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Bank account minimum balance and deposit requirements

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

Ryan Brinks
Ryan Brinks

Updated

Fact checked

Finder's pick for no minimum: American Express® High Yield Savings

American Express® High Yield Savings logo

0.5%

APY

  • Monthly fees: $0
  • Interest compounded daily
  • Minimum deposit to open: $0
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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.

What's in this guide?

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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.50%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
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More Info
Betterment Everyday Cash Reserve
Finder Rating: 4.6 / 5: ★★★★★
Betterment Everyday Cash Reserve
0.40%
$0
$10
This savings account has no account and overdraft fees, plus it requires no minimum balance.
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More Info
Radius Bank High-Yield Savings
Finder Rating: 3.9 / 5: ★★★★★
Radius Bank High-Yield Savings

0.25% on $25,000+
0.15% on $2,500 to $24,999.99
0.05% on $10 to $2,499.99
$0
$100
A free high-interest savings account with a $100 minimum deposit to open
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More Info
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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
Chime Spending account
Chime Spending account
$0
$0
Get rid of fees with this mobile-first bank offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
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More Info
Chase Total Checking
Chase Total Checking
$0
$12 per month
(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 more than 4,700. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
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BBVA Online Checking
BBVA Online Checking
$25
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
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More Info
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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
Capital One 360 CD
Capital One 360 CD
0.2%
0.25%
0.25%
0.3%
0.35%
0.4%
$0
More Info
Ally High Yield CDs
Ally High Yield CDs
0.6%
0.6%
0.65%
0.85%
$0.01
More Info
Barclays Online CDs
Barclays Online CDs
0.3%
0.3%
0.3%
0.3%
0.3%
0.3%
$0.01
More Info
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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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