Bank of America does offer money market accounts, but they come with specific features and minimum balance requirements you should know before opening one.
Bank of America's money market account is called a Money Market Savings Account. It functions as a hybrid between a regular savings account and a money market fund — you get a savings account structure with tiered interest rates that increase as your balance grows. The account comes with check-writing privileges and a debit card, which sets it apart from some competitors' money market products.
The catch is the minimum opening deposit and the balance tiers that determine your interest rate. Bank of America requires $2,500 to open the account, and your rate changes based on how much you keep in it. The higher your balance, the higher your rate — but the rates themselves change frequently and are generally lower than what you'll find at online banks or credit unions.
Key Takeaways
- Bank of America's Money Market Savings Account requires a $2,500 minimum deposit to open and offers tiered interest rates based on your balance.
- You get check-writing and debit card access, which is useful if you need to move money quickly, but the interest rates are typically lower than online alternatives.
- The account is FDIC-insured up to $250,000, so your money is protected even if the bank fails.
- Monthly maintenance fees explore unless you meet balance requirements or set up direct deposit, so you need to factor that into whether the account makes sense for you.
How the tiered interest rate structure works
Bank of America doesn't publish a single interest rate for this account. Instead, the rate you earn depends on your balance tier. A lower balance might earn 0.01%, while a balance above $100,000 might earn 0.05% — but these rates change without notice and vary by region. You can check your specific rate by logging into your account or calling Bank of America directly.
The tiered approach means you're not getting a competitive rate unless you're maintaining a very large balance. If you're looking to park $5,000 or $10,000, you'll likely earn more at an online bank like Marcus, Ally, or American Express Personal Savings, where rates are uniform across all balances and typically higher. The Bank of America account makes more sense if you're already a customer with substantial assets and want the convenience of one institution.
Fees and what they cost you
Bank of America charges a $12 monthly maintenance fee on the Money Market Savings Account. You can avoid this fee in two ways: maintain a minimum daily balance of $2,500 (the same as the opening deposit) or set up a may have access to direct deposit of at least $500 per month. Many people overlook the direct deposit option — if you have payroll or Social Security deposited directly, you automatically waive the fee.
If you don't meet either condition, that $12 monthly fee adds up to $144 per year. On a $5,000 balance earning 0.02%, you'd make roughly $1 in interest annually but lose $144 to fees — a net loss. The math only works in Bank of America's favor if your balance is substantial or you may have access to for fee waiver through direct deposit.
FDIC insurance and safety
Your money in a Bank of America Money Market Savings Account is protected by FDIC insurance up to $250,000. This means if Bank of America fails, the Federal Deposit Insurance Corporation guarantees your deposits up to that limit. The insurance covers this account separately from other Bank of America savings accounts you might have, so if you have both a regular savings account and a money market account, each is insured to $250,000.
This protection is standard across all FDIC-insured banks and credit unions — it's not a Bank of America advantage, but it's important to know your money isn't at risk due to bank failure.
How Bank of America's money market account compares to alternatives
| Feature | Bank of America Money Market | Online Bank (Marcus, Ally) | Credit Union Money Market |
|---|---|---|---|
| Minimum to open | $2,500 | $0–$2,500 (varies) | $500–$2,500 (varies) |
| Interest rate | 0.01%–0.05% (tiered) | 4.00%–5.35% (current market) | 2.00%–4.50% (varies) |
| Monthly fee | $12 (waived with $2,500 balance or direct deposit) | $0 | $0–$5 (varies) |
| Check writing | Yes | Limited or no | Yes (usually) |
| Debit card | Yes | No (usually) | Yes (usually) |
The comparison shows why many people choose alternatives. An online bank like Marcus or Ally offers rates 50 to 100 times higher than Bank of America, with no monthly fee and no minimum balance. The trade-off is that you can't write checks or use a debit card — you transfer money electronically to move it. If you need frequent access and the ability to write checks, that matters. If you're parking money for a few months and don't need to touch it, the higher rate at an online bank wins.
Credit unions often split the difference: rates higher than Bank of America but lower than online banks, check-writing and debit card access, and lower or no fees. If you're a credit union member, comparing their money market account to Bank of America's is worth 15 minutes of research.
When a Bank of America money market account makes sense
This account works best if you're already a Bank of America customer with a large balance (over $50,000) and you value having everything in one place. The convenience of managing multiple accounts at the same institution, plus the ability to write checks directly from the money market account, appeals to some people enough to offset the lower rate.
It also makes sense if you have direct deposit set up with Bank of America and you're looking for a place to hold money slightly longer than a checking account but with more flexibility than a CD. The fee waiver through direct deposit removes the monthly cost, and you get FDIC protection plus check-writing access.
It does not make sense if you're comparing rates across institutions or if you have a small balance under $10,000. The rate difference between Bank of America and an online bank is too large to ignore, and the monthly fee erodes any interest you'd earn.
How to open a Bank of America money market account
You can open the account online through Bank of America's website, in a branch, or by phone. You'll need your Social Security number, a government-issued ID, and your initial deposit of at least $2,500. If you're opening it online, the process takes about 10 minutes and the account is usually active the same day.
Before you open it, log into your existing Bank of America account (if you have one) and check what direct deposit options you have. If you already receive payroll or benefits directly, you've already solved the fee problem. If not, confirm you can maintain the $2,500 minimum balance without stress — if that money needs to stay liquid and accessible, a money market account might not be the right tool.
Frequently Asked Questions
Can I write checks on a Bank of America money market account?
Yes. Bank of America includes check-writing privileges on the Money Market Savings Account, which is one of its distinguishing features compared to money market funds at brokerages. You also get a debit card for ATM withdrawals and purchases.
What's the difference between Bank of America's money market account and a money market fund?
Bank of America's product is a savings account that happens to be called a money market account — it's FDIC-insured and has a fixed balance. A money market fund is an investment product that invests in short-term debt and is not FDIC-insured. They're different things with similar names.
Can I move money between my Bank of America checking account and the money market account?
Yes. You can transfer money between linked Bank of America accounts online, by phone, or in a branch. Transfers between your own accounts are free and usually when ready.
What happens if my balance drops below $2,500?
You'll start paying the $12 monthly maintenance fee unless you have direct deposit set up. Your account won't close, but the fee will reduce any interest you're earning. If your balance is going to fluctuate, factor in whether the fee makes the account worth keeping.
Is the interest rate may provide, or can it change?
Bank of America can change the rate at any time without notice. The rate you see today may be different next month. This is standard across all banks, but it means you should check your rate periodically if you're comparing it to other options.