Bank of America Money Market – 1.50% Money Market Rates
The Bank of America Money Market, 1.50% money market rates is about to expire. This exceptional value on a money market account was never advertised on their home web page, but could be found in other media sources like newspaper ads.
This was a promotional rate that was offered to new customers in the second half of the year 2009. The bank rates were above the national norm which made it a very attractive account to invest in. The promotional period will end January 4, 2010. At that time, all active accounts that are earning 1.50% from their money market accounts will be converted to a Bank of America Growth Money Market Account.
The minimum deposit for the 1.50% money market account was $10,000. The current APY rate for the Bank of America Growth Money Market Account with a balance of $10,000 to $24,999.99 is 0.35%. There is a bonus increased rate of 0.25% for having a direct deposit of $250 each month. This would bring the total interest incurred to 0.60%. This bonus rate is subject to change and can be reduced to 0.00% at the banks discretion.
For accounts that have a balance that falls below $5,000 at any time during the month, there is a $10 monthly service charge.
There is also an additional charge for every transaction that is over the 6 transaction limit set by the federal government.
Remember, the Bank of America Money Market, 1.50% money market rates is about to expire so act now or live with what Bank of America is going to do with your money.
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