AAA Bank of America MMA

[sweeps]

Bank of America has a new money market savings account through AAA. (Source - Direct Link)

For savers with low balances, it's not that great (although it's better than ING). But for savers with high balances, it's fantastic:

Daily Balance APY
Less than $2,500 4.57%
$2,500 - $9,999 4.83%
$10,000 - $49,999 5.10%
$50,000 and over 5.36%

[Ima saver]

Re: AAA Bank of America MMA

Thanks sweeps!

[Bluezy]

Re: AAA Bank of America MMA

BOA had to do something. They paid the lowest interest of any bank I knew of, giving the customer no incentive to stay after the 90 wait period for the recent $125 sign up bonus for checking and savings.

Will monitor this offer for future consideration. Thanks for posting!

[scfr]

Re: AAA Bank of America MMA

We have this account. It used to be an MBNA account (called the AAA GoldSavers Account), but MBNA was just taken over by BofA. It will be interesting to see if the rates go down now that BofA is running it....I'm hoping the rates stay high, but won't be surprised if they go down.

We've been very happy with it becaue of the good rates, and because you can write checks on it (tho the number of free checks per month is limited).

Since it doesn't have on-line banking, we use it more as a "park the money and earn interest" account than an active-use account.

(PS - I'm new to the board, and am so happy to have found a group of like-minded folks!)

[Ima saver]

Re: AAA Bank of America MMA

Welcome scfr, glad you have joined us. This sounds like a money market acct. What interest rate are you earning? I have a local m/m paying 5.25% right now.

[Broken Arrow]

Re: AAA Bank of America MMA

Sigh. That wouldn't work for me. The only reason why I have a MMA to begin with is to park my EF. Which means, I'd like to have as low of a minimum balance as possible. Also, if I have any money beyond that, I'd prefer to either pay down my debts or invest it. Of course, that's just me, so Your Mileage May Vary.

[poundwise]

Re: AAA Bank of America MMA

For savers with low balances, it's not that great (although it's better than ING). But for savers with high balances, it's fantastic...

For high balances, as in $50,000 or over, sure... otherwise, this is not a particularly good offering. There are at least eight other MMAs currently offering greater than 5.10% without requiring nearly so high of a balance to do so.

[sweeps]

Re: AAA Bank of America MMA

For one of the Big 3 banks (Citibank, Chase, BoA), I would consider 5.10% very good and 5.36% to be excellent.

[CRFSaver]

Re: AAA Bank of America MMA

dont be surprised if you see it become less competative over time. bank of america has gotten very good at collecting deposits over the years. IN particular low cost deposits such as checking deposits. MBNA and the other monolines had to offer accounts like these as they never had branches to get checking deposits

[scfr]

Re: AAA Bank of America MMA

2-plus months after MBNA was merged in to BofA and our rate has not changed. I can't tell you how pleasantly surprised we are.

[scfr]

Re: AAA Bank of America MMA

Here's a negative update on our BofA AAA account: We mailed in an additional deposit recently. BofA will post part of our deposit 5 business days later, and the balance of our deposit 7 business days later. The check we mailed in cleared our bank immediately. That means 1 or 1-1/2 weeks with our money sitting in limbo land earning no interest whatsoever. MBNA posted deposits much more quickly, within a day or two. Looks like we will be saying "Sayonara" to BofA as well.