As it turns out, Bank of America has quietly rolled out a competitive money market account. Here’s a quick look at the rates:
Based on the amount of money that we’ll be moving, we’ll be sitting in the 5.01% APY bracket, so I’m quite happy with the rate of return.
Applying for the Account
Oddly enough, they’ve hidden the account away in the MyExpression Banking section of their website, where they have a bunch of co-branded financial offers, including checking accounts, savings account, credit cards, and IRAs. Here’s how to get there from the front page:
The branding options include charities, colleges and universities, and sports teams. Note that only some of these options actually offer the money market account, so you might need to click around a bit. The real trick here is to find the account info – it’s not easy! Once you’ve selected a program (click on “Shop for Products“), scroll down to the savings account option and then click the arrow to go to page two (see below).
Word to the wise… Be sure not to select the Balance Rewards Money Market, which offers a much lower rate of return.
Here’s a what you’re looking for:
In our case, we opted to open a “Defenders of Wildlife” account. Since we already have accounts with Bank of America, all we had to do was enter our login information and they auto-populated the application form. Just a few clicks later our application was in, and we’re now waiting hear back from them (for some reason they didn’t auto-approve our application – I’m not sure if this is standard practice).
The beauty of this account (aside from the competitive APY) is that consolidating our savings at the same bank where we hold our checking represents a huge step toward simplifying our finances. We’ll now be able to view a larger chunk of our financial life via a single login, and transfers amongst accounts are instantaneous.
This isn’t to say that we’ll be closing our other savings accounts. Rather, we’ll just draw our HSBC Direct account down to a dollar and leave it open in the event of future rate fluctuations. This is what we’ve always done, so we also have dormant accounts with ING Direct and Emigrant Direct.
After all, once an account is open, getting the best rate involves a just a few clicks of the mouse. That being said, the rates listed above already reflect a reduction in response to the Fed’s recent interest rate cut, I’m hopeful that we won’t be looking for a new home for our money anytime soon.