The 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.
if you already have PR status, does the 75% bonus apply? eg up to 3.5%?
No.
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.”