Most savings accounts do have a minimum balance requirement, but it varies by bank and account type
Whether your savings account requires a minimum balance depends entirely on the bank and the specific account you open. Some banks require you to keep $500 or more in the account at all times. Others have no minimum at all. A few banks set the minimum at $25,000 or higher for premium savings products. The only way to know what applies to you is to check your account agreement or call your bank directly — the requirement is always stated before you open the account.
If your account does have a minimum and you fall below it, the bank will typically charge a monthly fee, usually between $5 and $15. Some banks waive the fee if you meet an alternative condition, like setting up direct deposit or maintaining a linked checking account with a certain balance. Others simply charge the fee every month you dip below the minimum, with no way around it.
Key Takeaways
- Minimum balance requirements range from zero to $25,000 or more, depending on the bank and account tier.
- If you fall below the minimum, most banks charge a monthly maintenance fee of $5 to $15.
- Some banks waive the minimum-balance fee if you set up direct deposit, keep a linked checking account open, or meet other conditions.
- Online banks and credit unions are more likely to offer savings accounts with no minimum balance than traditional brick-and-mortar banks.
- Your account agreement spells out the exact minimum and what happens if you miss it — read it before you open the account.
How banks calculate whether you meet the minimum
Banks measure your balance in different ways, and the method matters. Some banks look at your balance on the last day of each month. Others use a daily average — they add up your balance every day of the month and divide by the number of days. A few use the lowest balance you hit at any point during the month. If your account agreement does not specify which method your bank uses, call and ask before you open it.
The timing also matters. If you deposit money on the 28th and the bank checks your balance on the 30th, you are fine. If you withdraw money on the 29th and the bank checks on the 30th, you may fall short. Some banks give you a grace period — a few days after the month ends to bring your balance back up — but most do not. Read the exact language in your agreement to know when the bank measures your balance and whether any grace period applies.
When banks waive the minimum-balance requirement
Many banks offer ways to avoid the fee even if you cannot keep the minimum balance. The most common waiver is direct deposit: if your paycheck or government benefit hits your account automatically, the bank may waive the minimum entirely. Other common waivers include maintaining a linked checking account with a certain balance, setting up automatic transfers from another account, or keeping a credit card with the same bank in good standing.
Some banks waive the fee only if you meet the condition every single month. Others waive it if you meet it even once during the month. A few banks offer tiered waivers — if you meet one condition, the fee drops from $10 to $5, but disappears entirely if you meet two. Your account agreement should list all available waivers. If it does not, ask the bank in writing and keep a copy of the response, because phone conversations leave no record if a dispute arises later.
Savings accounts with no minimum balance
Online banks and credit unions are far more likely to offer savings accounts with zero minimum balance than traditional banks with physical branches. Online banks like Ally, Marcus, and Discover typically have no minimum. Many credit unions also have no minimum, especially if you are a member of a large credit union or a community-based one. Traditional banks like Bank of America, Wells Fargo, and Chase usually require a minimum, though some offer a basic savings product with a lower minimum ($100 to $300) alongside their premium accounts.
The trade-off is usually interest rate. Accounts with no minimum often pay slightly lower interest than premium accounts with high minimums. But the difference is usually small — a fraction of a percent — and the fee you would pay for falling below a minimum often erases any interest gain anyway. If you cannot reliably keep a high balance, a no-minimum account almost always costs you less money over time.
What happens if you fall below the minimum
The first time you fall below the minimum, the bank charges the monthly fee. This fee is separate from any interest you earn — it comes out of your account automatically, usually on the last day of the month or the first day of the next month. If your balance is already low and the fee pushes you further below the minimum, some banks charge the fee again the next month. This creates a cycle where the fee itself keeps you below the minimum.
If you fall below the minimum repeatedly, the bank may close your account without warning. Banks are not required to give you notice before closing a savings account, though many do. Once closed, the bank sends you the remaining balance by check or direct deposit. You may also be reported to ChexSystems, a banking history database that other banks check before opening new accounts. A closure does not prevent you from opening another account elsewhere, but it can make the process slower.
How to find out your account's minimum balance requirement
The fastest way is to log into your online banking portal and look for the account details or account agreement section. Most banks post the full agreement there. If you cannot find it online, call the customer service number on the back of your debit card and ask for the minimum balance requirement and any available waivers. Write down the name of the person you spoke to and the date, in case you need to reference the conversation later.
If you are opening a new account, the bank must disclose the minimum before you sign anything. Read the disclosure document carefully — it will list the minimum, the monthly fee if you fall below it, and any waivers. Do not rely on what a bank employee tells you verbally. The written agreement is what the bank will enforce, and it is the only thing that matters if a dispute arises.
Minimum balance requirements at different account types
| Account Type | Typical Minimum | Monthly Fee if Below | Common Waivers |
|---|---|---|---|
| Basic savings (online bank) | $0 | $0 | N/A |
| Basic savings (traditional bank) | $100–$500 | $5–$10 | Direct deposit, linked checking |
| Premium savings (traditional bank) | $2,500–$25,000 | $10–$25 | Direct deposit, linked accounts, credit card |
| Credit union savings | $0–$500 | $3–$8 | Direct deposit, membership tier |
| Money market account | $2,500–$10,000 | $10–$20 | Direct deposit, linked checking |
Frequently Asked Questions
Can a bank charge me a fee if I go below the minimum for just one day?
It depends on how your bank measures the balance. If your bank uses the lowest-balance method, yes — one day below the minimum can trigger the fee. If your bank uses a daily average or end-of-month balance, a single day usually will not matter. Check your account agreement to see which method applies to you.
What if I did not know about the minimum balance requirement?
Call your bank and explain that you were not aware of the requirement. If the fee was charged recently and you have been a customer for a long time with no other issues, many banks will reverse one or two fees as a courtesy. There is no may provide, but asking costs nothing. Get the name of the person you speak to and follow up in writing if they agree to reverse the fee.
Do I have to keep the minimum in my savings account, or can I move it to another account?
The minimum must stay in the specific savings account that has the requirement. If you transfer the money to a checking account or another bank, your savings account balance drops below the minimum and the fee applies. Some banks allow you to link accounts so that a transfer from checking to savings happens automatically if you fall below the minimum, but you have to set this up in advance.
If I close my savings account, do I have to pay the minimum-balance fee for that month?
No. Once you close the account and withdraw all the money, no further fees apply. The bank will send you the remaining balance. If a fee was charged in the month you closed the account but before you withdrew the money, you can ask the bank to reverse it, though they are not required to.
Are there savings accounts with high interest rates that also have no minimum?
Yes, though they are less common. Some online banks offer competitive interest rates with zero minimum balance. The rate may be slightly lower than a premium account with a high minimum, but the difference is usually small enough that avoiding the fee makes up for it. Compare rates at multiple banks before deciding.