Minimum balance or deposit requirements for bank accounts |

Bank account minimum balance and deposit requirements

Dipping below the minimum can mean high fees or a lower APY.

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Minimum deposit or balance requirements can apply to savings, checking and CD accounts, and affects everything from the interest rate on your account to whether you have to pay a monthly fee. Choose the right account for your budget to keep your savings on track.

Editor's pick: American Express® Personal Savings High Yield Savings Account

  • 1.90% APY
  • No monthly fee
  • No minimum balance

Editor's pick: American Express® Personal Savings High Yield Savings Account

  • Around-the-clock online and phone support
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What are account minimum requirements?

An account minimum is the amount of money you need to open or maintain an account. The requirements can apply to savings, checking and CD accounts, and how they affect fees, APRs and the status of your account depends on the type of account and bank.

Minimum requirements for savings accounts

Savings accounts often either require a minimum deposit to open an account or an ongoing minimum balance to earn maximum interest or avoid fees.

Minimum opening deposit

For savings accounts that require a minimum opening deposit, you’re required to open the account with a certain amount of money. Some banks give you a grace period to meet that minimum, and will close your account if you come up short.

Minimum monthly deposit

Some savings accounts require regular ongoing deposits, monthly or quarterly, to earn a higher interest rate or avoid a fee. You can meet this requirement with deposits once or twice a month.

Minimum balance requirements

Some savings accounts require that your accounts always stay above a minimum balance. Falling below that balance can cost you in fees or interest rates.

Compare savings accounts with the lowest minimums

Name Product Interest rate (APY) Fee Minimum deposit to open
Enjoy no monthly fees and a competitive APY with this online-only savings account.
Earn 20x the national savings account average with no fees or minimums.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.

Compare up to 4 providers

Minimum requirements for checking accounts

Checking accounts can also come with minimum requirements, both when you open an account and throughout the life of the account.

Minimum opening deposit

The minimum opening deposit is the amount you need to open an account. If you can’t meet this requirement, your application will be denied or the bank can recommend a different account that better fits your finances.

Minimum balance requirements

If your account dips below the minimum balance requirement, you’ll typically incur a fee. Some banks waive this fee if you have a certain number of transactions monthly. For example, a bank might charge $35 monthly for you to hold an account. However, with a minimum balance of $10,000 or at least four direct deposits into the account, you’re off the hook.

Balance requirements, monthly deposit requirements and the fees vary wildly depending on your accounts, so read the fine print before signing on with a new bank.

Compare checking accounts with the lowest minimums

Name Product Minimum deposit to open Fee To waive the fee
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
(can be waived)
Do any ONE of the following:
• Set up monthly direct deposits of $500 or more
• OR have a $1,500 balance or more each morning
• OR have a combined balance of $5,000 or more in your Total Checking account and any other linked qualifying Chase accounts or investments
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
(can be waived)
Have any ONE of the following:
• College enrollment for up to five years
• OR a direct deposit made to this account (Direct deposits can be an ACH credit, payroll, pension or government benefits such as Social Security)
• OR an average ending day balance of $5,000 or more in this account
Get about four years of interest paid up front! New Chase customers can get a $100 signup bonus when they enroll in paperless statements and complete 10 qualifying transactions within 60 days of account opening. Plus no monthly service fee as long as you’re between 17-24 years and a student for up to 5 years.

Compare up to 4 providers

Minimum deposit requirements for CDs

If you want the security of guaranteed returns that only a certificate of deposit can provide, you’ll need to meet the minimum deposit amount. The minimum deposit amount is the initial investment amount that grows over time.

How much you’ll earn in interest depend on how much you invest. Larger deposits lead to larger interest rates.

Compare CDs with the lowest minimums

Name Product 11-month APY 1-year APY 18-month APY 2-year APY 3-year APY 4-year APY 5-year APY Minimum deposit to open
2.45% on CDs of $25,000+
2.4% on CDs of $5,000 to $24,999
2.3% on CDs of $0 to $4,999

Compare up to 4 providers

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Bottom line

Deposit requirements can determine the interest-earning power of your savings account or CD and the ongoing cost of your checking account. Consider these restrictions along with the other features and fees of different bank accounts before making the final decision about the right product for you.

Frequently asked questions

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