Bank of America offers money market accounts, but availability depends on your account type and location

Bank of America does offer money market accounts, though the product lineup varies by state and account status. The bank calls its main offering a Money Market Savings Account, which combines features of a savings account with tiered interest rates that increase as your balance grows. However, not all Bank of America customers have access to this product — some states and account types do not include it.

If you bank with Bank of America and want to know whether money market accounts are available to you, the fastest way is to log into your online account, call 1-800-432-1000, or visit a local branch. The representative can tell you what money market products are currently offered in your state and what the current interest rate is.

Key Takeaways

  • Bank of America money market accounts pay interest that increases in tiers as your balance grows, but the exact rates and minimum balance requirements vary by state.
  • You can open a Bank of America money market account online, by phone, or in person at a branch, and you can link it to an existing Bank of America checking account.
  • The account comes with a debit card and check-writing privileges, making it more flexible than a standard savings account but with lower interest rates than many online banks offer.
  • Bank of America money market accounts are FDIC-insured up to $250,000, so your deposits are protected even if the bank fails.

How Bank of America money market accounts work

A Bank of America money market account functions as a hybrid between a savings account and a money market fund. You deposit money, earn interest based on the balance tier your account reaches, and can withdraw funds — though the account typically limits you to six withdrawals per month before fees apply. Bank of America does not charge a monthly maintenance fee on most money market accounts, but some states or account tiers may have different terms.

The interest rate structure is tiered, meaning you earn a higher rate once your balance crosses certain thresholds. For example, you might earn one rate on balances up to $10,000 and a higher rate on balances above that. The exact tiers and rates change frequently and vary by state, so you need to check the current rates for your location before opening an account.

You can access your money market account through Bank of America's mobile app, website, ATM, or in-branch. The account comes with a debit card and check-writing ability, so you can move money out relatively easily — though the six-withdrawal limit means it is not designed for frequent transactions.

Interest rates and minimum balance requirements

Bank of America does not publish a single national interest rate for money market accounts. Rates vary by state and change regularly based on Federal Reserve policy and market conditions. The minimum balance to open an account and the balance thresholds for each interest tier also differ by location.

To find the current rates and minimums for your state, visit the Bank of America website, call the customer service line, or ask at a branch. You can also compare Bank of America rates to other banks using a rate-comparison tool, though keep in mind that online banks often offer higher rates because they have lower overhead costs.

Opening a Bank of America money market account

You can open a Bank of America money market account online if you already have a Bank of America checking or savings account. The process takes about 10 minutes and requires your Social Security number, date of birth, and initial deposit amount. You can also open an account by phone or in person at any Bank of America branch.

If you do not yet have a Bank of America account, you will need to open a checking account first, then add a money market account to your profile. Some branches allow you to do both in one visit. Bring a government-issued ID and a way to fund the account — either a debit card, another bank account, or cash.

Comparing Bank of America to other money market options

Bank of America money market accounts offer convenience and FDIC insurance, but they typically pay lower interest rates than online banks or credit unions. An online bank might offer 4% to 5% on a money market account, while Bank of America rates are usually lower — though this gap narrows or widens depending on Federal Reserve rate changes.

The trade-off is access: Bank of America has physical branches and 24/7 phone support, which matters if you prefer in-person banking or need to resolve issues quickly. If your priority is the highest possible interest rate and you are comfortable managing your account online, an online bank or credit union money market account may be a better fit. If you value the convenience of a nearby branch and integrated account management, Bank of America may be worth the lower rate.

FDIC insurance and account safety

Bank of America money market accounts are FDIC-insured up to $250,000 per depositor, per bank. This means if Bank of America fails, the Federal Deposit Insurance Corporation will reimburse you for deposits up to that limit. The insurance covers the account balance as of the date of the bank's failure, regardless of what you have withdrawn or deposited since then.

If you have multiple accounts at Bank of America — such as a checking account, savings account, and money market account — the FDIC insurance is calculated separately for each account type. A money market account and a savings account are insured separately, so you could have $250,000 in each and be fully covered.

Withdrawal limits and fees

Bank of America money market accounts allow six withdrawals per month before a fee applies. This limit is set by federal regulation, not by Bank of America itself. After six withdrawals in a calendar month, you may be charged a fee for each additional withdrawal, or the bank may convert your account to a checking account.

Transfers between your own Bank of America accounts do not count toward this limit, and neither do ATM withdrawals or debit card purchases. Only withdrawals initiated by check, phone, or in-person teller count. If you need to withdraw money frequently, a checking account is a better choice than a money market account.

Frequently Asked Questions

Can I transfer money from my Bank of America checking account to a money market account?

Yes. You can transfer money between your Bank of America accounts online, through the mobile app, by phone, or in person. Transfers between your own accounts do not count toward the six-withdrawal limit on the money market account.

What happens if I exceed the six withdrawals per month?

Bank of America may charge a fee for each withdrawal beyond six in a calendar month, or the bank may convert your money market account to a checking account. Check your account agreement or call customer service to confirm the exact fee amount for your state.

Is a Bank of America money market account better than a savings account?

A money market account typically pays a higher interest rate than a savings account, but it limits you to six withdrawals per month. If you plan to access your money frequently, a savings account is more practical. If you want to set money aside and leave it untouched, a money market account usually earns more.

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

Yes. Bank of America money market accounts come with check-writing privileges and a debit card, so you can access your money by check, card, or ATM. However, checks count toward your six-withdrawal limit if they are written on the money market account.

How often do Bank of America money market rates change?

Bank of America can change money market rates at any time without notice. Rates typically move when the Federal Reserve changes its benchmark interest rate, but banks can adjust independently. Check your account online or call to confirm the current rate before opening an account.