Re: How Does a Money Market Account Work?
[ QUOTE ]
Bank of America is offering 0.55% on their savings
[/ QUOTE ]
And check out their CD rates as compared to most of the others (I think you can get this type of stuff on bankrate.com). BAC mgmt. won't admit this publicly, but it's as plain as the nose on your face: they have actually adopted the strategy of NOT attracting these types of assests. They're actually TRYING to repel new customers (and "entice" their current customers to leave), and yet the inertia of the system is still keeping those assets there.
(If you're interested in a more in-depth analysis of BAC, this strategy, etc., see Tom Brown's writings on bankstocks.com.)
|