If you have a bank account, you may be familiar with the monthly fees that many financial institutions charge their clients simply for having an account. These may be known as maintenance or service fees and tend to be assessed on checking accounts. However, some banks will charge them on savings accounts too.
These charges can add up over time. But it’s worth noting that some banks will lower them in certain situations, and others don’t collect them at all.
Since maintenance fees can eat away at your hard-earned cash, take a closer look here at how they work and how you might avoid them.
Table of Contents
- What Is a Monthly Maintenance Fee?
- Why Do Banks Charge Monthly Service Fees?
- How Much Are Typical Bank Maintenance Fees?
- How Can You Get Monthly Maintenance Fees Waived?
Key Points
• Monthly maintenance fees may be charged by banks for maintaining personal and business checking accounts and sometimes savings accounts.
• The fees can vary from one bank to another, with average monthly maintenance fees for checking accounts being as high as $13.95.
• Banks may waive the fees if customers maintain a minimum balance or sign up for direct deposit.
• Other ways to avoid fees include considering online banks or credit unions which typically charge no or lower fees.
• It’s important to read bank notifications and understand the terms and conditions to avoid unexpected fees.
What Is a Monthly Maintenance Fee?
Banks often charge fees on personal and business checking accounts and sometimes even some types of savings accounts to help them offset operational costs or help to “maintain” your account.
Institutions may also charge these fees as a way to encourage customers to make larger deposits. Many banks will waive fees if customers keep their balances high or use their account more frequently, both of which benefit the bank. (Banks may also encourage activity by assessing inactivity fees if you let your account just sit.)
Monthly maintenance fees are usually automatically withdrawn from a customer’s account each month.
Why Do Banks Charge Monthly Service Fees?
Banks typically charge their clients monthly service fees to cover operational costs and make a profit. These fees help pay for services like maintaining accounts, processing transactions (such as mobile bank deposits), and covering the costs associated with setting up and keeping their infrastructure running.
How Much Are Typical Bank Maintenance Fees?
While not all banks charge a monthly maintenance fee, many of the large traditional financial institutions in the U.S. do charge monthly fees.
For Savings Accounts
Monthly maintenance fees on savings accounts can vary greatly. Typically, though, the average maintenance fee can range from $1 to $8 per month. Some banks may not charge any fee at all.
For Checking Accounts
How much a financial institution charges as an average maintenance fee per month for a checking account varies from one bank to another. One recent survey but the current average maintenance fee for a checking account at around $5.47 per month, while another found it to be $13.95.
While that may not seem like a lot of money when viewed as a one-time charge, it adds up to $65.64 to $167.40 per year. Add in other deductions, like for using an out-of-network ATM or triggering overdraft or NSF fees, and these surcharges can start to chip away at your hard-earned money.
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How Can You Get Monthly Maintenance Fees Waived?
Fortunately, there is often some wiggle room when it comes to maintenance fees. Here are some simple ways you may be able to minimize or even completely avoid this type of account fee.
Maintain a Minimum Balance
Many institutions will waive the monthly account fee if you keep a certain amount of money in your account, known as a minimum balance. That means If your average monthly balance dips below this amount, the maintenance fee would be triggered for that month and deducted from your account. If your average monthly balance is above this threshold, the bank would waive the fee for that month.
In some cases, linking your accounts (such as a checking and a savings account) can help you meet the balance requirement to avoid the monthly maintenance fee.
Set Up Qualifying Direct Deposits
Many checking accounts are free when you elect to have your paycheck or benefits check automatically deposited into your account.
Each bank may have slightly different qualifying criteria. Some banks waive the maintenance fee if you make a certain number of direct deposits to your account each month, while others might require you to deposit a minimum dollar amount.
Setting up direct deposit is usually a simple process. More than 95% of Americans are paid by direct deposit, according to National Payroll Week.
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Switch to a Bank With No Fees
Another option is to switch to a bank with no fees, which is often an online bank. Because online banks typically have lower overhead expenses than brick-and-mortar institutions, they can be less likely to charge their customers monthly fees. They often pay considerably higher interest rates as well and may have a network of fee-free ATMs for your convenience.
Credit unions can be worth checking out as well. As nonprofit, member-owned institutions, credit unions typically aren’t as focused on the bottom line as for-profit banks. This enables them to charge lower rates on credit products and levy fewer (and lower) account fees compared to banks.
The Takeaway
You don’t necessarily have to settle for paying high monthly checking account fees. Many financial institutions will waive monthly fees if you maintain a certain balance or sign up for direct deposit. Another way to avoid paying monthly fees is to consider a financial institution that doesn’t assess these fees, typically online banks and credit unions.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
What’s the difference between a monthly service fee and a maintenance fee?
Typically, a monthly service fee and a monthly maintenance fee are the same thing. Financial institutions may just use different terminology to describe them.
Can I ask my bank to refund a maintenance fee?
Yes, you can ask your bank to refund a maintenance fee. Contact customer service, explain why you feel you should be refunded the fee, and stay polite even if they don’t honor your request. Often, a bank will refund a fee to maintain a positive relationship with a customer. Or you might consider banking at a financial institution that doesn’t charge these fees, such as many online banks and credit unions.
Which banks do not charge a monthly fee?
Typically, online banks don’t charge a monthly maintenance or service fee. Since they don’t have brick-and-mortar branches, their operating costs can be lower, and they may pass the savings on to their clients. Credit unions, which are nonprofits, also may charge no or lower monthly fees.
Do all checking accounts have monthly fees?
No, not all checking accounts have monthly fees. For instance, many online banks and credit unions don’t charge fees to maintain a checking account. Also, some checking accounts with qualifying direct deposits or minimum balances don’t assess fees.
Is it better to have a minimum balance or pay a fee?
In terms of bank accounts, it’s typically considered better to find an account with no fees so you don’t have to worry about this issue at all. However, if you need to choose between keeping a minimum balance or paying a fee, it can be better to maintain a minimum balance vs. spending your hard-earned money on fees. If you are maintaining a minimum balance, look for an account that pays so interest, to keep your money working for you.
SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.
Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.
See additional details at https://www.sofi.com/legal/banking-rate-sheet.
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