Bank of America does not charge a monthly maintenance fee on most savings accounts, but you may face fees for specific actions or account types

Bank of America's standard savings account—called the Regular Savings account—has no monthly maintenance fee. You can open one, keep money in it, and never pay a fee just for having the account. However, Bank of America does charge fees in other situations: if you exceed a certain number of transfers or withdrawals per month, if you fall below a minimum balance on certain account types, or if you use services like overdraft protection or wire transfers.

The key is understanding which account you have and what actions trigger charges. A Regular Savings account with no minimum balance requirement will not cost you anything to maintain. But if you have a Money Market Savings account or if you make too many outgoing transfers, fees can appear on your statement.

Key Takeaways

  • Bank of America's Regular Savings account has no monthly maintenance fee and no minimum balance requirement.
  • Exceeding six outgoing transfers or withdrawals per month on a savings account triggers a $10 fee for each transaction over the limit.
  • Money Market Savings accounts require a $2,500 minimum balance; falling below it costs $25 per month.
  • Wire transfers, overdraft fees, and ATM usage outside Bank of America's network carry separate charges.

When Bank of America charges for transfers and withdrawals

Federal rules once limited savings account withdrawals to six per month. That rule no longer exists, but Bank of America still enforces a limit on outgoing transfers and withdrawals—meaning money leaving your savings account. If you make more than six outgoing transfers or withdrawals in a calendar month, Bank of America charges $10 for each transaction beyond the sixth.

This limit applies to transfers to other banks, transfers to your own Bank of America checking account, and ATM withdrawals from your savings account. It does not apply to deposits or to transfers initiated by someone else (like a direct deposit or a payment sent to you). If you regularly need to move money out of savings more than six times a month, a checking account may be a better fit for your spending pattern.

Money Market Savings accounts and minimum balance requirements

Bank of America offers a Money Market Savings account that pays a higher interest rate than the Regular Savings account. This account requires a $2,500 minimum balance. If your balance falls below $2,500 on any day of the month, Bank of America charges $25 that month.

The higher interest rate on this account can offset the fee if you maintain the balance, but only if you keep at least $2,500 in the account at all times. If you cannot reliably maintain that balance, the Regular Savings account—with no minimum and no monthly fee—will cost you less.

Other fees that appear on your savings account statement

Bank of America charges for services beyond the account itself. A wire transfer sent from your savings account costs $15 for a domestic wire and $45 for an international wire. An overdraft fee applies if you spend more than your available balance; the fee is $35 per overdraft, and Bank of America can charge up to three overdraft fees per day. Using an ATM outside the Bank of America network costs $3 per withdrawal.

If you set up overdraft protection—a service that automatically transfers money from another account to cover a shortfall—Bank of America does not charge a fee for the transfer itself, but you may face fees from the linked account if it does not have sufficient funds. Returned checks and stop-payment requests each cost $35.

How to avoid fees on a Bank of America savings account

Keep your Regular Savings account balance above zero and limit outgoing transfers to six per month. If you need to move money out more often, use a checking account instead. If you open a Money Market Savings account, maintain a $2,500 balance to avoid the monthly fee.

Use Bank of America ATMs to avoid the $3 out-of-network fee. If you need to send a wire transfer, confirm the cost ($15 domestic, $45 international) before you initiate it. Avoid overdrafts by monitoring your balance regularly or setting up account alerts through the Bank of America app or website.

Comparing Bank of America savings to other banks

Many online banks and credit unions offer savings accounts with no monthly fee, no minimum balance, and no transfer limits. However, they typically pay higher interest rates than Bank of America, which means your money grows faster even if you keep a small balance. If you already have a Bank of America checking account and want to keep everything in one place, the Regular Savings account is free to maintain. If you are opening a new account specifically for savings and want to earn more interest, comparing rates at other institutions may be worth your time.

Bank of America also offers CDs (certificates of deposit) and money market accounts outside the savings category. These have different fee structures and interest rates. A CD locks your money for a set period but pays a fixed rate; early withdrawal carries a penalty. A money market account functions like savings but typically requires a higher minimum balance.

What to do if you see an unexpected fee

If a fee appears on your statement that you do not recognize, log into your Bank of America account online or through the app and review your transaction history. Look for transfers, withdrawals, or wire transfers you may have forgotten about. If you exceeded six outgoing transfers in a month, you will see each $10 charge listed separately.

If you believe a fee was charged in error, contact Bank of America by phone, through the app, or in person at a branch. Explain what happened, and ask whether the fee can be reversed. Bank of America sometimes reverses a single fee as a courtesy, especially if it is your first time incurring it. Keep records of your account activity so you can show the representative exactly what occurred.

Frequently Asked Questions

Does Bank of America charge a monthly fee just for having a savings account?

No. The Regular Savings account has no monthly maintenance fee and no minimum balance. You can open it and keep it open without paying anything, as long as you do not exceed transfer limits or use paid services like wire transfers.

What happens if I withdraw money from my savings account more than six times a month?

Bank of America charges $10 for each withdrawal or outgoing transfer beyond the sixth in a calendar month. This includes ATM withdrawals, transfers to other banks, and transfers to your own checking account. Deposits and incoming transfers do not count toward the limit.

Can I avoid the Money Market Savings account fee?

Yes. Maintain a $2,500 minimum balance at all times. If your balance drops below $2,500 on any day of the month, you will be charged $25 that month. If you cannot keep $2,500 in the account, the Regular Savings account is free.

Does Bank of America charge for using their ATMs?

No. Using a Bank of America ATM is free. Using an ATM from another bank costs $3. You can find Bank of America ATMs through their website or app.

What should I do if I was charged a fee I do not think I owe?

Contact Bank of America through the app, by phone, or at a branch. Explain the situation and ask for a reversal. Bank of America may reverse a single fee as a courtesy. Have your account statements ready to show what happened.