Consumers can reduce banking costs and boost savings by taking strategic steps before December 31, 2025, including switching high-fee accounts and optimizing deposit strategies at major banks like JPMorgan Chase, Bank of America, and Citigroup.
- Average monthly checking account fees range from $12 to $15, totaling $144–$180 annually if not waived.
- High-yield savings accounts with 4.5%+ APY can yield $235 more on a $5,000 deposit than standard accounts.
- Minimum balance requirements at BAC, JPM, and C range from $1,500 to $3,000 to waive fees.
- Promotional bonuses of up to $250 are available for new high-yield account openings.
- Federal Reserve rates are expected to remain above 5% through early 2026, supporting strong yields.
- Closing low-yield or high-fee accounts before year-end can prevent unnecessary fees in 2026.
As 2025 draws to a close, individuals can take advantage of final banking opportunities to minimize fees and maximize interest earnings in 2026. With average overage fees on checking accounts reaching $120 annually and some high-yield savings accounts offering yields above 4.5%, shifting funds and closing underperforming accounts before year-end can yield meaningful savings. Financial experts recommend evaluating monthly maintenance fees, particularly at institutions such as Bank of America (BAC), JPMorgan Chase (JPM), and Citigroup (C). For example, BAC’s standard checking account charges a $15 monthly fee unless minimum balance requirements are met. By maintaining a $3,000 balance or using a qualifying direct deposit, consumers can waive this fee—potentially saving $180 per year. Similarly, JPMorgan’s Chase Total Checking requires a $1,500 balance for fee waivers, and failure to meet it results in a $12 monthly charge, totaling $144 annually. Switching to a high-yield savings account with a 4.7% APY can generate over $235 in additional interest on a $5,000 deposit compared to a standard savings account yielding 0.5%. With the Federal Reserve expected to maintain benchmark rates above 5% through early 2026, this yield differential will persist, making timing critical. Consumers holding balances in low-yield accounts may be losing hundreds in potential earnings. The impact extends beyond individual savings—banks may incentivize account closures or transfers through promotional bonuses, such as $250 cash rewards for opening a new high-yield account and maintaining $10,000 for three months. These offers, though time-limited, could accelerate financial gains. Consumers with multiple accounts, especially those earning less than 1% APY or incurring recurring fees, are best positioned to benefit from proactive year-end action.