Finder's pick for no minimum: American Express® High Yield Savings
- 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.
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.
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.
Savings accounts often either require a minimum deposit to open an account or an ongoing minimum balance to earn maximum interest or avoid fees.
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.
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.
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.
Checking accounts can also come with minimum requirements, both when you open an account and throughout the life of the account.
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.
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.
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.
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.
Picture: ShutterstockBack to top
The Douugh banking app uses AI to optimize your finances, but it lacks key features.
These international banks offer accounts with 12% APYs or higher, but watch out for risks.
With this savings account, you can invest your interest in the stock market for an average 3.13% return. Learn more here.
This online-only business savings account lets you build your savings with a high APY and no fees.
Passbook accounts help immigrants in the US manage their money without paying bank fees.
Billinero offers big prizes, but your money might be better off in a high-yield account.
RSI’s Go Digital savings account offers a decent APY, but is it right for you?
Open a business checking account and enjoy no transaction or maintenance fees.
Earn 0.5% on your total account balance — no strings attached.
He walks us through his exact strategy of investing through rental real estate, the stock market and a 401(k) plan.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.