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Smoking Hot BOA now has MMA which pays as high as 4.30%

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   posted: Sep. 23, 2006 @ 10:23a
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I guess BOA just got finally competitive for a change starting on 9-22-06 all old MNBA money markerts account got converted over to Cash Maximizer Savings accounts which can be linked to BOA checking account for instant transfers like Citibank(checking - E-savings), HSBC(checking and Online savings account) and WAMU (Free checking - 5% online savigns).


So for example the AAA Cash Maximizer® Savings now pays the following rates:


Balance index Rate APY

$0-$2,500 MFR - .25 4.48 4.58
$2,500 - $9,999 MFR 4.73 4.84
$10,000 - $49,999 MFR + .25 4.98 5.11
$50,000 and over MFR + .50 5.23 5.37

With these new changes BOA just became the new rate leader on checking/savings account combo with local branch access. BOA has by far the best web page, best bill pay and most branches national of any bank. So for all people complaining BOA is a rip off they now pay more than most online savings accounts with $50K+ balance even more than AMTrust Direct while maintain 100% local access to your funds and no need to ACH funds in and out of your local bank.

BOA now pays more than Citibank, HSBC and WAMU if you maintain over $10K and more than most online places if you maintain over $50K. I see no reason not to park funds with BOA now considering these new rates and new access to your funds.

Message edited by: dolmar on 2008-01-23 20:05:48 CST
   posted: Sep. 23, 2006 @ 10:23a

There are a number of MyExpression Banking cash maximizer (money market) products that offer high rates. Here's one example (click on the forward arrow for savings option 2, the cash maximizer product):

Defenders of Wildlife Savings

Must maintain a $2,500 minimum balance, otherwise $10 monthly maintenance fee (12$ in TX)

WA and ID offer Balance Rewards Money Market Accounts which have same high rates as above, but also add an annual bonus, based on a bonus factor, currently 0.50%. They also have no minimum balance requirements, if linked to a FirstChoice Gold Checking account.

Some people have received soft inquiries if they apply on-line and log in to on-line banking in order to auto-fill parts of the application; others have had the below experiences.

HARD INQUIRY on TU even though I'm already a BOA customer (Xeon852)
HARD INQUIRY on Experian in California (existing customer with checking, savings, and cc's)
HARD INQUIRY (two hards in fact!) on Experian in New York (have 2 credit cards with BOA, both only 3 month old)

Note that DoW, NEA/AAA APY% may vary slightly by state. CA, WA, and ID use daily compounding; NY and MA use monthly compounding.

Why not use NEA link? Lower balances for higher rates and 60-day promo rates that are +1%. Also listed in the Daughter of the Mother rates thread at the top of the topic list.

Link to NEA account

Link to NEA Member Benefits Savings FAQ

Like dolmar says - ask them to enhance your relationship to Prima/Prefered level (diff. name depending on state), assuming you are keeping $10k in there. Free checks and various other things (cashier's checks, traveler's checks, etc) and fee waiver on up to 2 checking accounts (reg. or interest, but NOT myaccess) and up to 4 savings accounts (reg. or money market). I (Xeon852) set this up over the phone with about a 10min call.

YMMV. Not all divisions of BOA are honoring the AAA affinity published rates. The BOA CSRs will quote your rate off of a rate sheet, they do not calculate it from your interest payment. The AAA affinity CSR phone number is 1.800.526.7120 (priority code HA002). Once account is messed up it seems difficult to correct without closing and reopening new account.

====
Problem with the account (CA) call this number

800-696-5349 (they know about affinity account)
800-441-6437

If rate goes down, ask them "Research Request"

====

BoA Deposit Agreement and Disclosures for accounts in AR, AZ, CT, DE, FL, GA, IA, IL, KS, MA, MD, ME, MO, NC, NH, NJ, NM, NV, NY, OK, OR, PA, RI, SC, TN, TX, VA and Washington D.C.
BoA Deposit Agreement and Disclosures for accounts in CA.


NY routing number: 021000322

BoA Routing Number Lookup: Link

Note that BoA may use different routing numbers for ACH and wire transfers.

====
Push and/or Pulls inititated from other institutions for over the BofA daily limit amount of $10,000 has been successful in Apr 07, May 07, July 07, & Aug 07.

============
For CA residents who earned wrong interest and statement doesnt show DOW please call 1-800-414-4229. They know whats going on and will make necessary correction asap. It will take about 5 days to process the new interest though.
============

Message edited by: mnsweeps on 2007-09-24 01:34:07 CDT
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   posted: Sep. 23, 2006 @ 10:31a
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Link to open AAA Money Market account

If you notice on the app page it lets you link it right away now. Btw I called up and linked my AAA account to my BOA MRA checking account and it showed up on there web page right away.

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   posted: Sep. 23, 2006 @ 10:39a
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Thanks.. finally a bank thats nationwide (and not online) and that provides good %.

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   posted: Sep. 23, 2006 @ 10:46a
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Humm, anyone apply?

I applied, got all the way to the end after I checked I agree and hit the final apply button, and got an error page.

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   posted: Sep. 23, 2006 @ 10:50a
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I did not apply sorry. I already had the account. I added the link afterwards to open the new MMA. So not sure to be honest.

I called 1.800.622.8731 and they linked the account to my ATM. And then on Bankofamerica.com it shows up as Cash Maximizer Savings right away. I was able to transfer $3K from my MRA into it right away. The transfer was instant.

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   posted: Sep. 23, 2006 @ 11:01a
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dolmar said:I did not apply sorry. I already had the account. I added the link afterwards to open the new MMA. So not sure to be honest.

I called 1.800.622.8731 and they linked the account to my ATM. And then on Bankofamerica.com it shows up as Cash Maximizer Savings right away. I was able to transfer $3K from my MRA into it right away. The transfer was instant.
When I call the number on the app page, 1.800.526.7120, it says they are closed until monday because of the merger.

I'll try applying again with IE I guess. If I get two accounts, oh well.

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   posted: Sep. 23, 2006 @ 11:07a
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dolmar said:BOA has by far the best web page (snip)
You can't be serious. BofA has the most insufferable series of password gates I have ever had to endure. The irony is that by now they have so many security codes that I have to have them written down! Explain to me how that makes me safer, when it has precisely the opposite effect? The Citibank website eats BofA for lunch -- and Everbank's eats them both lol.

Tytie

Message edited by: TYTBUDGET on 2006-09-23 11:07:48 CDT
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   posted: Sep. 23, 2006 @ 11:07a
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Bank of America (California's) online page lists a pitiful .5% APY on their Cash Maximizer.

Wonder if I'm seeing an out of date page, or if the cool MMA is only available in some states?

On this high-yield MMA, what's the minimum balance?

rated:
   posted: Sep. 23, 2006 @ 11:08a
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Tried as well, an received the error page. Buggy still, is my guess.

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   posted: Sep. 23, 2006 @ 11:12a
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markkundinger said:Bank of America (California's) online page lists a pitiful .5% APY on their Cash Maximizer.

Wonder if I'm seeing an out of date page, or if the cool MMA is only available in some states?

On this high-yield MMA, what's the minimum balance?

Humm, only the AAA link gives these great rates, all the other old MBNA links give the same rates as this:
http://www.bankofamerica.com/deposits/checksave/index.cfm?template=save_moneymarket

(Here's a list of other links: http://bankdeals.blogspot.com/2006/06/504-money-market-account-at-mbna-15k.html)

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   posted: Sep. 23, 2006 @ 11:13a
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TYTBUDGET said:dolmar said:BOA has by far the best web page (snip)
You can't be serious. BofA has the most insufferable series of password gates I have ever had to endure. The irony is that by now they have so many security codes that I have to have them written down! Explain to me how that makes me safer, when it has precisely the opposite effect? The Citibank website eats BofA for lunch -- and Everbank's eats them both lol.

Tytie
I haven't had any issues with BOA's site. And I don't like Everbank's much since the transfers tab only works in IE. (I get errors adding accounts in firefox).

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   posted: Sep. 23, 2006 @ 11:20a
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i just walked into a boa branch and asked about this

the manager said that this is definitely offered as an affiliate program, can be linked to all your other boa accounts online, but because of the merger the call center and application center are down until monday

looks awesome though, been waiting for boa to get with the program

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   posted: Sep. 23, 2006 @ 11:21a
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Must apply through AAA.

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   posted: Sep. 23, 2006 @ 11:21a
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This is a good deal for those with large deposits. However, if you has smaller balances - you'd be much better off with WAMU or Citibank (5%, regardless of balance).

BOA has a good website, but it's a pain to maintain the passwords, etc. They have a superior billpay in comparison to WAMU and Citibank. However, you can just set up an account with mycheckfree.com and have an equivalent for free.

rated:
   posted: Sep. 23, 2006 @ 11:29a
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TYTBUDGET said:dolmar said:BOA has by far the best web page (snip)
You can't be serious. BofA has the most insufferable series of password gates I have ever had to endure. The irony is that by now they have so many security codes that I have to have them written down! Explain to me how that makes me safer, when it has precisely the opposite effect? The Citibank website eats BofA for lunch -- and Everbank's eats them both lol.

Tytie

While I agree login process is retard like ING and HSBC. Once logon BOA bill payment system is by far the best around. They dont debit your funds till either check is cashed or ach payment is made unlike many other banks who debit the funds before the payments are made to keep float on your money.

Any balance keep in the AAA MMA will count towards your balance requirement at BOA. So if you keep $50K in this MMA you can get a free no balance requirement MRA checking account. And if you keep $100K in this account you can get free premire access from BOA.

Before this account was linkable the best rate you could get from BOA was in there MRA checking account which only paid about 4.50% in a treasury sweep checking account which made the rate slightly lower than 5% if you lived in a high income tax state like CA otherwise rate would have been lower.

So for people with $10K + in online savings account this just became the best deal around. instant access to your funds, no need to ACH funds in and out of your local bank and loose 2-3 days interest each way. And a very large ATM network nationwide to withdraw cash from for free.

rated:
   posted: Sep. 23, 2006 @ 11:46a
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dolmar said:

So for people with $10K + in online savings account this just became the best deal around. instant access to your funds, no need to ACH funds in and out of your local bank and loose 2-3 days interest each way. And a very large ATM network nationwide to withdraw cash from for free.
Thanks for this info, I tried that link and also got to the end before it had an error. Was easy to fill out since I have an account with BOA and once I put in my sign on info all my info came up. I then went to the BOA site to check and had an online chat with a rep, Was useless. I will wait till Monday and try that link again


Dominique : Hello and thank you for accepting the chat, I am here to open new personal accounts. Is that something you are interested in? If you have a Customer Service question I will be more than happy to get the correct phone number for you.
You: I heard you now have an account called Cash Maximizer Savings accounts
Dominique : Yes would you like to see details on that account ?
You: yes please
Dominique : Please click for details
You: I don't see that account
Dominique : That account is only for California
Dominique : We have the Money Market account for state
You: What is the best rate offered for $100,000+
Dominique : Do you see details of that account on the site ?
You: I heard there is an account being brought over from MBNA that is 5.37%
Dominique : That would be a CD
Dominique : We have a High Yield CD
You: Thank you but I am looking for Money Market, I will check with a branch next week
Dominique : I will give you details on that account
You: ok
Dominique : Please Click

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   posted: Sep. 23, 2006 @ 11:50a
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Scott you have open the account via AAA link to get this rate. This rate only applies if you have a AAA card also.

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   posted: Sep. 23, 2006 @ 11:55a
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dolmar said:Scott you have open the account via AAA link to get this rate. This rate only applies if you have a AAA card also.
I was wondering about that. I am not a member but I got all the way thru the application and it never asked for a # or if I was a member. Could not even find anywhere stating you had to be one

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   posted: Sep. 23, 2006 @ 11:59a
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Well I have a AAA card when I orginally opened my account like 6 months ago MBNA did ask for my AAA number. Maybe that is why web page is down. Maybe BOA is converting over there normal savings accounts APPS to ask for AAA number as normally BOA did not offer any such programs.

Either way AAA card is $35 bucks a year. And AAA always has promo for like $20 for first year membership.

Even if you dont need or want the AAA card if this rates stay in effect for 1 year the extra interest paid over most other account would more than make up for the cost of the card.

If your car broke down 1X the free towing service would more than pay for your membership fee anyways.

Message edited by: dolmar on 2006-09-23 12:06:52 CDT
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