Search for a money market saving account at Bank of America and you'll run into a surprise. Bank of America doesn't currently offer a traditional money market account to everyday consumers. What you'll find instead is Advantage Savings, the bank's standard savings account, plus a money-market-style deposit program through Merrill for people with very large balances.
Here's what each option pays as of July 2026, what the fees look like, and where savers can find yields that are dramatically higher.
Does Bank of America Offer a Money Market Saving Account?
Not in the way most banks define one. A money market account typically combines savings-level interest with limited checking features, like a debit card or check writing. Bank of America phased out its consumer money market savings products, so shoppers who search for one get steered to Advantage Savings instead.
That's less of a problem than it sounds. The label on an account matters far less than the rate behind it. Some money market accounts pay under 0.10%, while some plain savings accounts pay over 4%. Judge every option on APY, fees, and access to your cash.
Bank of America Advantage Savings: Rates and Fees
As of July 2026, Advantage Savings pays 0.01% APY for standard customers. Preferred Rewards members earn a boosted rate that tops out around 0.04% APY at the highest tiers. Rates can vary slightly by region, so confirm the figure for your ZIP code.
In real dollars, $10,000 sitting in Advantage Savings at 0.01% earns about $1 per year. At the top boosted rate, about $4.
The core terms:
- Minimum opening deposit: $100
- Monthly maintenance fee: $8
- Fee waivers: keep a $500 minimum daily balance, link the account to an eligible Bank of America checking account, or qualify for Preferred Rewards
Rates are variable and can change at any time. Terms and conditions apply.
How Preferred Rewards Tiers Change Your APY
Preferred Rewards is Bank of America's loyalty program. Your tier depends on your combined balances across Bank of America deposit accounts and Merrill investment accounts.
| Tier | Combined balance | Savings rate effect |
|---|---|---|
| Gold | $20,000 to $50,000 | Small APY boost |
| Platinum | $50,000 to $100,000 | Larger APY boost |
| Platinum Honors | $100,000 to $1 million | Top boost, around 0.04% APY |
| Diamond | $1 million and up | Top boost plus lifestyle perks |
Notice the ceiling. Even with $1 million in combined balances, the boosted savings rate lands around 0.04% APY as of July 2026. The real value of Preferred Rewards sits in credit card bonuses, waived fees, and loan discounts, not savings yield.
Merrill Preferred Deposit: The Money-Market-Style Option
Bank of America's closest answer to a money market account lives at Merrill, its investment arm. Preferred Deposit is a bank deposit program you access through a Merrill brokerage account, and your cash stays FDIC insured up to applicable limits.
The catch is the entry price:
- Minimum initial deposit: $100,000
- Additional deposits: $1,000 or more
- Rate: third-party rate trackers have reported around 3.67% APY in recent months. Merrill doesn't publish this rate on a public page, so confirm the live figure with Merrill before moving money.
For someone parking six figures in cash while keeping a Merrill relationship, Preferred Deposit can make sense. Most savers never clear the $100,000 minimum.
What True Money Market Accounts Pay Elsewhere
Online banks and credit unions tell a different story. As of July 2026, many online money market and high-yield savings accounts advertise APYs in the 3% to 4.5% range, with no six-figure minimums attached.
The gap is not small. On a $10,000 balance, 4% pays about $400 a year. Advantage Savings at 0.01% pays about $1. Over five years, that difference compounds into thousands of dollars.
Money Market Saving Account Alternatives to Bank of America
If yield is the goal, fee-free fintech accounts deserve a look alongside online banks.
Current is a mobile banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY on savings balances with a qualifying direct deposit of $200 or more, and paychecks can arrive up to two days early. That top rate pays roughly 400 times what Advantage Savings offers standard customers.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
Chime takes a similar fee-free approach. As of July 2026 it advertises 3.75% APY on savings, early direct deposit, and fee-free overdraft up to $200 for eligible members. Deposits at both Current and Chime are held at FDIC-insured partner banks. Terms and conditions apply, and APYs can change.
Chime
Chime
- Fee-free banking plus early pay access - Overdraft up to $200 without fees - 5% cash back and build credit everyday. - 3.75% APY on your savings.
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
Which Option Fits Your Situation?
- You want branches and keep a small emergency fund. Advantage Savings works as a parking spot if you secure a fee waiver, but expect near-zero interest.
- You hold $100,000 or more in cash and already use Merrill. Ask about Preferred Deposit and verify the current rate.
- You want real yield with no minimums. A high-yield account from an online bank or an app like Current or Chime will typically out-earn Bank of America's consumer savings options by a wide margin.
Your next step takes ten minutes: check the exact APY on your current account, compare it to the options above, and move your emergency fund where it earns its keep.
Frequently Asked Questions
Does Bank of America have a money market account?
Bank of America doesn't currently offer a traditional money market account for consumers. Its main savings product is Advantage Savings, and Merrill offers a money-market-style program called Preferred Deposit with a $100,000 minimum initial deposit.
What is the minimum balance for Bank of America Advantage Savings?
The account opens with $100 and charges an $8 monthly fee. You can waive the fee with a $500 minimum daily balance, by linking an eligible Bank of America checking account, or through Preferred Rewards membership.
Is Merrill Preferred Deposit worth it?
It can be for savers with $100,000 or more in idle cash, since reported rates have hovered near the top of the market. Confirm the current rate with Merrill directly because it isn't published publicly.
Can I lose money in a savings or money market account?
Deposits at FDIC-insured banks are protected up to $250,000 per depositor, per bank, per ownership category, which makes these accounts low risk. Inflation can still erode buying power if your APY is very low, which is the practical cost of a 0.01% rate.
