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How to avoid Bank of America account fees

BofA 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/A
  • N/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 BofA 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 Balance Connect and overdraft from a linked BofA account for $12 per transfer.Banks 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 Interest compounding Offer
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
$10
Monthly
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
2.40%
$0
$100
Daily
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
2.15%
$0
$100
Daily
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
Axiom Bank high-yield savings account
Axiom Bank high-yield savings account
2.75%
$0
$1
Daily
UFB Rewards Savings
Finder Rating: 5 / 5: ★★★★★
UFB Rewards Savings
2.61%
$0
$0
Daily
Earn a 2.61% APY with no minimum deposit or balance amount with this no-monthly-fee savings account.
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Compare up to 4 providers

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee Offer
Axos Bank Rewards Checking
Finder Rating: 4.2 / 5: ★★★★★
Axos Bank Rewards Checking
1.25% on balances of $0 to $50,000
$50
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
HSBC Premier Checking
Finder Rating: 2.7 / 5: ★★★★★
Bonus
HSBC Premier Checking
0.01% on balances of $5+
$0
Free to use at all ATMs in the US
$0
Get a $500 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by February 15, 2023, and set up qualifying direct deposits into the new account totalling at least $10,000 per month for three consecutive months. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

HSBC Premier Checking offers free global transfers and 24/7 customer support.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
5.00% on balances of $0 to $10,000
3.00% on balances of $0 to $10,000
$10
55,000+ free Allpoint ATMs worldwide
$0
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards.
Chime Checking account
Finder Rating: 4.7 / 5: ★★★★★
Chime Checking account
N/A
$0
60,000+ fee-free ATMs
$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.
Bonus
BMO Harris Smart Money™ Account
N/A
$25
Unlimited transactions at 40,000+ ATMs nationwide
$3
Get a $300 cash bonus when you open a new account and have a total of at least $4,000 in qualifying deposits within the first 90 days. See terms and conditions
You’ll pay no monthly maintenance fee if you are under 25. It also offers no overdraft charges and no non-sufficient fund (NSF) fees.
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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 BofA 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 BofA checking or savings account, call 800-432-1000.

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