What Bank of America charges for savings accounts
Bank of America does not charge a monthly maintenance fee on most of its savings accounts. The Bank of America Savings Account and the Bank of America Advantage Savings Account have no monthly fee, regardless of your balance.
However, Bank of America does charge fees for specific actions within a savings account. The most common is the excess withdrawal fee, which applies when you make more than six transfers or withdrawals from your savings account in a calendar month. Each withdrawal beyond the sixth costs $10. This limit applies to transfers to other accounts, payments to third parties, and withdrawals at the ATM or branch.
Other fees depend on how you use the account. If your account is overdrawn and Bank of America covers the transaction, you pay an overdraft fee of $35 per item. If you request a paper statement, Bank of America charges $2 per statement. Stopping payment on a check costs $30.
Key Takeaways
- Bank of America's standard savings accounts have no monthly maintenance fee, but you pay $10 for each withdrawal or transfer beyond six per month.
- Overdraft fees are $35 per transaction if Bank of America covers a negative balance, and you can turn off overdraft protection to avoid these charges.
- Paper statements cost $2 each, but you can avoid this fee by using online statements instead.
- The excess withdrawal limit resets on the first day of each calendar month, so timing large transfers strategically can help you stay under the threshold.
How the six-withdrawal limit works
Federal regulations once capped savings account withdrawals at six per month, though this rule was suspended during the pandemic and has not been formally reinstated. Bank of America still enforces a six-withdrawal limit and charges $10 for each excess withdrawal, treating this as a customer policy rather than a regulatory requirement.
The limit includes all withdrawals and transfers out of the account: ATM withdrawals, transfers to your checking account, payments to third parties, and branch withdrawals all count toward the six. Deposits and transfers in do not count. The counter resets on the first calendar day of each month, so a withdrawal on January 31 and another on February 1 do not combine toward the limit.
If you regularly need more than six withdrawals per month, a checking account may be more practical, since checking accounts have no withdrawal limits. You can also move money between your savings and checking at Bank of America without triggering the fee, as long as the transfer happens within the bank's system.
Overdraft fees and how to prevent them
An overdraft occurs when you attempt a transaction that would make your account balance negative. Bank of America charges $35 for each transaction it covers, meaning if you overdraft by $50 and make three more transactions before depositing funds, you pay $140 in overdraft fees ($35 × 4 transactions).
You can prevent overdraft fees by turning off overdraft protection. Without it, Bank of America will decline transactions that would overdraft your account instead of covering them and charging a fee. To disable overdraft protection, log into your Bank of America account online, go to Account Settings, and toggle off "Overdraft Protection." You can also call 1-800-432-1000 to make this change by phone.
If you have overdraft protection turned on and want to stop paying fees, the fastest action is to keep a buffer in your account—money you do not spend—so your balance never drops below zero. Even a $50 buffer prevents most accidental overdrafts.
Monthly maintenance fees by account type
Bank of America offers several savings account products, and fees vary slightly by type:
| Account Type | Monthly Maintenance Fee | Minimum Balance |
|---|---|---|
| Bank of America Savings Account | None | None |
| Bank of America Advantage Savings Account | None | None |
| Bank of America Premium Savings Account | None | $10,000 |
The Premium Savings Account has no monthly fee but requires a $10,000 minimum balance. If your balance drops below $10,000, Bank of America charges a $25 monthly fee until the balance is restored. This account offers a higher interest rate than the standard accounts, so it may be worth maintaining the balance if you have the funds available.
All three accounts charge the same $10 excess withdrawal fee and $35 overdraft fee. The choice between them depends on whether you can maintain a $10,000 balance and whether the higher interest rate on the Premium account makes sense for your savings goals.
Paper statements and other miscellaneous fees
Bank of America charges $2 for each paper statement you request. Since most people do not need paper statements, this fee is easy to avoid: simply use online statements, which are free and available immediately after each statement cycle ends.
If you need a copy of an old statement, you can download it from your online account for free. Bank of America keeps statements available online for seven years, so you can retrieve any past statement without paying a fee.
Other fees include $30 to stop payment on a check, $15 to research a transaction, and $25 if a check you deposit bounces. These are not routine charges—they apply only if you take specific actions or encounter specific problems—but they are worth knowing about if you use checks regularly.
How to keep your Bank of America savings account fee-free
The simplest way to avoid fees is to stay within the six-withdrawal limit each month and keep overdraft protection turned off. If you need more than six withdrawals per month, use your checking account instead, which has no withdrawal limit.
For the excess withdrawal fee specifically, count your planned transfers and withdrawals at the start of each month. If you know you will need seven or more, move the money to your checking account first, then withdraw from checking. This way, you use only one withdrawal from savings and avoid the $10 fee.
Keep your account balance above zero by setting up a small buffer or by turning off overdraft protection so transactions simply decline instead of triggering a $35 fee. Use online statements instead of requesting paper copies. If you maintain a $10,000 balance, the Premium Savings Account's higher interest rate may offset any fees you would pay on a standard account.
Frequently Asked Questions
Does Bank of America charge a monthly fee just for having a savings account?
No. The Bank of America Savings Account and Advantage Savings Account have no monthly maintenance fee. The Premium Savings Account also has no monthly fee as long as you maintain a $10,000 minimum balance; if the balance drops below $10,000, you pay $25 per month until it is restored.
What counts as a withdrawal toward the six-withdrawal limit?
Withdrawals include ATM withdrawals, transfers to other accounts (including your own checking account), and branch withdrawals. Deposits and transfers in do not count. The limit resets on the first day of each calendar month.
Can I avoid the excess withdrawal fee?
Yes. Move money to your checking account first, then withdraw from checking instead of savings. Checking accounts have no withdrawal limits. Alternatively, plan your withdrawals so you stay within six per month.
What happens if I go over the six-withdrawal limit?
Bank of America charges $10 for each withdrawal beyond the sixth in a calendar month. If you make eight withdrawals, you pay $20 in excess withdrawal fees ($10 × 2 excess withdrawals).
How do I turn off overdraft protection?
Log into your Bank of America online account, go to Account Settings, and toggle off "Overdraft Protection." You can also call 1-800-432-1000 to disable it by phone. Without overdraft protection, transactions that would overdraft your account will be declined instead of charged a $35 fee.