5.71% Money Market Savings Account at Bank of America read and submit comments for this post

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

Bank of America is offering a Money Market Savings account with a yield of up 5.71% APY. It's not their typical savings account. But unlike their affinity money market accounts that I mentioned last year (see post), there are no implied membership requirements. I've confirmed with the banking rep that anyone can apply.

It's the MyExpressions Banking, Defenders of Wildlife, Money Market Savings Account. Here's the direct link. Due to the fancy website they have, this might not take you directly to the rate table. So here's how to get to this page from Bank of America's home page:

• From the home page, Click on "MyExpression Banking New!" link. That will take you here.
• Click on "See All" under Charitable Causes. That will take you here.
• Click on the Defenders of Wildlife "Shop for products" link. That'll take you here.
• For the Savings product, click on the right arrow of the "More savings options, 1 of 2". This should take you to 2 of 2.
• Click on "Rates & Fees" and then the "More" link. The rate table should then appear.

I've noticed that this rate table changes a little for different states. Here is the rate tier for Texas:

Balance                 Rate    APY
Less than $2,500        2.96%   3.00%
$2,500 - $9,999         5.22%  5.35%
$10,000 - $24,999       5.32%  5.45%
$25,000 - $49,999       5.32%  5.45%
$50,000 - $99,999       5.57%  5.71%
$100,000 - $499,999     5.57%  5.71%
$500,000 - $2,499,999   5.57%  5.71%
$2,500,000 and over     5.57%  5.71%

As you can see, even the low tier between $2.5k and $10k is a very respectable 5.35% APY. Here are some of the important terms of this money market savings account:

• Minimum opening balance of $1000
• Minimum daily balance of $2,500 to avoid $12 monthly maintenance fee
• Write up to a total of three checks each monthly statement cycle
• If transactions exceed the legal limit (6 withdrawals, 3 by check), $10 per transaction
• Hard credit pull when you apply as a new customer
• No fees to close the account at anytime.

I checked the savings accounts for the other charitable causes, and all had much lower rates. So I thought there might be a mistake. I did an online chat session with the banking rep, and when I asked why the rate was so much higher than the others, he said "Great Question, this rate just became available, enjoy the high rate and open a new account." So it's hard to say if this will last. Unlike the affinity accounts, this one isn't indexed with the MFR, so it could change at any time in the future. But according to the rep, there are no closing fees. He did say there's a hard credit pull. However, readers have noted this can be avoided if you already have a BoA account and log in during the application.

We'll have to wait and see how long these rates will last. I'm sure many people may be a little distrustful of Bank of America. I've been hit with fees on my past accounts, and many readers have also reported being hit with fees. I've been able to get the fees waived after complaining, but it's always a hassle. Also, several readers have reported problems receiving sign-up bonuses. But there are some advantages of having an account at a major bank with a nationwide network of branches and ATMs.

For more Bank of America accounts and promotions, please see my Bank of America promotion post.

Thanks to the reader who mentioned this money market account in the finding deals post.