Bank of America savings accounts do charge fees, but you can avoid most of them
Bank of America charges a monthly maintenance fee on most savings accounts, but the fee is waived if you meet one of several conditions. The most common way to avoid the fee is to keep a minimum balance—usually $300 to $500 depending on the account type—or to set up a direct deposit of at least $250 per month. If you do not meet these requirements, you will pay $4 to $12 per month, which adds up to $48 to $144 per year.
Beyond the monthly maintenance fee, Bank of America savings accounts may also charge fees for overdrafts, wire transfers, and early withdrawal penalties on certain products. Understanding which fees apply to your specific account and which conditions waive them can save you significant money over time.
Key Takeaways
- Bank of America charges a $4 to $12 monthly maintenance fee on most savings accounts, but this fee is waived if you maintain a minimum balance or receive a may have access to direct deposit.
- The minimum balance requirement varies by account type: regular savings accounts typically require $300, while premium accounts may require $500 or more.
- Direct deposits of $250 or more per month waive the monthly fee on most savings accounts, even if your balance falls below the minimum.
- Overdraft fees, wire transfer fees, and fees for closing accounts early apply separately and are not waived by meeting balance or direct deposit requirements.
- You can check your specific account's fee schedule in your Bank of America account settings or by calling customer service at 1-800-432-1000.
Monthly maintenance fees and how to waive them
Bank of America's regular savings account charges a $4 monthly maintenance fee. This fee is waived if you maintain an average daily balance of $300 or more during the statement period, or if you receive a direct deposit of at least $250 in the same month. If neither condition is met, the $4 fee posts to your account on the last day of the month.
Premium savings accounts, such as the Bank of America Premium Savings account, charge a higher monthly fee—typically $12—and require either a $500 minimum balance or a $250 direct deposit to waive it. These accounts often come with additional benefits like higher interest rates or waived fees on certain services, which may offset the higher maintenance fee if you use those features.
The direct deposit waiver is the easiest path for most people because it requires no action beyond what you may already be doing. Your employer's paycheck, a government benefit payment, or a regular transfer from another bank all count as direct deposits if they are set up as recurring automatic transfers.
Overdraft and insufficient funds fees
If your account balance drops below zero, Bank of America charges an overdraft fee of $35 per transaction. This fee applies whether the overdraft is caused by a debit card purchase, a check, an ATM withdrawal, or an automatic payment. Multiple overdrafts in a single day can result in multiple fees.
Bank of America also offers overdraft protection, which links your savings account to your checking account and automatically transfers funds to cover shortfalls. This service is free to set up and use, and it prevents overdraft fees from occurring in the first place. You can enable overdraft protection through your online account or by calling customer service.
If you are charged an overdraft fee in error, or if you have a history of good account standing, Bank of America may reverse one or two fees per year if you request it. Call the number on the back of your card or visit a branch to ask about a reversal.
Wire transfer and outgoing payment fees
Outgoing domestic wire transfers cost $15, and outgoing international wire transfers cost $45. These fees are charged at the time you initiate the transfer and are deducted from your account. Incoming wire transfers are free.
Bank of America does not charge fees for standard ACH transfers (the electronic transfers that typically take one to three business days), bill pay through your online account, or peer-to-peer transfers through Zelle. If you need to move money but want to avoid wire transfer fees, these alternatives are free and work for most situations.
Account closure and early withdrawal penalties
Bank of America does not charge a fee for closing a savings account at any time. You can close your account online, by phone, or in person at a branch with no penalty.
However, some Bank of America savings products—such as certificates of deposit (CDs)—do charge an early withdrawal penalty if you withdraw funds before the CD matures. The penalty amount varies depending on the CD term and is disclosed in the CD agreement before you open the account. For example, a one-year CD might charge a penalty equal to three months of interest if you withdraw early.
How to check your account's specific fee schedule
Your account's fee schedule depends on which savings product you hold and when you opened it. Bank of America periodically updates its fee structure, so the fees that applied when you opened your account may have changed.
To find your current fees, log into your Bank of America online account and look for "Account Details" or "Fees" in the account settings. You can also download your account agreement, which lists all applicable fees. If you cannot find the information online, call Bank of America customer service at 1-800-432-1000 and ask a representative to review your account's current fee schedule with you.
Comparing Bank of America savings to other banks
Bank of America's monthly maintenance fees are higher than those at many online banks and credit unions. Online banks like Ally, Marcus, and Discover often offer savings accounts with no monthly maintenance fee, no minimum balance requirement, and higher interest rates. Credit unions in your area may also offer savings accounts with lower or no monthly fees.
The trade-off is that Bank of America offers in-person branch access and customer service by phone, which some people value. If you use Bank of America's branches or prefer speaking to a representative in person, the monthly fee may be worth the convenience. If you rarely visit a branch and want to minimize fees, an online bank or credit union may be a better fit.
Before switching banks, calculate how much you would save over a year. If you currently pay $48 per year in maintenance fees and an online bank charges nothing, that is $48 in annual savings. Add in any wire transfer fees or overdraft fees you typically incur, and the total savings may be significant.
Frequently Asked Questions
Can I waive the monthly fee by having a checking account with Bank of America?
No. The monthly maintenance fee on a savings account is waived only by meeting the balance or direct deposit requirement for that specific savings account. Holding a checking account does not waive savings account fees, though some premium checking accounts may come with benefits that apply across multiple accounts.
What counts as a direct deposit for the fee waiver?
A direct deposit is any recurring automatic transfer of funds into your account from an external source. This includes paychecks from your employer, Social Security payments, pension payments, unemployment benefits, and regular transfers from another bank. One-time transfers or transfers you initiate yourself do not count.
If I am charged an overdraft fee, can Bank of America reverse it?
Bank of America may reverse one or two overdraft fees per year if you request it and have a good account history. There is no may provide, but it is worth asking. Call the number on the back of your card or visit a branch to request a reversal within a few days of the fee posting.
Do I have to pay a fee to close my savings account?
No. Bank of America does not charge a fee to close a savings account. You can close it online, by phone, or in person at any time without penalty. If you have a CD, closing it early may trigger an early withdrawal penalty, but closing a regular savings account is always free.
Why is my interest rate so low if I am paying a monthly fee?
Bank of America's savings account interest rates are typically lower than those at online banks and credit unions. This is because Bank of America charges a monthly maintenance fee and offers branch access and phone support. If you want a higher interest rate, you may need to switch to an online bank or credit union, though you will lose in-person service.