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Bank of America

4.25% 3-Month CD and 3.86% Money Market Account at Bank of America


Update 10/25/08: These rates didn't last long. They're now much lower. As of 10/25/08, the 90-day CD yield is 3.24% APY and the MMSA yield is 2.82% APY. Please check Bank of America's website for the latest rates.

Bank of America is offering attractive rates on some of its MyExpression Banking products. This includes a 4.25% APY CD with terms of 90 to 179 days. The minimum deposit is $1,000. Also, the Money Market Savings Account has a yield of 3.86% APY for balances of $5,000 and above.

Update 10/17/08: Readers have reported problems in the online application and problems with Bank of America honoring the listed rates. The listed rates have actually increased this morning (CD APY is 4.28% and the MMSA APY is 3.93% APY). Here is a snapshot of the CD rate table. Only certain MyExpression Banking organizations list these rates. I've confirmed these for the Defenders of Wildlife (DoW) and The Society of Mechanical Engineers. Also, rates may vary by state. Update: I called Bank of America at 1.800.414.4229, and asked about the rate of the MyExpressions DoW CD for terms of 90 to 179 days. The CSR quoted me the same rate as listed on the website, 4.28% APY. She said you could apply online or by phone for this, but it's important that DoW be selected or the regular (low) rate would apply.

Last year I first mentioned the MyExpressions Money Market Savings Account which was then offering yields of 5.71% APY. The yield didn't remain competitive, and for much of this year it has been under 3%. However, the yield has recently gone way up, and is now a very competitive 3.86% APY. Note, this 3.86% APY for balances over $5K is shown in the rate table that can be viewed by selecting the "Rates & Fees" tab. There's a minimum balance of $2,500 to avoid a $12 monthly maintenance fee.

If you're concerned about the yield falling on the money market account, the CD would be a better choice. The online application allows you to select any term from 90 to 179 days.

MyExpression Banking has many different organizations, but not all have the high MMA and CD rates. One organization that has consistently offered high yields is the Defenders of Wildlife (DoW) Charitable Cause. I described how to get to the rate tables for this account in my post from last year. You do not have to be a member of the organization to open these accounts.

As I reported last year, these accounts must be opened online. They are not available at Bank of America branches.

Credit for this CD find goes to this BestCashCow post.

Related Pages: CD rates, Bank of America

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maggie (anonymous)   |     |   Comment #1
I have been trying opening this CD for three days and it failed on the last procedure, when I elect to fund the CD with other bank account. Bank of America would show up that "suggest to the technical problem, if .... or try again in other time"
I haven't tried it yet today. I would like to know if anybody has his luck on this offer.
Anonymous   |     |   Comment #2
Maggie, the same thing happened to me. You can just do one of the options they suggested at that point, namely, call them and open the CD by phone with someone in their CD department. You can then mail them a check. Funding it electronically is apparently not an option when you have to open it this way (unless you're funding it from another Bank of America account).

By the way, if you were given a confirmation number with any of the application attempts, you should speak with someone in their online banking department to get those cancelled.

I was told they do a hard credit pull if you have not opened another Bank of America account within the preceding 60 days. Whether abortive application attempts result in hard pulls I can't tell you, but I hope not.
Anonymous   |     |   Comment #3
That what I've told about CD using online chat with BofA rep:
Byron: I have just told my manager about that issue, and it has been reported. Apparently the 4.25% APY is not available at all. The rate would be 1.49% with a 1.50% APY for a 90 - 179 day CD under DOW.

Couple days before we opened DoW MMS account online (advertized APY 3.86%), but in welcome package and via e-mails BofA didnot confirm offered on WEB APY.
Same options and rates they publish in Professionals section but in the end negative result is the same. They advertise special rates in my expression banking but later they rate opened accounts as regular ones.
What kind of business it is for that big and trustable before bank.
Anonymous   |     |   Comment #4
I also had same technical problem note.
I called and was told the rate posted is not correct.
They will e-mail me when a regional manager consults with the headquarters.

Go figure. I stop trusting BofA long time ago.
maggie (anonymous)   |     |   Comment #5
Yeah, Bank of America is really sucks. I did have a confirmation number even it showed up failed. Thus I called the 1-800 number to talk with the representative. She told me that I could deposit the check to local branch with my confirmation printout but the rate is definitely not 4.25APY, unless I have the confirmation email printed with the 4.25APY to prove it(the email dosen't specified the rate or terms). I had to spend two hours on the phone to prove that I am right by telling her how to pull out the defender of wildlife rate, because she dosen't know how to go to the page.
Anonymous   |     |   Comment #6
The 4.25% CD for 3 Month is not Defenders of Wildlife CD.

It is The Society of Mechanical Engineers CD.
Anonymous   |     |   Comment #7
FYI for those of your with BillPay Choice (ex-MBNA credit card bill pay system): Opening some types of BofA accounts makes BillPay Choice go away, leaving you with "native" abortive bill pay system that, among other things, cannot be used to pay credit cards. I do not believe that this would be an issue with CDs, but I cannot be sure about the MMA.
Anonymous   |     |   Comment #8
Stay away from Bank of America! Their customer service and online systems are the worst. It's hard to believe a bank can be this bad . I was a existing customer with an online account and opened a CD and money market through Wildlife Defenders account. I did not get the interested they quoted and they made the most basic errors opening these accounts. I made 15 phone calls to customer service and the CD account is still $30 dollars short on interest. They did every dirty trick in the book, "lost" faxes that were sent, can't confirm interest for that date - the list goes on. Their online system does not confirm the interest rate nor the account type when you open the account, only a confirmation number is given. When you call to correct the error they don't even refer to the confirmation number. B of A will try to scam you out of everything. Go to a reputable bank.
Anonymous   |     |   Comment #9
CSRs have no ideas what the defender of wildlife or The Society of Mechanical Engineers are.

They have done this to be able to cheat and redirect people to their regular CD or MMA. When you call, they sign you up for what ever rates are available at that moment.
Scheme anyone!
Anonymous   |     |   Comment #10
I disagree with some of you folks. I joined DOW last year when they had the fantastic rates. When the rate went down I moved all the funds out except a few cents to keep the account opened. As the rate has been raising for the past 3 weeks I have added to the account. I have this account linked with my Premier Checking account and move money back and forth as needed. By keeping most of my liquid funds in DOW I am gaining very good interest daily. I also really like the bill pay that BoA has. I use the online banking but usually go directly into the Center to make my deposits.
Anonymous   |     |   Comment #11
At the very end of the application, after I got the confirmation number, there is a disclaimer that states that investment products are not FDIC insured. Anybody know if this is true<
Banking Guy
Banking Guy (anonymous)   |     |   Comment #12
Banks that have brokerage units like Bank of America often have this disclaimer so customers will know that the non-banking products (i.e. stocks, bonds, mutual funds, insurance products, annuities, etc.) are not FDIC insured.
Anonymous   |     |   Comment #13
I applied for the 91 day CD at 4.28% and received the same error. I then applied for the My Access Checking since I have some CD's maturing eventually, $25 minimum opening deposit. Amazing! I was able to get to the fund via outside bank page by providing routing number etc LOL. Note: The Humane Society is another 4.28%. Tried again and this time wrote down the confirm for the CD and then received another error.
Anonymous   |     |   Comment #14
It appears that this promotional rates are good for other MyExpression at Bank of America; such as colleges & universities alumni, professional organizations, and other charitable causes. Of course, it all depends on who you select, and your geography. The tiny print says that the rates may change at any time prior to opening. Anyone successful in opening this account up at the posted rate. Were you a BankOfAmerica customer, and did you fund it with a Bank America account?
Anonymous   |     |   Comment #15
I got the same error when trying to fund the CD from an outside bank account. I also got an email saying they got my new account application and it will be a couple of days. You must authorize BofA to do a credit pull, even if you already have accounts with them and you sign into them online during the application.
Anonymous   |     |   Comment #16
I opened one of these when it was 3.54%. Does this rate increase as they up the rates/down the rates? So would my account have the new 3.96%? Hope someone can fill me in. Thanks.
Anonymous   |     |   Comment #17
I got same error at the end.
Than I tried again and again.
Same error at the end.

I checked my credit report online and saw three HARD credit pulls. My score dropped 22 points since yesterday.

I called and had no luck speaking with a knowledgeable CSR.

I give up on the BofA tricks and deceptions.
Anonymous   |     |   Comment #18
Sorry to hear that you have 22 points credit score down in one day. Are you currently a Bank of America customers ?(any credit card or account with them ?)
Anonymous   |     |   Comment #19
Following up on my post from last night, I received an email confirmation Saturday morning my checking account was approved and opened using an outside funding source. No response as of yet regarding the My Expressions fixed rate CD I applied for, however.
Anonymous   |     |   Comment #20
I had Risk Free CD with them. I could get it converted to DOW CD over the phone without any problems. Next day in my account the Risk Free CD changed to Fixed Term with 4.28 Apy.
Anonymous   |     |   Comment #21
To Anonymous, at 8:14 AM.

I spoke with a supervisor at TrunsUnion about the credit score drop of 22 points in one day, and this is her explanation:

The first credit pull was for new account with overdraft protection.

The second pull was for review of credit worthiness after reject.

The third was a report for abusive banking regulation for repeated application after rejection.

I never had any credit cards nor accounts prior to this with BofA.
dalosony (anonymous)   |     |   Comment #22
BofA have the 4.39% APY CD with terms of 90 to 179 days for NEA members.

Sally (anonymous)   |     |   Comment #23
I tried to open this CD online 10/17/08 and when I entered that I would fund from an account outside B of A it gave me a msg "technical difficulties" Upon calling B of A I was txr'd 3 times, and no one could (1) find the rate (2) help with the application (3) give me any info about either my problem or the rate. They also told me I could not open this account by phone. I believe B of A is the worst run bank to ever exist. The last CD I opened ( 12/2007) took over a month to fund, even though the bank had the funds the entire time. I had to file a complaint with Controller of the Currency to actually get the process moving.
david (anonymous)   |     |   Comment #24
I bet if you had a BOA checking account,moved the money in, then applied, you would not get an error. I am going to test it next week after my new My Access checking is funded, no min, no direct deposit req'd. Will move the CD monies into my new checking to see.

This my expressions program is for existing checking customers I bet. Look at the products, checking debit card, savings etc.

My problem with online checking accounts is that they just send a debit card without permission, resulting in a hard credit pull. An atm card wth checking does not require credit pull, BOA app does not provide a choice. I use billpay for everything. Have a debit card with my main bank.
Anonymous   |     |   Comment #25
i completed the application on 10/16.got a message that said i would be responded to by e-mail.on 10/17 received a processing approval.on 10/18 received a cancellation e-mail.i called 10/19 am trying to get it straigtened outand was disconnected.called pm on10/19 and was given assurance it was in process for a 92 day 4.32 % cd.they say they are sending necessary paperwork by mail.this lunatic way of hiding rates under logos is nuts .last year iwent to the local branch to straighten a 2007 cd and they were totally in the dark regarding its exitence.this levelo f service for the biggest bank in the usa is amazing.
Anonymous   |     |   Comment #26
To whom it may concern.
I do not have and have never had an account with BOA. After reading these posts I do not want one. Anyway, I had a 10000 country wide cd mature today. They offered me a little higher rate to renew which I refused since I don't do CD'S for less 5% or longer than 2 yrs . Then they offered a $ 50.00 reward if I would open a BOA checking account which I also refused. I am passing this info along in case anyone is going to renew a CW CD or open a BOA checking account. This may be a sign they are going to make some effort to keep countrywide customers.. I sure do hate to see CW go as I loved their rates and transfer service.
maggie (anonymous)   |     |   Comment #27
Just FYI. Bank of America representative called in this morning, since I did try the application again over the weekend. The same thing happened as before, I was told that I can fund the money at the local branch and the rate will be 1.50% APY. This is not what I applied for(4.28% APY).
I also asked him about the hard credit pull on the application. He confirms that there is no credit pull for CD as I am current Bank of America customer(have credit card with them).
Anonymous   |     |   Comment #28
On Friday, 10/17/08, I applied online for the 4.28% CD and everything appeared to go OK. Got a couple of e-mails that said application is in process, and funding from other bank will take a few days. On Saturday, 10/18/08, I applied for the the MyAccess Checking Account, eveything went OK, and by Sunday, 10/19/08, received e-mails that the checking account was established and funding from other bank was successful. I called BofA customer rep to inquire about the CD application because the checking account application was approved so fast and approved before the application for the CD. Customer rep told me that the funding request from the other bank did not go through. She recommended I cancel the CD application. This evening, I received e-mails stating that the CD application had been cancelled because funding request did not go through. So even though the entire online process for the CD application appeared to go through successfully, I still could not get the CD.
Anonymous   |     |   Comment #29
How does one verify trial deposits made by BOA to my other account. Signed up for online banking and see the two deposits in my external account. No where to verify at BOA 'S system CSR's have no clue about ACH!
Anonymous   |     |   Comment #30
CSR tells me now they just make the deposits then withdraw without verification! LOL!
advait (anonymous)   |     |   Comment #31
The rate has been reduced to 3.34% for 3-6 months.
Anonymous   |     |   Comment #32
i had written in this blog at 7:24 pm 0n 10/19 re a 3mo cd.i boa told me a written set of istructions would be forthcoming to get the cd.i called 10/24/08 an i found out the csr was wrong.my paper work had been cancelled.so much for customer service from the largest us bank
Anonymous   |     |   Comment #33
I have same frustrating experiences as above users.
Do not apply for this CD !!!!!
Anonymous   |     |   Comment #34
An update from my experience a few weeks back. I received a personal call from a BOA rep a week ago regarding the CD app. After discussing the funding issues they extended my app a week. Took a week alone to fund my checking account. I blew it off since the rates dropped but voolah received a follow up today from a rep LOL! They will honor the rate and gave me 4 more days to get he money into the checking. Fortunately I set up ACH transfers into BOA from my other bank. BOA does not allow one to initiate an incoming transfer from the Bank unless its part of new account funding.