Most savings accounts have no minimum balance requirement, but some do—and the amount varies widely by bank and account type
Whether your savings account needs a minimum balance depends entirely on which bank you use and which account you open. Some banks—particularly online banks and large national chains—offer savings accounts with zero minimum. Others require anywhere from $25 to $25,000 to open the account or keep it open without paying a monthly fee. The requirement is not set by law; it is a choice each bank makes.
The minimum balance rule works like this: if your balance drops below the stated minimum, the bank charges you a monthly maintenance fee, usually $5 to $15. Some banks waive the fee if you meet other conditions instead—like setting up direct deposit, maintaining a linked checking account, or keeping a certain amount in a different product. A few banks enforce the minimum strictly: if you fall below it, they close the account.
The reason banks set minimums is straightforward: they want to cover the cost of maintaining your account and they want to discourage small, inactive accounts. A savings account that sits at $50 with no deposits or withdrawals costs the bank money to maintain. A minimum balance requirement is their way of saying: either keep a meaningful amount here, or pay us for the privilege of keeping it open.
Key Takeaways
- Online banks and many large national banks offer savings accounts with no minimum balance requirement at all.
- Banks that do require a minimum typically charge a monthly fee of $5 to $15 if your balance falls below it.
- Some banks let you avoid the minimum balance fee by setting up direct deposit, maintaining a linked checking account, or meeting other conditions.
- The minimum applies to your account balance at a specific point in time—usually the end of the business day or the last day of the month.
- If you cannot meet a minimum, switching to a bank with no minimum requirement costs nothing and takes a few days.
How the minimum balance is calculated and when it matters
Banks measure your balance at a specific moment, not as an average. Most check the balance at the end of the business day on the last day of the month. If you have $500 on the 28th and $100 on the 30th, and the minimum is $250, you will be charged the fee—even if you had plenty of money most of the month.
Some banks use a different method: they look at your lowest balance during the entire month and charge the fee if that low point dips below the minimum. This is less common but more punitive. A few banks check the balance at the end of each business day and charge a fee for every single day you fall short. Read your account agreement or call the bank to find out which method yours uses.
The timing matters because it affects when you need to deposit money to avoid the fee. If the bank checks on the last day of the month, you have until then to bring your balance up. If it checks daily, you need to stay above the minimum every single day.
Which types of banks are most likely to require a minimum
Online banks almost never require a minimum balance. They have lower operating costs than brick-and-mortar branches, so they can afford to accept small accounts. Banks like Ally, Marcus, and Discover typically have zero minimum on savings accounts.
Large national banks (Chase, Bank of America, Wells Fargo, Citibank) often have no minimum on basic savings accounts, but they may require one on premium or high-yield savings accounts. A standard savings account might have zero minimum, while a money market account or a savings account with a higher interest rate might require $2,500 or more.
Regional and community banks vary widely. Some have no minimum; others require $500 to $5,000. Credit unions also vary, though many have low or no minimums for members.
Specialty accounts—such as accounts designed for children, accounts linked to investment products, or accounts with premium features—are more likely to have minimums. A high-yield savings account at a regional bank might require $10,000 to open and maintain.
What happens if you fall below the minimum
The most common consequence is a monthly maintenance fee. This fee is charged once per month, usually on the last day of the month or the first day of the next month. The fee ranges from $5 to $15 depending on the bank. Over a year, that is $60 to $180 in charges for not meeting the minimum.
Some banks offer a way out: if you meet an alternative condition, they waive the fee even if your balance is low. Common alternatives include receiving a direct deposit of at least $500 per month, maintaining a linked checking account with the same bank, or keeping a combined balance across multiple accounts above a certain threshold. Read the fine print on your account to see what options are available.
A few banks will close your account if you fall below the minimum for an extended period—usually 60 to 90 days. When they close it, they send you a check for the remaining balance and report the closure to ChexSystems, a banking history database. A closure on your record can make it harder to open accounts at other banks for a few years.
How to find a savings account with no minimum balance requirement
If your current bank charges a fee because you cannot meet the minimum, switching is the straightforward solution. Online banks are the easiest route: Ally, Marcus, Discover, American Express Personal Savings, and Wealthfront Cash Account all offer savings accounts with no minimum balance and no monthly fee.
If you prefer a brick-and-mortar bank, call your local branches and ask directly. Many large banks offer basic savings accounts with zero minimum, even if their premium accounts do not. You can also check the bank's website—most list minimum balance requirements in the account details or FAQ section.
When you switch, you do not need to close your old account when ready. Open the new account first, transfer your money over a few days, and then close the old one. This way you avoid any gap in access to your savings. The whole process takes about a week.
The difference between minimum balance and minimum opening deposit
These are two separate things, and it is straightforward to confuse them. A minimum opening deposit is the amount you must deposit when you first open the account. A minimum balance requirement is the amount you must keep in the account afterward to avoid fees.
A bank might require a $100 opening deposit but have no minimum balance requirement. Once you open it, you can spend that $100 down to $1 and keep the account open with no fee. Conversely, a bank might have a $0 opening deposit but require you to maintain a $500 balance once the account is open.
When you are shopping for an account, check both numbers. The opening deposit is a one-time hurdle; the minimum balance is an ongoing obligation.
Frequently Asked Questions
Can a bank lower my balance below the minimum without charging a fee?
No. If the bank itself causes your balance to drop below the minimum—through an error, a fraudulent charge, or a bank fee—they cannot charge you the minimum balance fee as a result. If this happens, contact the bank and ask them to reverse the fee. They should do so without argument.
What if I have multiple accounts at the same bank—do they count toward the minimum together?
Sometimes. Some banks let you combine balances across checking, savings, and money market accounts to meet a single minimum. Others require each account to meet its own minimum separately. Check your account agreement or call the bank to find out which applies to you.
Do savings accounts at credit unions have minimums?
Credit unions vary. Many have no minimum balance requirement on savings accounts, but some require $25 to $500. Since credit unions are member-owned, they often have lower fees overall than banks. Call your credit union or check their website to find out what they require.
If I close my savings account, do I owe the minimum balance fee for that month?
No. Once you close the account, the bank cannot charge you fees. If you close it before the end of the month and your balance was below the minimum, you will not be charged. However, make sure the account is fully closed and the balance is zero before you leave.
Can a bank change the minimum balance requirement on my existing account?
Yes, but they must notify you in advance—usually 30 days. If they raise the minimum and you cannot meet it, you can close the account and move to a different bank. You are not locked in to the original terms forever.