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Comment by purplerabbit | Hacker News Reader

They’re the only mega bank with both a 2% cash back card and a competitive HYSA

BoA has this, if you have at least $100k - a 2.625% cash back card, and with Merrill also has competitive HYSA (last I checked, 0.5% higher than Citi). BoA can be great if you have money, but sucks if you don't.

What do you mean have at least $100K? Like in one of their savings accounts? You can get 5% APY right now from Wealthfront in their savings, so you'd have to forgo a lot of interest to get that extra 0.625% over Citi's credit card.

Linked investment account counts. You just need $2500 in a checking account, the rest can be in whatever ETF or stock you'd like.

It's 100k in combined assets at BofA / ML, so if you have 100k in a brokerage account (or an IRA or a HSA or ...) you're eligible. It's not restricted to the super low yield savings accounts.

Right as others have mentioned, it's not $100k in savings, it's $100k total across their stuff.

But even if it was $100k savings, you can get ~5% APY at BoA high yield savings through Merrill anyways. I don't recommend that since Fidelity works better for that type of account, but you could do it.

FYI: Fidelity also offers 2% cash back with reasonable terms

Yup and their CMA is better than the big 4 banks offerings. Get HYSA equivalent rates but just use it like normal checking, not having to shuffle stuff around like with Citi or BoA

Fidelity isn't a bank, but they sure act a lot like a bank with the CMA account. Arguably enough like a bank that it will work as a bank for most people.

Other brokerages do the same sorts of things, Fidelity isn't alone in this. Schwab went a different way and decided to just buy a bank. Instead of like the BOA/Chase versions, where they bought a brokerage.

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