Bank of America charges no monthly fee on most savings accounts, but you can trigger fees through specific actions

Bank of America does not charge a monthly maintenance fee on its standard savings accounts. However, you can incur fees if you exceed the transaction limit, fail to maintain a minimum balance on certain account types, or use services like overdraft protection or wire transfers. The key is understanding which actions cost money and which accounts have balance requirements.

The most common savings account at Bank of America is the Regular Savings account, which has no monthly fee and no minimum balance requirement. If you simply deposit money and leave it alone, you pay nothing. Fees only appear when you do something specific—like making too many transfers or withdrawals in a month.

Key Takeaways

  • Bank of America's Regular Savings account has no monthly fee and no minimum balance requirement.
  • You will pay a fee if you exceed six transfers or withdrawals per month, charged at $10 per excess transaction.
  • Premium savings accounts like the Premium Savings account do require a minimum balance, usually $10,000 or more, and charge a monthly fee if you fall below it.
  • Wire transfers, overdraft fees, and stop-payment requests each carry separate charges unrelated to your savings account type.

The six-transaction limit and excess withdrawal fees

Federal regulations once capped savings account withdrawals at six per month. That rule changed in 2020, but Bank of America kept the limit in place. If you make more than six transfers or withdrawals from your savings account in a calendar month, you pay $10 for each transaction over the limit.

This includes transfers to other accounts, transfers to people outside the bank, and ATM withdrawals. It does not include deposits or in-person withdrawals at a branch. If you regularly need to move money in and out of savings, you may hit this fee repeatedly. Many people switch to a checking account for frequent access and keep savings for money they do not touch often.

Premium Savings and other accounts with balance requirements

Bank of America offers a Premium Savings account designed for customers with larger balances. This account requires you to maintain a minimum balance—typically $10,000 or higher depending on your region and account tier. If your balance drops below the minimum, you pay a monthly fee, usually $25.

The Premium Savings account offers a higher interest rate than the Regular Savings account, which is why the bank requires the larger balance. If you do not have $10,000 to keep in savings, the Regular Savings account is the better choice because it has no minimum and no monthly fee.

Overdraft fees and other charges tied to savings accounts

If you link your savings account to checking for overdraft protection, Bank of America charges a fee each time the bank transfers money from savings to cover a checking shortfall. This fee is separate from the monthly account fee and applies per transfer, not per month. The amount varies but typically ranges from $10 to $35 per transfer.

Wire transfers out of your savings account cost money—usually $15 to $30 depending on whether the wire is domestic or international. Stop-payment requests on checks also carry a fee. These are not savings account fees per se; they are charges for specific services you request.

How interest rates and account tiers affect your costs

Bank of America's savings accounts earn interest, but the rate is low compared to online banks and credit unions. The Regular Savings account typically earns less than 0.01% annual percentage yield (APY), meaning a $1,000 balance earns less than $1 per year. The Premium Savings account earns slightly more but still lags behind competitors.

The trade-off is convenience: Bank of America has physical branches and ATMs everywhere, while online banks have no branches. If you value access to a teller and in-person service, the low interest rate may be worth it. If you want to maximize earnings on savings, you will earn more at an online bank or credit union, even after accounting for any fees those institutions charge.

How to avoid fees on your Bank of America savings account

Keep your balance above any minimum if you have a Premium Savings account. For a Regular Savings account, limit yourself to six transfers and withdrawals per month. If you need to move money frequently, use a checking account instead—Bank of America's checking accounts do not have transaction limits.

Avoid overdraft transfers from savings to checking unless absolutely necessary, since each transfer costs money. If you use wire transfers, ask whether you can use a free ACH transfer instead, which takes one to two business days but costs nothing. Review your account statements monthly to catch unexpected fees early.

Comparing Bank of America savings to other banks

Bank of America's fee structure is typical for large national banks. Credit unions and online banks often have no monthly fees, no minimum balances, and no transaction limits on savings accounts. However, they may not have physical branches or customer service by phone during business hours.

If you keep most of your money at Bank of America for convenience and only use savings as a holding account, the lack of a monthly fee makes it a reasonable choice. If you are trying to build savings and want the highest return, you will earn more at an online savings account or money market account, even if you have to pay a small fee elsewhere for in-person banking.

Frequently Asked Questions

Does Bank of America charge a monthly fee on savings accounts?

No monthly fee on the Regular Savings account. The Premium Savings account charges a monthly fee if your balance falls below the minimum, typically $10,000. No other monthly charges apply to standard savings accounts.

What happens if I exceed six withdrawals in a month?

Bank of America charges $10 for each withdrawal or transfer over six in a calendar month. This includes ATM withdrawals and transfers to other banks, but not deposits or in-branch withdrawals.

Can I avoid the transaction fee by using a checking account instead?

Yes. Checking accounts have no transaction limits. You can move money as often as you want without triggering fees. Many people keep checking for daily access and savings for money they do not touch often.

Does Bank of America charge for wire transfers from savings?

Yes, domestic wire transfers cost $15 and international wires cost $30. ACH transfers, which take one to two business days, are free. Ask whether you can use ACH instead if you do not need the money immediately.

What is the interest rate on Bank of America savings accounts?

Rates are very low—typically under 0.01% APY on Regular Savings and slightly higher on Premium Savings. Online banks and credit unions offer higher rates. Check Bank of America's website for current rates, as they change frequently.