Most banks have no minimum balance requirement at all
You do not need to keep any particular amount in a savings account to open one or keep it open. Many banks—including online banks, credit unions, and large national chains—let you open and maintain a savings account with $0 if you want to. The idea that you must maintain a minimum balance is outdated.
That said, some banks do set minimums, and some accounts come with perks if you maintain a higher balance. The minimum that matters depends on which bank you choose and which account type you pick. If a bank does set a requirement, falling below it usually triggers a monthly fee rather than account closure.
Key Takeaways
- Most savings accounts have no minimum balance requirement, and you can open and maintain one with zero dollars.
- Banks that do require a minimum typically ask for $100 to $500, though some specialty accounts may ask for more.
- Falling below a required minimum usually costs you a monthly fee ($5 to $15 is common) rather than closing your account.
- Online banks and credit unions are more likely to have no minimum than traditional brick-and-mortar banks.
- Some accounts waive the minimum if you set up direct deposit or maintain a linked checking account.
Banks with no minimum balance requirement
Online banks almost never require a minimum balance. Banks like Ally, Marcus, Discover, and Charles Schwab let you open a savings account and deposit as little as $1 or nothing at all. Credit unions also typically have no minimum or ask for a very small one ($25 to $50) to cover a membership share.
Many large national banks have also dropped minimums on their basic savings accounts in recent years. Chase, Bank of America, and Wells Fargo offer savings accounts with no stated minimum, though they may charge a monthly fee if your balance stays below a certain threshold. The fee is separate from the minimum—it is what happens if you do not meet it.
The catch is that accounts with no minimum often pay very little interest. Online banks pay higher rates precisely because they have lower overhead and do not need to hold your minimum balance as a cushion. If you want a higher interest rate, you may need to accept a minimum balance requirement or maintain a larger balance to may have access to for a premium tier.
Banks that do require a minimum balance
Some banks still set minimums, particularly for premium or money market savings accounts. A typical minimum ranges from $100 to $500 for a basic savings account, though some money market accounts ask for $2,500 or more. Regional banks and credit unions are more likely to have minimums than national chains.
The minimum is usually tied to the interest rate you receive. A savings account with a $500 minimum might pay 0.01% interest, while the same bank's account with a $2,500 minimum pays 0.05%. The higher the minimum, the higher the rate—this is how banks incentivize larger deposits.
Before opening an account, check the bank's website or call and ask directly: "What is the minimum balance requirement, and what happens if I fall below it?" The answer should be clear. If the website does not say, the bank probably has no minimum.
What happens if you fall below the minimum
If your account has a minimum and your balance drops below it, the bank charges a monthly maintenance fee. This fee is typically $5 to $15 per month, though it varies by bank and account type. The fee is deducted from your account, which can push your balance even lower.
Falling below the minimum does not close your account. You can stay below it indefinitely and keep paying the fee each month, though that is not a good strategy. If you know you cannot maintain the minimum, open an account with no requirement instead.
Some banks waive the minimum fee if you meet certain conditions: setting up direct deposit, maintaining a linked checking account, or keeping a combined balance across multiple accounts. Read the account terms carefully to see what waivers are available.
How to find an account that fits your situation
If you have little money to save right now, choose an online bank or credit union with no minimum. You can always move your money later if your situation changes. Online banks are easiest to compare because they publish their terms clearly on their websites.
If you have money to save and want the highest interest rate, look at accounts with minimums. Compare the interest rate you would earn against the minimum required. A $500 minimum that pays 4.5% interest is worth it if you can keep that balance; a $2,500 minimum for 4.6% might not be if you need access to that money.
Use a comparison tool like Bankrate or DepositAccounts to filter by minimum balance and interest rate. These sites let you sort by what matters to you and show you the current rates and requirements across dozens of banks.
Minimums at different types of banks
| Bank Type | Typical Minimum | Notes |
|---|---|---|
| Online banks | $0–$1 | Ally, Marcus, Discover, and most online-only banks have no minimum. |
| Credit unions | $0–$50 | Often require a small membership share but no ongoing balance minimum. |
| National banks | $0–$500 | Chase, Bank of America, Wells Fargo offer no-minimum basic accounts; premium accounts may have minimums. |
| Regional banks | $100–$1,000 | Varies widely; check your local bank's website for specifics. |
| Money market accounts | $2,500–$10,000 | Higher minimums in exchange for higher interest rates and check-writing privileges. |
Minimum balance versus minimum deposit
Do not confuse a minimum balance requirement with a minimum deposit. A minimum deposit is the smallest amount you must put in when you open the account—often $0 or $1. A minimum balance is what you must keep in the account afterward to avoid fees.
You might open an account with a $0 minimum deposit but a $500 minimum balance requirement. You could deposit $1 to open it, but if you do not get to $500 within a certain time, you start paying a monthly fee. Always read both numbers before opening an account.
Frequently Asked Questions
Can I open a savings account with no money?
Yes. Most online banks and credit unions let you open an account with $0 or $1. You do not need to deposit anything upfront. Some banks require a minimum deposit of $25 to $100, so check before you apply.
What if I cannot afford to keep the minimum balance?
Switch to an account with no minimum. Online banks like Ally, Marcus, or Discover have no requirement and often pay better interest than banks that do require a minimum. You can move your money for free.
Do I lose my account if I fall below the minimum?
No. Your account stays open, but you pay a monthly fee (usually $5 to $15). The fee is deducted from your balance each month. If you cannot maintain the minimum, it is better to switch to an account with no requirement.
Can a bank waive the minimum balance fee?
Yes. Many banks waive the fee if you set up direct deposit, keep a linked checking account, or maintain a combined balance across multiple accounts. Check your account terms or call the bank to ask what waivers apply to your account.
Is a higher minimum balance worth a higher interest rate?
It depends on your situation. If you have the money and can keep it in savings, a higher rate is worth it. If you need access to that money or cannot afford to tie it up, a lower-rate account with no minimum is the better choice.