Most banks no longer charge monthly maintenance fees, but some still do

The short answer: many banks charge nothing to hold a savings account, but some charge monthly maintenance fees ranging from $2 to $10, and nearly all charge fees for specific actions like overdrafts, wire transfers, or excessive withdrawals. The fee structure depends entirely on which bank you choose and what you do with the account.

The landscape has shifted over the past decade. Large banks like Chase, Bank of America, and Wells Fargo eliminated their basic monthly savings account fees years ago because online banks and credit unions undercut them. But regional banks, smaller institutions, and some credit unions still charge maintenance fees—usually waived if you meet a minimum balance or set up direct deposit.

The real cost often comes not from holding the account, but from the actions you take within it: overdraft fees when you spend more than you have, fees for transferring money out too many times in a month, or charges for closing the account early if it's a promotional product.

Key Takeaways

  • Monthly maintenance fees on savings accounts range from $0 to $10 but are often waived if you keep a minimum balance or receive direct deposits.
  • Overdraft fees, excessive withdrawal fees, and wire transfer charges are separate from maintenance fees and apply to specific actions, not just holding the account.
  • Online banks and credit unions are more likely to charge no fees at all, while regional and smaller banks are more likely to charge maintenance fees.
  • Your bank's fee schedule is public information—you can find it in the account disclosure document or by calling the bank directly before opening an account.

Monthly maintenance fees and how to waive them

If a bank charges a monthly maintenance fee, it typically ranges from $2 to $10 per month. Chase charges $5 on some savings products but waives it if you maintain a $300 minimum balance or set up direct deposit. Bank of America charges nothing on its basic savings account but charges $4 on some specialty savings products, waived with a $500 minimum balance. Wells Fargo charges nothing on its basic savings account.

The most common waiver conditions are: keeping a minimum balance (usually $300 to $1,000), receiving direct deposits, or maintaining a linked checking account at the same bank. Some banks waive fees for customers over 55 or under 18. Read the account disclosure document—the bank is required to provide this before you open the account—to see which waivers apply to the specific product you're considering.

Credit unions often charge no monthly maintenance fees at all, which is one reason they attract savers who want to avoid fees. Online banks like Ally, Marcus, and Discover also typically charge no monthly maintenance fees because they have lower overhead costs than brick-and-mortar branches.

Overdraft fees and what triggers them

An overdraft fee is charged when you spend more money than you have in your account. Most banks charge $25 to $35 per overdraft, and some charge multiple fees in a single day if you make several transactions that overdraw the account. This is separate from any monthly maintenance fee.

You can usually prevent overdraft fees by opting out of overdraft protection, which means transactions will be declined rather than allowed to go through and trigger a fee. However, some banks still charge a fee for a declined transaction attempt, though this is less common. Ask your bank whether opting out of overdraft protection stops all overdraft-related charges or just the overdraft fee itself.

Some banks offer overdraft protection linked to a savings account or credit line, which means the bank covers the overdraft from another account you own. This typically costs $0 to $10 per transfer, which is cheaper than an overdraft fee but still costs money.

Withdrawal limits and excess transaction fees

Federal rules used to cap the number of withdrawals from a savings account at six per month, and banks charged $10 to $25 for each withdrawal beyond that limit. These rules were suspended in 2020 and have not been reinstated, so most banks no longer enforce withdrawal limits or charge excess transaction fees.

However, some banks and credit unions still list withdrawal limits in their account agreements, and a few still charge fees for excessive withdrawals. Before opening an account, check the disclosure document or call the bank to ask whether there are limits on how many times you can withdraw money per month and whether fees apply if you exceed them.

Transfers between your own accounts at the same bank are usually unlimited and free. Transfers to accounts at other banks may be limited or charged as wire transfer fees, which typically cost $15 to $30 per outgoing transfer.

Wire transfer fees and other transaction charges

A wire transfer—moving money to an account at a different bank—typically costs $15 to $30 for an outgoing transfer. Incoming wire transfers are usually free. Some banks charge different amounts depending on whether the transfer is domestic (within the U.S.) or international.

Other fees that may apply to a savings account include: returned deposit fees ($5 to $15 if a check you deposit bounces), stop payment fees ($25 to $35 if you ask the bank to cancel a check), account closure fees (rare, but some banks charge $25 to $50 if you close the account within a certain period), and inactivity fees ($5 to $25 per month if you don't use the account for a set period, usually 12 months or longer).

Inactivity fees are uncommon at large banks but more common at smaller regional banks and some credit unions. If you plan to open a savings account and not use it for a while, ask whether the bank charges inactivity fees before you open it.

How to compare fee structures across banks

Every bank is required to provide a fee schedule and account disclosure document before you open an account. You can request this by phone, email, or through the bank's website. The document will list monthly maintenance fees, overdraft fees, wire transfer fees, excess transaction fees, and any other charges that may apply.

When comparing banks, look at the specific fees that matter to your situation. If you plan to make frequent wire transfers, prioritize banks with low wire transfer fees. If you're worried about overdrafts, prioritize banks that waive overdraft fees or allow you to opt out without penalty. If you want to keep a low balance, prioritize banks with no minimum balance requirement or low monthly maintenance fees.

Online banks and credit unions tend to have simpler, lower fee structures than large regional banks. However, online banks have no physical branches, so if you need to deposit cash or speak to someone in person, a regional bank or credit union may be more practical despite higher fees.

What happens if you're charged a fee you didn't expect

If your bank charges a fee you believe is incorrect or unfair, call the bank and ask for an explanation. Banks often waive one or two unexpected fees as a courtesy, especially if you've been a customer for a while and have a good account history. Ask to speak with a supervisor or customer service manager if the first representative won't help.

If the bank refuses to waive the fee and you believe it was charged in error, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB investigates complaints about bank fees and practices and can sometimes pressure banks to refund fees or change their policies.

If you're repeatedly charged fees you don't want to pay, the simplest solution is to switch banks. Moving a savings account to a different bank takes about 10 minutes—you provide the new bank with your account number and routing number, and they handle the transfer. You can keep your old account open while the transfer processes to make sure the money arrives safely.

Frequently Asked Questions

Can a bank charge me a fee just for having a savings account?

Yes, some banks charge a monthly maintenance fee of $2 to $10 just for holding the account. However, most large banks and online banks charge no monthly fee. The fee is usually waived if you keep a minimum balance or set up direct deposit. Check the account disclosure document before opening an account to see whether a fee applies and what waivers are available.

What's the difference between a maintenance fee and an overdraft fee?

A maintenance fee is charged monthly just for holding the account, regardless of what you do with it. An overdraft fee is charged only when you spend more money than you have in the account. You can have both fees apply in the same month, or neither, depending on your bank and your account activity.

Do credit unions charge fees on savings accounts?

Most credit unions charge no monthly maintenance fees on savings accounts, which is one reason they're popular with savers who want to avoid fees. However, some credit unions do charge fees for specific actions like overdrafts or wire transfers. Ask your credit union about its fee schedule before opening an account.

Can I get a fee waived if I just opened the account?

Many banks will waive one unexpected fee as a courtesy, especially if you're a new customer. Call the bank and explain the situation. If the representative won't help, ask to speak with a supervisor. If the bank still refuses, you can file a complaint with the Consumer Financial Protection Bureau.

What's the cheapest way to avoid all savings account fees?

Online banks like Ally, Marcus, and Discover typically charge no monthly maintenance fees, no overdraft fees, and no excess transaction fees. Credit unions also tend to have lower fee structures than regional banks. If you want to avoid fees entirely, compare online banks and credit unions in your area before opening an account.