Most savings accounts have no monthly fee, but some banks charge for specific actions or account types
The short answer: many banks offer savings accounts with zero monthly maintenance fees. But fees can appear in other places — when you fall below a minimum balance, make too many withdrawals in a month, or use certain services. The fee structure depends entirely on which bank you choose and which account type you open.
Federal law limits how many times you can withdraw money from a savings account each month (currently six per statement cycle under Regulation D, though this limit is often waived). Some banks charge a fee if you exceed that number. Others charge fees for things like overdrafts, wire transfers, or paper statements. A few banks still charge a monthly maintenance fee, but these are becoming less common as competition increases.
The key is to read the fee schedule before you open the account. Banks are required to give you this information in writing, usually called a "Schedule of Fees" or "Fee Schedule." You can ask for it in person, request it online, or find it on the bank's website.
Key Takeaways
- Most major banks offer savings accounts with no monthly maintenance fee, though some smaller or specialty banks may charge one.
- Fees are more likely to appear when you exceed withdrawal limits, fall below a minimum balance, or request services like wire transfers or expedited statements.
- Every bank must provide a written fee schedule before you open an account, and you should review it to understand what costs might apply.
- Online banks typically charge fewer fees than brick-and-mortar banks because their operating costs are lower.
- If a bank charges a monthly fee you do not want to pay, you can close the account and move your money to a bank with no fee.
Types of fees that show up on savings accounts
Monthly maintenance fees are the most straightforward. Some banks charge $5 to $15 per month just to keep the account open. This fee may be waived if you maintain a certain balance (often $500 to $2,500) or set up direct deposit. Larger national banks like Bank of America and Wells Fargo have largely eliminated these fees for basic savings accounts, but regional banks and some online banks still use them.
Excess withdrawal fees apply when you exceed the federal limit on withdrawals from savings accounts. Regulation D allows six withdrawals per statement cycle; if you go over, the bank may charge $5 to $10 per extra withdrawal. Some banks waive this fee or do not enforce the limit, so check the fee schedule.
Minimum balance fees kick in if your account balance drops below a threshold set by the bank. If you fall short, you might pay $10 to $25. This is different from a monthly fee — you only pay it when your balance is too low. Some accounts have no minimum at all.
Other common fees include charges for wire transfers (usually $15 to $30), paper statements ($1 to $5 per month), overdrafts ($25 to $35 per incident), and account closure if you close within a certain timeframe. ATM fees may apply if you use an out-of-network machine, though most banks waive fees at their own ATMs.
How to find the fee schedule before you open an account
Every bank must disclose its fees in a document called the Schedule of Fees and Charges or Fee Schedule. You can find this on the bank's website, usually in a section labeled "Rates and Fees" or "Disclosures." If you cannot find it online, call the bank's customer service line and ask them to email or mail it to you.
Read the fee schedule carefully before you open the account. Pay special attention to the monthly maintenance fee (if any), minimum balance requirement, excess withdrawal fee, and any other charges that might apply to how you plan to use the account. If a fee seems high or unnecessary, you can choose a different bank.
When you open the account, the bank will ask you to sign or acknowledge that you received the fee schedule. Keep a copy for your records. If fees change later, the bank must notify you in writing before the change takes effect.
Banks with no monthly fees versus banks that charge
Online banks like Ally, Marcus, and Discover typically charge no monthly maintenance fee, no minimum balance, and no excess withdrawal fees. They can afford to do this because they have lower overhead costs than physical branches. The tradeoff is that you cannot deposit cash in person — you have to transfer money electronically or mail a check.
Large national banks like Chase, Bank of America, and Wells Fargo offer savings accounts with no monthly fee on their basic accounts, but they may charge fees for premium accounts or if you do not meet balance requirements. They also charge for services like wire transfers and out-of-network ATM use.
Credit unions often have lower fees than banks because they are member-owned and not-for-profit. Many credit unions charge no monthly fee and no minimum balance on savings accounts. If you are a member of a credit union, compare their savings account fees to what banks are charging.
What to do if your bank charges a fee you want to avoid
If you are being charged a monthly maintenance fee, the first step is to call your bank and ask if the fee can be waived. Many banks will waive the fee if you maintain a certain balance, set up direct deposit, or agree to paperless statements. It costs nothing to ask.
If the bank will not waive the fee, you can close the account and move your money to a bank with no fee. This is free and takes about a week. You do not need permission from your current bank to leave. Open a new account at the bank of your choice, transfer your money, and then close the old account.
Before you switch, make sure no automatic payments or direct deposits are still linked to the old account. Update those with your new account number. Once everything is moved, you can close the old account by calling customer service or visiting a branch.
How fees affect your savings over time
A $10 monthly fee might not seem like much, but it adds up. Over a year, that is $120. Over five years, it is $600. If you have a small savings account that is not earning much interest, a monthly fee can actually reduce your balance instead of growing it.
This is why choosing a bank with no monthly fee matters, especially if you are saving small amounts. A high-yield savings account with no fee and a competitive interest rate will grow your money faster than an account with a fee and low interest.
Compare the total cost of ownership: monthly fee plus interest rate. A bank that charges $10 per month but pays 4% interest might still be worse than a bank with no fee and 4.5% interest, depending on your balance. Use the bank's website calculator or ask a representative to show you the numbers.
Frequently Asked Questions
Can a bank charge me a fee without telling me first?
No. Banks must provide a written fee schedule before you open an account and must notify you in writing before changing fees. If a bank charges you a fee that was not in the schedule you received, you can dispute it and ask for a refund. Contact customer service and reference the fee schedule you were given.
What happens if I do not have enough money to cover a fee?
If your balance is too low to cover a fee, the bank may charge an overdraft fee on top of the original fee, creating a cascade of charges. This is why it is important to keep enough money in the account to cover any fees that might apply. If you are charged multiple fees in a short time, call the bank and ask them to reverse some of them — many will do this as a courtesy.
Do online banks really have no fees?
Most online banks have no monthly maintenance fee, no minimum balance, and no excess withdrawal fees. However, they may still charge for wire transfers, expedited transfers, or other services. Check the fee schedule before you open an account. Online banks make up for lower fees by paying higher interest rates on savings.
Is there a fee if I close my savings account right after opening it?
Some banks charge an early closure fee if you close an account within 90 days to six months of opening it. This fee is usually $25 to $50. Check the fee schedule to see if your bank has this policy. If you think you might close the account soon, ask about this fee before you open it.
Can I negotiate fees with my bank?
Yes, especially if you have been a customer for a long time or maintain a large balance. Call customer service and ask if they can waive or reduce fees. Banks often have discretion to make exceptions for good customers. The worst they can say is no, and many will say yes.