A small monthly fee adds up over a year. Often, a simple change to how you use the account makes it disappear.
In a nutshell
- Many checking and savings accounts charge a monthly fee unless you meet set conditions.
- Common waivers include a minimum balance, a qualifying direct deposit or being a student.
- Fee schedules list the waivers, so check them before opening an account.
- No-fee accounts are widely available, especially at online banks and credit unions.
Monthly maintenance fees, sometimes called service fees, are charged just for having an account open. They’re common on traditional checking accounts and some savings accounts.
Common ways to get the fee waived
| Waiver condition | How it usually works |
|---|---|
| Minimum daily balance | Keep at least a set amount in the account every day of the cycle |
| Average balance | Keep the month’s average above a set amount |
| Direct deposit | Receive qualifying deposits totaling a set amount each month |
| Linked accounts | Hold a combined balance across accounts at the same bank |
| Age or student status | Many banks waive fees for students, young adults or older customers |
The exact amounts vary by bank and account type, and are listed in the account’s fee schedule.
Do this
Read the definition of each waiver, not just the headline. “Minimum daily balance” means the fee applies if you dip below the amount even for one day.
When switching is better
If you’d struggle to meet the waiver conditions, a no-fee account may cost less overall. Online banks and many credit unions offer checking with no monthly fee and no minimum balance. Compare:
- overdraft and NSF policies (see our guide to overdraft fees)
- ATM access and reimbursements (see our guide to ATM fees)
- how you’d deposit cash, if you need to
For the record
Before closing an old account, move direct deposits and automatic payments to the new one and leave enough time for pending transactions to clear.
Reviewing your account once a year
Banks change fee schedules and waiver rules. Check your statements once a year to see whether you’ve been charged, and whether a different account at the same bank, or a new bank, would fit better. Our guide to opening a bank account covers what you’ll need if you decide to move.
Good questions
Can I ask my bank to waive the fee?
You can ask, and some banks will refund a fee once. A lasting fix is meeting a waiver condition or moving to a no-fee account.
What counts as direct deposit?
Usually electronic payments from an employer or government benefits. Some banks don’t count transfers from your own accounts, so check the definition.
Does closing an account to avoid fees hurt my credit?
No. Bank accounts don’t appear on credit reports. Just make sure the account is at zero and closed properly, with no pending payments.
This guide is general information, not financial or legal advice. Bank fees, account terms and screening policies vary by bank and change over time, so check the account’s fee schedule and terms before you open it. For federal rules, see the Consumer Financial Protection Bureau and the FDIC.