Picking up Nickels

Monday, October 02, 2006

Bank of America/AAA high yield money market savings account

As of September 22nd, the MBNA/AAA Cash Maximizer® Savings account has been rolled into Bank of America. So far, it appears that this account will not be a casualty of the Bank of America purchase of MBNA.

According to the AAA sign up link, the Cash Maximizer® account is currently paying the following rates:
Daily Balance Current Interest Rate Annual Percentage Yield
Less than $2,500 4.48 4.57
$2,500 - $9,999 4.73 4.83
$10,000 - $49,999 4.98 5.10
$50,000 and over 5.23 5.36

This weekend I finally bit the bullet and signed up for the account. As a Bank of America customer, this account is particularly attractive to me since it offers a 5.10% APY for balances over $10,000 and allows instantaneous transfers to a linked Bank of America checking account via their online banking service.

I don't know how long will Bank of America keep this great deal in place, but I'm hoping that MBNA had a deal with AAA that will require Bank of America to continue to offer this account for the foreseeable future. I wouldn't be surprised to see it disappear though, since Bank of America offers rates much lower than online competitors like HSBC and EmigrantDirect for its other checking and savings accounts. I'll use it as long as I can, but I'll also be keeping my fingers crossed.


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