Yes, Bank of America offers money market accounts, but they come with specific terms and minimum balances
Bank of America's money market account is called the Money Market Savings Account. It functions as a hybrid between a regular savings account and a money market fund — you get a savings account with check-writing and debit card access, plus interest that typically exceeds what you'd earn in a standard savings account. The trade-off is a higher minimum opening deposit and monthly maintenance fees if your balance drops below the required threshold.
The account earns tiered interest rates, meaning the rate you receive depends on how much you keep in the account. The more you maintain, the higher your rate. Bank of America publishes these rates on their website, but they change frequently and vary by region, so you'll need to check your local branch or call 1-800-432-1000 to see the current rates for your area.
Money market accounts at Bank of America are FDIC-insured up to $250,000, the same protection that covers regular savings accounts. This means your money is protected if the bank fails, though this protection does not cover investment losses if you hold mutual funds or stocks through a brokerage account.
Key Takeaways
- Bank of America's Money Market Savings Account requires a minimum opening deposit that varies by location, typically ranging from $2,500 to $25,000.
- Interest rates are tiered based on your balance, so higher balances earn higher rates, and rates change based on Federal Reserve decisions and market conditions.
- Monthly maintenance fees apply if your balance falls below the required minimum, usually between $10 and $25 depending on the tier.
- You can write checks and use a debit card on most money market accounts, unlike traditional money market funds that restrict access.
- FDIC insurance protects your deposits up to $250,000, but this protection does not cover any investment products held separately.
Minimum balance requirements and fees
Bank of America's Money Market Savings Account has a minimum opening deposit requirement, but the exact amount depends on which tier you choose and your location. Tiers typically start at $2,500 and go up to $25,000 or higher. You can check the specific minimums for your branch by visiting bankofamerica.com or calling your local branch directly.
If your balance drops below the minimum for your tier, Bank of America charges a monthly maintenance fee. These fees typically range from $10 to $25 per month, depending on the tier. The fee continues each month until you bring your balance back above the minimum. Over time, these fees can significantly reduce any interest you earn, so it's important to maintain the balance you committed to when opening the account.
Some customers avoid these fees by linking their money market account to a checking account and transferring money in when the balance gets low. Others close the account if they know they can't maintain the minimum consistently. There's no penalty for closing a money market account early — you simply withdraw your funds and the account closes.
How interest rates work on money market accounts
Bank of America uses a tiered rate structure, which means different balances earn different interest rates. For example, you might earn 0.01% on balances under $10,000, 0.02% on balances from $10,000 to $24,999, and 0.05% on balances of $25,000 or more. These are example rates only — actual rates change frequently and vary by region.
Interest is compounded daily and deposited monthly into your account. This means the bank calculates interest on your balance every day, but you see the money added to your account once a month. The more you keep in the account and the longer you keep it there, the more interest compounds.
Bank of America's rates are generally lower than rates offered by online banks and credit unions, which often have no minimum balance requirements and higher yields. If you're primarily interested in earning interest, comparing rates across multiple institutions before opening an account is worth your time. You can check current rates at bankofamerica.com or by visiting a branch.
Check-writing and debit card access
Unlike traditional money market funds offered through investment accounts, Bank of America's Money Market Savings Account comes with check-writing privileges and a debit card. This means you can access your money more easily than you could with a certificate of deposit (CD) or a true money market mutual fund, which often restrict withdrawals.
You typically receive a limited number of checks per month — often 3 to 6 — before additional fees apply. Debit card transactions usually count toward your monthly withdrawal limit. Federal Regulation D historically limited savings account withdrawals to six per month, though this rule was suspended in 2020 and has not been reinstated, so withdrawal limits vary by bank and account type.
The combination of check access and a debit card makes money market accounts useful if you want slightly higher interest than a regular savings account but still need regular access to your money. If you rarely write checks or use a debit card, a regular savings account or CD might serve you better.
Money market accounts versus other Bank of America savings options
Bank of America offers several savings products, and choosing between them depends on how long you can leave money untouched and how much interest matters to you. A regular savings account has no minimum balance and no monthly fees, but earns very low interest — often 0.01% or less. A money market account requires a higher minimum but earns tiered rates that can be two to five times higher, depending on your balance.
Certificates of Deposit (CDs) lock your money away for a set term — typically 3 months to 5 years — but offer fixed rates that are usually higher than money market accounts. If you withdraw early, you pay a penalty. CDs make sense if you know you won't need the money for a specific period and want to lock in a may provide rate.
Bank of America also offers a basic savings account with no monthly fees and no minimum balance, which is useful if you're building an emergency fund but can't meet the money market minimum. The trade-off is lower interest, but you avoid fees entirely.
| Account Type | Minimum Balance | Monthly Fee | Interest Rate Range | Withdrawal Access |
|---|---|---|---|---|
| Regular Savings | None | None | 0.01% or less | Unlimited |
| Money Market Savings | $2,500–$25,000+ | $10–$25 | 0.01%–0.05%+ | Limited checks/debit |
| Certificate of Deposit | $1,000–$2,500 | None | 0.05%–1.5%+ | Locked until maturity |
FDIC insurance and account security
Bank of America is an FDIC-insured bank, which means deposits in your money market account are protected up to $250,000 per depositor, per bank, per account ownership category. If you have a joint money market account with someone else, the $250,000 limit applies to each owner separately, so a joint account is actually insured for up to $500,000 total.
This insurance covers the money in your account if the bank fails, but it does not cover losses from fraud, market downturns, or investment products. If someone fraudulently accesses your account and transfers money out, you have fraud protection through Bank of America's Zero Liability policy, which means you're not responsible for unauthorized transactions if you report them promptly.
To keep your account secure, use a strong password, enable two-factor authentication through Bank of America's mobile app, and monitor your account regularly for unauthorized activity. If you notice something suspicious, contact Bank of America immediately at 1-800-432-1000 or through the mobile app.
How to open a money market account at Bank of America
You can open a money market account online, by phone, or in person at a Bank of America branch. Online applications typically take 10 to 15 minutes and require your Social Security number, driver's license or passport, and proof of address. You'll need to fund the account with at least the minimum opening deposit, which you can do by transferring money from another bank account or depositing a check.
If you already have a Bank of America checking or savings account, opening a money market account is faster because the bank already has your information on file. You can often complete the process entirely online and fund it immediately from your existing account.
Before opening, confirm the current minimum balance requirement and interest rates for your area by visiting bankofamerica.com or calling 1-800-432-1000. Rates and minimums change, so what applied last month may not apply today. Once your account is open, you'll receive checks and a debit card in the mail within 7 to 10 business days.
Frequently Asked Questions
What's the difference between a money market account and a money market fund?
A money market account is a bank savings product with FDIC insurance, check-writing, and a debit card. A money market fund is an investment product that holds short-term debt securities and typically has no FDIC insurance. Bank of America offers both, but they're different products with different risks and access rules.
Can I have multiple money market accounts at Bank of America?
Yes, you can open more than one money market account. However, FDIC insurance covers a combined total of $250,000 across all savings accounts you own at the same bank in the same ownership category. If you have $200,000 in one money market account and $100,000 in another, only $250,000 total is insured.
What happens if my balance falls below the minimum?
Bank of America charges a monthly maintenance fee, typically $10 to $25 depending on your tier. The fee continues each month until your balance rises above the minimum again. You can avoid the fee by transferring money in or closing the account and withdrawing your funds.
Are Bank of America's money market rates competitive?
Bank of America's rates are generally lower than rates offered by online banks and credit unions. Online institutions often offer 4% to 5% on high-yield savings accounts with no minimum balance, while Bank of America's money market rates are typically under 0.10%. If earning interest is your primary goal, comparing rates across multiple banks is worth doing.
Can I write unlimited checks on a money market account?
No. Most money market accounts limit check-writing to 3 to 6 checks per month, with fees for additional checks. Debit card transactions may also count toward this limit. If you need unlimited check access, a regular checking account is a better choice.