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.
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.
| Account | Monthly fee | Can you waive it? | Avoid by meeting ANY of these criteria |
|---|---|---|---|
| Bank of America Advantage SafeBalance Banking® | $4.95 | Yes |
| Bank of America Advantage Plus Banking® | $12 | Yes |
|
| Bank of America Advantage Relationship Banking® | $25 | Yes |
|
| Bank of America Advantage Savings | $8 | Yes |
| Bank of America Minor Savings Account (under 18) | $0 | 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.
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 fee | Cost | How to avoid it | How it compares to the average cost |
|---|---|---|---|
| Out-of-network ATM fee | $2.50 | Use BofA ATMs whenever possible | The average can range between $2 and $3.50. |
| International ATM fee | $5.00 + 3% | Pay with a card whenever possible | Flat fee charges range from $2 to $7 and foreign transaction fees are typically at 3%. |
| Savings account 6 month withdrawal limit | $10 | Maintain a balance above $20,000 or avoid withdrawing six times a month | Some banks charge as much as $15 for exceeding six transactions. |
| Overdraft | $10 | Sign 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 | $5 | Use a digital wallet whenever possible | Most banks won’t charge you to replace your debit card. But those that do charge as high as $7.50. |
| International transaction fee | 3% | Pay with cash | A 3% transaction fee is pretty standard. |
To try to waive a fee, call 800-432-1000 to speak with a BofA representative
See how Bank of America’s many banking products stack up against each other.
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
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.
How do I close my Bank of America account?
To close a BofA checking or savings account, call 800-432-1000.
A Big Four savings account designed for kids under age 18.
A basic checking account with access to a bank-wide rewards program, checks and more.
Earn rewards on your bank account balance, credit card purchases, travel and mortgage with this loyalty program.
Enroll to save your spare change without thinking about it, but you could miss out on your credit card’s cash back.
Watch your APY grow with your balance, but its highest reward is still below average.
See how the BofA Advantage Relationship Banking account stacks up as we look at APYs, rewards and customer experiences.
A budget-friendly checking account with no overdraft fees, designed for young adults and everyday banking needs.
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