Monthly maintenance fees: avoid or escape

Many checking and savings accounts charge a monthly fee unless you meet certain conditions. Over a year, that can be a meaningful amount.

Common ways to waive it

• A minimum daily or average balance
• A minimum amount of direct deposits each month
• Being a student or over a certain age
• Linking other accounts at the same bank

If you can't meet them

Ask the bank to switch you to a no-fee account. If it doesn't have one, switching banks is often worth it.

General educational information, not financial advice. Rates and fees change; check with your bank or credit union. Nickel Savings isn't paid by any bank or financial company.