Comments on: Bank of America DOW 3.94% APY

By: David

David — Fri, 24 Oct 2008 20:43:11 +0000

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.

By: David

David — Fri, 24 Oct 2008 20:39:00 +0000

The rate went down to 2.82% APY…

By: Hu$tler

Hu$tler — Fri, 24 Oct 2008 15:17:19 +0000

you are right..total bait and switch.

By: Duane

Duane — Fri, 24 Oct 2008 14:54:59 +0000

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!!

By: Hu$tler

Hu$tler — Thu, 23 Oct 2008 01:06:51 +0000

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

By: Jim

Jim — Thu, 23 Oct 2008 00:45:30 +0000

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%

By: Hu$tler

Hu$tler — Wed, 22 Oct 2008 18:35:39 +0000

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.

By: David

David — Wed, 22 Oct 2008 14:14:15 +0000

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!