Banking Deals of the Week: March 24

Today’s the day that Bank of America (Stock Quote: BAC) unveils its new “scrolling survey” billboard in Times Square. You might call it the biggest mobile application ever — it generates poll questions about retirement and passers-by can text responses that Bank of America posts on the billboard throughout the day.

Bank of America hopes to take the survey data and plug it into its retirement services program and tout new service features that customers walking through Times Square say they want.

No, it’s not the first time a bank has advertised on a giant Times Square billboard. But it is the first time a bank has engaged with Times Square’s audience interactively, using cell phone texting technology to directly tap into consumer attitudes about banking services.

It’s a step in the right direction by Bank of America, and a good pubic relations move, as well. But customers would likely prefer better rate deals than neon-lit billboards.

On to this week’s deals...

Money Market Account

EverBank takes pride in the “yield pledge” it displays on its Web site.

The pledge goes like this: “We promise that your yield will always be in the top 5% of competitive accounts of leading banks. So you never have to worry if you’re getting the best returns on your money.”

But let's give credit where credit is due. Everbank is offering a 2.25% APY for new money-market account customers. According to the BankingMyWay Weekly Money-Market Rate Tracker, the average money-market interest rate this week is 0.339%.

Thus the Everbank money-market rate deal is light years ahead of the national average.

Aside from the great rate, Everbank is offering:

  • A low $1,500 initial-deposit requirement.
  • No-fee online and mobile banking.
  • Up to six withdrawals per month.
  • FDIC-insured account.

Find out more here.

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