What is monthly maintenance fee

As stated earlier, it's going to be more expensive if the property offers a clubhouse and gym versus a property that doesn't. Of course, it largely depends on what you're looking for and the amenities you need.

For example, you might want a first-floor unit, so you have access to a handicap unit to avoid walking up stairs. Compose a list of the ideal amenities and do some research on recently sold properties that match your list. Also, call places and ask if they offer amenities a la carte to avoid paying for services you don't need or want. Buying a property comes down to personal taste and preference as well as affordability.

A monthly maintenance fee can help you live a maintenance-free lifestyle to some degree, but it should be within your budget. And remember, the fees are not fixed, meaning the condo association can increase them over time. However, people who like amenities and can afford to pay for them are going to be drawn to a building with higher monthly maintenance fees.

While it may cost more, they may decide that the perks outweigh the fees. Real Estate Investing. Purchasing A Home. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.

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I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Home Ownership Purchasing A Home. Key Takeaways An additional cost, aside from the mortgage payment, of owning an apartment or condo are their monthly maintenance fees. The monthly maintenance fee covers the cost of the upkeep of the buildings, grounds, and common areas.

Advertiser Disclosure. Monthly maintenance fees are common on basic deposit accounts such as checking accounts, savings accounts and money market accounts. However, there are a range of other banking products that have monthly fees, so you should speak with your bank and read the terms and conditions before committing to anything.

We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision. Learn how we maintain accuracy on our site. These include:. Bank accounts help you manage money and save for the future, but they often come with monthly fees.

While most banks will waive these fees when you meet certain conditions, there are ways to avoid them altogether. Consider choosing a fee-free checking account if you want to ditch monthly fees for good. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office. The average American could earn times more in just one year by switching from a traditional savings account to a crypto savings account, according to analysis from Finder.

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Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Bank Accounts. Cassidy Horton. Updated Dec 29, Learn more about how we fact check. Navigate Bank Accounts In this guide. What is a monthly maintenance fee? Compare accounts with no monthly maintenance fees How to avoid a monthly maintenance fee Compare bank accounts that waive the monthly maintenance fee Are there other types of recurring fees?

Bottom line Frequently asked questions Start comparing. Banking Guides. Compare bank accounts. High-yield savings accounts. Certificate of deposits CDs. We compare the following brands. View more reviews. Monthly maintenance fees, often called monthly fees for short, are fees that financial institutions charge in exchange for keeping your account open.

The fees are usually charged or deducted from your balance at the beginning or end of every month, as stated in your account contract. Many traditional banks see monthly fees as standard practice, while some will only charge them on accounts that offer more features, such as: Rewards programs Higher interest rates Waived transaction fees Discounts on other banking products Account packages Free transfers.

What is the average monthly maintenance fee cost? But the exact amount depends on the specific bank account you choose. Deposits are fossil fuel-free. Go to site View details. Interest is compounded daily. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. These offers do not represent all available deposit, investment, loan or credit products. Bank of America offers a number of checking and savings accounts.

Like most banks, it charges monthly fees depending on the account you have, but it also has options for avoiding those fees. Depending on what type of account setting you have, the checking account monthly maintenance fee can vary.

Additionally, each Bank of America checking account comes with this schedule of fees:. While there are no student-specific checking accounts, Bank of America will waive the maintenance fee for qualifying students.

As you can see, the annual percentage yield the bank offers is low compared with the national rate of 0. Maintaining minimum balances and making qualifying direct deposits are the easiest ways to avoid most Bank of America account fees. Some accounts will also waive fees based on your age. Each account has its own requirements, so be sure the fee waiver information you have matches your account type.

Check out the best accounts to help you save money and reach your financial goals! Just one account lets you avoid paying the monthly maintenance fee by receiving qualifying direct deposits:. Linking your eligible accounts can help you meet the balance requirement to avoid the monthly maintenance fee. Qualification for the Preferred Rewards program tiers is based on having an active Bank of America personal checking account and maintaining a three-month average combined balance across your Bank of America accounts.

Qualification for the Bank of America student waiver applies when an account holder is enrolled in an academic institution and is under the age of This waiver applies to the following accounts:. You can sign up for overdraft protection service, wherein the bank will cover a transaction using funds from another account, like a savings account.

You may also be charged a fee by the operator when you use an out-of-network ATM. Traditional banks usually carry similar service fees, like the wire transfer and ATM fees shown above. However, it should be noted that Bank of America, Chase and U. Bank of America offers a wealth of information for both customers and non-customers alike. This article has been updated with additional reporting since its original publication.

This content is not provided by Bank of America.