Bank of America’s money market account offers tiered interest rates that will help you to earn more money. Also, you will have constant access to your funds so that you can withdraw money whenever you want without any penalty. However, this account has a monthly maintenance fee of $10 and this fee is waived if this account is linked with a checking account in Bank of America or has a daily balance of more than $5,000.

The current Bank of America money market rates are 0.15% for a balance of under $10,000 and for the same balance, you are eligible to earn a bonus rate of 0.40%, if there is an automatic transfer of a minimum of $250 from your Bank of America checking account or an automatic transfer of interest earned in your Bank of America CD or if you make a direct deposit of $250 or more. The Bank of America interest rates for balances between $10,000 to $24,999 is 0.35% APY and the bonus rate is 0.60% APY. The Bank of America savings account rates for balances between $25,000 and $49,999 are 0.45% and the bonus rate is 0.70%. The standard rates for balances between $50,000 and $499,999 is 0.50% and for balances over $500,000, the rate is 0.70%. The bonus rates for the same tiers are 0.75% and 0.95% respectively.

As we all know, the Bank of America constantly thrives to beat its competitors in Annual Percentage Yields however to prove how successful they have been, one can only do this by comparing their rates. There is a new Money Market Savings account in Bank of America known as the ‘Growth Money Market Savings’ promising a better outreach to all their previous customers based in the ordinary Money Market Savings account.

The Growth Money Market Savings account promises no monthly maintenance fee when linked to a Bank of America Advantage with Tiered Interest Checking or Preferred™ with Tiered Interest Checking or as an alternative, to maintain a minimum daily balance of at least $5,000 in your account. If not, the monthly maintenance fee is at $10.

The Annual Percentage Yield standard rates are as follows: With a balance from $0-$9,999 the rate is at 0.15%, from $10,000 to $24,999 the rate is at 0.35%, from $25,000-$49,999 it is at 0.45%, from $50,000-$499,999 it is at 0.50%, from $500,000 to $2,499,999 the rate is at 0.70%. All are for standard rates only.

The APY for standard rates with bonus are as follows: With a balance from $0-$9,999 the rate is at 0.40%, from $10,000 to $24,999 the rate is at 0.60%, from $25,000-$49,999 it is at 0.70%, from $50,000-$499,999 it is at 0.75%, from $500,000 to $2,499,999 the rate is at 0.95%. All are for standard rates only. Bonus interest rates can be earned in your Growth Money Market Saving account when any of the following is done: an automatic transfer of $250 or more from you Bank of American checking account is sent to your Growth Money Market Saving account, an automatic transfer of the monthly interest payment from your Bank of America CD or a direct deposit of $250 or more into your Growth Money Market Saving account.