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Natasha has been a freelance writer since 2015. She specializes in credit card and credit card rewards content. When not busy writing, she's either dreaming up her next credit card rewards redemption or traveling the globe. Her goal is to encourage more people to experience the world around them while making smart financial choices.
Bank fees are the norm. Luckily, there are ways to avoid paying these fees.
If you have a bank account, you may be paying monthly account maintenance fees without realizing it, and over time, these fees can add up and impact your financial health.
Find out how to avoid bank account maintenance fees so you don't part ways with your money for no reason.
Bank fees, like account maintenance, foreign transaction, and overdraft fees, are how banks make money. But these fees deplete account holders' bank account balances.
Being aware of these fees and understanding how to avoid them is key if you don't like giving your money away for free.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.25%
Rate info
4.25% annual percentage yield as of July 2, 2024
Min. to earn: $1
|
N/A
|
You should ask about the account maintenance fee rules when opening a new bank account. These fees are not uncommon and in many cases, they can be $5 to $15 per month or more.
The good news is most banks outline steps that you can take to avoid them. Each bank and bank account may have its own rules. By following the rules, you can avoid parting ways with your money.
Here are a few ways you may be able to avoid being charged an account maintenance fee.
Many banks allow customers to avoid paying maintenance fees by meeting the minimum bank account balance requirements. Your bank may outline an average monthly balance or daily balance that you need to maintain to do this.
As long as you keep, at minimum, a certain amount of money in your bank account, you'll be able to save yourself money on fees.
Another way to avoid this fee is by making a certain number of purchases with your debit card each month. If you do this, the monthly maintenance fee will be waived.
For those who use their debit card infrequently, check to see if there are other ways to avoid fees.
Sometimes, banks reimburse account maintenance fees for customers who enroll in direct deposit. You may also need to meet minimum monthly deposit requirements to qualify.
Doing this is an excellent way to keep more of your money and makes payday more convenient.
Some banks reduce or eliminate fees if a customer meets specific age requirements. Typically, this is available to college students, young adults, and elderly customers.
Check to see if your age can help you save money.
You may be able to skip out on account maintenance fees by being a loyal customer and maintaining multiple bank accounts with one financial institution.
Note: Keep in mind that your bank will have its own requirements for fees to be waived, reduced, or reimbursed. Some of these options may not apply in your situation, so check with your bank.
Are you paying checking account fees without realizing it? Reviewing account terms and details is essential no matter who you bank with, and could save you from paying surprise fees.
Don't give away unnecessary money to your bank through fees. You're just making your financial institution richer and hurting yourself.
Instead, learn what you can do to avoid excess fees to keep more money in your bank account and reach your personal finance goals sooner.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
