The minimum balance depends on your bank, your account type, and what you're trying to avoid
There is no single answer because different banks set different rules. Some accounts have no minimum at all. Others require you to keep $25, $500, or even $2,500 on hand at all times. A few banks waive minimums if you set up direct deposit or keep a linked checking account open. The real cost of getting this wrong is not the money itself — it's the monthly fee your bank charges when you fall below their threshold, or the account closure if you stay under for too long.
The amount that matters most is the one printed in your account agreement or on your bank's website under "account requirements" or "account details." If you cannot find it, call the bank's customer service line or log into your online account and look for a section labeled "account terms," "account features," or "fees and minimums." You need the exact number for your specific account type, because a checking account at the same bank might have a different minimum than a savings account.
Key Takeaways
- Your bank's minimum balance requirement is listed in your account agreement or on their website under account details — call if you cannot find it.
- Falling below the minimum usually triggers a monthly maintenance fee of $5 to $15, charged every month until you bring the balance back up.
- Some banks close accounts that stay below the minimum for 60 to 90 days, which can damage your banking history and make opening a new account harder.
- Online banks and credit unions often have lower or no minimums compared to large national banks.
- Direct deposit, linked accounts, or a certain number of monthly transactions can waive the minimum at many banks.
What happens when you go below the minimum
The most common penalty is a monthly fee. If your bank requires $500 and you drop to $400, you will typically see a charge of $5 to $15 deducted from your account at the end of the month or on a set date. This fee repeats every month you stay below the minimum, so a $10 monthly fee costs you $120 a year. Some banks charge the fee only once per statement cycle; others charge it multiple times if you dip below the minimum more than once in a month.
A second penalty is account closure. If you stay below the minimum for 60 to 90 consecutive days — the timeframe varies by bank — the bank may close your account without warning. When an account closes, the bank sends you any remaining balance by check or direct deposit, but the closure itself gets reported to ChexSystems, a banking history database. Future banks see this record and may deny you when you try to open a new account, or they may require a larger deposit upfront.
How to find your bank's specific requirement
Log into your online banking portal and look for a section called "Account Details," "Account Information," "Account Terms," or "Fees." Most banks display the minimum balance requirement right there. If your bank has a mobile app, the same information is usually under Settings or Account.
If you cannot find it online, call the customer service number on the back of your debit card or on your bank's website. Have your account number ready and ask: "What is the minimum balance requirement for my account?" Write down the answer and ask whether any conditions waive it — for example, "Does direct deposit waive the minimum?" or "Do I need to keep the minimum in this account if I have a linked checking account?"
If you have an old account you have not used in years, the minimum may have changed. Banks update their terms periodically, so call to confirm the current requirement rather than relying on memory.
Banks with no minimum or very low minimums
Online banks and credit unions tend to have lower or zero minimums because they have fewer physical branches and lower operating costs. Ally Bank, Charles Schwab, and many others offer savings accounts with no minimum balance. Credit unions often have minimums of $25 or less. Large national banks like Chase, Bank of America, and Wells Fargo typically require $300 to $2,500 depending on the account type.
If you are currently paying monthly fees because of a high minimum, switching to a bank with a lower requirement can save you money. You can open a new account at a no-minimum bank and transfer your balance over, then close the old account once the transfer clears. This takes a few days but costs nothing.
Ways to waive or reduce the minimum
Many banks will waive the minimum if you meet certain conditions. The most common are: setting up direct deposit (your paycheck goes straight to the account), maintaining a linked checking account with the same bank, or completing a certain number of debit card transactions per month — usually 10 to 15. Some banks waive the minimum if you maintain a combined balance across multiple accounts, so money in a checking account counts toward the savings account minimum.
Ask your bank which waivers apply to your account. If you already have direct deposit set up, confirm that the waiver is active — sometimes you have to request it or it does not activate automatically. If you are close to meeting a transaction threshold, you might reach it by using your debit card for small purchases instead of cash, which counts as a transaction.
Minimum balance versus emergency savings
Your bank's minimum balance requirement is different from how much money financial advisors recommend you keep in savings. Banks care about their minimum; you should care about your own safety net. Most financial guidance suggests keeping three to six months of living expenses in an emergency fund, which is much larger than any bank minimum. If your rent is $1,200 a month, three months of expenses is $3,600 — far more than the $500 minimum your bank might require.
Think of the bank minimum as a floor you cannot go below without penalty. Your personal emergency fund is a separate goal that sits on top of that floor. You can have $5,000 in savings and still meet a $500 minimum, with $4,500 left over for actual emergencies.
What to do if you cannot meet the minimum right now
If you are struggling to keep the minimum balance, you have three options. First, switch to a bank with a lower or zero minimum — this is the fastest solution and costs nothing. Second, ask your current bank whether any waivers apply to you; direct deposit is the easiest one to set up if you have a job. Third, if you want to stay with your bank, calculate whether the monthly fee is worth it. If you keep $100 below the minimum and pay a $10 fee each month, you are paying 10 percent of that $100 just to use the account — which is expensive, but sometimes unavoidable in the short term.
Do not ignore the minimum if you cannot meet it. Fees add up fast, and account closure damages your banking record. If you are in a tight spot, opening a second account at a no-minimum bank takes 15 minutes online and gives you a place to put money without penalty while you get back on your feet.
Frequently Asked Questions
Can a bank close my account if I go below the minimum?
Yes. Most banks close accounts that stay below the minimum for 60 to 90 consecutive days. The bank sends you the remaining balance by check or direct deposit, but the closure is reported to ChexSystems, which can make it harder to open a new account elsewhere.
Does the minimum balance have to stay in the account all the time, or just on certain days?
It depends on the bank. Some require the minimum every single day; others check it only on the last day of the month or on your statement date. Ask your bank when they measure the balance. If they check only on the last day of the month, you have more flexibility to dip below during the month.
If I have multiple accounts at the same bank, do they count toward the minimum together?
Sometimes. Some banks let you combine balances across checking and savings accounts to meet the minimum; others require the minimum in each account separately. Check your account agreement or call to confirm how your bank handles linked accounts.
What is the difference between a minimum balance and a maintenance fee?
A minimum balance is the amount you must keep in the account. A maintenance fee is the charge you pay if you do not meet it. Some accounts have a maintenance fee but no minimum; others have both. Read your fee schedule to see which applies to you.
If I move my money to a different bank, will the old bank still charge me fees?
No, once you close the account, the bank stops charging fees. However, if you close it while below the minimum, the bank may charge a final fee before sending you the remaining balance. Ask before you close whether any final fees will be deducted.