Bank of America offers numerous types of checking and savings accounts. Although getting free online checking with no deposit isn’t possible, options exist for getting Bank of America free checking and avoiding Bank of America savings account fees. And account holders who are interested in Bank of America e-banking can utilize the handy Bank of America app.
Here’s what you need to know to decide if Bank of America’s savings and checking account offerings can help you avoid unnecessary bank fees.
5 Ways to Avoid the Bank of America Monthly Maintenance Fee
Maintaining minimum balances or making qualifying direct deposits are the easiest ways to avoid most Bank of America account fees. Some accounts will also waive fees based on your age.
Each account has its own requirements, so be sure the fee waiver information you have is matched up with the account type that you own. Additionally, monthly service fees are different from item-specific costs, such as Bank of America overdraft fees.
You have options to avoid Bank of America monthly maintenance fees, but the specifics vary from account to account. Here are the five ways to avoid Bank of America monthly fees:
1. Meet Bank of America Minimum Balance Waivers
The minimum balance is determined daily, rather than being a monthly average. To qualify for the fee waiver, your balance can’t drop below these thresholds any day of a given statement cycle.
- Regular Savings: $300
- Rewards Savings: $500
- Core Checking: $1,500
- Interest Checking: $10,000 — in total combined BofA accounts
2. Make Qualifying Direct Deposits
Qualifying deposits include regular monthly income from sources including a salary, pension or Social Security check.
- Core Checking: $250 per statement cycle
- Interest Checking: Non-applicable
- Savings accounts: Non-applicable
3. Link Your Bank of America Accounts
Linking your eligible accounts can help you meet the balance requirement to avoid the monthly maintenance fee.
- Core Checking: Non-applicable
- Interest Checking: BofA Interest Checking, Regular Savings, Rewards Savings, certificate of deposit, IRA or Merrill Edge and Merrill Lynch investment accounts
- Regular Savings: BofA Interest Checking or Advantage account
- Rewards Savings: BofA Interest Checking or Advantage account
4. Enroll In the Preferred Rewards Program
Qualification for these tiers is based on ownership of an active BofA personal checking account and maintaining a three-month average combined balance across your Bank of America accounts. Minimum balances are $20,000 for the Gold tier, $50,000 for the Platinum tier, and $100,000 for the Platinum Honors tier.
- Up to four eligible checking accounts: Qualify for Gold, Platinum or Platinum Honors tier.
- Up to four eligible savings accounts: Qualify for Gold, Platinum or Platinum Honors tier.
5. Qualify for the Student Waiver
Qualification for the student waiver applies to Core Checking only and is granted upon request.
- Core Checking individual student account: Enrollment in high school, college, university, or vocational program while under the age of 24
- Core Checking joint student account: Enrollment in high school, college, university, or vocational program while under the age of 24
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Bank of America Checking Account Fees
The two types of checking accounts offered by Bank of America are the Bank of America Core Checking account and the Bank of America Interest Checking account — both of which might come with a Bank of America checking account bonus if you open an account online. Core Checking requires a $25 opening deposit and carries a $12 monthly fee. The Interest Checking account requires an opening deposit of $100 and has a $25 monthly fee.
Bank of America Savings Account Fees
Bank of America offers two specialized savings accounts for younger clients: the Custodial Savings for Youth and the Minor Savings account.
The bank also offers two main savings accounts. The Rewards Savings account requires a $100 minimum opening deposit and charges an $8 monthly fee. The Regular Savings Account requires $25 to open and includes a $5 monthly maintenance fee.
Find Out: Your Bank of America Routing Number
Any Bank of America account might still have specific Bank of America penalties and withdrawal limits, but most of the monthly fee-waiver thresholds are easy to attain if you plan on having a normal banking relationship. For example, if you’re truly saving money, keeping a minimum balance of $300 or $500 in a savings account isn’t a lot to ask. Check out the features and benefits of Bank of America accounts before deciding on the right one for you.