Banking Banking Basics

What Is the Typical Minimum Balance for Savings Accounts?

We researched popular savings accounts to find the minimum balance needed to avoid monthly fees and keep more of your money.

By Lindsay Frankel

Edited by Ashley Donohoe, MBA, FPWM®, CFEI®

Updated Aug. 29, 2025

Traditional banks tend to require you to keep a minimum balance in your savings account. If you don't meet the minimum balance requirement, the bank might charge a monthly maintenance fee, stop paying interest on your balance, or close your account.

These requirements ensure banks are compensated for providing banking services. Banks profit from the money in deposit accounts, so keeping an open savings account with no balance is a bit like going to a restaurant and only ordering a glass of tap water.

Depending on the financial institution, the minimum balance requirement can be as high as several thousand dollars. However, some online banks and credit unions offer savings accounts with great benefits and no minimum balance requirements.

What does a minimum balance requirement mean?

A minimum balance requirement specifies the amount of money you need to keep in your savings account in order to:

Keep the account open: Some banks may require a minimum balance to continue using your account. A financial institution can close your savings account if it becomes inactive or you fail to follow the terms and conditions.
Avoid monthly maintenance charges: Many savings accounts feature monthly maintenance fees that you can avoid by maintaining a minimum balance or meeting other requirements. Banks and credit unions must disclose the monthly fee and minimum balance required to avoid fees.
Earn a certain interest rate: Some savings accounts accrue interest based on a tiered structure — for example, you might earn a higher annual percentage yield (APY) if you keep your balance above a threshold. Others won't pay any interest until you have a specific minimum amount in the account.

A bank or credit union may calculate your minimum balance using one of the following methods.

Minimum daily balance: You may need to have a certain balance in your account at the beginning or end of each day to meet the requirement.
Average minimum balance: Some banks may calculate your minimum balance using the average daily balance for that statement period, which gives you the flexibility to drop below the minimum requirement on some days.
Minimum combined balance: Some financial institutions calculate the total balance across all your accounts at that bank or credit union, allowing you to empty your savings account as long as your other accounts maintain sufficient funds.

Not all savings accounts have minimum balance requirements, including some of the best high-yield savings accounts.

Minimum balance vs. minimum opening deposit

While a minimum balance requirement is ongoing, a minimum opening deposit (also called the minimum opening balance) is the sum required to activate your savings account. It's also an important consideration when choosing the right account, especially if you're low on cash and hoping to grow your savings gradually.

Additionally, some banks and credit unions offer a bonus for opening a savings account. To earn the bonus, you have to deposit a minimum amount by a certain deadline. You may also need to maintain that balance for a certain period of time or meet other requirements.

Typical minimum balance requirements for savings accounts

Minimum balance requirements vary across financial institutions. Online-only banks and credit unions often offer savings accounts with no minimum balance requirements or monthly fees, while traditional banks are more likely to require a minimum balance, which can range from a few hundred dollars for basic accounts to many thousands of dollars for premium accounts.

However, even traditional banks commonly offer alternative ways to waive monthly maintenance fees other than maintaining a minimum balance.

Traditional savings accounts

Here are some of the most popular savings accounts from traditional banks. Note that most accounts offer multiple ways to waive the monthly fee, and you typically need to meet additional requirements to earn the highest APY.

Account name	APY	Minimum opening deposit	Minimum balance required to waive monthly fees	Monthly fee
Chase Savings	0.01% (as of 04/04/25)	$0	$300	$5 or $0¹ <p>$15 Monthly Service Fee OR $0 with one of the following, each monthly statement period:</p> <p>Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment network, or (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network,</p> <p>OR a balance at the beginning of each day of $1,500 or more in this account,</p> <p>OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.</p>
U.S. Bank Smartly Savings	0.01% (as of 07/14/25)² <p>Variable rate account – Interest rates are determined at the bank’s discretion and may change at any time. Speak to a banker for current deposit rates, disclosures on rates, compounding and crediting and other balance information.</p>	$25	N/A³ <p>No Monthly Maintenance Fee for the U.S. Bank Smartly® Checking account with one of the following: Combined monthly direct deposit totaling $1,500+, an average account balance of $1,500 or greater, the owner of an eligible Small Business Checking account, the owner of a U.S. Bank Smartly VisaTM Signature® Card, are 24 and under, 65 and over, or a member of the military (must self-disclose), or qualify for Smart Rewards® Gold tier or above.</p>	$5 or $0⁴ <p>No Monthly Maintenance Fee for the U.S. Bank Smartly® Checking account with one of the following: Combined monthly direct deposit totaling $1,000+, an average account balance of $1,500 or greater, the presence of an eligible U.S. Bank credit card, are 24 and under, 65 and over, or a member of the military (must self-disclose), or qualify for one of the four Smart Rewards® tiers. No Monthly Maintenance Fee for the U.S. Bank Standard Savings account with one of the following: Maintain a $300 minimum daily balance, have a $1,000 average monthly collected balance, hold the account with an individual age 17 and under, or open a U.S. Bank Smartly® Checking account and enroll in the Smart Rewards® Primary tier or above.</p>
Wells Fargo Way2Save Savings	0.01% (as of 05/03/25)	$25	$300	$5 or $0
PNC Bank Standard Savings	0.01% (as of 04/18/25)	$0	$300	$5 or $0
Citi Accelerate Savings	3.70% (as of 04/04/25)⁵ <p>Annual Percentage Yield (APY) is accurate as of as of 12/5/23 in the location entered upon accessing citi.com. Rates for Savings accounts are variable, determined by Citibank at its sole discretion and can change before or after account opening. Fees could reduce earnings. APY is determined by Rate Region, Relationship Tier and applicable promotion.</p>	$0	$500	$4.50 or $0
Bank of America Advantage Savings	Up to 0.04% (as of 05/02/25)	$100	$500	$8 or $0

Online savings accounts

Here are just a few of your options for online savings accounts, which often have no minimum balance requirements, monthly fees, or minimum opening deposit requirements.

Account	APY	Minimum opening deposit	Minimum balance requirement	Monthly fee
Capital One 360 Performance Savings	3.50%⁶ <span>A rate of 3.50% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 06/26/25. Rates are subject to change at any time before or after account opening.</span>	$0	$0	$0
SoFi Checking and Savings	Up to 3.80% with direct deposit⁷ <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period 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 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>	$0⁸ <p>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 Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>	$0	$0
Alliant Credit Union High-Rate Savings⁹ <p>Special offers are subject to change. Alliant Credit Union may discontinue Introductory Rate Home Equity Line of Credit offers without notice, regardless of originally advertised offer period dates. All new accounts and loans are subject to approval. All loans are subject to Alliant Credit Union lending policies. Under certain circumstances—for example, if we cannot verify your income, or if any accounts are past due, over limit or if other underwriting criteria are not met—we may not be able to open a loan account for you, in which case you will be notified. Responding to this offer is not a guarantee of approval. Alliant Credit Union does not sell member information. See our Privacy Policy for details.</p> <p>Interest-only Home Equity Line of Credit. Home equity products are available in the following states: AZ, CA, CO, CT, FL, GA, HI, IL, IN, KY, MA, MI, MN, MO, NC, NJ, NV, NY, OH, PA, TN, UT, VA, WA, WI and Washington, D.C. The minimum loan amount is $10,000. The minimum loan amount is $25,001 in WI and Washington, D.C. Offer subject to credit approval, which includes verification of application information and receipt of collateral documents. Rates and closing costs are subject to credit qualifications. Maximum loan to value of up to 85% depending on state in which the property is located and credit worthiness. The following states are limited to a maximum of 80% CLTV: AZ, CA, CO, FL, GA, IN, MI, MO, NC, NV, TN, UT. Initial rate is based on loan amount, loan to value and credit history. We may not extend credit to you if you do not meet Alliant criteria. The Annual Percentage Rate (APR) is a variable rate. Your qualifying rate may adjust monthly and is based on the highest Prime Rate as published in The Wall Street Journal as of the date of any rate adjustment plus or minus a margin. The APR range is from 7.75% to a maximum of 16.00%. Loans without automatic payment selection from an Alliant Credit Union account are subject to an increase in rate and margin of 0.25%. No closing costs (excluding applicant ordered appraisals) based on Interest-only Home Equity Line of Credit (HELOC) loans up to $250,000 and meeting Alliant criteria. A fee of $1,000 is applied to Interest-only HELOC loans more than $250,000. Minimum payment will not repay principal, which will result in a higher principal and interest payment at the end of the 10-year draw period. Costs to satisfy certain prior liens may be assessed. The Annual Fee of $50 will be waived the first year but will be assessed in subsequent years. You will incur the annual fee even if you don't have a balance. Property insurance is required. Flood insurance may be required. We will require a full appraisal, at applicant's expense, in the event your property is in a FEMA-deemed natural disaster area. If the state and/or county in which the collateral is located charges additional fees and taxes, the borrower will be responsible for payment. A $200 termination fee may be applied to an Interest-only HELOC cancelled or closed by the borrower within 36 months of origination. Refinancing of Alliant home equity products available; $250 fee on loans that do not increase the credit limit by $10,000 or more. Rates, terms, and conditions subject to change. Other restrictions may apply. Interest-only HELOC loans available on 1-to-2-unit owner occupied dwellings. Please consult with an Alliant Loan Consultant at 800-328-1935 ext. 2570 for more information on an Alliant Interest-only Home Equity Line of Credit. Alliant Credit Union is federally insured by the NCUA and is an Equal Housing Opportunity Lender</p>	3.10% (as of 12/19/24)¹⁰ <p>The savings dividend provides an Annual Percentage Yield (APY) of 3.10%. The APY is accurate as of the 6/26/2025 dividend declaration date. Dividends are paid on the last day of the month to accountholders who have maintained an average daily balance of $100 or more. Savings dividend may change after account is opened and is subject to change at any time. Dividend applies to Savings, Supplemental Savings, Emergency Savings, Kids Savings Accounts, UTMA Custodial Accounts, Trust Accounts and IRA. Fees may reduce earnings on the account.</p>	$5	$100 (to earn interest)	$0
Discover^® Online Savings¹¹ <p>See website for details.</p>	3.50%¹² <p>Annual Percentage Yield (APY). Advertised Online Savings Account APY is accurate as of 06/26/25. Applies to personal accounts only. APY may change before or after the account is opened. No minimum deposit to open.</p>	$0	$0	$0
Axos One Savings	Up to 4.46% with direct deposit¹³ <p class="">The Annual Percentage Yield (APY) is accurate as of 08/01/2025. The base and promotional interest rate and corresponding APY for Axos ONE Checking is variable and is set at our discretion. The base and promotional interest rate and corresponding APY for Axos ONE Savings is variable and is set at our discretion. Axos ONE Savings is a tiered variable rate account. Axos ONE Checking is a non-tiered variable rate account. Interest rates may change as often as daily without prior notice. Fees may reduce earnings.</p><p>Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After the accounts are opened, the amount of incentive earned will depend on meeting the additional requirements outlined below.</p><p>The Axos ONE Checking account will earn a base rate of 0.00% APY. The Axos ONE Savings account will earn a base rate of 1.00% APY.</p><p>Axos ONE accounts are eligible to receive a promotional APY for each statement cycle where the promotional criteria are met during the Qualification Period. To receive the promotional APY on both Axos ONE Checking and Axos ONE Savings, the Axos ONE Checking account must meet both of the requirements in either Option 1 or Option 2 below during the Qualification Period:</p><p>Option 1</p><p>1. Your Axos ONE Checking account has received qualifying direct deposits of at least $1,500 in total.</p><p>2. The average daily balance of your Axos ONE Checking account is at least $1,500.</p><p>Option 2</p><p>1. Your Axos ONE Checking account has received qualifying deposits of at least $5,000 in total.</p><p>2. The average daily balance of your Axos ONE Checking account is at least $5,000.</p><p>If both of the requirements in either Option 1 or Option 2 above are met during the Qualification Period:</p><p>• The Axos ONE Checking account will earn a promotional rate of 0.51% APY for the statement cycle in which the requirements are met.</p><p>• The Axos ONE Savings account will earn a promotional rate of up to 4.46% APY for the statement cycle in which the requirements are met.</p><p>The Qualification Period is from the 1st of the month through the 25th of the month. The Qualification Period for new accounts will begin on the day the account is approved. Any qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. </p><p>A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, Disability, etc. Other deposits (i.e., online banking transfers, ATM and mobile check deposits, etc.) or person-to-person payments are not considered a direct deposit.</p><p>Qualifying deposits only include deposits from the following eligible sources: (i) ACH transfers from external accounts, (ii) inbound wire transfers from external accounts, (iii) check deposits. Qualifying deposits do not include: (i) transfers internal to the bank (i.e., transfers between an account holder’s Checking and/or Savings account), (ii) interest payments, (iii) promotional bonuses, (iv) credits, reversals, and refunds.</p><p>Both accounts must be in an open and active status on the date the interest is paid to receive the promotional APY for that statement cycle. Account transactions may take one or more business days from the transaction date to post to the account.</p>	$0	$0	$0
American Express^® High Yield Savings¹⁴ <p>For illustrative purposes only. Interest rate and APY may change after initial deposit.</p>	3.50%¹⁵ <p>The Annual Percentage Yield (APY) as advertised is accurate as of July 23, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. </p>	$0	$0¹⁶ <p class="">There is no minimum balance required to open your Account, to avoid being charged a fee, or to obtain the Annual Percentage Yield (APY) disclosed to you.</p>	$0

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What happens if I don't meet the minimum balance requirement?

If you don't meet the minimum balance requirement for your savings account, your bank or credit union might:

Charge a monthly maintenance fee
Lower your APY or stop paying interest on your balance
Close the account

However, many banks offer other ways to waive the monthly service fee or keep the account open, even if your balance dips below the requirement. For example, Chase waives the fee on its basic savings account if you're under 18, enrolled in AutoSave with transfers of at least $25, or have certain linked checking accounts.

Always check your bank's terms and conditions to understand your options and the potential consequences.

What should I consider when opening a savings account?

When comparing savings accounts, consider the following features.

Minimum opening deposit: Make sure you can afford the minimum opening deposit without putting strain on your budget.
Minimum balance requirements: Choose an account with a minimum balance requirement you can consistently maintain to avoid unnecessary savings account fees or account closure.
APY: This is a way of calculating interest based on your average daily balance. The higher the APY, the more money you'll earn on your savings. For some savings accounts, the APY is tiered, so make sure you understand the requirements for earning the maximum.
Withdrawal limits: Some financial institutions impose withdrawal limits on savings accounts and charge fees for exceeding the limits. If you want to be able to withdraw regularly, check the account disclosures for withdrawal limits before you open the account.
FDIC or NCUA insurance: Make sure the savings account you choose is federally insured by the Federal Deposit Insurance Corporation (for banks) or the National Credit Union Administration (for credit unions). Deposit insurance protects money at the financial institution for up to $250,000 per depositor in the event of a bank failure.
Accessibility: Online-only savings accounts typically offer lower fees and higher interest rates, but they don't offer access to in-branch banking. If you'd prefer an in-person experience, consider savings accounts at brick-and-mortar banks or local credit unions.
Digital banking tools: Some savings accounts have more comprehensive digital banking tools than others. Check mobile app features and ratings before choosing an account.

FAQs

Can you have a zero balance in your savings account?

Yes, but your bank or credit union may close the account if your balance remains at $0 for an extended period. You might also pay a monthly fee if a minimum balance is required to avoid the charge. Your deposit agreement will outline the rules for your savings account.

How can I avoid a fee for not meeting the minimum balance?

If you want to avoid monthly service fees, you have these options.

Maintain the required minimum balance in your savings account
Meet another requirement to waive the fee, like having a linked checking account, if the account allows it
Choose a savings account with no monthly fees

What is the best bank without any minimum deposit or ongoing balance requirements?

The best bank will depend on your banking needs and savings goals. Some financial institutions that offer savings accounts with no minimum deposit or ongoing balance requirements include Capital One, SoFi, and Discover.

Bottom line

Meeting minimum balance requirements can be a simple way to avoid monthly maintenance fees, but you might run into trouble if you need to withdraw from your emergency fund. Make sure you read the deposit agreement and understand the rules for using a particular savings account before you open it.

Keep in mind that many online banks and credit unions don't charge any fees or require a minimum balance, so you can avoid the requirement altogether by picking the right account. You can check out our list of the best savings accounts for potential options.

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