Bank Of America Money Market Account Review For 2024

Bank of America offers Personal and Platinum Money Market Accounts that can be opened with a minimum deposit of $25. The Personal Money Market Accounts provide customers with interest rates that are significantly higher than standard savings accounts and that increase with the account’s balance. The Platinum Money Market Accounts share a similar structure, but reward customers, who have an active personal checking account and maintain a minimum of $50,000 across eligible accounts, with even higher interest rates.

Both account types are administered similarly, with the exception of their maintenance fees, interest rates, and the exclusive features that are provided to solely to Platinum customers.

The following examines the important aspects of Bank of America’s Money Market Accounts.

Features

Both of Bank of America’s Money Market Account options provide basic features that include: the convenience of online and mobile banking; overdraft protection for adjoined checking accounts; and Keep the Change enrollment, in which Bank of America rounds up debit card transactions to the next dollar, then deposits the rounded up difference into the accountholder’s money market account.

Platinum Money Market Accountholders have access to additional perks like exclusive rates for savings accounts, Individual Retirement Accounts, and CDs, as well as their own special customer service group.

BOA MMA Annual Percentage Yield

Annual Percentage Yields (APYs) vary by geographic location and type of Money Market Account. At Bank of America, the APY is on a tiered system, which directly corresponds to the account balance. Prospective consumers can visit Bank of America’s website and plug in their state to find out an exact range. For a quick comparison, Bank of America’s rates range from 0.03% to 0.07% for a Personal Money Market Account and 0.05% to 0.12% for a Platinum Money Market Account in the state of Maryland. These APYs are: better then those of Wells Fargo which range from 0.03% to 0.05%; comparable to those of M&T Bank which range from 0.04% to 0.13%; and subpar to those at PNC, where the range is between 0.05% and 0.16%.

Bank of America and each of the other referenced financial institutions have disclaimers on their websites, stating that the Annual Percentage Yields are subject to change at any time.

BOFA MMA Monthly Maintenance Fees

Bank of America charges a $12 monthly maintenance fee on money market accounts, although the maintenance fee can be waived for accountholders who maintain a $2,500 minimum daily balance or link their account to a Bank of America Interest Checking Account. When compared to other financial institutions, Bank of America’s monthly maintenance fee and waiver requirements are fairly reasonable. For the sake of comparison: M&T Bank charges a $15 monthly maintenance fee and requires a minimum daily balance of $2,500 to waive it; Wells Fargo charges a $10 monthly maintenance fee and requires a minimum daily balance of $3,500 to waive it; and PNC charges a $10 monthly maintenance fee and requires a minimum daily balance of $1,000 in order to waive it.

Transaction Limitations

Because of federal guidelines and Bank of America’s deposit agreement, money market accountholders are limited in the number of withdrawals and transfers they can make from their money market account each month. The maximum limit of monthly withdrawals is 6 only 3 of those withdrawals can be made by check or debit card, as applicable.

Customer Service

For the average accountholder, Bank of America’s customer service has both pros and cons. Customers who live in metropolitan or suburban areas are likely to experience long, frustrating waits when visiting a branch. When contacting Customer Service by phone, the experience is hit or miss. At times, there is little-to-no-wait to speak with a representative; however, other times callers can expect to wait between 5 to 10 minutes to get a representative on the phone.

The customer service representatives are usually pleasant and helpful. They seem to spend as much time as needed to provide information and answer questions. However, one can’t help but notice they also try to upsell and cross-sell products. For instance, it seems to be standard protocol for them to throw in a plug about Bank of America credit cards, when consumers call in for information on other accounts.

Customers, who qualify for Bank of America’s Platinum Privileges program, have access to a more individualized, relationship-driven customer service experience through a special team of representatives, solely dedicated to assisting Platinum level customers.

BOFA MMA Review Summary

Bank of America is a practical option for anyone looking to open a Money Market Account. Overall, they’re comparable to Wells Fargo and M&T Bank, with respect to their maintenance fee requirements and Annual Percentage Yields. However, PNC seems to be an attractive alternative because of their lower maintenance fees, their lower balance requirements to qualify for account fee waivers, and their higher Annual Percentage Yield rates.