3 ms·
Where do you see 4.5% in BofA?
by danr4 3y ago
Where do you see 4.5% in BofA?
- footpath 3y agoIt's a semi-hidden product called Preferred Deposit under BofA's Merrill subsidiary: https://resources.bankofamerica.com/email/render-resource/40f63f82c67b4b75b2b532918544ee6b https://resources.bankofamerica.com/email/render-resource/40... https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMO... Big banks like Chase and Morgan Stanley have similar deposit products tied to their investment/wealth management arms: https://www.jpmorgan.com/wealth-management/premium-deposit https://www.jpmorgan.com/wealth-management/premium-deposit https://www.morganstanley.com/campaigns/wealth-management/qualifying-cash https://www.morganstanley.com/campaigns/wealth-management/qu... They are not really competitive due to the high initial deposit or total balance requirements, as there are smaller banks that offer higher yields and no requirements. These products mostly function as an incentive for higher net worth individuals to maintain the relationship with their existing big bank.