What Bank of America charges for savings accounts
Bank of America does charge a monthly fee on most savings accounts, but the amount and whether you pay it depends on which savings product you choose and how much money you keep in the account. The most common savings account is the BankAmericard Savings Account, which carries a $3 monthly maintenance fee unless you meet one of the fee waivers.
The fee is waived if you maintain a minimum daily balance of $300 in the savings account itself, or if you link it to a may have access to Bank of America checking account and keep $500 minimum in that checking account. Some customers also avoid the fee by setting up a direct deposit of at least $250 per month into the savings account.
Bank of America also offers a Money Market Savings Account, which has a $12 monthly maintenance fee. This account waives the fee if you keep a $2,500 minimum daily balance or link it to a may have access to checking account with $500 minimum. The higher fee reflects the tiered interest rates that come with larger balances in this account type.
Key Takeaways
- Bank of America's standard savings account charges $3 per month unless you maintain $300 in that account or $500 in a linked checking account.
- The Money Market Savings Account costs $12 per month and requires either a $2,500 minimum balance or a linked checking account with $500 minimum.
- Direct deposits of $250 or more per month can waive the $3 fee on the standard savings account.
- Fees are charged monthly on the last day of the statement cycle if you do not meet the waiver requirements.
How the $300 minimum balance works
The $300 minimum is a daily balance requirement, not an average. This means your account balance must reach $300 on at least one day during the statement cycle. If your balance drops below $300 on every single day of the month, you will be charged the $3 fee at the end of that cycle.
The balance is calculated at the end of each business day. If you deposit $300 on the 15th and it stays there through the end of the month, you meet the requirement for that entire cycle. If you withdraw it all on the 16th, you still met the minimum for that cycle because you hit $300 on at least one day.
Waiving the fee through a linked checking account
If you have a Bank of America checking account, you can waive the $3 savings fee by keeping $500 minimum in that checking account instead of the savings account. The $500 must be in the checking account, not split between both accounts. This is often the easiest waiver for people who use checking as their main account anyway.
The checking account must be a may have access to account. Most standard checking products at Bank of America may have access to, including the Advantage Banking and Advantage Plus Banking accounts. If you are unsure whether your checking account qualifies, you can call Bank of America at 1-800-432-1000 or log into your online account to check the fee waiver terms.
Other ways to avoid paying the monthly fee
Direct deposit is a third path to waiving the $3 fee. If you set up a recurring direct deposit of at least $250 per month into your savings account, the monthly maintenance fee is waived. This works even if your balance never reaches $300 and you have no linked checking account. The direct deposit must be from an employer, government agency, or other income source—transfers from your own Bank of America checking account do not count.
Some customers use direct deposit as their primary waiver because it requires no minimum balance and happens automatically. If you receive Social Security, a pension, or a paycheck via direct deposit, you can route even a small portion of it to your savings account to meet this requirement.
What happens if you do not meet any waiver
If your account does not meet any of the three waivers—the $300 daily balance, the $500 linked checking balance, or the $250 monthly direct deposit—Bank of America charges $3 at the end of your statement cycle. This fee is deducted directly from your savings account balance.
The fee is charged once per month on the last day of your statement cycle. If you have multiple months where you do not meet a waiver, you will be charged $3 each month. Over a year, that adds up to $36 if you never meet any waiver requirement.
Interest rates and how fees affect your earnings
Bank of America's savings accounts earn interest, but the rate is typically very low—often less than 0.01% annually on the standard savings account. This means on a $300 balance, you might earn less than $0.30 per year in interest, while paying $3 per month in fees if you do not meet a waiver.
The Money Market Savings Account offers higher interest rates in exchange for a higher minimum balance and higher monthly fee. If you keep $2,500 or more in the account, the tiered rates may earn you enough interest to offset the $12 monthly fee, but this depends on current interest rates, which change over time.
Frequently Asked Questions
Can I have a savings account with Bank of America and not pay any fees?
Yes. You can avoid the $3 monthly fee by keeping $300 in the savings account, maintaining $500 in a linked checking account, or setting up a direct deposit of $250 or more per month. At least one of these three options works for most people.
What if my balance drops below $300 for one day?
One day below $300 does not trigger the fee. The requirement is that your balance reaches $300 on at least one day during the statement cycle. As long as you hit $300 at some point during the month, you meet the waiver.
Does a transfer from my checking account count as a direct deposit?
No. Bank of America only counts direct deposits from external sources—employers, government agencies, or other financial institutions. Transfers you make yourself from your own checking account do not count toward the $250 direct deposit waiver.
How often is the monthly fee charged?
The $3 fee is charged once per month on the last day of your statement cycle if you do not meet a waiver. The fee appears as a deduction in your account activity and is subtracted from your balance.
Is the $300 minimum different from the $500 checking account minimum?
Yes. The savings account requires $300 in the savings account itself, while the checking account waiver requires $500 in the checking account. You only need to meet one of these requirements to avoid the fee—you do not need both.