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How to avoid Bank of America account fees

BOA charges fees for all its checking and savings accounts, but there are ways to avoid them.

Unlike some other banks that offer free service accounts, Bank of America charges several fees for its checking and savings accounts. Fortunately, many of these fees are avoidable.

How to avoid monthly fees on Bank of America checking and savings accounts

Bank of America offers three types of checking accounts and two types of savings accounts. Here’s a breakdown of each account’s monthly service fee and how you can avoid it.
AccountMonthly feeCan you waive it?Avoid by meeting ANY of these criteria
Bank of America Advantage SafeBalance Banking$4.95Yes
  • Student younger than 24
  • Enroll in the Preferred Rewards program
Bank of America Advantage Plus Banking$12Yes
  • Receive at least one direct deposit of $250 or more a month
  • Maintain a minimum daily balance of $1,500
  • Enroll in the Preferred Rewards program
Bank of America Advantage Relationship Banking$25Yes
  • Maintain a combined balance of $10,000 or more in linked accounts
  • Enroll in the Preferred Rewards program
Bank of America Advantage Savings$8Yes
  • Maintain a minimum daily balance of $500
  • Link your Advantage Savings account to your Advantage Relationship Banking account
  • Student younger than 24
  • Enroll in the Preferred Rewards program
Bank of America Minor Savings Account (under 18)$0N/AN/A
Bank of America automatically waives the monthly fee for Bank of America Advantage Savings accounts for the first six months after the account is opened

How to avoid other account fees with Bank of America?

In addition to Bank of America‘s monthly account service fees, the bank also charges various other fees, most of which you can avoid.

Type of feeCostHow to avoid itHow it compares to the average cost
Out-of-network ATM fee$2.50Use BOA ATMs whenever possibleThe average can range between $2 and $3.50.
International ATM fee$5.00 + 3%Pay with a card whenever possibleFlat fee charges range from $2 to $7 and foreign transaction fees are typically at 3%.
Savings account 6 month withdrawal limit$10Maintain a balance above $20,000 or avoid withdrawing six times a monthSome banks charge as much as $15 for exceeding six transactions.
Overdraft$35Sign up for overdraft protectionBanks typically charge $35 when you overdraft on your account.
Replacement ATM or debit card$5Use a digital wallet whenever possibleMost banks won’t charge you to replace your debit card. But those that do charge as high as $7.50.
International transaction fee3%Pay with cashA 3% transaction fee is pretty standard.

How do Bank of America fees compare with other banks?

See how Bank of America‘s monthly fees compare with other banks.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
$10
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Savings
Finder Rating: 4.6 / 5: ★★★★★
Chime Savings
0.50%
$0
$0
Grow your savings automatically with recurring transfers, round-ups on debit card purchases and 0.5% APY.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings

0.61% on $0 to $24,999
0.25% on $25,000 to $99,999
0.15% on $100,000+
$0
$250
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Discover Online Savings Account
Finder Rating: 4.6 / 5: ★★★★★
Discover Online Savings Account
0.40%
$0
$0
Take advantage of a high-interest online savings account with no fees, no minimums and more.
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Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
Aspiration Spend & Save Account
Finder Rating: 3.8 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 1.00%
$10
55,000 free in-network ATMs
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Citibank® Account Package
Citibank® Account Package
0.50%
$0
No access to ATMs
$2.50
Earn a $300 bonus after opening new eligible checking and savings accounts and completing required activities.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
HSBC Premier Checking
0.01%
$1
Free to use at all ATMs in the US
$0
Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by June 30, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
Chime Spending account
Finder Rating: 4.7 / 5: ★★★★★
Chime Spending account
N/A
$0
38,000 fee-free ATMs nationwide
$2.50
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Essential Checking
Finder Rating: 5 / 5: ★★★★★
Axos Bank Essential Checking
N/A
$0
ATM fees reimbursed at any ATM nationwide
No fees. Unlimited domestic ATM fee reimbursements.
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Compare up to 4 providers

Who can I call at Bank of America to waive a fee?

To try to waive a fee, call 800-432-1000 to speak with a BOA representative

Bottom line

Compared to many competing banks, Bank of America‘s fees for checking and savings accounts are on the high end. If you’re looking for a bank that won’t nickel-and-dime your account dry, look at free savings accounts and free checking accounts.

Frequently asked questions

How do I close my Bank of America account?
To close a BOA checking or savings account, call 800-432-1000.

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