Paying a fee to save money feels backward, yet that is exactly what happens if you let the Bank of America savings account monthly maintenance fee slip through. The good news is the fee is easy to avoid once you know the rules.
As of June 2026, Bank of America's Advantage Savings account charges an $8 monthly maintenance fee. Here is exactly what triggers it, every way to waive it, and a few no-fee options if you would rather skip the hassle.
What the Fee Is and Why It Exists
The Bank of America Advantage Savings account comes with an $8 monthly maintenance fee. That works out to $96 a year, which can quietly eat into a savings balance that is already earning very little interest.
Banks charge maintenance fees to cover the cost of servicing accounts and to encourage customers to keep higher balances or deepen their relationship with the bank. This kind of bank maintenance fee is not unique to Bank of America, but its waiver rules are specific.
New accounts also get a break. Bank of America has waived the $8 fee for the first six months on new Advantage Savings accounts, giving you time to set up a waiver path.
The Exact Ways to Waive the $8 Fee
You do not have to pay the fee if you meet any one of these conditions. As of June 2026, the Advantage Savings monthly maintenance fee is waived when you:
- Keep a minimum daily balance of at least $500 in the account.
- Enroll in Preferred Rewards. Members of Bank of America's Preferred Rewards program get the fee waived automatically.
- Are under age 25 and enrolled as a student. The fee is waived for account owners younger than 25.
Meeting just one of these is enough. For a lot of people, the $500 daily balance is the simplest, since it is a relatively low bar for a savings account. The same logic applies to any monthly service fee you run into at other banks.
Which Waiver Makes Sense for You
The right path depends on your situation. Each option fits a different type of saver.
If you can comfortably park $500 and leave it, the minimum daily balance waiver is the cleanest fix. Just remember it is a daily balance, so dipping below $500 even briefly can trigger the fee for that statement cycle. If a balance minimum feels restrictive, it is worth weighing a no-fee account with a minimum balance against a truly fee-free one.
The Preferred Rewards route makes sense if you already keep larger balances across Bank of America checking, savings, or Merrill investment accounts. The under-25 student waiver is automatic for young savers and is a genuine perk while it lasts.
If none of those fit, you are paying $96 a year to save money, which is a strong signal to look elsewhere.
How It Compares to No-Fee Savings Options
Plenty of accounts charge no monthly maintenance fee at all and often pay higher interest. If the waiver rules feel like a chore, a fee-free option may serve you better, and one of the best high-yield savings accounts can pay far more than a big-bank savings account.
Current Banking offers savings features with no monthly maintenance fee and tools like automatic round-ups that move spare change into savings, and members can earn a competitive APY with a qualifying direct deposit. Our full Current Banking review breaks down exactly how the account works if you want to dig deeper.
Current Banking
Current Banking
Current is a mobile-first banking app with no monthly fee and no minimum balance. Members can earn up to 4.00% APY with a qualifying direct deposit of $200, receive direct-deposit paychecks up to 2 days early, and overdraft up to $200 fee-free.
Standout feature
4.00% APY on Savings Pods (with a $200+ qualifying direct deposit) plus paycheck up to 2 days early — both included on the standard account for free
Fees
Free
Pros
$0 monthly fee; up to 4.00% APY on Savings Pods with qualifying direct deposit; paycheck up to 2 days early;
Cons
No physical branches
Chime is another no-fee option, with an automatic savings account, no minimum balance requirement, no monthly service fee, and 3.75% APY on savings. Both let you skip the waiver-rule juggling entirely, and they tend to pay a much higher APY than a traditional savings account.
Many online-only banks also skip maintenance fees and pay noticeably higher annual percentage yields than big traditional banks. Some are even among the banks with no overdraft fees, so you avoid surprise charges entirely. The trade-off is fewer physical branches, which may or may not matter to you.
Chime
Chime
- Fee-free banking plus early pay access - Overdraft up to $200 without fees - 5% cash back and build credit everyday. - 3.75% APY on your savings.
Standout feature
No credit check, no interest, no annual fee, and no minimum deposit required.
Fees
$0
Pros
Fee-Free Banking and Get paid up to 2 days early
Cons
App/online-only support, no branches
The Real Cost of Ignoring the Fee
An $8 monthly fee does not sound like much, but it compounds against you. Over one year that is $96, and over five years it is $480 gone, before you even factor in the interest you missed by keeping money in a low-yield account.
The math gets worse on small balances. If you keep $1,000 in a savings account earning a fraction of a percent, an $8 monthly fee can wipe out your interest and then some, leaving you with less than you started.
That is the core problem. A maintenance fee on a savings account can turn saving into a slow loss, which is exactly the opposite of the point. If you are setting aside money for a child, even a federal program like the Big Beautiful Bill newborn savings account only works if fees are not quietly eroding the balance.
What to Do Next
Start by checking your current Advantage Savings balance and whether any waiver already applies. If you are under 25, enrolled in Preferred Rewards, or holding at least $500, you are likely already covered.
If not, decide whether to set up a waiver or move your money. Maintaining a $500 balance is the easiest waiver, while switching to a no-fee account like Current Banking or Chime removes the worry entirely.
Whatever you choose, the goal is simple. Your savings account should grow your money, not nibble at it. Terms and conditions apply, and fee schedules can change, so confirm the latest details on the bank's site.
Frequently Asked Questions
How much is the Bank of America savings monthly maintenance fee?
As of June 2026, the Bank of America Advantage Savings account charges an $8 monthly maintenance fee, which adds up to $96 per year. New accounts have the fee waived for the first six months, giving you time to set up a waiver.
How do I waive the Bank of America savings fee?
You can waive the $8 fee by keeping a minimum daily balance of at least $500, enrolling in the Preferred Rewards program, or being an account owner under age 25. Meeting any one of these conditions is enough to avoid the fee.
Does the fee apply if I am a student?
The monthly maintenance fee is waived for account owners who are younger than 25, which covers many students. Once you turn 25, you will need to qualify through another waiver, such as the $500 minimum daily balance or Preferred Rewards.
Are there savings accounts with no monthly fee?
Yes. Options like Current Banking and Chime charge no monthly maintenance fee and have no minimum balance requirement. Many online banks also skip maintenance fees and pay higher interest rates than large traditional banks.
