What is a fee waiver?

A fee waiver is a condition you can meet to get a monthly maintenance fee dropped to zero. Many bank accounts charge $12 to $25 per month, and if you're not careful, that fee can quietly eat into your bonus while you're waiting to meet requirements.

Common waiver conditions include keeping a minimum balance in the account, setting up a direct deposit each month, or making a certain number of debit card transactions. The Chase Total Checking account, for instance, charges $15 per month but waives it if you receive $500 or more in electronic deposits per statement period.

The math matters here. If a bonus pays $300 but you'll be charged $25 a month for three months before you can close the account, you're actually walking away with $225. Always know your waiver conditions before you open the account.

Some accounts, especially fintech ones, have no monthly fee at all. Those are simpler to manage and easier to walk away from when the time comes. Every bonus on our bonuses page shows the monthly fee and waiver conditions up front.