Most banks require between $0 and $2,500 to open a savings account, but the amount varies by bank and account type
The minimum balance required to open a savings account depends entirely on which bank you choose and which account product you pick. Some banks—particularly online banks—have no minimum at all. Others require $100, $500, $1,000, or higher. A few banks set minimums as high as $2,500 or more for premium savings products. There is no federal rule that sets a minimum, so each bank decides for itself.
What matters more than the opening minimum is the daily balance minimum—the amount you must keep in the account to avoid a monthly fee. This is where most people run into trouble. You might open an account with $50, but if the bank requires a $500 daily balance to waive the monthly maintenance fee, you will pay that fee every month your balance drops below $500.
Key Takeaways
- Opening minimums range from $0 to $2,500 depending on the bank and account type; online banks typically have no opening minimum.
- Daily balance minimums—the amount you must maintain to avoid monthly fees—are separate from opening minimums and are what actually cost you money.
- If you cannot meet the daily minimum, you will pay a monthly maintenance fee that typically ranges from $5 to $15, which erodes your savings.
- Some banks waive the daily minimum if you set up direct deposit, use their debit card regularly, or maintain a linked checking account.
- Online banks and credit unions often have lower or no minimums because they have fewer physical branches to operate.
Opening minimum versus daily balance minimum
The opening minimum is the amount you must deposit when you first create the account. Once the account is open, this money can leave your account without penalty. If a bank requires $500 to open but you withdraw $400 the next day, you have not violated the opening requirement.
The daily balance minimum is different. It is the amount the bank requires you to keep in the account at all times (or on average, depending on how the bank calculates it) to avoid paying a monthly fee. If the daily minimum is $500 and your balance drops to $450 on any single day, many banks will charge you a fee that month—usually $5 to $15. Over a year, that fee compounds: a $10 monthly fee costs $120 annually, which is real money lost from savings that should be growing.
Some banks calculate the daily minimum as an average balance over the month rather than a single-day requirement. This means if your balance dips below the minimum for a few days but recovers, you might still avoid the fee. Read the account disclosure carefully to understand how your specific bank measures it.
Why banks set minimums
Banks use minimums to filter out accounts that cost them more to maintain than they generate in revenue. A savings account with $50 in it generates almost no interest income for the bank. The cost of processing transactions, maintaining the account in their system, and providing customer service can exceed what they earn. By setting a minimum, banks discourage very small accounts and push customers toward accounts that are profitable for them.
Premium savings accounts—those offering higher interest rates—often have higher minimums because the bank is paying you more interest and needs a larger balance to offset that cost. A high-yield savings account offering 4% or 5% annual interest might require a $2,500 minimum, while a basic savings account offering 0.01% might have no minimum at all.
How to find accounts with no minimum or low minimums
Online banks almost always have lower or no minimums because they do not operate physical branches. Their overhead is much lower, so they can afford to accept smaller accounts. Banks like Ally, Marcus, and Discover typically have no opening minimum and no daily balance minimum for their savings accounts.
Credit unions often have low minimums as well, sometimes as little as $25 to open. Credit unions are member-owned and operate on a non-profit model, so they are less focused on filtering out small accounts. If you belong to a credit union, check their savings account terms before opening an account at a traditional bank.
Traditional banks with physical branches vary widely. Some regional banks have no minimum; others require $500 or more. Call the bank directly or check their website for the specific account you are considering. Do not assume all accounts at the same bank have the same minimum—a basic savings account might have no minimum while a money market account requires $2,500.
Ways to waive the daily balance minimum
Many banks will waive the daily balance minimum if you meet certain conditions. The most common waivers are:
- Direct deposit: If you have your paycheck or government benefits deposited directly into the account, the bank waives the fee. This is the easiest waiver to may have access to for if you receive regular income.
- Linked checking account: If you maintain a checking account at the same bank and keep a minimum balance there, some banks waive the savings account fee.
- Debit card usage: Some banks waive the fee if you use their debit card a certain number of times per month—usually 10 or more transactions.
- Account age: A few banks waive minimums for customers who have maintained the account for a certain period, such as one year.
- Account bundle: Opening multiple accounts at the same bank sometimes qualifies you for waived fees across all of them.
Before you open an account, ask the bank which waivers are available and which one you can realistically meet. If you receive a paycheck via direct deposit, that is your easiest path to avoiding fees. If you do not, linking a checking account or using the debit card might work.
What happens if you fall below the minimum
If your daily balance falls below the required minimum and you do not may have access to for a waiver, the bank will charge you a monthly maintenance fee. This fee is deducted from your account automatically, usually on the last day of the month or the first day of the next month. The fee amount varies by bank but typically ranges from $5 to $15.
The fee is charged regardless of whether you made any transactions that month. You can sit with your money untouched and still be charged if the balance is too low. Over time, these fees add up and work against the purpose of saving. A $10 monthly fee on a $300 account balance means you are losing 3.3% of your balance annually just to fees—far more than you would earn in interest.
If you are charged a fee by mistake or believe the bank made an error, contact the bank and ask them to reverse it. Banks sometimes do this as a courtesy, especially if it is your first time falling below the minimum. Do not count on it, but it is worth asking.
Minimum balance requirements for different account types
| Account Type | Typical Opening Minimum | Typical Daily Balance Minimum | Notes |
|---|---|---|---|
| Basic Savings (Online) | $0 | $0 | No fees or minimums; lower interest rates than premium accounts |
| Basic Savings (Traditional Bank) | $0–$100 | $100–$500 | May waive minimum with direct deposit or linked checking |
| High-Yield Savings (Online) | $0–$500 | $0–$500 | Higher interest rates; most online banks have no minimums |
| Money Market Account | $500–$2,500 | $500–$2,500 | Offers check-writing and debit card access; higher minimums than basic savings |
| Credit Union Savings | $25–$100 | $0–$100 | Lower minimums than traditional banks; membership required |
Frequently Asked Questions
Can I open a savings account with no money and deposit later?
No. You must deposit at least the opening minimum when you create the account. You cannot open an account and leave it empty. However, many online banks have a $0 opening minimum, so you can open with $1 and deposit more whenever you want.
If I meet the daily minimum one day but fall below it the next day, do I get charged a fee?
It depends on how the bank calculates the minimum. If they use a single-day requirement, yes—one day below the minimum can trigger a fee. If they use an average daily balance over the month, dipping below for a day or two might not trigger a fee. Check your account disclosure or call the bank to find out which method they use.
Does the minimum balance earn interest?
Yes. The entire balance in your account, including the portion that meets the minimum, earns interest at the rate the bank advertises. The minimum is just a requirement to avoid fees; it does not sit in a separate, non-earning bucket.
What if I cannot meet the daily minimum at my current bank?
Switch to a bank with a lower minimum or no minimum. Online banks are the easiest option because most have no daily balance minimum. You can open an account in minutes and move your money over. There is no penalty for closing a savings account, so there is no reason to stay at a bank that charges you fees you cannot avoid.
Do savings accounts at credit unions have the same minimums as banks?
Usually lower. Credit unions typically have opening minimums between $25 and $100 and daily minimums between $0 and $100. You must be a member to open an account, but membership is often free or costs a small one-time fee. If you have access to a credit union, compare their rates and minimums to your bank's before deciding.