Bank of America checking accounts charge monthly fees between $4.95 and $25, with minimum balance requirements ranging from $500 to $20,000 depending on the account. Each account has multiple ways to waive the fee – balance, direct deposit, age, or BofA Rewards tier. For most employed customers, the $250 direct deposit waiver on Advantage Plus is the easiest path.
Note: Account availability, fees, and waiver thresholds can vary by state and location. Always verify current requirements at bankofamerica.com or at your local branch before opening an account.
Bank of America Account Minimums at a Glance
| Account | Monthly Fee | Balance to Waive | Other Waivers |
|---|---|---|---|
| Advantage SafeBalance Banking | $4.95 | $500 min daily | Owner under 25; BofA Rewards Preferred Plus/Honors/Premier |
| Advantage SafeBalance for Family Banking | $4.95 | $500 min daily | Child on account under 25; BofA Rewards Preferred Plus/Honors/Premier |
| Advantage Plus Banking | $12 | $1,500 min daily | $250+ qualifying direct deposit; BofA Rewards Preferred Plus/Honors/Premier |
| Advantage Relationship Banking | $25 | $20,000 min daily | BofA Rewards Preferred Plus/Honors/Premier |
| Advantage Savings | $8 | $500 min daily | Advantage Relationship account owner; owner under 25; BofA Rewards Preferred Plus/Honors/Premier; new accounts waived 6 months |
Advantage SafeBalance Banking
Advantage SafeBalance Banking is Bank of America’s entry-level checking account. The monthly fee is $4.95 per statement cycle. It is waived when any one of the following is met:
- An owner of the account is under the age of 25
- You maintain a minimum daily balance of $500 or more in the account
- An account owner is enrolled in BofA Rewards and qualifies for the Preferred Plus, Preferred Honors, or Premier tier
The account is designed to avoid overdrafts – transactions that would exceed your available balance are declined rather than paid with an overdraft fee. It does not include check writing.
If you add an owner under age 25 to an existing account, it may take up to 3 business days for the account to reflect the under-25 fee waiver requirement.
Advantage SafeBalance Banking for Family Banking
This is a variant of SafeBalance Banking specifically designed for young account holders with a parent or guardian as co-owner. The monthly fee is also $4.95 per statement cycle. The waiver conditions are nearly identical to standard SafeBalance Banking, with one difference: the under-25 waiver applies to the child named on the account rather than any account owner.
Fee waived when:
- The child on the account is under the age of 25
- You maintain a minimum daily balance of $500 or more
- An account owner is enrolled in BofA Rewards and qualifies for the Preferred Plus, Preferred Honors, or Premier tier
Note: Fiduciary accounts – including trust and estate accounts – do not qualify for the under-25 fee waiver on either SafeBalance product.
Advantage Plus Banking
Advantage Plus is Bank of America’s standard checking account. The monthly fee is $12 per statement cycle. It is waived when any one of the following is met:
- At least one qualifying direct deposit of $250 or more is made to your account during the statement cycle
- You maintain a minimum daily balance of $1,500 or more in your account
- An account owner is enrolled in BofA Rewards and qualifies for the Preferred Plus, Preferred Honors, or Premier tier
Qualifying direct deposits include payroll, Social Security, pension, and government benefit payments deposited directly by an employer or agency. Transfers from your own accounts at other banks do not qualify.
For most employed customers, setting up payroll direct deposit of $250 or more is the most practical way to avoid this fee without maintaining a balance.
Advantage Relationship Banking
Advantage Relationship Banking is Bank of America’s premium checking tier. The monthly fee is $25 per statement cycle. It is waived when either of the following is met:
- You maintain a minimum daily balance of $20,000 or more in your account
- An account owner is enrolled in BofA Rewards and qualifies for the Preferred Plus, Preferred Honors, or Premier tier
This account is designed for customers who maintain high balances and want relationship-level benefits including interest on balances, ATM fee reimbursements, and free standard checks.
Advantage Savings
Bank of America Advantage Savings charges $8 per statement cycle. The fee is waived when any one of the following is met:
- You maintain a minimum daily balance of $500 or more in the savings account
- You own a Bank of America Advantage Relationship Banking account
- An owner of the savings account is under the age of 25
- An account owner is enrolled in BofA Rewards and qualifies for the Preferred Plus, Preferred Honors, or Premier tier
New accounts: Bank of America waives the monthly maintenance fee for the first six months from account opening on new Advantage Savings accounts.
Important: The BofA Rewards fee waiver on savings does not apply to the BofA Rewards Member tier. Only the Preferred Plus, Preferred Honors, and Premier tiers qualify for the savings fee waiver.
For current savings rates, see the Bank of America savings account guide.
BofA Rewards and Fee Waivers
BofA Rewards is Bank of America’s loyalty program. Customers enrolled in the Preferred Plus, Preferred Honors, or Premier tiers can have monthly maintenance fees waived on eligible checking and savings accounts. The exact balance thresholds and benefits for each BofA Rewards tier are available at bankofamerica.com, as these can change and may vary by customer relationship.
The BofA Rewards Member tier – the entry-level tier – does not qualify for the Advantage Savings monthly fee waiver. If you are relying on BofA Rewards to waive savings fees, confirm you are in the Preferred Plus, Preferred Honors, or Premier tier.
How to Avoid Bank of America Monthly Fees
| Account | Easiest Waiver Path |
|---|---|
| Advantage SafeBalance | Keep $500 in the account, or have an owner under 25 |
| Advantage SafeBalance for Family Banking | Child on account is under 25 (automatic waiver) |
| Advantage Plus | Set up qualifying direct deposit of $250+ per statement cycle |
| Advantage Relationship | Maintain $20,000 daily balance or qualify for BofA Rewards Preferred Plus+ |
| Advantage Savings | Keep $500 in savings, link to Advantage Relationship, or have an owner under 25 |
For a full breakdown of all Bank of America charges including ATM and overdraft fees, see the Bank of America fees guide.
Verify before you open: Account types, fees, and waiver requirements vary by state and location and are subject to change. This page reflects Bank of America’s published fee schedule as of the date above. Confirm current terms at bankofamerica.com or speak with a branch banker.
For a complete overview of Bank of America accounts, limits, and contact information, see the Bank of America complete guide.
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