Bank of America charges a monthly maintenance fee on most savings accounts, but you can avoid it by meeting one straightforward requirement
Bank of America's standard savings account charges a $4 monthly maintenance fee unless you keep a minimum balance or set up a direct deposit. The easiest way to avoid the fee is to maintain a balance of $300 or more in the account at all times. If that is not realistic for your situation, you can also waive the fee by having at least one direct deposit of any amount per month — even a small transfer from another account counts.
Which option works depends on your situation. If you are building savings and expect the balance to stay above $300, the balance requirement is straightforward. If your balance fluctuates or stays lower, setting up a monthly direct deposit is usually simpler and costs nothing.
Key Takeaways
- Bank of America's savings account charges $4 per month unless you maintain a $300 minimum balance or receive at least one direct deposit monthly.
- A direct deposit can be any amount and can come from another account you own, so you do not need an employer to use this option.
- The fee is waived automatically once you meet either requirement — you do not need to contact the bank.
- If your balance drops below $300 and you have no direct deposits that month, the $4 fee will post on the last business day of the month.
Meeting the $300 minimum balance requirement
The simplest path for many people is to keep $300 in the account. This is the balance you must maintain — it does not mean depositing $300 once. The bank checks your balance daily, and if it falls below $300 on any day, you lose the fee waiver for that month and the $4 charge will post.
If you are using the account to save, this is usually not a problem. If you are using it as a spending account, you need to be intentional about keeping the balance above the threshold. Some people set a rule: never withdraw if the balance would drop below $300. Others transfer money back in before the end of the month if they dipped below.
Setting up a direct deposit to waive the fee
A direct deposit is a payment that goes straight into your account from an employer, government agency, or another financial institution. Bank of America counts any direct deposit, regardless of amount. You need at least one per calendar month to waive the fee.
If you have a job with direct deposit, you are already covered — nothing to do. If you do not, you have other options. You can set up a recurring transfer from another bank account you own. Many people transfer $1 or $5 from a checking account to their savings account on the first of each month. The bank treats this as a direct deposit and waives the fee. You can set this up once in your online banking and it repeats automatically.
Government benefits like Social Security, unemployment, or tax refunds also count as direct deposits. If you receive any of these, make sure they are deposited to your Bank of America account and the fee is waived.
What happens if you do not meet either requirement
If your balance falls below $300 and you have no direct deposits that month, the $4 fee posts automatically on the last business day of the month. The fee is deducted from your account balance. If your balance is very low, the fee can push you into overdraft, which triggers additional charges.
The fee is not a one-time charge — it repeats every month you do not meet the requirement. Over a year, $4 per month becomes $48. If you realize you have been paying the fee without knowing about it, you can contact Bank of America and ask them to review the past few months. They sometimes reverse recent fees as a courtesy, though they are not required to.
Comparing this to other Bank of America savings accounts
Bank of America offers different savings products with different fee structures. The standard savings account described here charges $4 monthly. The Bank of America Advantage Savings account also charges $4 monthly but requires a higher minimum balance of $500 to waive it — this is not a better option for most people.
If you are interested in a savings account with no monthly maintenance fee at all, Bank of America does not offer one. However, many online banks and credit unions offer savings accounts with no monthly fee and no minimum balance. If you are paying the $4 fee every month and cannot meet either requirement, moving your savings to a different institution might save you money over time.
Tracking your balance and direct deposits
The easiest way to avoid surprises is to check your account online or through the Bank of America app once a week. You can see your current balance and whether any direct deposits have posted that month. Most people set a phone reminder on the first of the month to either check their balance or confirm their automatic transfer went through.
If you are using the direct deposit method, set up the transfer once and then verify it posted in the first month. After that, it should repeat automatically every month. If you change jobs or your income source changes, update your direct deposit information so it continues to post to the right account.
Frequently Asked Questions
Can I transfer money from my own checking account to count as a direct deposit?
Yes. Bank of America treats recurring transfers from your own accounts as direct deposits for the purpose of waiving the maintenance fee. Set up a monthly transfer of any amount — even $1 — and it will waive the fee. You only need one transfer per month.
What if my balance is exactly $300?
A balance of exactly $300 meets the requirement. The minimum is $300 or more. However, remember that the bank checks your balance daily, so if you withdraw money and drop below $300 on any day, you lose the waiver for that month.
Does the fee post when ready or at the end of the month?
The fee posts on the last business day of the month if you have not met either requirement by that date. You have the entire month to either bring your balance to $300 or receive a direct deposit. If you do either on the 28th of the month, the fee is waived.
Can I get the fee refunded if I did not know about it?
Bank of America may reverse recent fees if you contact them and explain the situation. They are not required to, but many branches will do it once or twice as a courtesy. Call the number on the back of your card or visit a branch in person to ask.
What counts as a direct deposit for Bank of America?
Direct deposits include paychecks from employers, government benefits (Social Security, unemployment, tax refunds), transfers from other banks, and recurring transfers from your own Bank of America accounts. Any regular payment that deposits directly into your account counts.