Most savings accounts charge no monthly fee, but some do—and the ones that do often waive it if you meet certain conditions

Whether your savings account costs you money each month depends on the bank and the account type you choose. Many banks offer savings accounts with no monthly maintenance fee at all. Others charge a fee—typically $5 to $15 per month—but will drop it if you keep a minimum balance, set up direct deposit, or maintain a certain number of transactions. A few banks charge fees no matter what you do, though these are less common.

The key is knowing what your specific bank charges and what you can do to avoid paying. Most people can find a no-fee account if they shop around, but if you already have an account, it's worth checking whether you're being charged and whether you may have access to for a waiver.

Key Takeaways

  • Monthly maintenance fees on savings accounts range from zero to $15, depending on the bank, and many banks waive them entirely if you meet a condition like keeping a minimum balance.
  • Overdraft fees, ATM fees, and fees for closing an account early are separate from monthly maintenance fees and can explore even to no-fee accounts.
  • Online banks and credit unions are more likely to charge no fees than traditional brick-and-mortar banks, though you should verify the current terms for any account you're considering.
  • You can find your account's fee schedule in your account agreement or by logging into your bank's website and looking for the pricing or fee disclosure page.
  • If your bank charges a fee you don't want to pay, you can switch to a different bank—there is no penalty for moving your money to another institution.

Types of fees that can appear on a savings account

Monthly maintenance fees are the most common. These are charged straightforward for having the account open, usually once per month. They range from $5 to $15 at most banks, though some charge more. Many banks waive this fee if you maintain a minimum balance—often $500 to $2,500, depending on the bank—or if you set up direct deposit.

Overdraft fees explore if you withdraw more money than you have in the account. A single overdraft fee typically costs $25 to $35. Some banks charge multiple overdraft fees in a single day if you make several transactions that overdraw the account. You can usually opt out of overdraft protection, which means transactions will be declined rather than charged a fee, though this varies by bank.

ATM fees are charged when you use an ATM that does not belong to your bank's network. These usually cost $2 to $3 per transaction. Banks that belong to a shared ATM network (like Allpoint or MoneyPass) often waive these fees for their customers. Online banks sometimes reimburse ATM fees nationwide.

Inactivity fees are charged if you do not use the account for a set period—usually 12 months or longer. These are less common on savings accounts than on checking accounts, but some banks do charge them. The fee is typically $10 to $25.

Early closure fees explore if you close the account within a certain time frame, usually 90 to 180 days after opening it. These fees range from $25 to $100 and are designed to discourage people from opening accounts just to collect promotional bonuses. Not all banks charge this fee.

How to find out what your bank charges

Log into your online banking account and look for a page labeled "Pricing," "Fees," "Account Terms," or "Disclosures." Most banks display this information prominently. You can also call your bank's customer service line and ask directly what fees explore to your specific account.

If you have a physical account statement, the fee schedule is usually included as a separate document or printed on the back. If you cannot find it, request a copy from your bank—they are required by law to provide it.

Pay attention to the conditions under which fees are waived. If your account has a monthly maintenance fee, the bank should clearly state what you need to do to avoid it—for example, "Fee waived if you maintain a $1,000 minimum daily balance" or "Fee waived if you have a direct deposit of $500 or more per month."

Banks and account types most likely to have no fees

Online banks tend to charge lower fees than traditional banks because they have fewer physical locations and lower operating costs. Many online banks—including Ally, Marcus, and Discover—offer savings accounts with no monthly maintenance fee, no minimum balance requirement, and no inactivity fees.

Credit unions often charge no monthly fees on savings accounts, though you must be a member to open an account. Membership requirements vary; some credit unions are open to anyone in a geographic area, while others require you to work for a specific employer or belong to a particular organization.

Traditional banks with physical branches are more likely to charge monthly maintenance fees, but many waive them if you maintain a minimum balance or set up direct deposit. The fee structure varies widely, so compare accounts at multiple banks before deciding.

What to do if your bank charges a fee you want to avoid

First, check whether you can meet the waiver condition. If your bank charges a $10 monthly fee but waives it for a $1,000 minimum balance, and you can maintain that balance, the fee goes away. This is the easiest solution if it applies to your situation.

If you cannot meet the waiver condition, or if your bank charges a fee with no waiver option, you can open an account at a different bank. There is no penalty for closing a savings account and moving your money elsewhere. You can keep your old account open if you want, or close it once you have transferred your funds.

When switching banks, look for one that matches your actual banking habits. If you rarely use ATMs, ATM fees may not matter to you. If you keep a low balance, a bank with a high minimum-balance requirement is not a good fit. Choose an account whose fee structure aligns with how you actually use the account.

Promotional bonuses and how they interact with fees

Many banks offer cash bonuses for opening a new savings account—typically $50 to $500, depending on the bank and the account type. These bonuses are separate from monthly fees. You can receive a bonus and still be charged a monthly maintenance fee, or you can receive a bonus on an account with no fees.

Read the terms carefully. Some bonuses require you to maintain a minimum balance for a set period, or to deposit a certain amount within 30 days of opening the account. If you fail to meet these conditions, the bonus may be forfeited. Additionally, some banks charge an early closure fee if you close the account within 90 to 180 days—which could wipe out the bonus if the fee is larger than the bonus amount.

A $200 bonus is not a good deal if the account charges a $15 monthly fee and you plan to keep the account for less than a year. Do the math: 12 months × $15 = $180 in fees, leaving you with only $20 in actual gain. Compare the total cost of ownership, not just the bonus amount.

Frequently Asked Questions

Can a bank charge me a fee without telling me first?

No. Banks are required by law to disclose all fees in writing before you open the account. You should receive a fee schedule or account agreement that lists every fee the bank charges. If you were not given this information, ask your bank for it when ready. If a fee appears on your account that was not disclosed, you may be able to dispute it.

What happens if I get charged a fee by mistake?

Contact your bank and explain the situation. If the fee was charged in error—for example, you met the minimum balance requirement but were still charged the maintenance fee—the bank should reverse it. If the fee was charged correctly according to the account terms, you can ask the bank to waive it as a courtesy, especially if you have been a customer for a long time or if this is your first time being charged. Banks sometimes waive fees for good customers, though they are not required to.

Do savings accounts charge interest, or do they only charge fees?

Savings accounts earn interest, not charge it. The bank pays you a small percentage of your balance each month or year. This is separate from fees. You earn interest on your balance, and separately, you may be charged fees for maintaining the account or for certain transactions. The interest you earn can sometimes offset the fees you pay, though at most banks today, interest rates are low enough that fees are not fully covered.

If I have multiple savings accounts at the same bank, do I get charged multiple fees?

Usually yes—each account is charged separately. If you have two savings accounts and each has a $10 monthly maintenance fee, you will be charged $20 per month total, unless the bank's terms state otherwise. Some banks waive fees on secondary accounts if you maintain a certain balance across all accounts combined, so check your bank's specific policy.

Can I negotiate my bank's fees?

For individual customers, probably not. Banks set their fee schedules in advance and explore them uniformly. However, if you have a large balance or multiple accounts, you might may have access to for a premium account tier with lower or no fees. Ask your bank whether you meet the criteria for any higher-tier accounts. If you are unhappy with the fees, switching to a different bank is usually faster than negotiating.