Yes, Bank of America offers money market accounts
Bank of America does offer a money market account called the Money Market Account. It functions as a hybrid between a checking account and a savings account — you get a debit card and check-writing ability like checking, but the interest rate and withdrawal limits work more like savings.
The account is available to both individual customers and business customers. The interest rate you earn depends on your balance tier and changes based on Federal Reserve decisions, so the rate today will not be the same six months from now.
Bank of America also offers a separate product called the Savings Account, which is a traditional savings account without check-writing or a debit card. If you are comparing products, the money market account is the one with more transaction features.
Key Takeaways
- Bank of America's Money Market Account includes a debit card and check-writing privileges, making it different from a standard savings account.
- Interest rates are tiered by balance — higher balances earn higher rates — and rates change when the Federal Reserve adjusts its benchmark.
- You can make up to six withdrawals per statement cycle before facing a fee, which is a federal rule that applies to most money market accounts.
- Monthly maintenance fees exist but can be waived if you maintain a minimum balance or set up direct deposit.
How the tiered interest rate structure works
Bank of America's Money Market Account pays different interest rates depending on how much money you keep in the account. The bank divides customers into balance tiers — for example, accounts with $2,500 to $10,000 might earn one rate, while accounts with $10,000 to $25,000 earn a higher rate. The exact tier thresholds and rates change periodically.
You can find the current rates and tier breakpoints on Bank of America's website or by calling their customer service line. The rates are not fixed — they move up and down as the Federal Reserve changes its benchmark interest rate. When the Fed raises rates, money market rates typically rise within weeks. When the Fed cuts rates, money market rates fall.
The practical effect is that your earnings depend on both how much you have in the account and when you opened it. Someone who opened an account in 2023 earned much less than someone who opened one in 2024, even with the same balance.
Monthly fees and how to avoid them
Bank of America charges a monthly maintenance fee on the Money Market Account, typically around $12 per month, though this amount can vary. The fee is waived if you meet one of these conditions: maintain a minimum balance (often $2,500 or higher), set up direct deposit, or link the account to a Bank of America checking account with certain requirements met.
If you do not meet any waiver condition, the fee comes out of your account each month. Over a year, that adds up to more than the interest you might earn on a small balance, which is why the account makes more sense for people who either plan to keep a larger balance or can meet one of the waiver conditions.
Some customers avoid the fee by maintaining just enough in the money market account to hit the minimum, then keeping most of their money elsewhere. Others use the direct deposit waiver if their employer offers it.
Withdrawal limits and how they affect you
Federal rules limit you to six withdrawals per statement cycle on money market accounts. This rule applies to all banks, not just Bank of America. A statement cycle is usually one month, though the exact dates depend on when you opened the account.
The six withdrawals include transfers to other accounts, checks you write, and debit card transactions. Once you hit six, Bank of America can either refuse further withdrawals or charge a fee for each one over the limit — the bank's policy determines which. You can make unlimited deposits and unlimited ATM withdrawals, so the limit only affects money going out.
In practice, this matters most if you use the money market account as your primary spending account. If you use it mainly to hold money and earn interest, with occasional transfers to checking for everyday spending, you will not hit the limit.
How Bank of America money market accounts compare to their other savings products
Bank of America offers three main deposit products for savers: the regular Savings Account, the Money Market Account, and Certificates of Deposit (CDs). The Savings Account has no check-writing or debit card, no withdrawal limits, and typically a lower interest rate. The Money Market Account has check-writing and a debit card but includes the six-withdrawal limit and a higher interest rate. CDs lock your money for a set term (three months to five years) in exchange for a may provide rate.
If you want to write checks and use a debit card while earning interest, the Money Market Account is the right choice. If you want simplicity and do not need those features, the Savings Account costs less in fees. If you have money you will not need for several months or longer, a CD often pays more.
Bank of America also offers a checking account called the Interest Checking Account, though the interest rate is typically much lower than the money market account. Most people use checking for spending and a money market or savings account for storing money.
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, or in person at a branch. Online is usually the fastest — the process takes about 10 minutes and you can fund the account immediately with a transfer from another bank account.
You will need to provide your Social Security number, date of birth, address, and employment information. Bank of America will run a background check through ChexSystems, which is a banking history database. If you have been flagged in ChexSystems for unpaid overdrafts or fraud at another bank, Bank of America may deny the account.
Once approved, you can start using the account right away. Your debit card arrives by mail within 7 to 10 business days. Checks can be ordered through the account or through a third-party printer.
What happens when interest rates change
When the Federal Reserve raises or lowers its benchmark rate, Bank of America adjusts its money market rate, usually within one to two weeks. The bank announces the change on its website and sends a notice to account holders. Your new rate takes effect on your next statement cycle.
Because rates move frequently, the account is less predictable than a CD, where your rate is locked in. If you want to know exactly how much you will earn over the next year, a CD is a better choice. If you want flexibility and do not mind that your earnings will fluctuate, the money market account works.
You can check your current rate and earnings at any time by logging into your Bank of America account online or calling customer service.
Frequently Asked Questions
Can I write checks on a Bank of America money market account?
Yes. The Money Market Account comes with check-writing privileges and a debit card, which is one of the main differences between it and Bank of America's regular Savings Account. You are still limited to six withdrawals per statement cycle, so writing many checks in one month could trigger a fee.
What is the minimum balance to open a Bank of America money market account?
Bank of America does not require a minimum opening deposit — you can open the account with $0. However, you will owe the monthly maintenance fee unless you maintain a minimum balance (typically $2,500), set up direct deposit, or meet another waiver condition. Check the current requirements on Bank of America's website.
Is my money safe in a Bank of America money market account?
Yes. Bank of America is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000 per account holder per bank. Your money market account is covered by this insurance, so even if the bank fails, your money is protected up to the limit.
How often does Bank of America change the money market account interest rate?
The rate changes whenever the Federal Reserve adjusts its benchmark rate, which happens several times per year. Bank of America typically updates its rates within one to two weeks of a Fed decision. You can see the rate history on their website.
Can I transfer money from my Bank of America checking account to the money market account?
Yes. You can transfer money between your Bank of America accounts online, by phone, or at a branch. Transfers between your own accounts do not count toward the six-withdrawal limit on the money market account.