Have you ever looked at your Bank of America savings account statement and seen that pesky monthly maintenance fee? It can feel like your hard-earned money is slowly being chipped away, which is precisely the opposite of what a savings account is for! But don't despair – there are definitely ways to avoid these fees and keep more of your money working for you.
This comprehensive guide will walk you through everything you need to know about waiving Bank of America savings account fees, step by step. Let's dive in and take control of your finances!
Understanding the Bank of America Advantage Savings Fee
Before we explore how to avoid it, let's understand the fee itself. Bank of America typically charges an $8 monthly maintenance fee for its Advantage Savings account. While this might seem small, it adds up to $96 a year! That's a significant amount that could be growing in your savings instead. The good news is that Bank of America offers several clear paths to get this fee waived.
Step 1: Discover Your Eligibility – Are You Already Exempt?
Before you embark on any major changes, let's first check if you might already be eligible for a fee waiver without even realizing it! Bank of America has a few automatic waivers that many people overlook.
Sub-heading: The "Under 25" Rule
Did you know that if you, or an owner of your Bank of America Advantage Savings account, are under the age of 25, the monthly maintenance fee is typically waived? This is a fantastic benefit for students and young adults getting started with their financial journey. If this applies to you, congratulations – you're already in the clear! It might take up to three business days for the waiver to apply if you've recently added an owner under 25.
Sub-heading: The New Account Grace Period
For new Bank of America Advantage Savings accounts opened on or after August 13, 2018, Bank of America often waives the monthly maintenance fee for the first six months from account opening. This gives new customers a grace period to understand the account features and meet the waiver requirements. If your account is relatively new, you might still be within this initial fee-free period.
Step 2: The Most Common Waiver: Maintain a Minimum Daily Balance
This is perhaps the most straightforward and widely applicable method to avoid the monthly fee for your Bank of America Advantage Savings account.
Sub-heading: The $500 Daily Balance Requirement
To waive the $8 monthly maintenance fee, you need to maintain a minimum daily balance of $500 or more in your Bank of America Advantage Savings account during each statement cycle.
What does "minimum daily balance" mean? It means that every single day of your statement cycle, your account balance must be at or above $500. Even if it dips below for just one day, you could be charged the fee.
Sub-heading: Strategies to Maintain Your Balance
- Set up automatic transfers: This is an excellent way to ensure your balance stays above the threshold. Schedule a regular transfer from your checking account to your savings account for an amount that helps you consistently meet the $500 minimum.
- Regularly monitor your balance: Keep an eye on your account through online banking or the Bank of America mobile app. Set up alerts to notify you if your balance falls below a certain amount, giving you time to add funds if needed.
- Avoid frequent withdrawals: While it's a savings account, frequent withdrawals can quickly deplete your balance and make it harder to meet the minimum. Plan your withdrawals carefully.
Step 3: Leverage Your Bank of America Relationship: Link Accounts
Bank of America offers benefits for customers who have a broader relationship with the bank. Linking your savings account to certain other Bank of America accounts can be a powerful way to waive the fee.
Sub-heading: Linking to a Qualifying Checking Account
If you have a Bank of America Advantage Savings account, you can often avoid the monthly fee by linking it to one of the following eligible Bank of America checking accounts:
- Bank of America Advantage Relationship Banking®
- Bank of America Advantage® with Tiered Interest Checking
- Bank of America Advantage Regular Checking (Note: This might be an older account type, so confirm eligibility)
By linking your accounts, Bank of America considers your combined balances to determine fee waivers. This can be particularly helpful if you have a significant balance in your checking account, even if your savings balance alone doesn't meet the $500 minimum.
Sub-heading: How to Link Accounts
You generally have a few options to link your accounts:
- Call customer service: The easiest way is often to call Bank of America's customer service line (usually 1-800-432-1000) and request that your eligible accounts be linked for fee waiver purposes.
- Visit a financial center: If you prefer in-person assistance, you can visit a local Bank of America financial center and speak with a representative.
- Check online banking: While direct linking options may vary, you might find information or prompts within your online banking portal related to account linking or fee waivers. Always consult the "Personal Schedule of Fees" document for the most up-to-date and specific information on linking rules.
Step 4: Become a Preferred Rewards Member: The Elite Waiver
For customers with a more substantial banking relationship with Bank of America and Merrill, the Preferred Rewards program offers a wide array of benefits, including fee waivers.
Sub-heading: Preferred Rewards Eligibility and Tiers
To qualify for the Preferred Rewards program, you generally need an eligible Bank of America personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts (checking, savings, CDs) and/or Merrill investment accounts.
The program has different tiers (Gold, Platinum, Platinum Honors, Diamond, Diamond Honors), each with increasing benefits.
- Gold, Platinum, or Platinum Honors Tiers: If you qualify for these tiers, the monthly maintenance fee waiver applies to your first 4 eligible checking and 4 eligible savings accounts.
- Diamond or Diamond Honors Tiers: For clients in these top tiers, the monthly maintenance fee waiver is unlimited for all eligible checking and savings accounts.
Sub-heading: Benefits Beyond Fee Waivers
The Preferred Rewards program offers much more than just fee waivers. You can receive:
- Interest rate boosters on savings accounts
- Credit card rewards bonuses
- Discounts on auto loans and mortgages
- No-fee ATM transactions at non-Bank of America ATMs (depending on tier)
- Access to dedicated specialists
If you have significant assets with Bank of America and Merrill, exploring Preferred Rewards is definitely worthwhile.
Step 5: Consider Alternatives if Waivers Aren't Feasible
If you find that none of the above waiver options consistently work for your financial situation, it might be time to consider alternative banking solutions.
Sub-heading: Explore Fee-Free Savings Accounts
Many online banks and credit unions offer savings accounts with no monthly maintenance fees, regardless of your balance. These institutions often have competitive interest rates as well, allowing your money to grow more effectively.
Sub-heading: Evaluate Your Banking Needs
Ask yourself:
- Do I need a traditional brick-and-mortar bank with physical branches? Online banks typically operate without branches, which allows them to pass savings on to you in the form of lower fees and higher interest rates.
- How often do I need to access my savings? If it's not frequent, an online-only account could be a great fit.
- Are there other fees I'm paying that could be avoided elsewhere? Look at your full banking picture.
Switching banks might seem like a hassle, but if it saves you money consistently over time, it's a smart financial move.
10 Related FAQ Questions
How to check my Bank of America savings account balance?
You can check your Bank of America savings account balance via online banking, the Bank of America mobile app, at any Bank of America ATM, by calling customer service, or by viewing your monthly statement.
How to set up direct deposit to waive fees?
While direct deposit directly waives fees for some Bank of America checking accounts (like Advantage Plus Banking), it's not a primary waiver method for the Advantage Savings account. For savings, focus on maintaining the minimum daily balance or linking to an eligible checking account that does have a direct deposit waiver.
How to link my Bank of America checking and savings accounts?
You can link eligible Bank of America checking and savings accounts by calling Bank of America customer service at 1-800-432-1000 or by visiting a local Bank of America financial center.
How to qualify for Bank of America Preferred Rewards?
To qualify for Preferred Rewards, you need an eligible Bank of America personal checking account and a three-month combined average daily balance of $20,000 or more across your Bank of America deposit and/or Merrill investment accounts.
How to find my Bank of America statement cycle dates?
Your Bank of America statement cycle dates are typically listed on your monthly account statements, either paper or electronic. You can also find this information within your online banking portal.
How to avoid other Bank of America fees?
To avoid other Bank of America fees (like overdraft fees or out-of-network ATM fees), manage your balance carefully, opt for overdraft protection, use Bank of America ATMs, and consider enrolling in Preferred Rewards for additional waivers.
How to transfer money to my Bank of America savings account?
You can transfer money to your Bank of America savings account through online banking, the mobile app, at an ATM, or by setting up recurring automatic transfers from a linked checking account.
How to close a Bank of America savings account?
You can close a Bank of America savings account by calling customer service, visiting a financial center, or in some cases, through online banking if the balance is zero. Ensure all direct deposits or automatic payments are redirected before closing.
How to contact Bank of America customer service for fee waivers?
You can contact Bank of America customer service regarding fee waivers by calling their general customer service line at 1-800-432-1000.
How to find the official Bank of America fee schedule?
The official Bank of America Personal Schedule of Fees is available on their website (bankofamerica.com), usually under the "Personal Banking" or "Deposit Accounts" sections, or by searching "Personal Schedule of Fees" on their site. It's crucial to review this document for the most accurate and up-to-date fee information.
