Most savings accounts have no monthly fee, but some do—it depends on the bank and the account type
You do not have to pay a monthly fee to keep a savings account open. Many banks and credit unions offer savings accounts with zero monthly charges. However, some accounts do charge a monthly maintenance fee, usually between $2 and $10. Whether you pay depends on which institution you choose and which specific account you open with them.
The fee structure varies widely. Some banks waive the monthly fee if you meet certain conditions—like keeping a minimum balance, setting up direct deposit, or maintaining a linked checking account. Others charge the fee regardless. A few banks charge no fees at all, ever. Before you open an account, you need to know what the actual cost will be for your situation.
Key Takeaways
- Most major banks offer at least one savings account with no monthly fee, though you may need to meet conditions like a minimum balance to avoid it.
- Credit unions typically charge lower or no monthly fees compared to large national banks.
- Online banks almost always have zero monthly fees because they have lower operating costs than brick-and-mortar branches.
- Read the account's fee schedule before opening—it will list every charge the bank can impose and the conditions that waive each one.
- A monthly fee of $5 to $10 compounds over a year; choosing a no-fee account saves $60 to $120 annually.
Where monthly fees are most common
Large national banks are the most likely to charge monthly maintenance fees on savings accounts. Banks like Chase, Bank of America, and Wells Fargo offer savings accounts with monthly fees ranging from $2.50 to $10, though most waive the fee if you maintain a minimum balance—typically $300 to $500. Some also waive it if you have a checking account with them or set up direct deposit.
Credit unions almost never charge monthly fees on savings accounts. If you are a member of a credit union, a savings account there will almost certainly be free. The same is usually true for online banks—institutions like Ally, Marcus, and Discover have zero monthly fees because they do not operate physical branches and have lower overhead costs.
Regional and community banks fall somewhere in the middle. Some charge no fees; others charge $3 to $5 per month. Always check the specific bank's fee schedule before opening an account.
How to find the actual monthly cost for your situation
The fee schedule is a document the bank must provide before you open an account. It lists every fee the bank can charge and the conditions that waive each one. You can find it on the bank's website, usually under "Disclosures" or "Fees and Rates." Read it carefully, because the monthly fee is only one of many possible charges.
Look for the line item called "Monthly Maintenance Fee" or "Account Maintenance Fee." Next to it, the schedule will say either a dollar amount or "None." Below that, it will list the conditions that waive the fee—for example, "Waived if average daily balance is $500 or more" or "Waived if you have an active checking account with us."
If you meet one of those conditions, your actual monthly cost is zero. If you do not meet any of them, you will pay the stated fee every month. Do the math: a $5 monthly fee costs $60 per year. If you can meet the minimum balance requirement or open a checking account elsewhere, it is worth doing so to avoid the charge.
Other fees that may explore to your savings account
Monthly maintenance is not the only fee a bank can charge. Your savings account may also have fees for overdrafts (if the account goes negative), excessive withdrawals, wire transfers, or closing the account early. Some banks charge a fee if your balance falls below a certain threshold.
The fee schedule will list all of these. Before you open an account, scan the entire document, not just the monthly fee line. A bank with no monthly fee but a $25 overdraft fee may cost you more in the long run than a bank with a $5 monthly fee and no overdraft charges.
Pay special attention to withdrawal limits and fees. Federal law used to cap the number of withdrawals from a savings account at six per month, but that rule was suspended in 2020. Banks can still impose their own limits and charge fees for excess withdrawals, though most no longer do. Check your bank's policy if you plan to withdraw money frequently.
When a bank may close your account for inactivity
Some banks charge a monthly fee if your account sits inactive for a long period—typically six months to a year with no deposits or withdrawals. This is not a monthly maintenance fee; it is a separate charge for dormancy. A few banks will close the account entirely if it remains inactive long enough, though they must return your money to you.
If you open a savings account and do not use it, check your fee schedule to see whether inactivity triggers a charge. If it does, make at least one small transaction every few months to keep the account active. A transfer from your checking account counts as activity.
How to avoid paying any monthly fee
The simplest route is to open an account at a bank or credit union that charges no monthly fee under any circumstances. Online banks like Ally, Marcus, Discover, and Wealthfront have zero monthly fees on savings accounts. Credit unions typically have no fees either. If you want a brick-and-mortar branch, ask your local credit union or regional bank whether they offer a no-fee savings account.
If you prefer a large national bank, you can still avoid the fee by meeting the waiver conditions. Most require either a minimum balance of $300 to $500 or a linked checking account. If you already have a checking account at that bank, opening a savings account there will likely be free. If not, you can either maintain the minimum balance or open a checking account to waive the fee.
Compare the cost of maintaining a minimum balance against the cost of the monthly fee. If the bank requires $500 minimum and you have that money sitting idle, you are losing the interest you could earn elsewhere. If you would keep that $500 in the account anyway, the waiver is free. If you would not, paying the monthly fee or switching banks may be the better choice.
What happens if you are charged a fee you did not expect
If a monthly fee appears on your account statement and you believe it should have been waived, contact the bank when ready. Explain which condition you met—for example, "I maintained a $500 balance all month" or "I have a checking account with you." The bank can review your account history and reverse the fee if you are right.
If the bank made an error, ask for a one-time reversal. If it is a pattern—the bank keeps charging you despite a waiver condition—escalate the complaint to the bank's customer service manager or file a complaint with the Consumer Financial Protection Bureau (CFPB). The CFPB has a complaint portal on its website where you can report unfair or deceptive banking practices.
Keep your fee schedule and account statements together. If you ever dispute a charge, you will need to show what the bank promised and what actually happened.
Frequently Asked Questions
Can a bank charge me a monthly fee if I have no money in the account?
Yes. Some banks charge monthly maintenance fees even if your balance is zero. If you cannot meet the minimum balance requirement to waive the fee, the charge will accumulate and push your account into the negative. At that point, the bank may also charge an overdraft fee. Close the account if you cannot maintain the balance or meet other waiver conditions.
Do I have to keep a minimum balance to avoid the monthly fee?
Not always. Some banks waive the fee only if you maintain a minimum balance, but others waive it if you have a linked checking account, set up direct deposit, or meet other conditions. Check your specific bank's fee schedule to see which waivers explore to your account.
What is the difference between a savings account fee and an overdraft fee?
A monthly maintenance fee is charged straightforward for having the account open, regardless of how you use it. An overdraft fee is charged only if your balance goes negative. You can avoid both by choosing a bank with no monthly fee and by not spending more than you have in the account.
If I switch banks, will I lose money in my old savings account?
No. Your money stays in the account until you withdraw it or the bank closes the account due to inactivity. You can transfer your balance to a new bank at any time. Close the old account once the balance is zero to stop any monthly fees from accumulating.
Are savings accounts at online banks really free, or do they charge hidden fees?
Most online banks charge no monthly fees and no hidden fees. They make money from the interest spread—the difference between what they pay you on deposits and what they earn by lending that money out. Read the fee schedule anyway, because a few online banks do charge fees for certain services like wire transfers or account closure.