Most savings accounts have no monthly fee, but some charge you for falling below a minimum balance or for extra services
A basic savings account at a bank or credit union typically costs nothing to open or maintain. You deposit money, earn interest on it, and withdraw when you need to—no charge. But some accounts do charge fees, and the fee structure depends on the bank, the account type, and how you use it.
The most common fee is a minimum balance fee, charged when your account drops below a set amount. A bank might require you to keep $500 in the account at all times; if you fall below that, you pay $5 or $10 per month until you bring the balance back up. Other banks charge for things like excess withdrawals, paper statements, or overdraft protection. A few high-yield savings accounts charge nothing at all, even with low balances.
Key Takeaways
- Most savings accounts have no monthly maintenance fee, but minimum balance requirements vary widely—some banks require $0, others require $500 or more.
- If your account balance drops below the minimum, you typically pay $5 to $15 per month until you restore it.
- Online banks and credit unions are more likely to have no minimum balance and no monthly fee than traditional brick-and-mortar banks.
- Fees for excess withdrawals, paper statements, and overdraft protection exist but are less common than they used to be.
- You can avoid nearly all savings account fees by choosing an account with no minimum balance requirement and using only the services included in your plan.
Minimum balance fees and how they work
A minimum balance requirement is the lowest amount a bank says you must keep in the account. If your balance falls below that number on any day during the month, the bank charges a fee—usually $5 to $15. Some banks check your balance once a month; others check daily. A few banks waive the fee if you bring the balance back up before the end of the billing cycle.
Minimum balance amounts vary. Some banks require $0—meaning you can keep $1 in the account and pay no fee. Others require $100, $500, or even $2,500. The higher the minimum, the more likely the account is aimed at people with larger savings. If you have $200 in savings and the bank requires $500, you will pay a fee every month until you save more.
Credit unions and online banks tend to have lower or no minimum balance requirements. Traditional banks with physical branches are more likely to charge a fee for low balances. Before opening an account, check the bank's fee schedule—usually available on their website under "Pricing" or "Fees"—to see what the minimum is and what happens if you miss it.
Other fees that may apply to your savings account
Beyond minimum balance fees, savings accounts can charge for specific actions or services. An excess withdrawal fee applies when you withdraw money more than a certain number of times per month—federal rules once limited savings withdrawals to six per month, though that rule changed. Some banks still charge $5 to $10 if you exceed their internal limit. Most banks no longer enforce this, but it is worth checking your account terms.
A paper statement fee charges you $1 to $3 per month if you request printed statements instead of viewing them online. Most banks offer free online statements and charge only if you ask for paper. An overdraft protection fee applies if the bank transfers money from your savings to cover a shortfall in your checking account—usually $5 to $10 per transfer. Some banks offer this service free; others charge every time.
Inactivity fees are rare but do exist at some banks. If you do not make any deposits or withdrawals for a long period—often 12 months or more—the bank may charge a monthly fee. This is uncommon at major banks but can happen at smaller institutions or credit unions. Check your account agreement if you plan to leave money untouched for a year or longer.
Banks and credit unions with no monthly fees
Many banks offer savings accounts with no monthly maintenance fee and no minimum balance requirement. Online banks like Ally, Marcus, and Discover typically have no fees and no minimums because they have no physical branches to maintain. Credit unions often have the same structure—no fee, no minimum—as part of their member-focused model.
Traditional banks with branches vary. Some offer a no-fee savings account alongside accounts with minimums and fees. Others charge a fee on every savings account they offer. The difference often comes down to the bank's business model and the account tier. A "basic" savings account might be free; a "premium" account might require a $1,000 minimum.
If you are comparing accounts, look for the phrase "no monthly maintenance fee" or "no minimum balance" in the account description. If you do not see it, check the fee schedule. The fee schedule is the most reliable source—marketing language can be vague, but the fee schedule lists every charge the bank can impose.
How to avoid savings account fees
The simplest way to avoid fees is to choose an account with no minimum balance requirement and no monthly maintenance fee. Online banks and credit unions make this easy because most of their accounts have both. If you prefer a traditional bank with branches, ask the banker directly: "Does this account have a monthly fee?" and "What is the minimum balance?" Write down the answers and check the fee schedule afterward to confirm.
If you already have an account that charges a fee, you have options. First, bring your balance above the minimum if the fee is for low balance. Second, switch to a different account at the same bank—many banks offer a free tier alongside a paid tier. Third, move your money to a different bank or credit union. Switching takes about a week and costs nothing; you can keep your old account open or close it once the new one is set up.
Track your account balance regularly to stay above any minimum. Set a phone reminder for the first of each month to check your balance, or use your bank's app to set up balance alerts. Most banks let you set an alert that notifies you when your balance drops below a certain amount—say, $100 below your minimum. That gives you time to deposit money before the fee hits.
What happens if you get charged a fee
If your account is charged a fee you did not expect, contact the bank and ask them to reverse it. Banks often waive one or two fees as a courtesy, especially if you have been a customer for a while or if the fee was not clearly disclosed. Call the customer service number on the back of your debit card or log into your online banking and use the chat feature. Be polite and specific: "My balance dropped to $450 on the 15th and I was charged a $10 fee on the 20th. Can you remove that charge?"
If the bank refuses and the fee was not your fault—for example, if the bank made an error or if the fee was not disclosed when you opened the account—you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB investigates complaints about banks and can sometimes force them to refund fees or change their practices. Filing takes about 15 minutes and costs nothing.
Frequently Asked Questions
Can a bank charge me a fee just for having a savings account?
Yes, if the account has a minimum balance requirement and your balance falls below it. Most banks charge $5 to $15 per month in this case. However, many banks offer savings accounts with no minimum balance and no monthly fee, so you can avoid this charge by choosing the right account.
Do online banks charge fees for savings accounts?
Most online banks charge no monthly fee and have no minimum balance requirement. They can offer this because they have no physical branches to maintain. However, always check the fee schedule before opening an account, as policies vary.
What is a reasonable minimum balance for a savings account?
That depends on your savings. If you have $100 to $500, look for an account with no minimum or a minimum of $100 or less. If you have $1,000 or more, you can afford accounts with higher minimums. The best choice is an account with no minimum at all, since it costs you nothing to maintain.
If I close my savings account, do I have to pay a fee?
Most banks do not charge a fee to close an account. However, some banks charge an early closure fee if you close the account within a certain period—often 90 days to a year. Check the account terms before opening to see if an early closure fee applies.
Can I move my savings to a different bank without losing money?
Yes. Transferring your savings to a different bank costs nothing and takes about a week. You can move the money electronically by providing the new bank with your old account number, or you can withdraw cash and deposit it at the new bank. Your old bank will not charge you for leaving.