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Archive for Bank of America – Page 2

American Express Offers A Decent 36 Month CD

By BankAim · Comments (0)
Thursday, November 11th, 2010

American Express is not only a credit card company, but also a leader in investments, high yield savings accounts and certificate of deposits. While most major banks and financial institutions keep their rates so low, its almost as if they don’t want your business, American Express keeps their rates competitive. For instance, Bank of America offers the same 3 year CD at a rate of 0.75% APY, now how is that worth buying into? I found it hard to believe that this major Credit Card company offered decent rates on CDs.

Right now you can get their 36 Month CD at 1.85% APY and while that isn’t the best rate available, they offer a sense of security. American Express is rated one of the most stable financial institutions and Bankrate gives them a 5 of 5 star soundness rating.

There are no minimum deposits or account fees when you sign up for any of American Express’s CD products.

Currently American Express is number 11 for having the highest 3 year CD. Here is a short list of the best 36 month certificate of deposits available:

While you can get better rates from one of these other banks or credit unions, American Express will keep you feeling like your money is secure.

Be sure to check out our CD rates board for the best certificate of deposit in your area.

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Categories : CD Rates, Credit Cards
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Wells Fargo’s Best CD Rates

By BankAim · Comments (0)
Monday, September 6th, 2010

For most major banks you will never find a great CD rate in this economy. If you are looking for the best certificate of deposits, you are better off looking at credit unions or smaller banking institutions.

Wells Fargo is no different than Bank of America, Chase, US Bank or any other major banking institutions. If you feel more comfortable putting your money with a large bank then it’s all about where you look. None of the certificates of deposit offered at Wells Fargo will come close to the national averages for CD Rates.

If you take a look at our last CD Rate board For September 3rd, you will see how low these rates are from Wells Fargo.

Take a look at how low the short term rates are from Wells Fargo:

Those were the interest rates on a minimum of $2,500 deposited.

If you can increase your minimum to $5,000 Wells Fargo will give you better rates on its longer ‘odd’ term CD rates.

  • 23 Month CD – 0.90% APY
  • 33 Month CD – 1.15% APY
  • 54 Month CD – 1.90% APY, which the national average return for a 60 Month CD is 1.72% APY.

The main reason why someone would want to buy into these CDs is for security reasons. Most major banks are insured and while the U.S. government won’t allow them to fail, smaller banks and even some credit unions are still at risk.

Long term certificates of deposit are still not impressive and probably isn’t worth your time or money to buy at this current period of time. You are more likely to make your money back by investing into something tangible, real estate or something else that you can keep your cash free from penalty. CDs require you to keep your money in for the term or risk losing most all of your interest and possibly even some of your principle.

Be sure to check out our CD rate tables for the best deals nationally.

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Categories : Bank Info, CD Rates
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Bank of America Mortgages Rates and Tips

By BankAim · Comments (0)
Tuesday, August 31st, 2010

Bank of AmericaBank of America is one of the nations largest financial and lending institutions.  Because of their size Bank of America can offer some very competitive mortgage rates often times below the national average.

Bank of America has a system which will show you the rates for your local area.  Different parts of the nation may have higher or lower interest rates than others.  B of A helps you narrow down the mortgage rates to your area.

For this example I am going to use Washington State because that is where BankAim was founded.

Washington State Purchase Mortgage Rates from B of A:

  • 30-Year Fixed-Rate – 4.500% with an APR of 4.656%
  • 15-Year Fixed-Rate – 4.125% with an APR of 4.414%
  • 3/1 ARM – 3.375% with an APR of 3.365%
  • 5/1 ARM – 3.375% with an APR of 3.296%

Mortgage rates for purchases are based on 1 point which is equal to 1% of the loan size, 20% down payment and a conforming loan amount which is typically under $417,000*.

(*Conforming loan amounts may change due to the area you live.)

Washington State Refinance Mortgage Rates from B of A:

Rates for a refinance remain the same assuming you have an 80% Loan to Value(LTV) or lower, and are under the conforming loan limit for your area.  These refinance rates are also based on 1 point.

For Washington State Bank of America rates are above the national average mortgage rates. Personally I know of a few mortgage brokers that can currently offer under the national average so I would definitely shop this rate around instead of going with Bank of America.

If you want to see what B of A offers in your area and read their fine print you can do that here.

Remember to check the articles date for accuracy.

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Categories : Bank Info, Mortgage
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When Will CD Rates Go Back Up In 2011

By BankAim · Comments (0)
Saturday, August 21st, 2010

This Post Is Out Of Date, Please Refer To The Newest Post – Are CD Rates Going To Increase This Year – 2011

This is a question that is frequently asked and searched for. If people knew the time frame that CD rates would go up, they would wait until the perfect time. This is a question that no one has an answer for, so is it pointless on asking it? Well no, not for speculation purposes. If you are looking for a place to stash your money, then CD’s might not be the place, at least not in the near future. As long as the U.S economy stays where it is at, then interest rates, mortgage rates and even inflation rates will stay low. When inflation increases, so will CDs and mortgage rates.


While CD rates and mortgage rates are sitting at record lows, some credit unions are taking advantage of these times by keeping their rates higher than average. Credit Unions are smaller more personal banking institutions and while some have strict membership policies, some credit unions like Melrose are making it easier for the average person to join. Melrose Credit Union currently holds the top spot for the 12 month, 2 year, 3 year and 5 year CDs, all the while, major banks are lowering their average CDs to record lows. Just take a look at Bank of America’s CDs and their news release about dropping their longer term CD rates.

CD rates may increase starting in early 2011, but that is just speculation. As long as the U.S economy lags and continues its meager growth rates, interest rates of all kinds will lag as well. If you are looking for a place to stash your money, a savings account is probably the place to start looking. Having a high yield savings account will allow your money to earn interest and keep it free from being locked up in a Certificate of deposit. By being locked into a certificate of deposit with such a low interest rate, even if rates increase by the beginning of 2011, you will be stuck at such a low rate.

You will want to avoid long term CDs, such as the 5 year CD which is currently sitting around 2.60% and long term Bonds. Any investment that locks your money up at these low interest rates and does not move, will be an investment worth avoiding. Stocks and savings accounts might be the way to go until the U.S economy begins its recovery.

The next question that should be asked is, how low will CD rates go?

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Categories : CD Rates
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Bank Of America Cuts Long Term CD Rates

By BankAim · Comments (0)
Saturday, July 31st, 2010

Bank of America dropped some of its certificate of deposits this past week to follow a trend of cutting rates.

Bank of America, out of Charlotte, N.C cut its rates on the following CDs.

  • 5 Year CD dropped by 0.50% to 1.75% from an average of 2.25%.
  • 4 Year CD rates dropped from 1.75% to an average of 1.45%.
  • 3 Year CD rates dropped to an average of 1.1% from 1.5%.

The falling rates not only on CDs but also on money-market rates are leaving people with fewer places to stash cash and actually make a decent return. Money Market rates have dropped to 0.75% nationally, not making it more attractive to investors. Nationally CD Rates are at all time lows with bank institutions. Credit Unions are popping to the top of the charts, offering the highest CD rates for just about any term.

When the Nation’s largest bank lowers their long term CD rates, this could signal that other banks will follow in their footsteps. Now might be the best time to get into a long term CD with a decent rate, before other banks follow the coming trend. Large banks can offer lower rates because they have other products that can grab the attention of new customers, such as many different types of checking account promotions.

For the average person looking to stash their cash for a short amount of time, the options are limited. Cal Brown, vice president of planning at the Monitor Group in McClean, VA is advising clients to put their extra cash into short term bond funds. Bonds are currently yielding more than 3%, much higher than some of the highest CD rates.

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Categories : Bank Info, CD Rates
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BofA To Impose Credit Card Annual Fees By Next Year

By BankAim · Comments (0)
Friday, October 16th, 2009

bank of america nycEven though new credit card reforms are sweeping the industry, which is scheduled to go into effect as early as December 1st, Bank of America customers have not yet seen the last of the credit card fees and charges that are costing them their hard earned dollars.

Charlotte, N.C. based Bank of America said last week that they will not raise credit card interest rates before the implementation of the new credit card laws, but that announcement did not state that it will not charge ‘new’ credit card fees. This is a move by Bank of America to gain back the anticipated revenue loss caused by the new credit card laws. Bank of America revealed that they are making plans to impose annual fees on a number of their cardholders as soon as next year.

According to BofA spokesperson Betty Reiss, the annual fees would range from $29 to $99, and the proposed fee would initially affect about 1% of the bank’s credit card customers. “We’re testing this to see what the feedback is. In terms of any plans going forward, we haven’t made any decisions yet,” said Reiss.

Bank of America is one of the largest credit card companies in the country with about 80.2 million cards issued and in circulation. BofA is third only to Chase with 119.4 million cards and Citibanks with 92 million cards.

So who will be affected by the annual credit card fees? The customers that could be the first affected are being selected based on their risk and profitability, which means, those cardholders who are in good standing, never pay late and almost never get charged with interest fees could be the first ones hit by the new annual fees. I guess it does not pay to be a good customer anymore, or you have to pay because you are a good customer.

Customer complaints of the steep interest rate hikes and the sudden cut in credit card limits prompted congress to take action against some banks’ practices. The new credit card consumer protection laws include how and when a bank or credit card company can raise interest rates and fees, the reason why banks are changing their policies now, before the law takes effect, as early as December 1st of this year.

Bank of America states that their decision to charge the additional annual fee is “in response to market changes, new federal laws and regulations, and the increasing cost of providing unsecure credit.” If a customer is affected by the new changes and is required to pay the annual fee, they will have the option to reject it, but by rejecting the fee the card company can have their account closed.
Does this sound fair? I know when I get those new terms I’m rejecting it as I have a credit card from Bank of America and would fall under the ‘good customer’ category.

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Categories : Bank Info
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Get $35 Cash Back From Bank of America Online Bill Payment

By BankAim · Comments (0)
Saturday, October 10th, 2009

Starting on September 28th Bank of America was offering a special $25 bonus to those who paid 2 bills online within 30 days of signing up for online banking. It seems like Bank of America needed to sweeten up the deal a little and has now increased the bonus to $35 when you pay 3 bills online. This is a way for Bank of America to get their customers to use online banking.

What happens if you do not have 3 bills to pay? You do not have to worry because the $25 bonus is still available if you pay 2 bills online.

Bank of America

Key Points from the Small Print:

  • This is a special limited time offer available to existing consumer and small business customers who have not made a bill payment with Bank of America Online Banking within the last 6 months.
  • Offer cannot be combined with any other offer and is limited to one incentive per customer.
  • To get the $35, Small Business customers may instead enroll in Online Business Suite Direct Payments service and make three payments within 30 days.
  • Direct Payment Service requires Internet access, and Internet service provider fees may apply.
  • This service is not available in Washington or Idaho.
  • Incentive will be paid within 90 days of completing the requirements.
  • We may report to the IRS the value of the incentive we pay to you and you are responsible for any applicable taxes.

Promotional Page – Bank of America

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