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
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.
Savings Guides
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
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
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
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
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
-
HMBradley account review
HMBradley is a hybrid checking and savings account that earns up to 3.0% APY.
-
Zeta Joint Card review
Zeta Joint Cards allow two people to share one account, but there are several drawbacks.
-
How to avoid Wells Fargo account fees
Here’s a breakdown of Wells Fargo’s common account fees and how to avoid them.
-
Best bank accounts for freelancers and the self-employed
Compare the five best bank accounts for self-employed professionals and freelancers.
-
Unifimoney account review
Unifimoney lets you spend, save and invest, but it’s only free for high-income individuals.
-
How to start a solo 401(k)
A retirement plan for self-employed individuals but may come with high administrative fees.
-
Schwab Intelligent Portfolios review
Features and fees to consider before you open a Schwab Intelligent Portfolios account.
-
Ando Spending Account review
Reduce your carbon emissions and enjoy no monthly fees with this ethical checking account.
-
Oxygen personal bank account
Access your cash from any network ATM and earn cashback on your debit card purchases from approved retailers.
-
Upgrade Rewards Checking review
The free Upgrade Rewards Checking account offers 2% cashback, but you can’t deposit checks.
Ask an Expert
