Also required for this rate is opening of a BofA personal checking account. Minimum balance to open this money market savings account is $10,000. The rate for balances that fall below $10,000 is 1.00% as of 8/21/09.

This special doesn’t seem to be listed at Bank of America’s website. There was an advertisement in the Dallas Morning News – available online here. I don’t know if this promo is available in all states. If you confirm it’s available in your state, please leave a comment.

BofA does describe the new Growth Money Market Savings Account on its website. The standard rates are low: 0.75% APY for balances up to $100K and 0.85% for over $100K.

There’s a bonus rate that’s 25 basis points higher (rates for TX as of 8/21/09 and may vary by state). This requires one of the following transactions during the month: 1) automatic transfer of $250 or more from your BofA checking account, 2) an automatic transfer of monthly interest payment from your Bank of America CD, or 3) a direct deposit of $250 ore more.

As you might expect with BofA, there are monthly fees. These can be avoided with a minimum balance of $5,000, or if you link the account to an Advantage with Tiered Interest Checking.

The account allows up to a total of 3 checks or purchases made with your debit card each monthly cycle. You can also use this account with the Keep the Change program.

Bank money market rates in general have been steady through the the turmoil in the financial markets in the last few weeks. Financial experts are expecting the rates on bank money market account to continue to compare favorably to mutual fund money market rates which are subject to the lower yields on short-term US Treasuries.