Most savings accounts do not require a minimum balance, but some do—and the threshold varies widely by bank
Whether you need a minimum balance depends entirely on which bank you choose and which account type you open. Some banks have no minimum at all. Others require anywhere from $25 to $25,000 just to open the account, and some charge a monthly fee if your balance drops below a set amount. A few banks waive the minimum if you set up direct deposit or maintain a linked checking account. The key is knowing what your specific bank requires before you open the account, because the rules are different everywhere.
If you are starting with very little money or building savings slowly, you have real options. Online banks and credit unions tend to have lower or no minimums. Traditional brick-and-mortar banks often have higher thresholds, especially for premium savings products. The difference between accounts at the same bank can be significant—one savings product might have no minimum while another at the same institution requires $500.
Key Takeaways
- No federal law requires banks to impose a minimum balance on savings accounts, so the requirement is set by each individual bank.
- Online banks and credit unions typically have no minimum balance or very low minimums ($25 or less), while traditional banks often require $300 to $2,500.
- Some banks waive the minimum balance requirement if you set up direct deposit, maintain a linked checking account, or meet other conditions.
- If your balance falls below the minimum, the bank may charge a monthly fee (typically $5 to $15) rather than close the account when ready.
- You can open a savings account with $0 or $1 at many institutions, but you may pay a fee each month until you reach the minimum.
How minimum balance requirements work at different bank types
Online banks almost never have minimum balance requirements. Banks like Ally, Marcus, and Discover have built their business model around low overhead and no physical branches, which means they can afford to accept customers with any balance. You can open an account with $0 and start with whatever you can deposit. These accounts typically pay higher interest rates than traditional banks, which is another reason they attract customers with smaller balances.
Credit unions vary by institution, but most have no minimum balance or a very low one ($25 to $100). Credit unions are member-owned cooperatives, and many prioritize accessibility over profit margins. You will need to become a member to open an account, which sometimes requires a small one-time fee ($5 to $25) or a nominal share purchase, but the ongoing account has no balance requirement.
Traditional banks (Chase, Bank of America, Wells Fargo, and regional banks) typically require $300 to $2,500 to open a savings account without paying a monthly fee. Some offer tiered accounts: a basic savings product with no minimum, and premium accounts with higher minimums that pay better interest rates. The minimum is often waived if you maintain a linked checking account at the same bank or set up direct deposit.
What happens if your balance falls below the minimum
If you drop below the minimum, the bank does not automatically close your account. Instead, most banks charge a monthly maintenance fee, typically $5 to $15, until your balance climbs back above the threshold. This fee is deducted from your account, which can push you further below the minimum and trigger another fee the following month. Over time, these fees can erode a small balance significantly.
Some banks offer a grace period—a month or two where you can fall below the minimum without a fee. Others charge when ready. A few banks will close the account if the balance stays below the minimum for an extended period (usually six months to a year), though this is less common. Check your account agreement or call the bank directly to understand the specific policy.
Conditions that waive or lower the minimum balance
Many banks will reduce or eliminate the minimum balance requirement if you meet certain conditions. The most common are:
- Direct deposit: If you have your paycheck or government benefits deposited directly into the account, the bank may waive the minimum entirely.
- Linked checking account: Maintaining a checking account at the same bank often waives the savings account minimum.
- Automatic transfers: Some banks waive the minimum if you set up a recurring transfer from checking to savings, even if it is just $25 per month.
- Online account opening: A few banks have lower minimums for accounts opened online versus in a branch.
- Age-based accounts: Student savings accounts and accounts for minors often have no minimum or a very low one.
These waivers are not universal—they depend on the bank and sometimes on the specific account product. When you are comparing banks, ask directly whether the minimum can be waived and what conditions explore.
Comparing minimum balance requirements across account types
| Bank Type | Typical Minimum | Monthly Fee if Below Minimum | Common Waivers |
|---|---|---|---|
| Online banks | $0 | $0 | N/A |
| Credit unions | $0–$100 | $0–$5 | Membership share |
| Traditional banks (basic savings) | $0–$300 | $5–$10 | Direct deposit, linked checking |
| Traditional banks (premium savings) | $500–$25,000 | $10–$25 | Direct deposit, linked checking |
| Money market accounts | $2,500–$10,000 | $10–$25 | Direct deposit, linked checking |
How to find a savings account with no minimum balance
If you want to avoid minimum balance requirements entirely, online banks are your most straightforward option. Ally Bank, Marcus by Goldman Sachs, Discover Bank, and American Express Personal Savings all have no minimum balance and no monthly fees. You can open an account in minutes online, and you will have access to your money through transfers and ATM networks.
If you prefer a physical branch or want to work with a local institution, call your credit union first. Most credit unions have no minimum or a very low one, and they are often more flexible about waiving fees if you explain your situation. If you use a traditional bank, ask specifically whether they offer a basic savings account with no minimum—many do, even if their premium products have higher thresholds.
Before opening any account, read the fee schedule on the bank's website or ask for a copy in writing. The fee schedule will list the minimum balance requirement, the monthly fee if you fall below it, and any conditions that waive the minimum. This document is your reference if a fee appears on your statement later.
What to do if you are charged a minimum balance fee
If you are charged a fee for falling below the minimum balance, contact the bank and ask them to reverse it—especially if it is the first time. Many banks will do this as a courtesy, particularly if you bring your balance back above the minimum quickly. Be polite and direct: "I fell below the minimum balance and was charged a $10 fee. Can you reverse that for me?"
If the fee is reversed, ask what the minimum balance requirement is and whether it can be waived. If you cannot meet the minimum, consider switching to a bank with no minimum or one that waives it based on direct deposit or a linked account. The cost of repeated fees will outweigh any interest you earn on a small balance.
Frequently Asked Questions
Can I open a savings account with no money at all?
Yes, at most online banks and many credit unions. You can open the account with $0 and deposit money whenever you are ready. Traditional banks usually require at least $1 to $25 to open the account, but some waive this if you set up a direct deposit.
What is the difference between a minimum balance requirement and a monthly fee?
The minimum balance is the amount you must keep in the account to avoid fees. The monthly fee is what the bank charges if your balance falls below that threshold. Some banks have both; others have one or neither.
If I have a linked checking account, will the bank waive my savings account minimum?
Often, but not always. Many traditional banks waive the savings account minimum if you maintain a checking account at the same institution. Check your bank's fee schedule or call to confirm this applies to your specific accounts.
Do credit unions have minimum balance requirements?
Most credit unions have no minimum balance or a very low one ($25 to $100). You may need to purchase a membership share (usually $5 to $25) to join, but that is a one-time cost, not an ongoing minimum balance requirement.
What happens if my balance stays below the minimum for months?
The bank will charge a monthly fee each month you are below the minimum. After six months to a year of being below the minimum, some banks may close the account, though this is uncommon. Monthly fees will accumulate and reduce your balance further, so it is better to switch banks than to pay fees indefinitely.