What Bank of America charges for a savings account
Bank of America does not charge a monthly maintenance fee on most of its savings accounts. However, you can incur fees if your account falls below the minimum balance requirement or if you exceed the transaction limit. The specific fees and minimums depend on which savings product you hold.
Bank of America offers three main savings accounts: the Regular Savings Account, the Advantage Savings Account, and the Premium Savings Account. Each has different balance requirements and fee structures. Understanding which account you have and what triggers charges will help you avoid unexpected costs.
Key Takeaways
- Bank of America's Regular Savings Account has no monthly fee and no minimum balance requirement, making it free to hold if you meet the transaction rules.
- The Advantage Savings Account charges a $12 monthly fee if your balance drops below $500, and the Premium Savings Account charges $25 monthly if your balance falls below $10,000.
- All Bank of America savings accounts limit you to six transfers or withdrawals per month; exceeding this limit costs $10 per transaction.
- You can avoid all fees by keeping the required minimum balance and staying within your monthly transaction limit.
Regular Savings Account: no monthly fee, no minimum
The Regular Savings Account is Bank of America's basic savings product and carries no monthly maintenance fee regardless of your balance. You do not need to maintain a minimum balance to keep the account open or fee-free. This account is useful if you want a simple savings vehicle without financial commitment.
The only way to incur a fee on this account is to exceed six transfers or withdrawals in a calendar month. The seventh and each subsequent transfer or withdrawal costs $10. This limit applies to transfers to other accounts, payments to third parties, and withdrawals by check or debit card. In-person withdrawals at a Bank of America branch do not count toward this limit.
Advantage Savings Account: $12 monthly fee if balance drops below $500
The Advantage Savings Account charges a $12 monthly maintenance fee if your balance falls below $500 at any point during the statement period. If you maintain $500 or more, the account is free. This account is designed for people who can keep a modest cushion in savings.
Like all Bank of America savings accounts, the Advantage account also enforces the six-transfer limit per month. Transfers beyond six cost $10 each. The $12 monthly fee and the $10 per-transfer fee are separate charges, so you could face both in the same month if your balance dips and you exceed your transfer limit.
Premium Savings Account: $25 monthly fee if balance drops below $10,000
The Premium Savings Account charges a $25 monthly maintenance fee if your balance falls below $10,000 at any point during the statement period. This account is intended for customers with larger savings balances who want higher interest rates. The higher minimum balance requirement reflects that positioning.
The Premium account also has the six-transfer limit and charges $10 for each transfer beyond that. If you cannot maintain a $10,000 balance, the $25 monthly fee will erode your savings quickly, so this account makes sense only if you genuinely have that amount to keep on hand.
How the six-transfer limit works and what counts
Bank of America limits all savings accounts to six transfers or withdrawals per calendar month. This rule comes from federal banking regulations, though the bank enforces it strictly. Once you hit six, each additional transaction costs $10.
Transfers that count toward the limit include moving money to another Bank of America account, sending money to an external bank account, and making a payment to a third party from your savings account. Withdrawals at an ATM count. Withdrawals at a Bank of America branch teller window do not count—only ATM and electronic transfers do.
The limit resets on the first day of each calendar month. If you exceed six transactions in January, you pay the fees, but your count starts at zero on February 1. Planning ahead—bundling transfers into one or two days rather than spreading them across the month—can help you stay under the limit.
When Bank of America waives fees
Bank of America does not automatically waive monthly maintenance fees, but the bank may reverse a single fee if you contact customer service and explain the situation. This is not a may provide outcome, and the bank's willingness to waive varies by representative and circumstance. Calling the number on the back of your card and asking politely is worth trying if you have been charged a fee you believe was an error.
If you are a student, you may have access to a student checking account with different fee structures. Some employer or organization partnerships also offer fee waivers. Check your account documents or call Bank of America directly to see whether you may have access to for any special programs.
How to avoid Bank of America savings account fees
The simplest way to avoid fees is to use the Regular Savings Account, which has no monthly fee and no minimum balance. If you prefer the Advantage or Premium account for their higher interest rates, keep your balance above the minimum: $500 for Advantage, $10,000 for Premium.
For all accounts, limit yourself to six transfers and withdrawals per month. If you need to move money frequently, consider using a checking account instead, which typically has no transfer limit. You can also withdraw cash at a Bank of America branch teller window without triggering the limit, though this requires a trip to the bank.
Review your account statements monthly to catch any fees you were charged. If you see a fee you do not recognize or believe was applied in error, contact Bank of America within 30 days to dispute it.
Frequently Asked Questions
Can I switch from one savings account to another without closing my current account?
Yes. You can open a new savings account and transfer your balance over, or you can ask Bank of America to convert your existing account to a different savings product. Conversion is usually faster and simpler than opening a new account. Call the number on your statement or visit a branch to request a conversion.
Does Bank of America charge a fee to close a savings account?
No. Bank of America does not charge a fee to close a savings account. You can close it online, by phone, or in person at a branch. Make sure your balance is zero or transfer any remaining funds before you close.
What happens if I go below the minimum balance for just one day?
Bank of America charges the monthly fee if your balance falls below the minimum at any point during the statement period, even if it is only for one day. The fee is assessed once per month, not daily, but the threshold is strict. If you know your balance will dip temporarily, move money back in before the end of the statement cycle.
Do I get charged for transfers I initiate but cancel before they go through?
No. Canceled transfers do not count toward your six-transfer limit and do not incur fees. Only completed transactions count. If you start a transfer and cancel it before it processes, you are not charged.
Is the interest rate different across the three savings accounts?
Yes. Bank of America typically offers higher interest rates on the Advantage and Premium accounts than on the Regular Savings Account. However, interest rates change frequently and vary based on market conditions. Check your account documents or Bank of America's website for current rates on each product.