Bank of America savings accounts have no monthly maintenance fee, but you pay for features you use

Bank of America does not charge a monthly maintenance fee on any of its savings accounts. However, "free" depends on what you do with the account. You will not pay just to hold money there, but you may pay for overdrafts, out-of-network ATM withdrawals, wire transfers, or if you fall below a minimum balance requirement on certain account types.

The main savings products are the Regular Savings Account, Money Market Savings Account, and Advantage Savings Account. Each has different rules about minimum balances and what triggers a fee. Understanding which account fits your situation means knowing what you actually use your savings for—and what Bank of America charges when you use it.

Key Takeaways

  • Bank of America savings accounts have no monthly maintenance fee, so holding money costs nothing.
  • The Regular Savings Account has no minimum balance requirement, while the Money Market Savings Account requires $2,500 to avoid a monthly fee.
  • Fees appear when you exceed six withdrawals per month, use an out-of-network ATM, or overdraw your account.
  • Interest rates on Bank of America savings accounts are typically lower than online banks, so the trade-off for convenience is less growth on your money.

Regular Savings Account: No minimum, no monthly fee

The Regular Savings Account is the simplest option. There is no minimum balance to open or maintain it, and no monthly maintenance fee. You can deposit and withdraw as much as you want, whenever you want.

The catch is the withdrawal limit. Federal rules allow six withdrawals or transfers per month from a savings account before Bank of America charges a fee. This includes transfers to another account, payments to a third party, or withdrawals at the teller. ATM withdrawals do not count toward this limit. If you exceed six, Bank of America charges $10 per excess transaction.

Interest accrues daily and compounds monthly, but the rate is low—typically well below 1 percent. You earn more in a high-yield savings account at an online bank, but you lose the convenience of walking into a branch.

Money Market Savings Account: Minimum balance required

The Money Market Savings Account requires a $2,500 minimum balance. If your balance drops below that at any time, Bank of America charges a $12 monthly fee. This account also has the same six-withdrawal limit per month, with a $10 fee for each excess withdrawal.

The interest rate is slightly higher than the Regular Savings Account, but still modest. The account is designed for people who keep a larger sum in savings and do not need frequent access to it. If you regularly dip below $2,500, the monthly fee will cost you more than you earn in interest.

Advantage Savings Account: Tiered pricing based on balance

The Advantage Savings Account has no monthly maintenance fee, but the interest rate you earn depends on your balance tier. Higher balances earn higher rates. Like the other accounts, it has the six-withdrawal limit and charges $10 per excess withdrawal.

This account is useful if you keep a larger balance and want a slightly better rate without committing to the $2,500 minimum of the Money Market account. The tiered structure means your rate can change as your balance moves between tiers.

Fees that apply across all savings accounts

Beyond the monthly maintenance fee (or lack thereof), Bank of America charges for specific actions. Out-of-network ATM withdrawals cost $2.50 per transaction if you use an ATM that is not part of the Bank of America network. Wire transfers cost $15 for outgoing domestic wires and $15 for incoming wires. Overdrafts cost $35 per item.

If you link your savings account to a checking account and overdraw the checking account, Bank of America may transfer funds from savings to cover it. This is free the first time in a calendar year, but subsequent overdraft transfers cost $12 each. You can turn off overdraft protection to prevent this.

Closing an account within 90 days of opening it may trigger a $25 early closure fee, though this varies by account type and promotion.

How Bank of America savings compares to online banks

Bank of America's savings accounts are free to hold, but the interest rates are significantly lower than online banks. A Bank of America Regular Savings Account typically earns less than 0.01 percent annually, while online banks like Marcus, Ally, or American Express offer rates above 4 percent on high-yield savings accounts.

The trade-off is access. Bank of America has physical branches and ATMs nationwide, so you can deposit cash, speak to a person, and withdraw money immediately. Online banks have no branches and no ATM networks, so you transfer money electronically or use a third-party ATM (often with a fee). If you value convenience and branch access over maximum interest, Bank of America is free. If you want your money to grow faster, an online bank will earn you significantly more.

What "free" actually means for your situation

A Bank of America savings account is free if you keep your balance above the minimum (if required), stay within the six-withdrawal limit per month, and use Bank of America ATMs. If you frequently withdraw cash, use out-of-network ATMs, or send wire transfers, fees add up quickly.

Calculate your actual usage before opening. If you withdraw cash more than once a week, you will hit the six-withdrawal limit and pay $10 per excess withdrawal. If you use ATMs outside the Bank of America network regularly, $2.50 per withdrawal becomes expensive. If you keep less than $2,500, the Money Market account is not worth it. The Regular Savings Account is the safest choice for most people because it has no minimum and no hidden fees—only the withdrawal limit to watch.

Frequently Asked Questions

Can I avoid the six-withdrawal limit?

No. Federal rules cap savings account withdrawals at six per month. This applies to all banks. If you need frequent access to your money, a checking account has no withdrawal limit. Some people keep a small checking account for daily access and a savings account for money they do not touch often.

Do ATM withdrawals count toward the six-withdrawal limit?

No. Only withdrawals at a teller, transfers to another account, or payments to a third party count. ATM withdrawals are unlimited. However, using an out-of-network ATM costs $2.50 per transaction, so frequent ATM use still has a price.

What happens if I close my account right after opening it?

Bank of America may charge a $25 early closure fee if you close within 90 days. This varies by account type and whether you opened it during a promotion. Check the account terms before opening to confirm the early closure policy.

Is the interest rate may provide to stay the same?

No. Bank of America can change interest rates at any time. Rates typically move with the Federal Reserve's rate changes. Your rate may go up or down without notice, so do not rely on current rates staying the same long-term.

Can I have multiple savings accounts at Bank of America?

Yes. You can open more than one savings account and each has its own six-withdrawal limit per month. Some people use this to separate money by goal—one account for an emergency fund, another for a vacation fund. Each account is treated separately for fee purposes.