What fees Bank of America charges on savings accounts
Bank of America charges a monthly maintenance fee of $8 on most savings accounts, though you can waive it by meeting one of several conditions. The fee applies to their regular savings account and most other savings products unless you take specific steps to avoid it.
The maintenance fee is waived if you maintain a minimum daily balance of $300 in the account, set up a direct deposit of any amount to the account, or link the savings account to a Bank of America checking account where you maintain a $500 minimum daily balance. If none of these conditions apply to your account, the $8 fee posts on the last day of each month.
Bank of America also charges fees for other savings-related actions: a $10 fee if you exceed six transfers or withdrawals from your savings account in a single month (a federal rule that applies to most banks), and a $2.50 fee each time you use an out-of-network ATM to withdraw cash. These are separate from the monthly maintenance fee.
Key Takeaways
- Bank of America charges an $8 monthly maintenance fee on savings accounts unless you maintain a $300 minimum balance, set up a direct deposit, or link the account to a may have access to checking account.
- Transfers and withdrawals beyond six per month trigger a $10 excess transaction fee, which is a federal limit that applies across most banks.
- Using an out-of-network ATM costs $2.50 per withdrawal, so using Bank of America ATMs or in-network partners avoids this charge.
- The easiest way to avoid the monthly fee is to keep $300 in the savings account at all times or set up any direct deposit, even a small recurring transfer.
How to waive the $8 monthly maintenance fee
The simplest method is to keep a minimum daily balance of $300 in the savings account. This means the account balance must not drop below $300 on any day of the month. If your balance dips to $299 on even one day, the fee will post at month's end. This works if you use the account as a true savings vehicle and do not withdraw frequently.
The second option is to set up a direct deposit to the savings account. This can be a paycheck, a government benefit payment, a pension, or even a recurring transfer from another account at any bank. The direct deposit must post at least once during the month; the amount does not matter. Many people use this method by setting up a small automatic transfer from their checking account each payday.
The third option is to link the savings account to a Bank of America checking account where you maintain a $500 minimum daily balance. If you already meet that threshold in checking, this costs you nothing extra. If you do not, this method may not be practical.
The six-transaction limit and excess fees
Federal banking rules limit the number of transfers and withdrawals you can make from a savings account to six per month. This rule applies at most banks, not just Bank of America. Once you exceed six transactions in a calendar month, Bank of America charges a $10 fee for each additional transaction.
A transaction includes any withdrawal, transfer out, or payment made from the savings account. It does not include deposits into the account. Online transfers, ATM withdrawals, checks written against the account (if applicable), and debit card withdrawals all count toward the six-transaction limit.
If you regularly need to move money in and out of savings, you may want to use a checking account instead, which typically has no transaction limits. Alternatively, you can structure your month to stay within six transactions by batching your withdrawals or transfers into fewer days.
ATM fees and out-of-network charges
Bank of America charges $2.50 each time you withdraw cash from an ATM that is not owned by Bank of America or a partner network. Bank of America operates thousands of ATMs nationwide, and using one of those machines is free. The fee applies only when you use a competitor's ATM.
To avoid this fee, locate a Bank of America ATM before you withdraw cash. You can find ATM locations on the Bank of America website or mobile app. If you travel frequently or live in an area with few Bank of America ATMs, this fee can add up quickly, so factor it into your decision about which bank to use.
Other savings account options at Bank of America
Bank of America offers a Money Market Account that also carries an $8 monthly maintenance fee with the same waiver conditions: $300 minimum balance, direct deposit, or linked checking account with $500 minimum. Money Market Accounts typically pay a higher interest rate than regular savings accounts, though the rate varies based on your balance tier and current market conditions.
Bank of America also offers CDs (Certificates of Deposit) with no monthly maintenance fees. CDs require you to lock your money away for a set term—typically three months to five years—in exchange for a may provide interest rate. If you withdraw before the term ends, you pay an early withdrawal penalty, which varies by term length.
If you want to avoid monthly fees entirely, a CD is the only Bank of America savings product that does not charge one. However, you lose access to your money during the CD term, so this works only if you do not need the funds in the near term.
When fees post and how to dispute them
The $8 monthly maintenance fee posts on the last business day of each month. If you do not meet one of the waiver conditions by that date, the fee will appear in your account. Once the fee posts, you can contact Bank of America to request a reversal if you believe it was charged in error or if you have recently met a waiver condition.
Bank of America customer service can reverse one or two monthly fees if you call and explain your situation, though they are not required to do so. If you have a long history with the bank and no prior fee reversals, they are more likely to help. Repeated requests for reversals may be denied.
The excess transaction fee ($10) and ATM fee ($2.50) post immediately when the transaction occurs. These are harder to dispute because they are tied to specific actions you took. Your best option is to avoid triggering them by staying within six transactions per month and using Bank of America ATMs.
Comparing Bank of America savings fees to other banks
Many online banks and credit unions offer savings accounts with no monthly maintenance fee, no minimum balance requirement, and no transaction limits. Banks like Ally, Marcus, and Discover typically charge no monthly fee regardless of your balance. However, these banks may offer lower interest rates or less convenient access to physical branches and ATMs.
Traditional banks like Chase and Wells Fargo also charge monthly maintenance fees on savings accounts ($5 to $10), with similar waiver conditions to Bank of America. Credit unions often have lower or no fees, but membership is restricted to certain groups or employers.
The choice depends on what matters most to you: convenience of physical branches and ATMs, interest rate, or avoiding fees. If you can meet one of Bank of America's waiver conditions easily, the $8 fee may not be a deciding factor. If you cannot, an online bank with no monthly fee might save you money over time.
Frequently Asked Questions
Can I avoid the $8 fee by closing the account and reopening it?
No. Bank of America will charge the fee on the last day of the month regardless of when you opened or closed the account during that month. Closing and reopening accounts also damages your banking history and may trigger fraud alerts. The better approach is to meet one of the waiver conditions or switch to a different bank if the fee is a burden.
Does the $300 minimum balance have to stay in the account all month?
Yes. The balance must not drop below $300 on any single day of the month. If it falls to $299 even once, the fee posts at month's end. If you are close to this threshold, set up a direct deposit instead, which is easier to maintain.
What counts as a direct deposit for the fee waiver?
A direct deposit is any recurring electronic payment into the account, including paychecks, government benefits, pension payments, or automatic transfers from another bank account. The amount does not matter, and it only needs to post once per month. Many people set up a $1 automatic transfer from their checking account to meet this requirement.
If I exceed six transactions, do I pay $10 for each extra transaction or just once per month?
You pay $10 for each transaction beyond the sixth in a single month. If you make eight transactions, you pay $20 in excess fees ($10 for the seventh transaction and $10 for the eighth). The fee posts immediately when the transaction occurs.
Are there any Bank of America savings accounts with no monthly fee?
No regular savings account at Bank of America has no monthly fee. CDs have no monthly maintenance fee, but they lock your money for a set term. If you want no monthly fee and full access to your money, you would need to use a different bank, such as an online bank or credit union.