A checking or savings account should help you manage your money, not drain it. Yet many banks charge monthly maintenance fees that can slowly eat away at your balance. Over time, those fees can add up to hundreds of dollars you could have saved or used elsewhere.
The key to protecting your money is knowing what these fees are, why banks charge them, and how to avoid paying them. With the right account and a few simple steps, you can keep your balance intact and reach your financial goals faster.
What Is a Monthly Maintenance Fee?
A monthly maintenance fee is a charge that some banks place on checking or savings accounts just for keeping them open. The fee can range anywhere from a few dollars to more than $20 each month.
These charges may not seem large on their own, but they add up quickly. Paying even $12 a month adds up to $144 a year—money that could have gone toward savings, bills, or paying down debt.
Why Banks Charge Monthly Maintenance Fees
Banks charge monthly maintenance fees to cover the costs of running customer accounts. This includes things like handling transactions, operating mobile and online banking platforms, and providing customer service.
Monthly fees are also a way for banks to bring in revenue. While some banks depend heavily on these charges, others have moved away from them to attract customers who want lower-cost banking options.
How to Avoid Monthly Maintenance Fees
Monthly maintenance fees do not have to be a regular expense. Most banks give you ways to waive them, and some banks skip them altogether. By knowing your options, you can keep more of your money where it belongs—inside your account.
Choose the Right Bank
Picking the right financial institution is often the easiest way to avoid paying bank fees.
- Look for fee-free accounts: Many online banks and credit unions now offer fee-free checking or savings accounts.
- Compare account features: Review fees, balance requirements, and included perks before signing up so you know what to expect.
- Read account disclosures: Make sure you understand all conditions upfront. This prevents unpleasant surprises down the line.
See also: Best Free Checking Accounts of 2025
Meet the Bank’s Requirements
If you want to stick with a bank that charges maintenance fees, you can often avoid them by meeting certain conditions.
- Maintain a minimum balance: Many banks waive fees if you keep your balance above a set amount. Even a small shortfall can trigger the fee.
- Set up direct deposit: Having your paycheck or government benefits deposited automatically each month often qualifies you for a fee waiver.
- Bundle accounts: Some banks drop maintenance fees if you also hold another product with them, such as a mortgage, personal loan, or credit card.
- Qualify by age or status: Students and seniors often receive automatic fee waivers. Always check if your bank offers these options.
Monthly Maintenance Fees at Major Banks and Credit Unions
Here’s a breakdown of monthly maintenance fees at 22 well-known banks and credit unions so you can compare options and find the account that saves you the most money.
| Financial Institution | Checking Account | Savings Account |
|---|---|---|
| Alliant Credit Union | $0 | $0 |
| Ally Bank | $0 | $0 |
| Bank of America | $0 – $4.95 | $8 |
| BMO Harris Bank | $0 – $25 | $0 |
| Capital One 360 | $0 | $0 |
| Charles Schwab | $0 | $0 |
| Chase | $0 – $25 | $0 – $5 |
| Chime | $0 | $0 |
| Citibank | $0 – $25 | $0 – $25 |
| Connexus Credit Union | $0 | $0 |
| Discover Bank | $0 | $0 |
| Fifth Third Bank | $0 – $25 | $0 – $5 |
| Huntington Bank | $0 – $25 | $0 – $4 |
| KeyBank | $0 – $25 | $4 – $25 |
| Navy Federal Credit Union | $0 – $10 | $0 |
| PNC Bank | $0 – $7 | $0 – $5 |
| Regions Bank | $0 – $18 | $0 – $5 |
| TD Bank | $0 – $25 | $0 – $5 |
| Truist | $0 – $12 | $0 – $5 |
| U.S. Bank | $0 – $6.95 | $0 – $4 |
| Wells Fargo | $0 – $10 | $0 – $12 |
Other Common Bank Fees to Watch Out For
When comparing banks, monthly maintenance fees are only part of the picture. Many accounts come with extra charges for everyday services, and these can add up quickly if you’re not careful. Here are some of the most common bank fees to watch for:
- Overdraft fees: If you exceed the balance in your account, you may be hit with an overdraft fee of up to $35 per transaction.
- ATM fees: When you use an ATM outside your bank’s network, you could be charged a fee both by the ATM owner and your bank. ATM fees typically range from $2 to $5 per transaction.
- Wire transfer fees: If you need to send money to someone quickly, you may use a wire transfer. However, banks often charge a fee for this service, which can be as high as $30.
- Foreign transaction fees: When you use your card outside the U.S., you will likely be charged a foreign transaction fee, which is often a percentage of the total transaction.
- Account closing fees: If you decide to close your account, some banks may charge you a fee for doing so. This fee can be as high as $25.
To avoid these unexpected fees, it’s critical to review the fine print of your potential bank account and select one that best suits your financial goals.
Bottom Line
Monthly maintenance fees may seem small, but they add up quickly and can eat away at your savings. The easiest way to avoid them is to open an account at a bank or credit union that does not charge monthly fees or that makes it simple to qualify for a waiver.
If your current bank is charging you every month, it may be time to shop around. Online banks and credit unions often provide free checking and savings accounts, and switching could save you hundreds of dollars each year. By choosing the right account, you keep more of your money working toward your financial goals.
Frequently Asked Questions
Which banking products have monthly maintenance fees?
Monthly maintenance fees are generally associated with checking and savings accounts, but products such as certificates of deposit (CDs) tend to be exempt from this charge. However, it is important to be aware of the other fees and penalties that come with CDs so that you can avoid them.
What is the average monthly maintenance fee?
The average monthly maintenance fee varies by bank and account type. Some banks may charge as little as $5 per month, while others may charge upwards of $25 or more per month.
Can I avoid monthly fees if I don’t meet the bank’s requirements?
Yes. If you fall short of the balance or deposit requirements, you still have options. You can switch to a different account type, move your money to an online bank or credit union that offers free accounts, or ask your bank directly for a waiver. Some banks also give automatic fee waivers to students, seniors, or customers with multiple accounts.
Do online banks charge monthly maintenance fees?
Most online banks do not charge monthly maintenance fees because they have lower operating costs than traditional banks. Instead, they focus on offering fee-free checking and savings accounts to attract customers. If avoiding monthly fees is your priority, online banks are often the best place to start.
Can I ask my bank to waive a monthly maintenance fee?
Yes, it is possible. Some banks will waive monthly maintenance fees if you call and request it, especially if you are a long-time customer or have multiple accounts with them. While not guaranteed, it never hurts to ask, and many banks are willing to make exceptions to keep your business.
