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Bank of America Offering Top 90 Day CD Rate at 4.25% APY

Article Submitted by: BankMan
Bonds


Bank of America is offering a promo for some of the professional organizations listed on the site - i.e. The Society of Mechanical Engineers - but they are open to everyone. When I contacted Bank of America about the CD rates they said no special validation was needed to open an account. That means everyone is eligible.

 

Submitted: Oct 16, 2008    Views: 6385    Comments: 9    Likes: 3   


BankofAmericaBank of America is offering a 4.25% APY 90 day (3 month) or 179 day (6 month) cd rate for some of the professional organizations listed on the site - i.e. The Society of Mechanical Engineers - but they are open to everyone. When I contacted Bank of America about the CD rates they said no special validation was needed to open an account. That means everyone is eligible.

Update 10-17-2008:   We've received reports of technical problems on the site and the rate not being honored at 4.25% APY.  The rate actually increased today to 4.28% APY for the Society of Mechanical Engineers. I called Bank of America and was told by the CSR that it was a valid online only rate. BankMan from bankdeals.blogspot.com also called and was told he could apply online or via the phone for the Defenders of Wildlife account.  I have attached a screenshot below to show that I wasn't dreaming.

As the BestCashCow rate table shows, 4.25% APY is better than the top 3 month cd rates and one of the top 6 month cd rates. We didn't put the offer into the BestCashCow rate tables because it's not their standard cd rates. The minimum balance is only $1,000.

The term on the CD can actually be anywhere from 90 days to 179 days. When you apply you'll enter the number of days in that range.

To apply, follow these steps:

1. Go to BankofAmerica.com

2. Go to My Expression Banking ( you can click thie link or find it on the homepage).

3. Choose Organizations and then Professional from the drop-down.

4. Select the American Society of Mechanical Engineers

5. Go to Certificates of Deposit, check the rates, and then follow the steps to apply.

The DOW is also offering an attractive money market account paying 3.86% APY for balances over $5K.. This is one of the top money market account rates.

View all of the best cd rates.

BankofAmericaPromoCDRate


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Comments Received:

Rich
(Unregistered)

Well, you scored. That rate is now 3.85%.

Posted: Oct 16, 2008

BankMan
BankMan

I checked and it's still 4.25% APY, at least in Massachusetts. Make sure you change the term to 90-179 days. I think you might have been looking at the default of 120 months which is paying 3.85% APY.

Posted: Oct 16, 2008

tightwad

Word going around by some who have tried to open is that BofA has a wrong rate listed. I would check this out closer before diving in.

Posted: Oct 16, 2008

No BofA Love
(Unregistered)

The rates are in question! I just sent a letter to the CEO asking for clarification. If its advertised on your website day after day, no excuses, make it happen!

Posted: Oct 17, 2008

Wrong rates?
(Unregistered)

The rates are now listed at 4.28% on their site. I'm going to call and find out what's going on.

Posted: Oct 17, 2008

Sally
(Unregistered)

Had trouble opening this account, given a "technical msg" error. No rep at B of A, after 3 transfers and a 30 minute hold could help me, or had even heard of this type of account. I'm curious, has ANYONE actually succeeded in opening this account and FUNDING it, at 4.28% in the last 24 hours? If so, how exactly did you do it?

Posted: Oct 19, 2008

gov agent
(Unregistered)

http://www.occ.treas.gov/customer.htm

Go here to file a complaint. It would seem that B of A has no intention of honoring the advertised rates. Shame on Bank of America!

Posted: Oct 19, 2008

jojibro
(Unregistered)

I encountered the same online application glitch 10/17/08.
Had to call BOA and finish application on the phone.
They will honor the new 4.28% APY through the "My expressions" (Defenders of Wildlife or Society of Mechanical Engineers).
Already have BOA checking so they would delay processing until I could bring money in to fund the CD.
So far so good.
We'll see if they will put my money where their mouth is.

Posted: Oct 20, 2008

Help me
(Unregistered)

Can someone point me to the website that lists the MyExpressBanking rates at BofA? I've tried to start 2 applications, and even when I select the term 90-179, the rates come back at low 3% ...

Posted: Nov 1, 2008



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