Most savings accounts have no monthly fee, but some banks charge for specific actions or account types

Whether you pay a fee on a savings account depends on the bank and the account itself. Many banks offer savings accounts with zero monthly maintenance charges. Others charge $5 to $15 per month, but often waive the fee if you keep a minimum balance—typically $500 to $2,500—or set up direct deposit. A few banks charge nothing no matter what you do; others charge for things you might not expect, like transferring money out too often or falling below a balance threshold.

The fees that do exist fall into a few categories: monthly maintenance fees (charged just for having the account), transaction fees (charged when you move money), overdraft fees (charged if you spend more than you have), and specialty fees (charged for things like paper statements or account research). Not all banks charge all of these, and many charge none of them.

Key Takeaways

  • Many banks charge no monthly fee on savings accounts, especially online banks and credit unions, though some traditional banks do charge $5 to $15 per month.
  • Monthly fees are often waived if you keep a minimum balance, usually between $500 and $2,500, or if you set up direct deposit.
  • Federal law limits you to six transfers or withdrawals per month from a savings account; exceeding this limit may trigger a fee or account closure.
  • Overdraft fees, ATM fees, and paper statement fees are separate from monthly maintenance charges and vary widely by bank.
  • Online banks and credit unions tend to charge fewer fees than traditional brick-and-mortar banks.

Monthly maintenance fees and how to avoid them

A monthly maintenance fee is a charge just for keeping the account open. Banks that charge this typically ask for $5 to $15 per month. However, most of these banks will drop the fee if you meet one or more conditions. The most common are keeping a minimum balance (often $500 to $2,500), setting up direct deposit, or maintaining a linked checking account at the same bank.

Online banks and credit unions almost never charge a monthly maintenance fee, which is one reason they attract customers who want to avoid fees altogether. If you bank with a traditional brick-and-mortar bank and see a monthly fee on your statement, call and ask what waives it—you may already may have access to without knowing it.

Transfer and withdrawal limits that can trigger fees

Federal law (Regulation D) historically limited savings account withdrawals to six per month. Banks that enforce this limit may charge $10 to $35 if you exceed it, or they may close your account. Many banks have relaxed this rule since the pandemic, but some still enforce it. Check your bank's terms to know whether this applies to you.

The limit usually covers transfers to other banks, transfers to your own checking account, and withdrawals at the teller window or ATM. It typically does not cover deposits or transfers initiated by someone else sending you money. If you plan to move money out of savings frequently, ask your bank whether they charge for excess transfers before you open the account.

Overdraft fees and ATM charges

An overdraft fee is charged when you spend more money than you have in the account. This is separate from a monthly maintenance fee. Overdraft fees typically run $25 to $35 per occurrence. Some banks charge multiple overdraft fees in a single day if you make several transactions that overdraw the account.

ATM fees are charged when you withdraw cash from an ATM that does not belong to your bank's network. These usually cost $2 to $3 per withdrawal. 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, so if you use cash frequently, this is worth checking.

Specialty fees that catch people off guard

Beyond the main categories, some banks charge for things like requesting a paper statement (usually $1 to $5), having a check deposited, closing an account within a certain timeframe, or asking the bank to research a transaction. These are less common than they used to be, but they still exist at some institutions.

Before you open an account, ask the bank for a full fee schedule or look it up on their website. The schedule should list every fee they charge and under what circumstances. If you cannot find it online, call and ask them to email it to you. This takes five minutes and can save you from surprises later.

How to compare fees across different banks

When you are comparing savings accounts, write down the fees for each bank in a table: monthly maintenance fee, minimum balance required to waive it, transfer limit, overdraft fee, ATM fee, and any specialty fees. Then calculate what you would actually pay based on how you plan to use the account. If you keep $1,000 in savings and never transfer money out, a bank with a $10 monthly fee but a $500 minimum balance waiver costs you nothing. If you transfer money out twice a month, you need to know whether your bank charges for that.

Online banks and credit unions tend to have the lowest fee structures overall. If you want to avoid fees entirely, start your search there. If you prefer a traditional bank with branches, call a few and ask what they charge—many will waive fees for customers who meet simple conditions.

What happens if you cannot avoid a fee

If your bank charges a fee and you cannot meet the waiver conditions, you have options. You can switch to a different bank that does not charge the fee. You can ask the bank to waive the fee as a one-time courtesy, especially if you have been a customer for a while and have not asked before. Some banks will do this once or twice a year.

If a fee appears on your statement and you believe it was charged in error, contact the bank and ask them to reverse it. Keep records of any conversations you have about fees, including the date, time, and name of the person you spoke with. If the bank refuses to reverse a fee and you believe it was improper, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or your state's banking regulator.

Frequently Asked Questions

Can a bank charge me a fee just for having a savings account?

Yes. Some banks charge a monthly maintenance fee of $5 to $15 just for keeping the account open. However, most banks that charge this fee will waive it if you keep a minimum balance, set up direct deposit, or meet another condition. Online banks and credit unions rarely charge this fee.

What is the six-withdrawal limit and does it still apply?

Federal law once limited savings account withdrawals to six per month. Many banks have dropped this rule, but some still enforce it and charge $10 to $35 if you exceed it. Check your bank's terms or call and ask whether this limit applies to your account.

Will I be charged if I transfer money from savings to my checking account?

It depends on your bank. Some banks count transfers to your own checking account toward the six-withdrawal limit and may charge a fee if you exceed it. Others do not count internal transfers at all. Ask your bank specifically about transfers between your own accounts.

Do online banks charge fewer fees than traditional banks?

Generally yes. Online banks and credit unions tend to charge no monthly maintenance fee, no overdraft fees, and no ATM fees (or they reimburse them). Traditional brick-and-mortar banks are more likely to charge multiple fees, though many will waive them if you meet balance or deposit requirements.

What should I do if my bank charges me a fee I think is wrong?

Contact the bank and ask them to explain the charge and reverse it if it was an error. If they refuse, ask to speak with a supervisor. You can also file a complaint with the Consumer Financial Protection Bureau (CFPB) online or by mail if you believe the fee was improper or not disclosed clearly.