Banking Deals of the Week: Nov. 3

What will last night’s elections mean for bank rate investors?

Here’s a thought: Stability. With the U.S. House of Representatives in Republican hands and the Senate under Democratic control, the electorate has apparently chosen a bipartisan balance in Congress.

It looks like gridlock in Washington, and that could be music to the ears of bank rate investors. We can expect no big tax hikes – or tax reductions – for the next two years; no big spending plans from Uncle Sam – and no huge reduction in federal spending either.

It’s not perfect, but at least we know where we stand. With Washington out of the picture (once again engaged in a two-party taffy pull until 2012) maybe common sense can prevail and the private sector can pull the U.S. economy out of its three-year slump.

While we wait for that to happen, here are a few banking deals on tap this week:

Mortgage Bonus

Bank of America (Stock Quote: BAC) doesn’t have the greatest reputation for consumer-friendly banking deals. Its current 12-month CD rate is a paltry 0.65%, for example, and its current regular savings rate is an anemic 0.05%.

But the banking behemoth does have an interesting deal on a new checking account: It’s offering $300 off your mortgage principal if you open a checking account at the bank. All you need to do is use a special checking coupon code: CH300EM10 by Dec. 4.

It’s only good for mortgage loans through Bank of America and you’ll see the deduction in $25 monthly increments for the next 12 months. You’ll also have to link your mortgage to your BofA checking account and make your mortgage payments from it.

Also, don’t be late on your mortgage. This deal is only good if you made your mortgage payments on time for the past 12 months. Find out more here.

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