What Bank of America's minimum balance requirement means

A minimum balance is the lowest amount of money you must keep in your account to avoid a monthly fee. Bank of America sets different minimums depending on which account you choose — some accounts have no minimum at all, while others require you to hold $500 or more. If your balance drops below the minimum, the bank charges you a fee, usually between $12 and $25 per month.

The minimum is not a deposit you lose — it is straightforward money that must stay in the account. You can spend it whenever you need to, but if you do and your balance falls below the requirement, the fee kicks in the next billing cycle. Some accounts waive the fee if you meet other conditions instead, like setting up direct deposit or maintaining a linked savings account.

Key Takeaways

  • Bank of America's checking accounts have minimum balances ranging from $0 to $500, depending on the account type you choose.
  • If your balance falls below the minimum, you will pay a monthly maintenance fee of $12 to $25, though some accounts let you avoid the fee through direct deposit or linked savings instead.
  • The SafePass checking account and some student accounts have no minimum balance requirement.
  • Your minimum balance requirement is set when you open the account and does not change unless you switch to a different account type.

Bank of America checking accounts and their minimums

Bank of America offers several checking accounts, each with its own minimum balance rule. The SafePass checking account has no minimum balance and no monthly fee — this is the account to choose if you want to avoid balance requirements entirely. The Advantage SafePass checking account also has no minimum and no fee.

The Advantage Plus checking account requires a $500 minimum balance to avoid the $12 monthly maintenance fee. You can waive this fee instead by setting up direct deposit of at least $250 per pay period, or by maintaining a linked Bank of America savings account with a $500 minimum. The Advantage Banking account works the same way — $500 minimum or waive the fee through direct deposit or linked savings.

Bank of America also offers accounts designed for students and young adults. The Student Banking account has no minimum balance and no monthly fee while you are in school. Once you turn 24 or graduate, it converts to a standard checking account with its own minimum requirements.

How to avoid paying the monthly fee

If you choose an account with a minimum balance requirement, you have options beyond straightforward keeping the money in the account. The easiest route for most people is direct deposit — if your paycheck or government benefit payment goes straight into your Bank of America account, the monthly fee is waived even if your balance drops below the minimum. The deposit must be at least $250 per pay period.

A second option is to link a Bank of America savings account to your checking account and keep $500 in savings. This counts toward the minimum balance requirement for checking, so you can keep less in checking itself. A third option is to use your Bank of America debit card for at least one transaction per month — some accounts waive fees if you meet this condition, though it varies by account type.

Before you open an account, ask the banker which fee-waiver options explore to the specific account you are considering. The rules differ between account types, and what works for one account may not work for another.

What happens if you fall below the minimum

If your balance drops below the minimum and you have not met an alternative fee-waiver condition, Bank of America charges you a maintenance fee on your next statement date. The fee is typically $12 for SafePass accounts that do charge it, and $12 to $25 for other accounts, depending on the account type. This fee is deducted from your account automatically.

The fee does not appear once and disappear — it will be charged every month your balance stays below the minimum, unless you bring the balance back up or meet one of the fee-waiver conditions. If you are struggling to maintain a minimum balance, switching to an account with no minimum (like SafePass) is usually the better choice than paying monthly fees.

Minimum balance for Bank of America savings accounts

Bank of America savings accounts also have minimum balance requirements, though they differ from checking accounts. The Regular Savings account has no minimum balance and no monthly fee. The Advantage Savings account requires a $500 minimum balance to avoid a $5 monthly maintenance fee.

Like checking accounts, you can sometimes waive the savings account fee by meeting other conditions — for example, by maintaining a linked checking account or setting up automatic transfers. Ask about fee-waiver options when you open the account, since they vary by product.

How to check your current minimum balance requirement

If you already have a Bank of America account and are not sure what your minimum balance is, you can find this information in several ways. Log into your online banking account and look for account details or account settings — the minimum balance is usually listed there. You can also call Bank of America customer service at the number on the back of your debit card, or visit a local branch and ask a banker.

Your monthly statement also shows whether a maintenance fee was charged. If you see a fee listed, that means your balance fell below the minimum that month. Review your statement to understand which account you have and what the requirement is going forward.

Frequently Asked Questions

Can I switch to a different Bank of America account to avoid the minimum balance?

Yes. If you are paying monthly fees because you cannot maintain the minimum, you can switch to SafePass checking or another no-minimum account at any time. Visit a branch or call customer service to request the change. There is no penalty for switching, and the new account type takes effect on your next billing cycle.

Does the minimum balance have to stay in checking, or can I move it to savings?

It depends on the account. For most Bank of America checking accounts, you can keep the minimum in a linked savings account instead of in checking itself. This lets you earn interest on the money while still meeting the requirement. Ask your banker which accounts allow this, since the rule varies.

What if I get direct deposit but my balance still drops below the minimum?

If you have direct deposit set up and your balance falls below the minimum, the fee is waived — direct deposit is an either-or condition, not a balance condition. As long as you receive at least $250 in direct deposit per pay period, the monthly fee will not be charged, regardless of what your balance is.

Do student accounts have a minimum balance?

Bank of America's Student Banking account has no minimum balance and no monthly fee while you are enrolled in school. Once you turn 24 or graduate, the account automatically converts to a standard checking account with its own minimum balance requirement. You will receive notice before the conversion happens.

Is the minimum balance the same at all Bank of America branches?

Yes. Bank of America's minimum balance requirements are the same nationwide — they do not change by location or branch. However, the bank updates its account products and fees periodically, so it is worth confirming the current requirement when you open a new account or switch account types.