What fees Bank of America charges on savings accounts and how to stop paying them

Bank of America charges a monthly maintenance fee of $4 on most savings accounts unless you meet one of their waiver conditions. The fee posts on the first business day of each month. You can avoid it entirely by keeping a minimum daily balance, setting up direct deposit, or maintaining a linked checking account with an active status.

The maintenance fee is the only recurring charge on standard Bank of America savings accounts. There are no overdraft fees, no transfer fees between your own accounts, and no fees for closing the account. But if you do not meet the waiver requirements, the $4 charge will hit every month until you do.

The specific waiver conditions depend on which type of savings account you hold. Bank of America offers a regular Savings account and a Money Market account, each with different threshold requirements. Knowing which account you have and which waiver path is easiest for you is the fastest way to stop the fee.

Key Takeaways

  • Bank of America charges a $4 monthly maintenance fee on savings accounts, but you can waive it by maintaining a $300 minimum daily balance, setting up a direct deposit of any amount, or linking an active checking account.
  • The fee posts on the first business day of each month, so you must meet the waiver requirement before that date to avoid the charge for that month.
  • Direct deposit is the easiest waiver path if you receive a paycheck or regular income transfer, because it requires no minimum balance and counts even if the deposit is small.
  • If you fall below the minimum balance temporarily, the fee will post; you cannot retroactively waive it, but you can prevent future months by meeting a waiver condition immediately.
  • Closing the account stops all future fees, but you will lose the account history and any interest earned; transferring to a different bank may be worth considering if you cannot meet any waiver requirement.

The $300 minimum daily balance waiver

Keeping $300 in your savings account at all times waives the monthly fee. This is a daily balance requirement, meaning the account must hold at least $300 every single day of the month. If your balance drops to $299 on even one day, you do not meet the requirement for that month and the fee will post.

This waiver works if you have money sitting in savings that you are not using. But if you regularly dip below $300 to pay bills or cover expenses, you will trigger the fee in months when your balance falls short. The balance is checked daily, so a temporary dip counts against you.

You can check your daily balance anytime through the Bank of America app or online banking. Set a balance alert if your account allows it, so you get a notification if you are about to drop below $300. This gives you time to transfer money in before the balance actually falls.

The direct deposit waiver

Setting up a direct deposit to your savings account waives the fee, regardless of how much money is in the account. Direct deposit means your employer, Social Security, a pension, or another institution sends money directly into the account on a regular schedule. The deposit can be any amount—even $1 counts—and it only needs to happen once per month to waive the fee for that month.

This is the easiest waiver if you receive regular income. You do not need to maintain a balance, and the deposit happens automatically without any action on your part after you set it up. If you receive a paycheck, Social Security, a pension, or unemployment benefits, you can direct that payment to your savings account instead of your checking account.

To set up direct deposit, you will need your Bank of America account number and routing number. Give these to your employer's payroll department or to the agency sending the payment. The first deposit usually takes one to two pay cycles to process. Once it is active, the fee waiver applies automatically each month as long as the deposit continues.

The linked checking account waiver

Linking an active checking account to your savings account also waives the fee. An "active" checking account means you have used it within the last 30 days—either a debit card purchase, a transfer, a check, or a deposit. The checking account does not need to have a minimum balance, and you do not need to transfer money between the accounts. The link itself is what matters.

This waiver is useful if you already have a Bank of America checking account that you use regularly. You do not need to do anything special beyond using the checking account normally. The system checks whether the linked account has been active in the past 30 days, and if it has, your savings account fee is waived.

If your checking account becomes inactive (no transactions for 30 days), the waiver stops working and the fee will post to your savings account the following month. To keep the waiver active, use the checking account at least once every 30 days. This can be as simple as a small transfer or a debit card purchase.

What happens if the fee posts to your account

If you miss a waiver requirement and the $4 fee posts, it is deducted from your savings account balance on the first business day of the month. The fee is final—you cannot reverse it or get it refunded through normal account management. However, you can contact Bank of America and ask them to reverse one fee as a courtesy, particularly if it is your first time incurring the charge or if you have been a customer for a long time.

There is no may provide they will reverse it, and they will not reverse multiple months of fees. But a single courtesy reversal is sometimes granted if you call and explain the situation. Call the customer service number on the back of your debit card or log into your account online to find the phone number for savings account support.

The best approach is to prevent the fee from posting in the first place by meeting one of the waiver requirements before the first business day of each month. Once you set up direct deposit or link a checking account, the waiver is automatic and you do not have to think about it again.

Money Market accounts and higher-tier savings products

Bank of America also offers a Money Market account, which has a higher monthly maintenance fee of $25. This account is designed for larger balances and typically comes with higher interest rates and check-writing privileges. The waiver requirements are different: you need a $2,500 minimum daily balance, or a direct deposit, or a linked active checking account—the same three paths as the regular savings account, but with a much higher balance threshold.

If you have a Money Market account and cannot maintain the $2,500 balance, switching to the regular Savings account will lower your fee to $4 per month. You can make this change through online banking or by visiting a branch. There is no penalty for switching, and your account history and interest earned remain intact.

Bank of America also offers promotional savings accounts from time to time with different fee structures or waiver requirements. Check your account details in online banking to see exactly which product you hold and what the fee and waiver terms are for that specific account.

Frequently Asked Questions

Can I waive the fee by using multiple methods at once?

You only need one waiver method to work. If you have direct deposit set up and also maintain a $300 balance, the fee is still waived—you do not get any additional benefit from meeting multiple requirements. Pick whichever method is easiest for you to maintain and focus on that one.

What if I have a very small direct deposit, like $5 a month?

That counts. Direct deposit of any amount, no matter how small, waives the fee. If you receive even a tiny regular transfer from another account or a small payment, you can direct it to your savings account and use it as your waiver method. The amount does not matter, only that the deposit happens at least once per month.

Does the fee waiver apply if I am under 18?

Bank of America has different account structures for minors, and fee waivers may vary. If you have a student or youth savings account, check your account agreement or call customer service to confirm the exact fee and waiver requirements for your specific account type.

If I close my savings account, do I owe the fee for the current month?

If you close the account before the fee posts (before the first business day of the month), you will not owe the fee. If you close it after the fee has already posted, the fee has already been deducted from your balance. Closing the account does not reverse fees that have already been charged.

Can I move my savings to a different bank to avoid the fee?

Yes. Many online banks and credit unions offer savings accounts with no monthly maintenance fees and no minimum balance requirements. If you cannot meet any of Bank of America's waiver requirements, transferring your savings to another institution may save you money over time. You can transfer your balance online or by visiting a branch.