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Bank of America's Money Market Savings Account Yield Up to 5.12%


Bank of America's Defenders of Wildlife (DoW) Money Market Savings Account had a significant rate increase on all tiers today. The top yield is 5.12% APY for balances over $50,000. It's nice to see a savings account rate increase. Bank of America tweaks the rates on this account every Friday, and most Fridays the rates have been declining since I first reported on this account in September. Below is the list of the rates for all the tiers:

Tier Interest Rate APY
Less than $2,500 2.96% 3.00%
$2,500 - $9,999 4.65% 4.75%
$10,000 - $24,999 4.75% 4.85%
$25,000 - $49,999 4.75% 4.85%
$50,000 - $99,999 5.00% 5.12%
$100,000 - $499,999 5.00% 5.12%
$500,000 - $2,499,999 5.00% 5.12%
$2,500,000 and over 5.00% 5.12%

Note, rates may vary slightly by state. The above rates are for Texas. There's no direct link to this rate table. The closest link takes you to the MyExpressions Banking DoW page. From here, you have to click on the small right arrow on the right side of the Savings block to change to the Money Market Savings. Then you have to click on "Rate & Fees" link and than on the "More" link.

I have more details about this account in my September post. It's important to note that it's not available at BofA's branches. You have to open it online.

The Other Affinity Accounts

This DoW Money Market now has higher rates than the rates of the AAA and NEA Affinity Money Market Accounts. These rates are based on the Money Fund Report (MFR) averages. The top yield for these accounts is currently 4.70% APY for balances over $50,000. For more details about these accounts, please refer to this 2006 post or this FW thread.

Several readers who have this AAA Affinity Money Market Account mentioned that they've received a letter from AAA stating that their relationship with BofA will expire on 12/31/07. So these high rates may not last.

Thanks to the readers who've sent me info on these changes.

Bank of America continues to offer some decent yields on its 4-month online CDs, and last week they were having a 4-month CD special with a yield as high as 5.20% APY at many of their branches. For more info on these Bank of America CDs and other promotions, please refer to this Bank of America post.

Related Pages: savings account, Bank of America

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Anonymous   |     |   Comment #1
Are there different rates for new accounts versus existing ones? My latest statement showed 4.40% APY for the month for the $10-25K tier. This while my NEA account showed 4.72% for the same tier.
Anonymous   |     |   Comment #2
I don't know if I made a mistake, but I had $81K in NEA and today I moved it back into DOW. I didn't think about the daily average balance. My statement usually comes out around the 21st of the month, so I'm about half way through the cycle. Just wondering what interest I will make this month on my funds. NEA 4.71% and DOW 5.12% today.
Anonymous   |     |   Comment #3
Hi Banking Guy:

Are rates paid on Defenders of Wildlife Affiliation also based
upon rates refelcted in the Money Fund Report (MFR) averages as is the case with Triple A? Thanks for your invaluable help:-)
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
No, the DoW rates are not based on the MFR rates. So these DoW rates could change next week. In September, the high rates lasted a few weeks before there was a big drop. My guess is that it'll be similar in this case.
Anonymous   |     |   Comment #5
The posting of September 20, 2008 mentions that the Defend of Wildlife MM account was paying 2.53%.
The BoA website also indicates that rate.

I called up the bank and they said the rate on the website is wrong.

Elle (anonymous)   |     |   Comment #6
Hi Banking Guy,
The BoA website posts conflicting info about the minimum balance required to earn the 3.51% APY...

Under 'Details' it states
"3.45% interest rate [equivalent to 3.51% APY] with balance from $50,000 up to $100,000"

But on the 'Rates and Fees' table, it appears that all balance tiers above $5000 earn this rate.

Which is more accurate? Can any DoW MMA account holders comment?