates still remain very competitive with the top yield of 5.69% APY. It appears the rates are changed on Fridays. Here's the current rate table for Texas (rates vary some by state). These same rates also apply to the Humane Society of US (HS) Money Market Savings Account.

Balance Rate APY
Less than $2,500 2.97% 3.01%
$2,500 - $9,999 5.20% 5.33%
$10,000 - $24,999 5.30% 5.43%
$25,000 - $49,999 5.30% 5.43%
$50,000 - $99,999 5.55% 5.69%
$100,000 - $499,999 5.55% 5.69%
$500,000 - $2,499,999 5.55% 5.69%
$2,500,000 and over 5.55% 5.69%

From the comments of of the previous post, there was some confusion about this account. It's important to remember that this is not BoA's typical savings account. It is not available at BoA's branches. I was told by the banking rep via the online chat that it's only an online offer.

A reader left a comment in the last post with some more background on this account. From his conversations with the BoA Affinity department, he was told that these charitable accounts are holdovers from the MBNA buyout, and BoA keeps quiet about them as they don't want a lot of clients moving to 5%+ interest rates. There have been other BoA affinity accounts (AAA and NEA) that have had similar high rates for the last several months (see post). Those accounts were intended to be for AAA or NEA members. However, these DW and HH accounts do not have any implied requirements for an organization membership.

Another important note is that this Money Market Savings is a bank savings account that is FDIC insured. It is not a brokerage money market fund. For more details of this account, please see my last week post.

Thanks to the reader Scott who mentioned this rate update.

Related Pages: savings account, Bank of America

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Anonymous   |     |   Comment #1
Any suggestions where to transfer $100K out of FNBO when they change their rates at month end?
Killer Spinach
Killer Spinach (anonymous)   |     |   Comment #2
i talked to BOA on the phone and was told i could only transfer $1000 a day out of the defenders of wildlife account online.

other people have posted different transfer limits.

btw, i found the quickest way to talk to a live human at BOA is to say you're not a current customer.
glxpass (anonymous)   |     |   Comment #3
Note that the DOW APY for California tends to be .02% higher. Currently down from 5.73% to 5.71%
glxpass (anonymous)   |     |   Comment #4
Sorry, meant to say "Currently down from 5.73% to 5.71% at highest tier."
Anonymous   |     |   Comment #5
I also pulled up my "brand new" Cash Maximizer Savings account info page. California BoA shows a small decrease in the rate/apy. I checked under the $50K apy and yesterday it showed 5.73% today 5.71%. Now if this doesn't go down every Friday we may still be ok. Still a decent rate for liquid money.
mk (anonymous)   |     |   Comment #6
killer spinach,

Most BofA reps don't even know about this account. I went to my local benach to make the deposit today and sat in office of an associate to confirm that this account and rates were legit.

She had absolutely no idea until I showed her (thanks again to banking guy) how to see the offer.

So, I won't trust the info that a CSR from BofA gives on this type of account. If you have a checking account with them, just try to move a couple of K out and IN.

Usually BofA's online disocunt brokerage gives $0 trades if you have over $25k in deposits with them. Will deposit in Def of Wildlife be elligibel? Afterall it is another savings account.
Marc Schoenfeld
Marc Schoenfeld (anonymous)   |     |   Comment #7
I can speak to the fact that when I had over 25k in my AAA afinity MM savings account with bofa, it did count towards the free trading. And when you dip below, it takes them a few weeks to realize it...
Anonymous   |     |   Comment #8
Curious to see how many people get set up in the wrong accounts with a lower rate than expected.
Anonymous   |     |   Comment #9
Oh...how to see that I am having the right rate? I can't see any information about this after I login the online banking.
Marc Schoenfeld
Marc Schoenfeld (anonymous)   |     |   Comment #10
What i just did is called the afinity banking phone number (in the comments on the original post from last week.) I told the woman my account number and asked her to verify that she can see in the way the account is coded that I will be getting the specified rate and she said yes, she sees that.

With the AAA afinity account several months ago, I had significant money that didn't get the right rate (I got 0.5% vs. 5%) and they credited me the difference in interest for the 12 days or so that it was wrong.
Anonymous   |     |   Comment #11
I've had the LL Bean credit card affinity rate for a while (rollover from MBNA)and as of last Friday it was also 5.71 APY for 50K and up (maybe changed today though). It has historically been above 5% for 50K plus. You won't find this rate posted anywhere, but a check with the Affinity Rep will verify the current rate. The credit card is free and another plus is free shipping from LL Bean within the USA.
Anonymous   |     |   Comment #12
some reported they opened this account by phone on fwf. wonder if this account would have as many interest incorrect problem as the NEA
Kurt (anonymous)   |     |   Comment #13
I also spoke to a CSR and was given the information that I could write checks from Defender Money Market Account but I'm still skeptical...Does anyone else have similar knowledge?
green tube
green tube (anonymous)   |     |   Comment #14
yes you can write checks. i think it's limited to 3 checks per month.

i know there's a max of 6 withdraws monthly, and i believe only 3 of them can be by check.
Brian (anonymous)   |     |   Comment #15
I transferred over $100K out of my FNBO account into my Bank of America money market account. I spoke to an officer at the bank, and I was immediatley upgraded to the affinity account earning 5.71%
Call 1-800-696-6346

affinity code # 23328
Anonymous   |     |   Comment #16
The rate dropped to 5.5% in the week end .
Anonymous   |     |   Comment #17
What is the "affinity account "?
Anonymous   |     |   Comment #18
*ALERT* I just inquired into my BofA Defenders of Wild Life "Cash Maximizer" account. The interest rate was quoted by their reps as much lower, at least 2% points. It took me almost 2 hours to get the account corrected. I finally was connected to an Affinity Accounts Supervisor and he was competent enough to "make it right". Anyone that has opened this account should check it out very quickly.
Anonymous   |     |   Comment #19
Alert is right. Customer service at bank of America is a joke. After following all the proper steps in signing up, I checked my account today only to be told that my interest rate was 0.25% not 5.71%. I've been on the phone an hour and 40 minutes so far, and have even guided the bank representatives as to how to find the rate table on their own website. One even admitted an incorrect code was inputed but could do nothing about it. My advice is don't put your money in this bank. It will be nothing but trouble.
Anonymous   |     |   Comment #20
Don't give up! It may take some time to speak to someone with authority but this rate is too good to let pass by. Explain to the rep. that this is an Affinity Account and that will lead you in the right direction. Like you, I lead someone through the steps and they could see the rate posted but they were so incompetent that they kept passing me off to someone else. Finally I said, NO, I need to talk to a Supervisor and He was able to add the word Affinity to the Cash Maximizer Account and the APY yield of 5.71% ($50K)is now established. (of course this may go down a bit with time) Persevere, you can see the Charitable Causes Money-Market account in front of you and you signed up Online for the Cash Maximizer Savings and you won't take anything else. Good Luck!
mk (anonymous)   |     |   Comment #21
On my $50,000 deposit with BofA's Defenders of Wildlife account ... checks tendered on counter at a BofA branch on Sept 14, I received an interest in the amount of $29.95 creditted 9/20.

Per my calculation, the interest amount on $50k for 6 days at 5.55% APR should be $45.xx, so this is approximately 4 days of interest.
Anonymous   |     |   Comment #22
i noticed that BofA is charging
$3 for outbound transfer and
also imposing daily limits.
i was going to transfer funds
into the Defender of Wildlife
account, but now have second
thoughts. have anyone else
notice this too?
scott (anonymous)   |     |   Comment #23
Big drop in DoW. Looks like it's time to transfer back to AAA, 5.18% 5.30%APY

Less than $2,500 2.96% 3.00%
$2,500 - $9,999 4.55% 4.65%
$10,000 - $24,999 4.65% 4.75%
$25,000 - $49,999 4.65% 4.75%
$50,000 - $99,999 4.90% 5.01%
$100,000 - $499,999 4.90% 5.01%
$500,000 - $2,499,999 4.90% 5.01%
$2,500,000 and over 4.90% 5.01%
Cyclone (anonymous)   |     |   Comment #24
Banking Guy and others,

Do note that BoA & AAA are parting ways after 12/31/07. Thus, the AAA money market that Banking Guy refers to goes buh-bye. The other affinity/my expression accounts are unaffected.