What is Monthly fee?

A monthly fee is what a bank charges for keeping an account open, whether you use it or not. It is a fixed cost, so it matters most if you hold a small balance or use the account lightly. The figure belongs to the account you open with that provider, so check which account it covers before you set it beside another card's charges. Read it alongside any card or overdraft charges, since the cheapest account is not always the cheapest to run. The fee at 1st National Bank Saint Lucia is XCD 5 a month, while Absa Seychelles charges SCR 0.