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 Jordi Salas/Getty Images 10 minute read Published December 02, 2022 CheckmarkExpert verified Bankrate logoHow is this page expert verified? At Bankrate, we take the accuracy of our content seriously. “Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. About our Review BoardWritten by Matthew Goldberg Written by Matthew GoldbergArrow RightConsumer banking reporter Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Matthew Goldberg Edited by Nell McPherson Edited by Nell McPhersonArrow RightBanking editor Nell McPherson is the banking editor at Bankrate, where she leads a team of reporters dedicated to helping readers make the best decisions about their savings and checking accounts, CDs and money market accounts. Nell McPherson Reviewed by Allyson Johnson Reviewed by Allyson JohnsonArrow RightHead of investor relations, Gateway Partners Allyson Johnson leads marketing and fundraising for Gateway Partners. She is a CAIA charter holder and has passed the CFA Level II examination. Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page. Get the latest tips you need to manage your money — delivered to you biweekly. LoadingSomething is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy. A monthly maintenance fee (sometimes called a monthly service fee) is money a bank charges you for working with the company. The fee is usually automatically withdrawn from your account each month. In some cases, you'll pay the fee no matter what. But many banks let you waive the fee if you meet certain requirements. For example, you may pay $10 each month — unless you maintain a $1,500 daily balance, in which case you'll pay $0. If a bank has multiple types of checking or savings accounts, different ones will probably come with different fees. Often, a more robust account charges a higher fee. A basic checking account may charge $5 per month, while a rewards checking account may charge $12 per month, for instance. How to avoid a monthly maintenance feeMost banks make it possible to waive monthly maintenance fees. In many cases, you'll need to maintain a certain balance. You could waive the fee if you keep a minimum daily balance or an average daily balance over the course of the month. Some checking accounts let you waive the charge if you make a minimum number of purchases with your debit card each month. Others waive it if you make a certain amount in direct deposits. Your ability to avoid the service fee renews every month. Maybe you don't qualify to waive the fee one month because your balance drops below a certain amount. You can still waive it the following month if you keep a higher balance. Monthly maintenance fees can add up quickly, especially if you have multiple accounts. So you probably want to choose a bank where you're eligible to waive the fees. Or go with a company that doesn't charge monthly service fees at all. Monthly maintenance fees at biggest banksHere are the largest banks in the US by number of branches. We've listed their monthly maintenance fees for checking and savings accounts, as well as how to waive them. For institutions with more than one checking/savings account, we've listed the monthly maintenance fee for the most basic or popular account option. Wells FargoChecking fee: $10 for Wells Fargo Everyday Checking. Waive it by maintaining a $500 minimum daily balance, making $500 in direct deposits, linking a Wells Fargo campus ATM or debit card, or being ages 17 to 24. Savings fee: $5 for Wells Fargo Way2Save Savings. Avoid it by maintaining a $300 minimum daily balance, automatically transferring $25 from your Wells Fargo checking account, automatically transferring $1 per business day from checking, making one Save as You Go transfer from checking, or being under age 24. ChaseSavings fee: $5 for Chase Savings. To waive it, start each day with a $300 balance, autosave $25, link it to Chase College Checking℠ for overdraft protection, be under age 18, or link it to a variety of other Chase accounts. Bank of AmericaChecking fee: $4.95 for Bank of America Advantage SafeBalance Banking® Account. Waive it by signing up for the Preferred Rewards program or by being a student under age 24. Savings fee: $8 for Bank of America Advantage Savings. Avoid it by keeping a $500 daily balance or by linking this account to another Advantage account. US BankChecking fee: $6.95 for Bank Smartly™ Checking. Waive it by setting up $1,000 in direct deposits per month, maintaining a $1,500 average balance, or if you have an eligible US Bank credit card. The monthly service fee is automatically waived for military members and customers under the age of 24 or over the age of 65. Savings fee: $4 for US Bank Standard Savings. No fee with a $300 daily balance or $1,000 average balance, or if you are under age 18. PNC BankChecking fee: $7 for PNC Bank Virtual Wallet®. Avoid it by having a $500 monthly direct deposit to the Spend account, having $500 monthly balance in Spend + Reserve, or being age 62 and older. Savings fee: $5 for PNC Bank Standard Savings. Avoid it by keeping a $300 average monthly balance, automatically transferring $25 per month into savings, or being under age 18. Regions BankChecking fee: $11 for Regions Bank LifeGreen® Checking Account. Waive it by maintaining a $1,500 average monthly balance, making one $500 direct deposit, or making $1,000 combined in direct deposits. Savings fee: None for Regions LifeGreen Savings. TD BankChecking fee: $15 for TD Bank Convenience Checking. Avoid it by maintaining a $100 daily balance or by being age 17 through 23. Savings fee: $5 for TD Simple Savings. No fee if you keep a $300 daily balance, or if you're under age 18 or over age 62. There's no fee for the first year if you set up recurring $25 transfers from your checking account. Banks with no monthly maintenance feesThankfully, there are plenty of banks and credit unions that don't charge monthly fees at all, which makes banking more affordable and less confusing. Most institutions without monthly maintenance fees are online companies. There are a few brick-and-mortar banks that don't charge fees on certain accounts, so those could be good options if you're set on in-person banking. Here are the companies that don't charge monthly maintenance fees:
Monthly maintenance fees can cost you a lot of money. Ideally, you'd choose a bank that doesn't charge monthly fees, or one that makes it easy for you to waive them. Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at [email protected]. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read lessEditorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards. Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. **Enrollment required. This content is not provided by the bank advertiser. Opinions expressed here are the author’s alone, not those of the bank advertiser. Which banks do not have monthly fees?Best no-fee checking accounts. Best overall: Capital One 360® Checking Account.. Runner-up: Ally Interest Checking Account.. Best for rewards: Discover Cashback Debit Account.. Best for out-of-network ATMs: Alliant Credit Union High-Rate Checking Account.. Best for students: Chase College Checking℠ Account.. How do I avoid monthly service fees?Thankfully, there are ways to avoid these costs.. Sign up for direct deposit. ... . Find a bank that doesn't charge monthly fees. ... . Meet the minimum balance requirement. ... . Have two or more accounts with the bank. ... . Download a good financial app. ... . Meet the minimum debit card usage. ... . Ask for fee forgiveness.. Is there any bank with no fees?Banking shouldn't cost you money
We believe an online checking account with no monthly fees should be available to everyone. That's why Chime offers a checking account with no minimum balance fees and no monthly fees.
Does Chase Bank charge monthly fees?Almost all Chase checking accounts carry a monthly fee. However, there are ways to get the fee waived on most accounts, such as by keeping a certain balance in the account or setting up direct deposit. Chase does offer two checking accounts with no monthly fee.
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What bank does not have a monthly service fee
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