A maintenance fee (also called an account maintenance fee or monthly service fee) is a recurring charge that financial institutions—such as banks, brokerages, or investment platforms—assess for maintaining and servicing your account. These fees typically range from $5 to $50 per month or $25 to $100 per year, depending on the institution and account type. Maintenance fees are intended to cover the operational costs of providing account services, including record-keeping, customer support, statement generation, account security, and technology infrastructure.

However, most institutions offer ways to waive these fees by meeting certain criteria, such as maintaining a minimum account balance (often $1,000 to $25,000), setting up direct deposits, making a minimum number of transactions per month, being under a certain age (student accounts), or linking multiple accounts with the same institution. The rise of online-only banks and digital investment platforms has intensified competition, leading many modern financial institutions to eliminate maintenance fees entirely to attract customers. If you're currently paying maintenance fees, it's worth investigating whether you qualify for a waiver or considering switching to a fee-free alternative, as these charges can significantly erode your returns over time, especially on smaller account balances.