Bank of America does not charge a monthly maintenance fee on most savings accounts, but you may pay fees for specific actions or account types

Bank of America's standard savings account—called the Regular Savings account—has no monthly maintenance fee. You can open one, keep money in it, and never pay a fee just for having the account. However, Bank of America does charge fees in other situations: overdraft fees when you spend more than you have, fees for certain types of transfers, and fees if you fall below minimum balance requirements on some account types.

The key is understanding which account you have and what actions trigger charges. A Regular Savings account is straightforward. A Money Market Savings account has a $2,500 minimum balance requirement, and you pay a fee if you drop below it. A Savings Secured Loan account is designed to help you build credit and has different terms. Knowing which one you hold—or which one you are considering—tells you what to expect.

Key Takeaways

  • Bank of America's Regular Savings account has no monthly maintenance fee and no minimum balance requirement.
  • Money Market Savings accounts charge a monthly fee if your balance falls below $2,500.
  • Overdraft fees explore when you spend more than your available balance, whether in savings or checking.
  • Transferring money out of savings more than six times in a month may result in excess transaction fees.
  • You can check your account type and current fees by logging into your Bank of America account online or calling customer service.

What fees explore to Bank of America savings accounts

Bank of America charges fees in these specific situations. An overdraft fee applies when you attempt a transaction that would bring your account below zero; as of 2024, this fee is $35 per overdraft. An excess transaction fee applies if you make more than six withdrawals or transfers out of a savings account in a single month—this fee is $10 per excess transaction. A minimum balance fee applies only to Money Market Savings accounts if your balance drops below $2,500; this fee is $25 per month.

These are the main fees tied to savings accounts themselves. Other charges—such as wire transfer fees, stop payment fees, or fees for closing an account early—exist but are not specific to savings. The overdraft and excess transaction fees are the ones most people encounter, because they happen during normal account use.

How to find out what type of savings account you have

Log into your Bank of America account online or through the mobile app. Go to the Accounts section and select your savings account. The account type appears near the top of the account details page—it will say "Regular Savings," "Money Market Savings," or another specific name. Below that, you will see the current balance and any applicable fees or minimum balance requirements.

If you do not have online access or prefer to speak with someone, call Bank of America customer service at 1-800-432-1000. A representative can tell you your account type, confirm whether any fees explore to your account, and explain what actions would trigger charges. This is the fastest way to get a direct answer about your specific account.

Minimum balance requirements and when they trigger fees

Bank of America's Regular Savings account has no minimum balance requirement. You can open it with $1 and never add another dollar without paying a fee. The Money Market Savings account is different: it requires a $2,500 minimum balance, and if your balance falls below that at any point during a statement period, you pay a $25 monthly fee.

The minimum balance is checked at the end of each statement period, not every day. If you drop below $2,500 for one day and then deposit money to bring it back above $2,500 before the statement closes, you will not be charged. However, if your balance is below $2,500 on the day your statement period ends, the fee applies to that month.

Overdraft fees and how they work

An overdraft occurs when you attempt a transaction—a debit card purchase, a check, an ATM withdrawal, or an automatic payment—that would bring your account balance below zero. Bank of America charges $35 per overdraft. If you overdraft twice in one day, you pay $35 twice. The fee appears on your account within one or two business days.

Bank of America offers Overdraft Protection, which links your savings account to your checking account. If a transaction would overdraft your checking account, the bank automatically transfers money from savings to cover it. This prevents the overdraft fee, but you should check whether Bank of America charges a transfer fee for this service—policies vary by account type and region. You can set up or cancel Overdraft Protection through your online account or by calling customer service.

Excess transaction fees on savings withdrawals

Federal banking rules historically limited savings account withdrawals to six per month. Bank of America enforces this limit by charging $10 for each withdrawal or transfer beyond six in a single month. This applies to transfers out of savings—whether you transfer to another Bank of America account, to an external bank, or withdraw cash at an ATM.

Deposits into savings do not count toward the limit. Neither do in-person withdrawals at a Bank of America branch or transfers initiated by the bank itself (such as automatic transfers to pay a loan). The limit resets on the first day of each calendar month. If you regularly need to move money out of savings more than six times per month, a checking account may be a better fit for your needs.

How to avoid or reduce savings account fees

Choose the Regular Savings account if you want no monthly maintenance fee and no minimum balance requirement. This account has no ongoing costs—you only pay fees if you overdraft or exceed the six-withdrawal limit. If you have a Money Market Savings account and want to avoid the $25 monthly fee, keep your balance at or above $2,500.

To avoid overdraft fees, monitor your account balance before making large purchases or payments. Set up account alerts through your Bank of America app to notify you when your balance drops below a certain amount. To avoid excess transaction fees, limit withdrawals and transfers out of savings to six per month, or use a checking account for frequent transactions instead. If you regularly overdraft, Overdraft Protection can prevent the fee by automatically pulling from savings—though confirm whether a transfer fee applies first.

Frequently Asked Questions

Can I have a Bank of America savings account with zero balance?

Yes, with a Regular Savings account. You can open it and keep it open with $0 in it indefinitely without paying a monthly fee. Money Market Savings accounts require $2,500 to avoid a fee, so a zero balance would trigger the $25 monthly charge on that account type.

What happens if I go over six withdrawals in a month?

Bank of America charges $10 for each withdrawal or transfer beyond six in a calendar month. If you make eight withdrawals, you pay $20 in excess transaction fees. The limit resets on the first day of the next month.

Does Bank of America charge to close a savings account?

Bank of America does not charge a fee to close a savings account. You can close it online, through the app, at a branch, or by phone. If you have a balance, the bank will send you a check or transfer the funds to another account you specify.

Are there any savings accounts at Bank of America with monthly fees?

The Regular Savings account has no monthly fee. The Money Market Savings account charges $25 per month if your balance falls below $2,500. Other specialty accounts may have different fee structures—ask about the specific account type before opening.

How do I set up Overdraft Protection?

Log into your Bank of America account online or through the app, go to Settings, and look for Overdraft Protection or Transfer Services. You can link your savings account to your checking account to cover overdrafts automatically. Confirm whether a transfer fee applies before enabling it.