Bank of America Minimum Balance 2026 -- Checking and Savings Accounts

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. On Advantage Plus, a qualifying direct deposit of $250 or more in the statement cycle also waives the fee.

Note: Some accounts and fees vary by state. Always verify current requirements at bankofamerica.com or at your local branch before opening an account.

Bank of America Account Minimums at a Glance

Advantage SafeBalance Banking

Advantage SafeBalance Banking is the account Bank of America markets as its simple option. 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 designed for a parent or legal guardian opening an account for use with their child. The parent opens and owns the account and authorizes the child to use it. 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 an owner or the child on the account.

Fee waived when:

• An owner or 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 one of Bank of America’s Advantage checking accounts. 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 are regular monthly income, such as salary, pension, or Social Security benefits, sent by an employer or other payer using the account and routing numbers you give them. Transfers from your own accounts at other banks do not qualify.

A qualifying direct deposit of $250 or more in the statement cycle avoids this fee without maintaining a balance.

Advantage Relationship Banking

Advantage Relationship Banking is the account Bank of America markets as its comprehensive option. 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, free standard checks or discounts on certain styles, and no fee for incoming domestic wires.

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. The waiver does not apply to an existing account that was converted or changed to Advantage Savings.

Important: The BofA Rewards fee waiver on savings does not apply to the BofA Rewards Member tier. Among the BofA Rewards tiers, only Preferred Plus, Preferred Honors, and Premier 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

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: Some accounts and fees vary by state 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.

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.