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When you put money into a savings account, you most likely want to keep it safe and perhaps even help it grow a little.
After all, saving money can be hard, and the account that you pick to hold your nest egg should make it easier by charging you few or no fees and paying you a reasonable interest rate.
Unfortunately, there are plenty of savings accounts out there that do charge fees, including things like monthly maintenance fees, overdraft fees, and more. That's why it's important to understand how to avoid getting hit with unnecessary costs that reduce the money you're putting away for a rainy day or important purchases.
The good news is that by choosing the right savings account, you can avoid incurring these expenses so you don't make your bank richer while you get poorer. Here are a few key savings account fees you should be aware of, along with some tips on how to avoid paying them.
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4.30%Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Minimum Balance for APY
$0
Bonus Offer
Up to $300New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found athttp://www.sofi.com/legal/banking-rate-sheet.
Why We Like It
Earn a $50 or $300 bonus and up to 4.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> on your money with eligible direct deposit
Limited-Time Offer: +0.70% Boost on Savings APY for 6 months on new accounts with eligible Direct Deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
No account, overdraft, or monthly fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Get your paycheck up to two days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
Access additional FDIC insurance up to $3 million5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
Some savings accounts charge you fees, which can make growing your money harder.
These fees can include monthly maintenance fees and minimum balance requirements.
You can usually avoid the fees if you're smart about where you bank and what you do with your money.
Common savings account fees
Here are some common savings account fees you should watch out for:
Monthly maintenance or service fees: According to the FDIC, banks are allowed to charge a monthly fee in order to maintain your accounts. These are fees just for having the account open.
Minimum balance fees: Some banks require you to keep a certain amount of money in your savings account to avoid a monthly charge.
Overdraft fees: Overdraft fees are charged when you have too little money in your account to cover all of your transactions. The FDIC says overdraft fees could cost you around $35 per transaction.
ATM fees: ATM fees are charged when you withdraw money from an ATM that is not part of your bank's network. Not all savings accounts offer ATM cards, but you must watch out for these fees if yours does.
Returned item fees: If you deposit a check someone else gives you and that other person doesn't have the money to cover it, you can unfortunately be charged a return fee.
Wire transfer fees: This fee is charged if you move money in or out of your account using a wire transfer, which electronically transfers money from one bank to another. Some banks charge as much as $50 for incoming and/or outgoing wires with fees usually higher for international transfers.
Excessive transactions: Federal law used to limit you to six withdrawals a month from savings accounts under Regulation D. The law no longer requires this, but some banks choose to set limits anyway and charge you if you exceed them.
The best savings accounts should not charge most of these fees. Ultimately, finding a fee-free account is probably your best bet for avoiding them.
However, if you want to keep your money in an account that imposes some or all of these costs, you need to know the common ways banks allow you to opt out of paying them.
How to avoid these 7 savings account fees
The good news is, it's often possible to avoid savings account fees entirely, even with banks that have these fees as the default. Here's how you can avoid each of these common charges.
1. Monthly maintenance or service fees
Most banks offer several ways to avoid monthly maintenance fees. Options may include:
Setting up a direct deposit that moves money into your savings account each month
Maintaining a certain minimum balance
Making a certain minimum number of transactions on a monthly basis
Having multiple accounts or using multiple products from the same bank
You need to make sure you know your bank's specific rules for avoiding these fees, though.
For example, your direct deposit may need to meet minimum size requirements, such as a $500 minimum monthly deposit. Or, if you must maintain a certain account balance, find out how your bank calculates this. If it is the average daily balance, the money needs to be in the account for most of the month, not just deposited on the last day.
2. Minimum balance fees
Minimum balance fees are charged if your account falls below a certain balance. You can avoid these fees by making sure that you have at least the required amount in your account. For example, if you must maintain a $500 minimum balance, keep at least that much money in the account.
You'll need to know how the bank calculates minimum balance. If it is the average daily balance, then your account has to have an average of $500 in it every day during the current cycle.
If you're trying to avoid this fee, the FDIC recommends that you set a low balance alert if your account offers one. That way, you'll get a text or email if your account drops below the minimum required amount so you can transfer money in.
3. Overdraft fees
Overdraft fees can be avoided by making sure you don't have more transactions than you have money in your account. For example, if you have $500 in your account, avoid using your debit card to spend more than $500.
You can also keep a cushion in your account, such as an extra $100, $200, or $500, just in case a payment unexpectedly clears and leaves you with less money than you thought.
Many banks also allow you to sign up for overdraft protection, which provides coverage if you spend too much out of your account. Typically, this requires you to link another account to savings, so your money can be automatically transferred over when there's a shortfall.
The FDIC also says you can opt out of overdrafts, but that will lead to your bank declining transactions if there are insufficient funds.
4. ATM fees
To avoid ATM fees, withdraw funds from your account only at partner ATMs. Your bank should have a list of partner ATMs that you can search online by geographic location. For example, here is Bank of America's online ATM locator.
You can also open a savings account with a bank that reimburses you for using an out-of-network ATM. This would allow you broader access to your money while making sure you aren't paying the fee. Ally Bank is an example of one of these banks as it reimburses you up to $10 per statement cycle if another bank charges you.
If you only use an out-of-network ATM a few times and the fee is reasonable, Ally's reimbursement policy, and similar ones from other banks, could help you avoid these fees entirely.
5. Returned item fees
It's hard to avoid returned item fees since you're relying on someone else to be responsible. Your best bet is to avoid accepting checks or money transfers from anyone you don't know well or don't trust completely to have the promised funds in their account.
If that's not the case and someone wants to give you money, ask for cash or Venmo to avoid these issues.
6. Wire transfer fees
Wire transfer fees sometimes can't be avoided. If you're closing on a home sale, for example, many title companies require you to wire the money to them.
However, you can limit the wires you send only to situations when you have no other options, while using other methods of transferring money in other cases. Some good examples of free or low-cost services to transfer funds quickly include Venmo, Zelle, and PayPal.
7. Excessive withdrawals
If you're being charged for too many withdrawals, you'll have to stop taking money out of your account so often. To solve this, you can open a checking account for funds that will come into your account and will leave soon after to pay for expenses. The money you put in savings should be money you can afford to leave alone for a while.
Savings accounts we recommend
5.0
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn a $50 or $300 bonus and up to 4.30% APY on Savings (3.60% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Use Cash App As Your All-in-One Financial Services Platform
Bank6 <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p> without all the fees—save, send, and spend your money the way you want.7 <p class="">Your balance is eligible for FDIC pass-through insurance through our Program Banks Wells Fargo Bank, N.A. and/or Sutton Bank, Members FDIC for up to $250,000 per customer when aggregated with all other deposits held in the same legal capacity at each Program Bank above, if certain conditions are met. Cash App is a financial services platform, and not an FDIC-insured bank. Prepaid debit cards issued by Sutton Bank, Member FDIC. See <a href="https://cash.app/legal/us/en-us/card-agreement">terms and conditions</a>. </p> Get paid up to 2 days early – up to 2 days earlier than most banks8 <p>Your first deposit may take longer depending on your employer.</p>
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Openbank High Yield Savings - 4.20% APY9 <p>Interest Rates and Annual Percentage Yields (APYs) are accurate as of 12:01 AM ET September 23, 2025. The products and rates we offer may vary between locations, are available in select markets only, and are subject to change without notice. Rate for this product will be based on the residential ZIP code entered when account is opened within online application process. This is a variable-rate account and the rate applicable may change at our discretion any time without notice. A minimum deposit of $500 is required to open a Openbank High Yield Savings account. Personal accounts only.</p>
<p>Openbank is a division of Santander Bank, N.A. Member FDIC. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Visit FDIC.gov for details. Deposits at Santander Bank, N.A., and Openbank are combined for the purposes of calculating FDIC insurance limits (FDIC Cert #29950) and are not separately insured.</p>
Earn 10x the national savings average for Savings deposit products as published on FDIC.gov.
Do you get penalized for withdrawing from a savings account?
The federal government used to impose penalties if you had more than six withdrawals from a savings account per cycle. This rule changed, but some lenders still charge you for excess transactions.
Do I have to pay taxes on a high-yield savings account?
Interest is taxable on high-yield savings accounts. Your bank should send you a 1099-INT to make sure your interest is reported properly and that you include it in your taxable income. Interest is taxed the same as your regular income, such as income from your job.
What's the most you should keep in a savings account?
The amount you should keep in a savings account varies depending on your goals. It's a good idea to have an emergency fund with three to six months of living expenses. You should also keep money you are likely to need within the next two to five years or so in savings, so you can earn reasonable returns while avoiding risk.
Money used for long-term goals, on the other hand, should be invested in the stock market.
Is it better to have two savings accounts or one?
Many people prefer to have multiple savings accounts and switch to different accounts used for different purchases.
For example, you could have one savings account for emergencies and another for a vacation fund. It's usually better to have multiple accounts as it is easier to see if you are on track for individual goals and you are less likely to spend the money on something other than what you are saving it for.
Bottom line
Savings account fees are rarely, if ever, worth paying. Look for an account that doesn't charge them, or explore ways to avoid them so you can keep more of the money you worked so hard to save. A good place to start your search for an account is our list of the best savings accounts with no monthly fees.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 4.30% on Savings (3.60% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at<a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.2 <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
Paycheck access up to 2 days early with direct deposit4 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network10 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
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