Bank of America offers money market accounts, but they come with specific terms and minimum balance requirements

Yes, Bank of America offers money market accounts. These accounts sit between a regular savings account and a certificate of deposit (CD) — they pay interest rates higher than standard savings, but the rate changes based on market conditions and your balance. Bank of America's money market accounts require a minimum opening deposit (currently $2,500 for most customers, though this can vary) and have tiered interest rates, meaning you earn more interest on larger balances.

The catch is that money market accounts come with limited check-writing and withdrawal privileges. You can typically make up to six withdrawals per month before fees kick in, and some of those withdrawals may be restricted to transfers or checks rather than ATM withdrawals. If you need frequent access to your money, a regular savings account or checking account may serve you better.

Key Takeaways

  • Bank of America money market accounts require a $2,500 minimum deposit and pay interest rates that vary based on your balance tier and current market rates.
  • You are limited to six withdrawals per month before incurring fees, with some withdrawal methods restricted depending on the account type.
  • Interest rates on money market accounts are higher than regular savings but lower than what you might find at online banks or credit unions.
  • You can open a Bank of America money market account online, by phone, or at a branch, and link it to an existing Bank of America checking account.

How Bank of America money market accounts earn interest

Bank of America money market accounts use a tiered interest rate structure. This means the rate you earn depends on how much money you keep in the account. Higher balances earn higher rates. The bank publishes these tiers on its website, but the actual rates change frequently based on the Federal Reserve's actions and market conditions.

The interest compounds daily and is credited monthly. You can see your current rate and earnings in your online account dashboard or by calling customer service. Because rates are variable, they can go down as well as up — you are not locked into a fixed rate the way you would be with a CD.

Minimum balance requirements and fees

The current minimum opening deposit for a Bank of America money market account is $2,500. If your balance drops below this amount, you may be charged a monthly maintenance fee (typically $25, though this can change). Some customers with certain account packages or relationship status may have different minimums, so it is worth asking a representative about your specific situation.

Beyond the maintenance fee, the main cost to watch is the excess withdrawal fee. After six withdrawals in a calendar month, each additional withdrawal costs $10. This limit applies to all withdrawals combined — transfers, checks, and ATM withdrawals all count toward the six-withdrawal cap.

Withdrawal limits and how they work in practice

The six-withdrawal limit exists because money market accounts are designed for saving, not frequent spending. The Federal Reserve previously required this limit for all savings and money market accounts, though that rule was relaxed in 2020. Bank of America still enforces it as part of its account terms.

In practice, this means you should think of a money market account as a place to park money you do not need to touch often. If you need to withdraw money more than six times a month, you are better off using a checking account or regular savings account, where there are no withdrawal limits. Some customers use money market accounts alongside a checking account — keeping their emergency fund or short-term savings in the money market account and their spending money in checking.

How Bank of America money market accounts compare to other options

Bank of America money market accounts pay less interest than many online banks or credit unions offer on the same product. Online banks like Marcus, Ally, or American Express typically offer higher rates because they have lower overhead costs. However, if you already bank with Bank of America and want to keep everything in one place, the convenience may outweigh the lower rate.

CDs offer fixed rates that do not change, which can be useful if you want certainty, but you cannot access the money without paying an early withdrawal penalty. Regular savings accounts have no withdrawal limits but pay even lower interest. Money market accounts split the difference — better rates than savings, but with withdrawal restrictions and variable rates.

How to open a Bank of America money market account

You can open a money market account online through Bank of America's website, by phone at 1-800-432-1000, or in person at any branch. If you already have a Bank of America checking or savings account, the process is faster because the bank already has your information on file. You will need to provide your Social Security number, date of birth, and address.

The account opens when ready if you open it online or at a branch, and you can fund it right away by transferring money from another Bank of America account or by depositing a check. If you open by phone, the bank will mail you a welcome packet with your account details and debit card (if applicable).

What happens if your balance drops below the minimum

If your money market account balance falls below $2,500, Bank of America will charge you a monthly maintenance fee of $25 (subject to change). You have options: deposit more money to get back above the minimum, or close the account and move the money elsewhere. Some customers keep a money market account open with a low balance specifically to avoid the fee, but this defeats the purpose of earning higher interest.

If you are concerned about maintaining the minimum, ask a Bank of America representative whether you may have access to for a waived fee based on your account package or relationship status. Some customers with direct deposit or multiple accounts with the bank receive fee waivers.

Frequently Asked Questions

Can I write checks on a Bank of America money market account?

Yes, but with limits. You can write checks, but they count toward your six-withdrawal limit per month. After six withdrawals, each additional check incurs a $10 fee. This makes check-writing practical for occasional use but not for regular bill-paying.

What is the current interest rate on Bank of America money market accounts?

Rates change frequently and vary by balance tier. You can see the current rates on Bank of America's website or by calling 1-800-432-1000. Rates are typically lower than what online banks offer but higher than regular savings accounts.

Can I link my money market account to my checking account for transfers?

Yes. Transfers between your Bank of America accounts are free and count toward your six-withdrawal limit. You can set up automatic transfers or move money on demand through online banking or the mobile app.

What happens to my money market account if I do not use it?

The account stays open as long as you maintain the $2,500 minimum balance. If your balance drops below the minimum, you will be charged a $25 monthly fee. The account will not close on its own due to inactivity, but the fees will accumulate if you do not address the low balance.

Is my money in a Bank of America money market account insured?

Yes. Bank of America is FDIC-insured, and money market accounts are covered up to $250,000 per depositor, per bank. If you have multiple accounts at Bank of America, each account type (checking, savings, money market) is insured separately up to $250,000.