Savings accounts can have varying balance requirements, if any.
Some high-yield savings accounts require a certain balance to earn the best rate.
Many savings accounts have balance requirements to waive a monthly fee.
Typical balance requirements based on savings account type
Depending on the bank you choose, you may not run into any balance requirements for your savings account.
When it comes to everyday or monthly balance requirements, typical amounts vary a lot. Local banks and credit unions may only require a minimum monthly balance of $5 to keep the account open. But with high-yielding options, you may run into balance tiers, which means your rate could depend on your balance.
Typical balance for traditional savings accounts
With traditional savings accounts, you may only need $1 to $5 in the account at any given time to keep it open. It’s common for traditional savings accounts to require an opening deposit, usually between $5 and $100.
For the most part, any balance requirements with a traditional savings account exist to waive monthly fees, not to maintain the account itself.
Examples of traditional savings accounts:
Chase Bank Savings. $0 opening deposit and $5 monthly fee that can be waived with $300 average daily balance. Earns 0.01% to 0.02% APY.
Wells Fargo Way2Save. $25 opening deposit and a $5 monthly fee that can be waived with a $300 minimum daily balance. Earns up to 0.01% APY.
Hot tip: Traditional savings accounts are low maintenance, but they aren't known for their competitive interest rates.
Typical balance for online savings accounts
Most online savings accounts don’t have a minimum balance or opening deposit requirement. To earn interest, many offer interest on balances starting at $0.01.
However, while online accounts often skip the monthly fee and opening deposit requirements, some only offer their highest rates if you set up direct deposit or meet certain activity requirements.
SoFi Checking and Savings. Savings earns up to 3.60% APY with direct deposit, or by depositing $5,000 per month, or through a SoFi Plus membership. No monthly maintenance fees or opening deposit requirements. Without meeting deposit or membership requirements, Savings earns 1.00% APY.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
Hot tip: Many online savings accounts can offer sky-high interest rates, but you won't have access to in-person support and you may not be able to deposit cash.
Typical minimum balance for money market accounts
When it comes to money market accounts (MMAs), these often have balance requirements to earn interest. You’ll also likely need to meet an opening deposit requirement and maintain a certain balance to keep the account open.
Typical balance requirements vary widely. They can be as low as $100 or as high as $50,000. Some MMAs don’t have balance requirements to earn interest, but they’re not very common.
Examples of money market accounts:
Quontic Bank Money Market. Requires a $100 minimum deposit, no monthly fees and all balances above $0.01 earn 4.25% APY.
Ally Money Market. Offers up to 3.3% APY on all balances, with a debit card and checkwriting. There are no monthly fees or minimum opening deposit requirements, either.
Hot tip: Money market accounts may come with balance and opening deposit requirements, but they usually offer a debit card and checkwriting privileges — features you won't get with savings accounts.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
Why do balance requirements exist on savings accounts?
The quick answer is that banks want customers to deposit funds. Deposits are what keep banks going. They’re invested and used to fund loans to other customers, and banks are required to keep a certain amount of deposits to meet regulatory requirements.
Since deposits are so crucial to financial institutions, they offer a trade. To incentivize customers to stash their money in savings accounts and other deposit accounts, banks offer interest on deposited funds.
Bottom line
Savings accounts, online accounts and money market accounts can all have varying deposit requirements.
While you can typically expect traditional savings accounts to require a certain balance to waive a monthly fee, you can usually maintain any balance you want to keep the account active.
With money markets and high-yield online accounts, you can usually find accounts without monthly fees, but you may need a high balance or meet deposit requirements to get the best APY.
Do certificates of deposit have balance requirements?
In a way, yes, certificates of deposit (CDs) have balance requirements. CDs almost always have a minimum opening deposit requirement, usually around $1,000. And because of how CDs work, your opening deposit becomes your balance that you keep throughout the CD’s term.
What’s a good savings account balance?
It depends on why you opened the savings account in the first place.
If you opened your savings account for an emergency fund, then it’s recommended to have about three to six months’ worth of expenses stashed away. For example, if you make $60,000 per year, you may need anywhere from a $10,000 to $30,000 balance in your savings account, depending on your expenses.
Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto.
Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt.
Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others.
Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine.
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