Monthly maintenance fees cost Americans billions of dollars annually — charges that can easily reach $144 per year at banks like Chase, Bank of America, or Wells Fargo. The irony: these fees disproportionately hit those who can least afford them, while customers with high balances pay nothing.
This guide compares monthly fees at every major bank and shows you exactly how to avoid them.
Monthly Fees: Quick Comparison
| Bank | Monthly Fee | Direct Deposit to Waive | Balance to Waive |
|---|---|---|---|
| Capital One 360 | $0 | N/A | N/A |
| Ally Bank | $0 | N/A | N/A |
| Discover Bank | $0 | N/A | N/A |
| TD Bank | $5.99 | N/A | $100 |
| U.S. Bank | $6.95 | $1,000/month | $1,500 |
| PNC | $7 | $500/month | $500 |
| Wells Fargo | $10 | $500/month | $500 |
| Chase | $12 | $500/month | $1,500 |
| Bank of America | $12 | $250/month | $1,500 |
| Citi | $12 | Any amount | $1,500 combined |
| Truist | $12 | $500/month | $1,500 |
Banks With No Monthly Fees
These banks never charge monthly maintenance fees, regardless of your balance or activity.
Capital One 360 — $0
| Account | Monthly Fee | Notes |
|---|---|---|
| 360 Checking | $0 | No minimum balance |
| 360 Performance Savings | $0 | Competitive APY |
| MONEY Teen Checking | $0 | Ages 8-18 |
Capital One 360 is unique among major banks: no fees, but with 270+ physical branch locations (Capital One Cafés) in major metros.
Ally Bank — $0
| Account | Monthly Fee | Notes |
|---|---|---|
| Interest Checking | $0 | Earns interest |
| High-Yield Savings | $0 | 4%+ APY |
| Money Market | $0 | Check-writing available |
Ally is online-only but offers 24/7 customer service, $10/month ATM reimbursement, and top-tier savings rates.
Discover Bank — $0
| Account | Monthly Fee | Notes |
|---|---|---|
| Cashback Debit | $0 | 1% cash back on purchases |
| Online Savings | $0 | 4%+ APY |
Discover’s checking account pays 1% cash back on up to $3,000 monthly debit purchases — unique among checking accounts.
Other No-Fee Banks
| Bank | Type | Notes |
|---|---|---|
| Chime | Online/Neobank | Early direct deposit |
| Varo | Online/Neobank | Free cash advances |
| SoFi | Online | 2% APY on checking with direct deposit |
| Current | Neobank | Teen accounts available |
| Marcus | Online (savings only) | No checking account |
Traditional Banks: Fee Details
Chase — $12/month
| Account | Fee | Waive With |
|---|---|---|
| Total Checking | $12 | $500+ direct deposit OR $1,500 daily balance OR $5,000 combined across linked accounts |
| Secure Banking | $4.95 | Cannot be waived (no overdrafts) |
| Premier Plus | $25 | $15,000 combined balance |
| Sapphire Banking | $25 | $75,000 combined balance |
| College Checking | $0 | Students age 17-24 |
Easiest waiver: Set up $500/month in direct deposits (paycheck, government benefits, etc.)
Bank of America — $12/month
| Account | Fee | Waive With |
|---|---|---|
| Advantage Plus | $12 | $250+ direct deposit OR $1,500 daily balance |
| Advantage SafePass | $4.95 | Cannot be waived (limited features) |
| Advantage Relationship | $25 | $10,000 combined balance |
Easiest waiver: $250 direct deposit — the lowest threshold among major traditional banks.
Wells Fargo — $10/month
| Account | Fee | Waive With |
|---|---|---|
| Everyday Checking | $10 | $500+ direct deposit OR $500 daily balance OR age 17-24 |
| Clear Access Banking | $5 | Cannot be waived (limited features) |
| Prime Checking | $25 | $20,000 combined balance |
Easiest waiver: $500 direct deposit or $500 balance — more accessible than Chase or Bank of America.
Citi — $12/month
| Account | Fee | Waive With |
|---|---|---|
| Basic Banking | $12 | Any direct deposit (no minimum) OR $1,500 combined average balance |
| Citi Priority | $30 | $30,000 combined balance |
| Access Account | $10 | Cannot be waived |
Easiest waiver: Any direct deposit waives the fee — even $1. Most accessible among traditional banks.
PNC — $7/month
| Account | Fee | Waive With |
|---|---|---|
| Standard Checking | $7 | $500+ direct deposit OR $500 average balance |
| Virtual Wallet | $7 | $500+ direct deposit OR $500 average balance |
| Virtual Wallet Performance | $15 | $2,000+ direct deposit OR $2,000 average |
| Virtual Wallet Performance Select | $25 | $5,000 average balance |
| Foundation Checking | $5 | Cannot be waived |
Benefit: Virtual Wallet includes Low Cash Mode — extra time to avoid overdraft fees.
U.S. Bank — $6.95/month
| Account | Fee | Waive With |
|---|---|---|
| Easy Checking | $6.95 | $1,000+ direct deposit OR $1,500 daily balance OR under age 25 |
| Smartly Checking | $4.95 | Any electronic deposit OR any debit purchase |
| Safe Debit | $4.95 | Cannot be waived |
Easiest waiver: Smartly Checking — any electronic deposit or debit purchase waives the fee.
TD Bank — $5.99/month
| Account | Fee | Waive With |
|---|---|---|
| Simple Checking | $5.99 | $100 minimum daily balance |
| Convenience Checking | $15 | $100 minimum daily balance |
| Beyond Checking | $25 | $2,500 average balance |
Easiest waiver: $100 balance — the lowest minimum among all major banks.
Truist — $12/month
| Account | Fee | Waive With |
|---|---|---|
| One Checking | $12 | $500+ direct deposit OR $1,500 balance OR linked Truist loan/credit card |
| Confidence Checking | $5 | Cannot be waived (limited features) |
Unique option: Linking any Truist credit card, mortgage, or loan waives the monthly fee.
Monthly Fee Comparison by Waiver Difficulty
Easiest to Waive (Best for Low Balances)
| Rank | Bank | Requirement |
|---|---|---|
| 1 | Capital One, Ally, Discover | No fee ever |
| 2 | TD Bank | $100 balance |
| 3 | Citi | Any direct deposit |
| 4 | U.S. Bank Smartly | Any electronic deposit or debit purchase |
| 5 | Bank of America | $250 direct deposit |
Hardest to Waive (Worst for Low Balances)
| Rank | Bank | Requirement |
|---|---|---|
| 1 | Chase | $1,500 balance or $500 DD |
| 2 | U.S. Bank Easy | $1,500 balance or $1,000 DD |
| 3 | Chase Premier Plus | $15,000 combined |
| 4 | Citi Priority | $30,000 combined |
Savings Account Monthly Fees
| Bank | Fee | Waive With |
|---|---|---|
| Capital One | $0 | N/A |
| Ally | $0 | N/A |
| Discover | $0 | N/A |
| Chase | $5 | $300 balance OR $25 auto-transfer |
| Bank of America | $8 | $500 balance |
| Wells Fargo | $5 | $300 balance |
| Citi | $4.50 | $500 balance |
| PNC | $5 | $300 balance |
Recommendation: For savings, online banks (Ally, Marcus, Discover) pay 4%+ APY with no fees. Traditional bank savings accounts pay 0.01% and charge fees — there’s no reason to use them.
How Much Do Monthly Fees Cost?
| Scenario | Annual Cost |
|---|---|
| Chase $12 fee (not waived) | $144/year |
| Bank of America $12 (not waived) | $144/year |
| Wells Fargo $10 (not waived) | $120/year |
| TD Bank $5.99 (not waived) | $72/year |
| Capital One, Ally, Discover | $0/year |
Over 10 years, paying $12/month in bank fees costs $1,440 — money that could be invested or saved.
Who Pays the Most Monthly Fees?
Research shows monthly fees disproportionately affect:
- Low-income households — Can’t maintain minimum balances
- Gig workers — Inconsistent income makes direct deposit harder
- People living paycheck to paycheck — Balances fluctuate
- Unbanked/underbanked — Lack knowledge of fee-free options
This creates a regressive structure: the less money you have, the more you pay.
How to Avoid Monthly Fees
Strategy 1: Set Up Direct Deposit
The most reliable waiver method at traditional banks.
| Bank | Amount Needed |
|---|---|
| Citi | Any amount |
| Bank of America | $250/month |
| Chase | $500/month |
| Wells Fargo | $500/month |
| PNC | $500/month |
| U.S. Bank | $1,000/month |
What counts: Payroll, government benefits, pension payments, some gig income
Strategy 2: Maintain Minimum Balance
If you have savings, keeping them in checking waives fees.
| Bank | Minimum Balance |
|---|---|
| TD Bank | $100 |
| Wells Fargo | $500 |
| PNC | $500 |
| Chase | $1,500 |
| Bank of America | $1,500 |
| Citi | $1,500 combined |
Tip: TD Bank’s $100 threshold is the most accessible for low-balance customers.
Strategy 3: Switch to a Fee-Free Bank
The simplest solution — bank where fees don’t exist.
| Bank | Type | Best For |
|---|---|---|
| Capital One 360 | Hybrid (online + cafés) | Branch access in major cities |
| Ally Bank | Online | High savings rates, ATM reimbursement |
| Discover | Online | 1% debit cash back |
| Chime | Neobank | Early direct deposit |
Strategy 4: Qualify for Student/Senior Accounts
| Bank | Student Account | Age Limit |
|---|---|---|
| Chase | College Checking ($0) | 17-24 |
| Bank of America | Advantage Banking ($0) | Under 25 |
| Wells Fargo | Everyday Checking ($0) | 17-24 |
| U.S. Bank | Easy Checking ($0) | Under 25 |
Strategy 5: Bundle Products
Some banks waive checking fees when you have other products:
| Bank | Products That Waive Fee |
|---|---|
| Truist | Any Truist credit card, mortgage, or loan |
| Chase | $5,000 combined across linked accounts |
| Citi | Combined balances count toward $1,500 threshold |
Checking vs. Savings: Fee Strategy
Best setup for avoiding fees:
- Checking: Capital One 360 or Ally (no fees, functional debit card)
- Savings: Ally or Marcus (4%+ APY, no fees)
- Alternative checking: TD Bank ($100 minimum is manageable)
Worst setup:
- Traditional bank checking without meeting waiver requirements
- Traditional bank savings (0.01% APY plus fees)
Monthly Fees: Final Verdict
| If You… | Best Choice |
|---|---|
| Want no fees ever | Capital One 360, Ally, Discover |
| Need branches + lowest fee | TD Bank ($100 balance) |
| Have irregular income | Citi (any direct deposit waives) |
| Value debit rewards | Discover (1% cash back) |
| Need premium features | Chase Sapphire, Citi Priority |
Monthly maintenance fees are completely avoidable in 2026. With so many fee-free options offering competitive features, there’s little reason to pay $12/month for the privilege of having a bank account.