Which Bank of America accounts have no monthly service fees
Bank of America offers several accounts with no monthly service fee, but which one you can open depends on how you plan to use it and what you bring to the relationship. The eChecking account has no monthly fee if you set up direct deposit or keep a $500 minimum balance. The Advantage SafePass checking account has no monthly fee with no balance requirement and no direct deposit needed — it's designed for people who want a basic checking account without conditions. The Advantage Plus savings account has no monthly fee if you maintain a $300 minimum balance or set up a monthly transfer of any amount from another account.
Bank of America also waives monthly fees for customers who are students, are 62 or older, or are active military or veterans. If you fall into one of these groups, you may have access to accounts with fee waivers that wouldn't otherwise explore to you. The specific accounts and conditions change, so it's worth asking a banker directly about your situation.
Key Takeaways
- The eChecking account has no monthly fee if you set up direct deposit or keep $500 in the account at all times.
- The Advantage SafePass checking account has no monthly fee with no balance requirement and no direct deposit needed.
- The Advantage Plus savings account has no monthly fee if you maintain a $300 minimum balance or make a monthly transfer.
- Bank of America waives monthly fees for students, people 62 and older, active military, and veterans — ask about accounts specific to your group.
- Monthly fees are waived only if you meet the stated condition every month; falling below a balance requirement or missing a direct deposit will trigger the fee.
How the balance requirement works
A minimum balance is the lowest amount of money you must keep in the account to avoid the monthly service fee. For the eChecking account, that balance is $500. For the Advantage Plus savings account, it's $300. The balance is measured on a specific day each month — usually the last day of the statement period — so you need to maintain that amount consistently, not just occasionally.
If your balance drops below the minimum even once during the month, Bank of America will charge the monthly fee for that statement period. If you're living paycheck to paycheck, a balance requirement can be hard to meet. That's why the Advantage SafePass account, which has no balance requirement, may be a better fit if you can't reliably keep $300 or $500 on hand.
What happens if you don't meet the fee waiver condition
Each account has a specific monthly service fee that kicks in if you don't meet the condition to waive it. The eChecking account charges $12 per month if you don't have direct deposit and your balance falls below $500. The Advantage SafePass account has no fee under any circumstance — there is no fee to waive. The Advantage Plus savings account charges $5 per month if your balance drops below $300 and you haven't made a monthly transfer.
These fees are charged automatically on your statement date if the condition isn't met. If you realize mid-month that you're going to fall short, you can deposit money or set up a transfer before the statement closes to avoid the charge. Once the fee is charged, you can contact Bank of America to ask about a refund, though they are not required to reverse it.
Direct deposit as an alternative to keeping a balance
Direct deposit means your paycheck or benefit payment goes straight into your bank account from your employer or the government, rather than you depositing a check yourself. If you set up direct deposit on the eChecking account, you don't need to keep any minimum balance — the account has no monthly fee as long as the direct deposits continue.
Direct deposit is free to set up and takes a few minutes. You give your employer or benefit administrator your Bank of America account number and routing number, and they handle the rest. If you change jobs or your benefits stop, you'll need to set up direct deposit with the new source or switch to maintaining the $500 balance to keep the fee waived. Many people find direct deposit easier than watching a balance, especially if they live paycheck to paycheck.
Comparing Bank of America's no-fee accounts to each other
| Account | Monthly Fee | How to Waive It | Best For |
|---|---|---|---|
| eChecking | $12 | Direct deposit OR $500 minimum balance | People with steady paychecks or who can keep $500 on hand |
| Advantage SafePass | None | No condition — always free | People who want a basic account with no strings attached |
| Advantage Plus Savings | $5 | $300 minimum balance OR monthly transfer | People who want to save and can maintain a small balance |
The Advantage SafePass checking account stands out because it has no fee and no condition — you don't have to keep any balance or set up any transfer. If you want simplicity and don't need savings features, this is the straightforward choice. The eChecking account is useful if you have direct deposit, because then the balance requirement disappears. The Advantage Plus savings account is for people who want a separate place to save money and can keep $300 there.
Your choice depends on your situation. If you receive a regular paycheck or government benefits, direct deposit on the eChecking account is often the easiest path. If you can't commit to direct deposit or a balance, the Advantage SafePass account removes the guesswork entirely.
What these accounts don't include
Having no monthly service fee doesn't mean the account is free in every way. Bank of America may charge you for other things: overdraft fees if you spend more than you have, ATM fees if you use an out-of-network machine, wire transfer fees, and fees for closing the account early. These are separate from the monthly service fee and explore regardless of which account you open.
The accounts also don't come with perks like cash back at the register, rewards on debit card purchases, or high interest on savings. Bank of America's no-fee accounts are basic accounts designed to keep costs down, not to offer extra benefits. If you want those features, you may need to look at other banks or accept paying a monthly fee for a premium account.
Frequently Asked Questions
Can I switch from one no-fee account to another if the first one doesn't work for me?
Yes. You can open a second account and close the first one, or straightforward stop using the first account. If you close an account within a short time of opening it, Bank of America may flag your account, but they won't prevent you from switching. Just make sure any automatic payments or direct deposits are moved to your new account before you close the old one.
Do I have to keep the minimum balance in the account at all times, or just on the day the fee is calculated?
The balance is measured on a specific day — usually the last day of your statement period. You don't have to keep the balance there every single day, but if it drops below the minimum on that measurement day, the fee will be charged. Many people deposit money a day or two before their statement closes to make sure they meet the requirement.
What if I'm a student or senior — do I get a different account?
Bank of America has accounts specifically for students and people 62 and older, and these often come with fee waivers or lower fees than the standard accounts. The exact accounts and conditions vary by location and change over time. Visit a Bank of America branch or call them to ask what accounts are available for your age or student status.
If I set up direct deposit, can I cancel it later without losing the fee waiver?
Once you cancel direct deposit, the fee waiver ends. You'll need to either set up direct deposit again or maintain the $500 minimum balance to keep the eChecking account free. If you're planning to leave a job or stop receiving benefits, switch to the balance requirement or move to the Advantage SafePass account before the direct deposits stop.
Are there any other Bank of America accounts with no monthly fee?
Bank of America periodically introduces new accounts and changes the terms of existing ones. The three accounts described here — eChecking, Advantage SafePass, and Advantage Plus Savings — are the main no-fee options. Check with Bank of America directly or visit their website to see if new accounts have been added or if terms have changed since this guide was written.