Accept an offer from my last choice company? Or decline it and wait on my top choice?

I am am a 3rd year CS student in a 5 year program.

I have been given an internship offer from Harris Corporation. The position is as a Test and Integration Engineering. They'll give me a great pay, and relocate me to Palm Bay, Florida. They gave me this offer a week ago and they need an answer by this Monday.

I applied for a Developer internship with Bank of America last November. They flew me out to Charlotte, NC for a leadership conference / interview. I got a second interview a week ago and it went fairly well.

My issue here is that I would much rather get the Bank of America internship, solely because I would be doing more of the writing code, but I wont hear back from them until the end of the month. I notified the Recruiter of my offer, and he called me saying that I was a strong applicant, but they are meeting on a specific day and cannot get me an answer any faster. I asked the other company for an extension, but they said they couldn't.

I would just accept the offer and wait to hear back, but I was connected to both opportunities through an internship program. They do not allow me to do that. In fact, once I accept the offer, then Bank of America gets notified and they pull my application before the decision making process.

What should I do? Should I play it safe and accept the offer? Or should I decline it and take the risk for the company that I really want? Please lend me any advice you can.

Thank you!!