Bank of America DOW 3.94% APY

October 21, 2008 · Filed Under Bank deals & offers 

The 3.94% DOW rate is dead! However, you can get the NEA 3.71% APY.

Ever since WaMu went down to 3% APY, I want to find another local bank with high interest rate. Bank of America’s Defenders of Wildlife(DOW) has a 3.94% APY rate for $5K or more. This is one of the highest rates for any bank – online or offline. Even though it’s a special account, anyone can join.

Make sure you check options 2 under Savings when signing up to get the rate. Here’s a picture

I went ahead and apply for this account today. Since I already have a checking account, there is no hard pull on my credit report. The checking is free with no direct deposit requirement. Also, free bill pay and no minimum balance requirement for checking.

The DOW Cash Maximizer savings has a $1000 funding requirement. They even let me funded with a credit card. It counts as a purchase, so I will get cash back too. Once you have your account, you must fund the account with at least $5K in order to get the special rate. If your savings is under $2500, then there is a monthly fee of $12. It wouldn’t make sense for anyone to open this account without $5K anyway.

During the application process under checking, there is a spot for promotional code. Even though it’s a longshot, I went ahead and put the $100 promo code WGSUOISI808. I wrote about that offer here for a different BOA account. It doesn’t hurt to try.

If you are interested in a short term CD, they got a 4.25% APY CD with terms of 90 to 179 days. The minimum deposit is $1,000.

And if you never done their Keep the Change program, go ahead and sign up. It was one of my earliest hustles from back in the days for free $250.

Related posts:

  1. Bank of America 5.71% APY Defenders of Wildlife Money Market Account
  2. $75 Bank of America Bonus with offer code CH75TAD
  3. Bank of America $50 bonus for everybody!
  4. Charter Bank Turbo Checking 6.01% APY
  5. $50 Bonus with OneUnited Bank 5.30% APY

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Comments

8 Responses to “Bank of America DOW 3.94% APY”

  1. David on October 22nd, 2008 9:14 am

    Can you please clarify on this:

    “They even let me funded with a credit card. It counts as a purchase”

    Are you sure this is not going to be a Cash Advance or Balance Transfer. I called BOA and the associate said it will be a Cash Advance. Needless to say that there are fees with these two.

    Thanks!

  2. Hu$tler on October 22nd, 2008 1:35 pm

    I’m not sure about who you are talking to, but in the past, my funding for BOA account has always been counted as a purchase. Many people have confirmed this also.

  3. Jim on October 22nd, 2008 7:45 pm

    A better choice is EverBank. They have a Yield Pledge Money Market account that pays 4.65% for three months, then pays at the current rate of 3.51%. The BOA account only pays 1.75% for the first $5000, then 3.93% on balances above $5000. You would need at least $30000 at BOA to break even with the ongoing EverBank rate of 3.51%

  4. Hu$tler on October 22nd, 2008 8:06 pm

    Jim,

    I don’t think interest rate works like that. As long as you have over $5K, all the amount will be 3.94% APY interest. Plus, this is a local brick and mortar bank.

    If you want even a higher rate, go with CNB 4% http://cnbbankdirect.com/
    or DollarSavingsDirect
    https://www.dollarsavingsdirect.com/DollarSavingsDirectWeb/index.jsp

  5. Duane on October 24th, 2008 9:54 am

    Looks like the interest rate has already been lowered. I opened this account last week and checked today and the interest rate that they are offering is 2.78% APY 2.82. I’ll be closing this one next week!!

  6. Hu$tler on October 24th, 2008 10:17 am

    you are right..total bait and switch.

  7. David on October 24th, 2008 3:39 pm

    The rate went down to 2.82% APY…

  8. David on October 24th, 2008 3:43 pm

    BTW, you are right about the credit card counted as a purchase. A different representative confirmed that but said it is limited to $1000. Is that your experience as well?

    Love your blog and thanks again.

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