BOA Liquid 11 month CD 5.9%

I know this is a YMMV deal. I got a call from my banker at BOA telling me BOA is running a promo right now on there "Liquid 11 Month CD" 5.9% He said it being offered to all Premire and Private banking clients via there assigned bankers. This offer is not avalible in the branch at all.

If you look under benfits for Premire Banking or Private Banking at BOA one of the benfits is a "Higher Rate on CD".

I verified this offer is valid for all Premire and Private banking customers as I told my mortgage broker about the offer and he called his Premire banker got offered the same promo.

Just want to add 1 more thing. The reason it is called a "Liquid CD" is because you can make unlimited withdrawls from the CD as long as you maintain a balance above $5K. So for example you deposit $100K today then you can withdraw $95K tommorow without any penility at all. So baically it just a 5.9% savings account with a min balance of $5K required.

This is a super hot rate from BOA. Even if it a 1 time promo only.

Btw I am CA so not sure if this is a national offer or CA only offer.

GiftCards26 said: What does it take to have a private or premier account?

Primere $100K
Private $2 Million

Thanks for the tip Dolmar. I just filled out the request on BoA site to have a client rep call me about premiere banking. I also did this awhile ago but no one ever contacted me.

Once you qualify for premier, must you keep 100K as a minimum balance? I have 100K in AOR money, and it would nice to get this rate, though that high of a balance will not last very long.

three people in SF have said they dont know anything about this rate , the rest are out to lunch

SUCKISSTAPLES said:

http://bankofamerica.via.infonow.net/locator/premier/NewSearch.do

just called daly city premier, said their 11 month risk free CD is 4.31
I asked at my local branch a couple of months ago about premier banking and was given the name of who handles it in my area, Can't find the paper but he is at a branch only one City away. Just called and left him a message, Will see what he says when he calls back. Would be nice to find a home for the $100k from World that I will have tomorrow morning. Otherwise I will open a Countrywide 5.40% savings link, Don't really care anymore that they will do a hard pull as it will be from Equifax, And they have all magically disappeared

He told me I could open the CD with any amount over $50K.

This offer is not avalible at the branch. On BOA CA web site same CD shows a rate of 4.5%.

Just for giggles. I went to BOA web page then click on Premire Link I entered my Zipcode and called the first person ono the list.

First person did not know about the promo so I said thank you good bye. I called 2nd person on the list he was aware of the promo except he told me 5.8% not 5.9% I was offered. Called the 3 and 4 person on list and was told he had no idea about the promo but the 5th person on the list in my area was well aware of the promo and quoted me 5.9% for balances of $100K+ and 5.8% for balances under $100K and above $25K. BTW person 1&2 were in the same office and 3,4&5 were also. So not sure why some people know about the promo and other do not.

So if you already got a premire banker ask them if they can get you this promo. If you dont have a premire account then just call around till you find one who is aware of this promo dont know what else to tell you.

charliek said: dolmar said: GiftCards26 said: What does it take to have a private or premier account?

Primere $100K
Private $2 Million

Not sure if that $100k minimum for Premier status really jives (in my case at least).

I've never had balances over $60k at BofA (my average balance is usually only about $2k-$4k to cover my monthly cash expenses), yet I am a "Premier Banking Customer". I've been with BofA for over 22 years, so I thought that had something to do with it.

I recently chatted with a CSR online when opening a new MyAccess Checking acct and asked about the "Premier" status, and he didn't really have a straight answer for why I had it. I asked him if I closed my standard checking account and used solely the new MyAccess checking account would I lose that status, and he replied "yes". So although he didn't specifically state it, he made it seem like account/customer age had something to do with it (although again he stated he didn't know why I had it, just how I could lose it). Also, had a follow-up call from my father's Premier Banker to confirm identification and purpose for the new account. That was kinda weird.

Still stumped over it really, but I figure if its a mistake, I'd rather not bring any attention to it... especially since I think this is how I get the funds available within 2 days for my ATM BT check deposits (>$20k)!

Anyone else have a clue about this?

Not sure if this applies at all to your situation, but when I had just a small amount of money, I got the Advantage account (10k+) because they linked it with my parents' account. Even though we could never see each others balances, etc., it still contributed to a higher total account value for both of us.

dolmar said: Just for giggles. I went to BOA web page then click on Premire Link I entered my Zipcode and called the first person ono the list.

First person did not know about the promo so I said thank you good bye. I called 2nd person on the list he was aware of the promo except he told me 5.8% not 5.9% I was offered. Called the 3 and 4 person on list and was told he had no idea about the promo but the 5th person on the list in my area was well aware of the promo and quoted me 5.9% for balances of $100K+ and 5.8% for balances under $100K and above $25K..hey Dolmar I called a dozen people from the webpage and NOT 1 Knew about this in the Bay Area. I searched from zip 94111 and couldnt fint a competent person.

Could you please put me in touch with one of the reps who knows about it in SoCal? Maybe they can call an associate in SF and clue them in....heck might want to ask them if its OK to post their contact info, they may get lots of new money that way!

Why would anyone with $100K much less $2M do business with BoA is beyond my understanding. They're horrible!!!

thecpa said: Why would anyone with $100K much less $2M do business with BoA is beyond my understanding. They're horrible!!!

Thanks so much for your worthwhile and well-written contribution to this topic....NOT!

My CSR hasn't heard of this deal in NJ.

thecpa said: scott1961 said: thecpa said: Why would anyone with $100K much less $2M do business with BoA is beyond my understanding. They're horrible!!!
I agree that BoA is terrible, But in true rate wh#re fashion we will go with anyone who gives us the best deal

Da' best deal you ask? Bank guy has the best deal:

6.19% 6-Month CD at a California CU (LA FCU)

When you have millions of dollars it takes many banks/CUs to maintain full insurance.

BoA has always treated me nice, nicer than Citi. YMMV

Actually, BofA is still better.

Taken on an 11-month time frame for 100K:
LAFCU for 6 months (6.19), eloan for 5 months (5.38) = 3095 + 2241= 5336
BofA for 11 months (5.9) = 5408

SUCKISSTAPLES said: there is a 7% 6 month CD at local credit union too, but that has nothing to do with this bofa deal and doesnt mean this isnt hot...now if only I can get it!

Which Credit Union?

SUCKISSTAPLES said: now if only I can get it!
Remembering why I dislike BoA, Just getting a hold of someone is tough. Closest I have come is call from the premier center that handles the Northeast. Rate I was quoted from them was an 11 month risk free at 4.40% or an 8 month at 4.90%. I asked about the 5.90% and was told she did not know anything about it but that rates are higher on the West Coast. She is going to have a local premier rep call me and she did tell me they can sometimes offer better. So will now wait for that call. In the mean time I have my check from World and no place to put it

Striking out in MD/DC

OP - Can you ask your banker if s/he will take calls from some of your "friends" about the promotion?

100k total relationship (CDs savings checking loans brokerage) or 500k relationship if you include mortgage to qualify...

dolmar said: Most Premire and even Advantage/Prima account holder get instant access to most of there check. Read the other thread about "Affinity MMA" a couple of people reported getting either instant access or next day access to check under $20-50K. Premire has nothing to do when check clears. All Premire, Private banking offer over Prima is better rates on checking, CD and MMA and fee waivers. Nothing more.

There is no such thing as "Standard Checking" as a premire customers atleast in CA all Premire customers get either a MRA or "Primiere Prima" checking account which pays 1.75% vs 0.05% for norma Prima accounts. Both are interest checking accounts. So not sure what state you live in what type of Primiere account you have either.

My understanding from my Banker at BOA way the computer choose to clear your checks or not is based on your last 90 day average balance and average monthly deposits. Ie if your last 90 day average was $2K and monthly deposits are $2k. It going to put a hold on $20K deposit. But if you last 90 average was $500K and average deposits per month are $50K it is not going to put a hold on a $20K deposit.

That's exactly the thing.. I am a "Premier" client, but I only have their Standard Checking account ($1k minimum, no interest, $8.50 fee if below minimum) I've had since high school, in addition to a new MyAccess checking account I just opened. And I'm in CA. Thats why the CSR I chatted with online didn't know why I was Premier either or how I got it, just how I could lose it (by closing my Standard Checking acct).

Also my last 90 day average was waaaay below $500k (more like $3k - this is my monthly cash expense account), yet they still clear my >$20k BT check deposits within 2 days.

Really screwball huh? I don't get it either. So thats why I assumed it had something to do with customer/account age or maybe I'm just a glitch in their system.

stfs my overall account size with BOA is not very large to be honest. 1-2 other people got this deal too. I have a large commerical loan with them tho. But my banker knows I have very large Citibank cash/brokerage account because every 6-12 months I ask my BOA banker if he can beat the rates I getting at Citibank and most of the time he says no.

I have most of my money in Short Term Cash Management Bonds. Both Citigroup and BOA act as priciple on all bond trades except during orginal syndicate offering period. I noticed in general I can get 2-20 basis points more from Citigroup on same Short Term Discount Notes because when you buy them they market them up less and when you sell them they market them down less too. Citigroup VRDN tend to reset higher than BOA even from the same issuer as I think Citigroup takes a lower margin via trailings on them than BOA.

The really kicker is BOA charges a handleing fee every time you buy, sell or have a bond mature which is $15 while that is not a big fee considering many of these intruments require $100K+ min that fee really adds up when your buy 7-14 day paper and paying it 4-8X a month. Citibank has no such fee.