GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Bank of America, Member FDIC, offers a number of checking and savings accounts. Like most banks, it charges monthly fees depending on the account you have, but it also has options for avoiding those fees. Customers can avoid Bank of America’s fees in several ways, such as by setting up approved direct deposits or fulfilling account balance requirements.
Here’s a breakdown of the assortment of fees associated with Bank of America’s products and services.
Depending on what type of account you have, the checking account monthly maintenance fee can vary.
There is a $4.95 monthly maintenance fee for Advantage SafeBalance Banking®, a $12 monthly maintenance fee for Advantage Plus Banking® and a $25 monthly maintenance fee for Advantage Relationship Banking®, but only Advantage Relationship Banking earns interest.
While there are no student-specific checking accounts, Bank of America will waive the monthly maintenance fee for those under age 25 on the Bank of America SafeBalance Banking account.
Here’s a quick look at the monthly maintenance fees for each of Bank of America’s checking account options.
| Account | Monthly Service Fee | Earns Interest |
|---|---|---|
| Advantage SafeBalance | $4.95 | No |
| Advantage Plus | $12 | No |
| Advantage Relationship | $25 | Yes |
Monthly maintenance fees at Bank of America — and other banks — are fees that the bank charges account holders to use their account. These fees help increase the bank’s revenue.
However, many banks, including Bank of America, offer options to their customers to have their monthly maintenance fees waived, which often includes keeping a certain amount on deposit at the bank, making a certain number of debit card transactions or setting up a monthly direct deposit.
Each Bank of America checking account comes with this schedule of fees, though some accounts waive fees for specific services.
| Service | Fee Charged |
|---|---|
| Out-of-network ATM | -In U.S.: $2.50 -Outside of U.S.: $5 |
| Overdraft | $10 for each overdraft over $1.00 |
| International transaction | 3% |
| Wire transfer | -Domestic outgoing wire: $30 -Domestic incoming wire: $15 -International outgoing wire: $45 -International outgoing wire (foreign currency): $0 -International incoming wire: $15 |
| Card replacement | $15 per card |
| Copies of documents | Statements, checks, deposit slips and other credit items: $0 |
Bank of America’s Advantage Savings account comes with an $8 monthly maintenance fee. Bank of America also imposes a withdrawal fee of $10 should you go over the six savings withdrawals it permits per month.
Get the latest news on investing, money, and more with our free newsletter.
By subscribing, you agree to our Terms of Use and Privacy Policy. Unsubscribe at any time.
You're now subscribed to our newsletter. Check your inbox for more details.
The APY the bank offers is low compared with the national rate of 0.45% APY. Qualifying for Preferred Rewards can bring the APY up a little, but it remains lower than the national rate. However, the monthly service fee is waived for those under 25.
| Account | Monthly Service Fee | Standard Annual Percentage Yield |
|---|---|---|
| Bank of America Advantage Savings | $8 | APY for all balances |
It’s a common question: How do I avoid the $12 monthly fee at Bank of America? The answer is that maintaining minimum balances and making qualifying direct deposits are the easiest ways to avoid most Bank of America account fees. Some accounts will also waive fees based on your age.
Each account has its own requirements, so be sure the fee waiver information you have matches your account type. Additionally, monthly service fees are different from item-specific costs, such as Bank of America’s overdraft fees.
You have options to avoid Bank of America’s monthly maintenance fees, but they vary from account to account. Here are five ways to avoid Bank of America’s monthly fees:
Here are the minimum balances required to qualify for a fee waiver:
Just one account lets you avoid paying the monthly maintenance fee by receiving qualifying direct deposits:
Linking your eligible accounts can help you meet the balance requirement to avoid the monthly maintenance fee.
Maintenance fees for eligible Bank of America checking and savings accounts are waived when you enroll in Bank of America’s Preferred Rewards program. Qualification for the Preferred Rewards program tiers is based on having an active Bank of America personal checking account and maintaining a three-month average combined balance across your Bank of America accounts.
Minimum balances are $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier and $1 million for the Diamond Tier.
This qualification applies when an account holder is under the age of 25. This waiver applies to the following accounts:
Bank of America’s overdraft fee of $10 for each overdraft that exceeds $1 — up to $20 per day — can add up to a huge chunk of change if you aren’t careful. The best thing you can do to avoid Bank of America’s overdraft fee is to remain vigilant in keeping a healthy account balance. Overdrafts only kick in when you’re attempting to use more funds than you have in your account.
You can also sign up for Balance Connect® overdraft protection service, wherein the bank will cover a transaction using funds from a linked account, like a savings account.
You can eliminate overdraft fees entirely by getting a Bank of America Advantage SafeBalance Banking® account, which does not come with the fee.
Bank of America’s ATM fees — $2.50 for a non-Bank of America ATM inside the U.S. and $5 outside of the U.S. — are standard, and the easiest way to avoid them is to use Bank of America ATMs whenever possible. You may also be charged a fee by the operator when you use an out-of-network ATM.
If you’re enrolled in the Preferred Rewards program, you can avoid ATM fees altogether, depending on which tier you’re in.
Here’s an overview of the fees you can expect from Bank of America and how they compare with the costs of banking elsewhere:
Get the latest news on investing, smart money moves, & more!
By subscribing, you agree to our Terms of Use and Privacy Policy. Unsubscribe at any time.
You're now subscribed to our newsletter. Check your inbox for more details.
