Bank of America Money Market Savings Account

Bank of America is offering an introductory savings rate of 1.50 percent for their Money Market Savings Account. The savings account rate stays the same until January 4, 2010 for the opening balance and any additional money you deposit into the money market savings account. The minimum savings account opening balance is $10,000.

Compare Savings Account Rates from Several Banks in your area here: Savings Account Rate Table

To qualify for this money market saving rate that locks in just like a certificate of deposit you must have a Bank of America Personal Checking Account.  The savings account rate is also higher than most CD rates for the six month period you receive the promo rate. The money market rate applies to account balances between $10,000 and $250,000. There is also a limit of one promotional savings account rate per customer.

After January 4, 2010, the “Introductory Rate Money Market Savings Account” will automatically convert to a “Growth Money Market Savings Account” that has a variable rate. The Growth Money Market Savings Account has a tiered rate for account balances.  The current rate is 1.09 percent for savings account balances up to $25,000 with a BofA checking account.

When we first reported on BofA’s promo savings account back in April 09 the promo rate was 2.50 percent.