Posted by Chuck on June 3, 2019
High-Yield APY Accounts

Published on June 3rd, 2019 | by Chuck

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[Targeted] Bank of America up to 2% APY Savings Account with New Money Deposit

The Offer

Direct Link to offer

Bank of America is sending out the following email offer to select users:

  • Deposit $10,000+ in new money within 30 days of enrollment, and receive an increased interest rate of between 1.10% and 2.00%, depending on deposit amount. See tiers in image below.

The Fine Print

  • New money is money not currently or previously held in any account at Bank of America, Merrill Lynch® and/or Merrill Edge®.
  • This offer is only available to select Bank of America customers who receive this offer via a direct communication from Bank of America.
  • Fiduciary accounts (e.g., trust accounts) are excluded.
  • Offer expires on August 8, 2019.
  • Bank of America may change or discontinue this offer at any time without notice before that date.

Our Verdict

A few readers sent this one in recently. It really doesn’t make much sense at all since you could earn more with a high-yield savings account. I guess some might do it for the purpose of Bank of America Preferred Rewards status, but honestly it’s probably not the best route to do that.



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tig ol bitties
tig ol bitties

if you already have PR status, does the 75% bonus apply? eg up to 3.5%?

Dan
Dan

No.

Steve

The PR 75% bonus is for credit card rewards, so I don’t think it would apply to this. But, PR also gives a 20% interest rate boost on a Rewards Savings account, so possibly that would combine with this 2% to give 2.4% (which still isn’t amazing, but competitive with other banks). But, the fine print for this 2% offer specifically excludes that: “Any interest rate boosters or promotions you may be eligible for as part of the Bank of America Preferred Rewards and/or Banking Rewards for Wealth Management programs do not apply while the special rate is in effect.”

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