Members of the National Education Association can enjoy the best money market rates offered by Bank of America with a current money market rate of 1.20% APY for balances through $500 to $49,999.

The best money market rate is offered to NEA members you just need to mention the priority code HA02B when you call their customer service line 1800-205-8647.

The money market rates are tiered like the following:

Less than $500 0.80% APY
$500 to $49,999 1.20% APY
$50K and over 1.30% APY

There is also an introductory money market interest rate of additional 0.17% on all tiers for the first 60 days of the account. All interest rates that we have here are accurate as of January 4, 2010. These can be changed any time.

Those who wan to take advantage of this money in the bank deal can open an account online with an initial funding of $500. Remember that early withdrawal fees and other charges may affect the earnings of your savings. All interests are compounded on a monthly basis.

The money market account allows only six withdrawals per month. Three of these take outs can be in the form of checks. There are not check writing privileges for the states of Washington and Idaho.

The National Education Association accepts active, retired, or pre-retired certified professionals employed in public education. You can check out their website for the details of registration.

Some of our readers have informed us that they were told by the bank that they do not need to be a member of the NEA to enjoy this attractive money market rates. It seems that as long as you use the priority code, you will be able to open and setup the account.