A money market savings account is a type of savings account that allows you to earn even more money back compared to a regular savings account. Opening a money market savings accounts is a great way to reach your personal and financial goals quicker.
Bank of America Money Market Savings Account
The Bank of America Money Market Savings Account, also called the Rewards Money Market Savings Account, helps you earn more interest on your deposits and find creative ways to save more money.
Aside from higher interest rates than Bank of America’s regular savings accounts, a Money Market Savings Account also allows painless transfers between your Bank of America checking account and money market account.
This is a fantastic option if you need to quickly get more money into your checking account in order to write a check – say for rent, an appliance purchase or groceries.
Keep the Change Eligibility
When you open a Bank of America Money Market Savings Account you could also opt into Bank of America’s “Keep the Change” program to earn money back on your debit purchases. While you’re still earning back higher interest than you would with a regular savings account, Bank of America also opens up eligibility for its Keep the Change program.
Bank of America’s Keep the Change program is essentially a separate savings program that lets account holders earn more money back on their debit purchases. The program gets its namesake from the fact that Bank of America rounds up your purchases from the nearest whole dollar amount, then Bank of America transfers the difference from your checking to savings.
The extra savings that you get from opening a Bank of America Money Market Savings Account in the form of extra interest plus the monetary benefits you accrue through using your debit card in the Keep the Change program definitely add up over time.
Overdraft Protection
If you’re still concerned about running short of cash or getting penalized for overdraft charges, then you can link up your Bank of America Money Market Savings Account with your checking account.
In essence, if you ever run in the red with your savings account, then Bank of America will automatically look towards your checking account to cover the difference.
This is hugely helpful for people struggling to make end’s meet or with big families since, by linking up your checking accounts and Money Market savings account, you can protect yourself against swings in your personal finances. You’re also protected against owing overdraft fees since it’s likely that your checking account will have the necessary funds to cover your overdraft amount.
FDIC-Insured Savings
The FDIC is the Federal Deposit Insurance Corporation, and it helps to protect responsible savers like you and me. When a savings account is insured by the FDIC this means that your deposits are protected up to $250,000.
The fact that FDIC insurance is a feature of Bank of America’s Money Market Savings Account program is hugely advantageous because money market savings accounts often require higher starting balances for eligibility.
In Bank of America’s case, you can opt into the Money Market Savings Account program as long as you have a balance of $2500 or already have a Bank of America Interest Checking Account. You might also be eligible for a Money Market Savings Account if you are already a Bank of America Preferred Rewards client looking to earn more interest through a money market account.
If you don’t meet any three of these conditions, then you will have to pay a $12 monthly maintenance fee to keep your Bank of America Money Market Savings Account going. With a standard annual percentage yield between .03% and .08%, though, even the $12 maintenance fee might be worth it for most people.
If a money market account isn’t for you, Bank of America offers competitive CD Rates that are also FDIC insured.
