Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Bank account minimum balance and deposit requirements

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

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

0.4%

APY

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

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 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 Annual percentage yield (APY) Fee Minimum deposit to open Interest earned
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
0.40%
$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.
Betterment Cash Reserve
Finder Rating: 4.6 / 5: ★★★★★
Betterment Cash Reserve
0.40%
$0
$10
This savings account has no account and overdraft fees, plus it requires no minimum balance.
Radius Bank High-Yield Savings
Finder Rating: 3.7 / 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
loading

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
Aspiration Spend & Save Account
$10
$0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually)
Deposits are fossil fuel-free and insured by the FDIC. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days.
Chime Spending account
$0
$0
Get rid of fees with this financial app offering consumer-friendly accounts. Chime can also help you save easily and access your paycheck faster.
Axos Bank Essential Checking
$0
$0
No fees. Unlimited domestic ATM fee reimbursements.
loading

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
Radius Bank CDs
0.5%
0.5%
0.5%
0.5%
0.5%
0.5%
$500
Enjoy a low minimum deposit of $500 and earn 0.5% APY on your balance. Apply online for 1 year, 18 month and 3 year terms.
CIT Bank Term CDs
0.3%
0.3%
0.4%
0.4%
0.5%
0.5%
$1,000
Choose from a range of terms with no maintenance fees and $1,000 minimum to open.
Capital One 360 CD
0.2%
0.25%
0.25%
0.3%
0.35%
0.4%
$0
loading

Compare up to 4 providers

Back to top

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

Picture: Shutterstock

Back to top

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site