Bank of America savings accounts do charge fees, but you can avoid most of them

Bank of America charges a monthly maintenance fee on most savings accounts, but the fee is waived if you meet one of several conditions. The most common way to avoid the fee is to keep a minimum balance—typically $300 to $500 depending on the account type—or to set up a direct deposit. Some accounts waive the fee entirely if you maintain a linked checking account with Bank of America. The monthly fee itself ranges from $4 to $12, so the cost adds up if you don't meet the waiver conditions.

Beyond the monthly maintenance fee, Bank of America also charges fees for specific actions: overdrafts, wire transfers, expedited shipping of debit cards, and stopping payment on a check. Some of these fees are unavoidable if you use those services, but the maintenance fee is the one most account holders can control.

Key Takeaways

  • Bank of America charges a $4 to $12 monthly maintenance fee on savings accounts, but waives it if you keep a minimum balance or set up direct deposit.
  • The minimum balance requirement varies by account type and typically ranges from $300 to $500.
  • Linking your savings account to a Bank of America checking account can waive the monthly fee on some account types.
  • Additional fees explore for overdrafts, wire transfers, and other services, but these are separate from the monthly maintenance charge.

How the monthly maintenance fee works and when it's waived

Bank of America's monthly maintenance fee is charged on the last day of each statement cycle unless you meet one of the waiver conditions. The fee amount depends on which savings product you hold. The most common savings accounts—like the Basic Savings and Premium Savings accounts—charge $4 to $12 per month.

The fee is waived if you do any of the following: maintain an average daily balance of $300 to $500 (the exact amount depends on your account type), set up a direct deposit of any amount to that account, or maintain an active Bank of America checking account linked to your savings account. Many people don't realize the checking account link is an option, so if you already have a Bank of America checking account, your savings account fee may already be waived.

If you don't meet any of these conditions, the fee posts automatically. Bank of America does not send a separate notice before charging it—it appears on your statement.

Minimum balance requirements by account type

Bank of America offers several savings account types, and the minimum balance needed to waive the monthly fee differs for each. The Basic Savings account requires a $300 average daily balance. The Premium Savings account, which offers a higher interest rate, requires a $500 average daily balance. Some specialty accounts, like those tied to investment or wealth management services, have higher minimums or different waiver structures.

The key word here is average daily balance, not a single-day balance. Bank of America calculates the average of your account balance on each day of the statement cycle. This means you can dip below the minimum on some days without triggering the fee, as long as your average stays above the threshold. If you're close to the minimum, check your statement to see how the bank calculates your average—it's usually shown in the account details section.

Other fees you may encounter

The monthly maintenance fee is just one charge. Bank of America also charges fees for overdrafts, which occur when you spend more than your account balance. The overdraft fee is typically $35 per transaction, though the bank may waive one overdraft per year if you have a good account history. Overdraft protection—a service that links your savings account to your checking account to cover shortfalls—can prevent overdraft fees but may carry its own fee depending on your account setup.

Wire transfer fees explore if you send money outside the Bank of America network. Domestic wire transfers typically cost $15, and international wires cost more. If you request expedited shipping of a replacement debit card, Bank of America charges a fee for that service as well. Stop payment requests on checks also incur a fee, usually around $30.

ATM fees are generally not charged if you use Bank of America's own ATM network, but out-of-network ATM withdrawals may result in a fee from the other bank. Bank of America itself does not charge a fee for out-of-network use, but the other institution may.

How to check if your account has a monthly fee

Log into your Bank of America online account or mobile app and view your most recent statement. Look for a line item labeled "Monthly Maintenance Fee" or "Service Charge." If you see this charge, it means you did not meet the waiver conditions during that statement cycle. Your statement will also show your average daily balance, which tells you whether you fell short of the minimum.

If you see the fee charged, you have a few options: increase your account balance to meet the minimum, set up a direct deposit, or link an active checking account if you don't already have one. If you believe the fee was charged in error, you can contact Bank of America customer service to dispute it, though they typically only reverse one or two fees per year as a courtesy.

Comparing Bank of America savings to other banks

Many online banks and credit unions offer savings accounts with no monthly maintenance fees and no minimum balance requirements. These accounts often pay higher interest rates than Bank of America's savings products, though rates change frequently and vary based on market conditions. If you're primarily looking to avoid fees, an online bank or credit union may be worth considering, especially if you don't need the convenience of Bank of America's physical branch network.

However, if you already have a Bank of America checking account or use their branches regularly, the fee waiver through account linking or direct deposit may make their savings account cost-effective. The decision depends on your specific situation—how much you plan to keep in savings, whether you use direct deposit, and whether you value in-person banking services.

Frequently Asked Questions

Can Bank of America reverse a monthly maintenance fee if I didn't know about it?

Bank of America may reverse one or two fees as a courtesy if you contact customer service and explain your situation, but this is not may provide. The bank typically limits courtesy reversals to once per year. If the fee has been charged multiple times, your chances of reversal decrease. It's worth calling to ask, but don't expect a permanent solution—you'll need to meet one of the waiver conditions going forward.

Does setting up direct deposit have to be from my employer?

No. Direct deposit from any source—employer, government benefit, or another bank—counts toward the fee waiver. Even a single direct deposit per statement cycle is enough to waive the monthly maintenance fee. If you receive Social Security, unemployment, or any other regular deposit, that counts.

What happens if my average daily balance drops below the minimum for one month?

The monthly maintenance fee will be charged that month. However, if you meet the minimum again the following month, the fee won't be charged. There's no penalty beyond the single month's fee—it doesn't carry over or compound.

Can I waive the fee by keeping money in a linked checking account instead of the savings account?

No. The minimum balance requirement applies specifically to the savings account itself. However, straightforward having an active linked checking account can waive the fee on some Bank of America savings products, regardless of the balance in either account. Check your account terms or call customer service to confirm whether your specific savings account type qualifies for this waiver.

Do Bank of America money market accounts have the same fees?

Money market accounts have different fee structures than basic savings accounts. They typically require higher minimum balances—often $2,500 or more—but may offer higher interest rates. The monthly maintenance fee and waiver conditions vary by product, so check your specific account terms or contact the bank directly.