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  Bank of China Money Market Savings Account

Bank of China Money Market Savings Account

in Money Market Accounts from Bank of China · Member fdic

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Bank of China Money Market Savings Account

Unaffiliated

in Money Market Accounts from Bank of China · Member FDIC

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Highlights
APY (Annual Percentage Yield) 0.05% - 0.15%
APY Minimum Balance $500
Minimum Opening Deposit Starting at $1,500

Bank of China Money Market Savings Account Review

Bank of China Money Market Savings Account is offered by Bank of China, a bank founded in 1912 and based in New York, NY. Bank of China Money Market Savings Account is available in 3 states across the USA.

Key Takeaways
  • Very high APY. This account offers an annual percentage yield of up to 0.15%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $500.
  • Charges a monthly fee. This account charges a monthly service fee of $10, but the fee is waived if you keep a minimum balance of $1,000.
  • $1,500 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit.
Pros & Cons of Bank of China Money Market Savings Account
Pros Cons
  • High-interest yield.
  • Does not offer mobile check deposits.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Does not provide a debit card or ATM access to your money.
  • Only available in 3 states.
  • Monthly service charge.
Bank of China Money Market Savings Account FAQ

Are money market accounts from Bank of China federally insured?

Yes, your Bank of China money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What are the interest rates for Bank of China Money Market Savings Account rates?

Bank of China Money Market Savings Account offers an APY starting at 0.05% and ranging up to 0.15% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $500.

Bank of China Money Market Savings Account Rates and Terms
Rates Amount
APY (Annualized Percentage Yield) 0.05% - 0.15%

What are the fees for Bank of China Money Market Savings Account?

This account charges a monthly maintenance fee of up to $10. You can avoid this fee by maintaining a balance of $1,000.

Bank of China will charge you a $10 fee if you exceed your maximum number of monthly transactions.

Federal regulations limit the number of withdrawals or transfers you can make from your money market account to six per month.

Bank of China Money Market Savings Account Fees
Fees Amount
Monthly Fee up to $10
Paper Statement Fee N/A
Excess Transaction Fee $10

What is the minimum balance for Bank of China Money Market Savings Account?

Minimum deposit of $1,500. You must make an initial deposit of at least $1,500 to open this account.

Monthly maintenance fee waiver. You can avoid the monthly fee if you keep a balance of $1,000.

Interest rate minimum balance of $500. You must keep the account balance above $500 to earn interest.

What features and perks does Bank of China Money Market Savings Account offer?

This account includes the following features:

  • Fraud monitoring - Bank of China monitors transactions for potentially fraudulent activity.
  • Mobile Banking Services - Bank of China Money Market Savings Account allows you to manage your money through online banking and a dedicated mobile app.

How to open an account with Bank of China

  • Visit the Bank of China website.
  • Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
  • Check the information is accurate and submit your application.
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Contact

  • Headquarters
  •   410 Madison Avenue
    New York, NY 10017
  •   Visit Site

Other Services by Bank of China

Availability

  Available in 3 states
  • California
  • Illinois
  • New York

Feature Breakdown

APY Minimum Balance $500
Minimum Balance to Avoid Monthly Fee $1,000
Minimum Opening Deposit Starting at $1,500
Monthly Fee $10
Bank Account Features
  • Interest Bearing Account
  • Mobile Banking
  • Fraud Monitoring
  • Fraud Protection
  • FDIC Member
APY (Annual Percentage Yield) 0.05% - 0.15%
Dividend Compounding Frequency Daily
Dividend Payout Frequency Monthly

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