Explore commonly used personal finance terms.
An annual account fee is a recurring fee charged by financial institutions for account maintenance, typically seen in credit cards, investment accounts, or bank accounts with specialized features. This fee may cover services like account administration, customer support, or premium features. Customers may evaluate the benefits provided in exchange for the fee and compare with no-fee accounts to determine value. Many financial institutions waive this fee if minimum balance requirements are met or if customers use specific account features.
