Margarette Burnette is a NerdWallet authority on savings, who has been writing about bank accounts since before the Great Recession. Her work has been featured in The Associated Press , USA Today and other major newspapers. Before joining NerdWallet, Margarette was a freelance journalist with bylines in magazines such as Good Housekeeping, Black Enterprise and Parenting. She is based near Atlanta, Georgia.
Assigning Editor Yuliya Goldshteyn
Assigning Editor | Banking
Yuliya Goldshteyn is a former banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.
Fact Checked
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
A savings account is a safe place to park your cash while also earning interest. But before you can open an account, you might have to come up with a deposit that meets the account’s minimum opening requirement. There could also be an ongoing minimum balance requirement to avoid a monthly fee. But not every financial institution has these limits. Some, particularly those that offer online savings accounts, have no minimums at all.
Here’s an explainer on minimum balances and what you’ll find at various institutions, including traditional brick-and-mortar banks, credit unions and online providers.
The minimum opening deposit is the amount of money you need to put into your account to open it. These amounts vary from institution to institution. Typically, though, here's what you can expect to find at banks and credit unions.
Large banks — ones with thousands of branches — can require opening deposits of $25, $50 and $100 (though there are some large banks that don’t have any minimums).
Traditional credit unions typically have minimum opening requirements of about $5.Online institutions — both banks and credit unions — commonly have high-yield online saving accounts with $0 minimums, but there are also high-yield online accounts with minimum opening requirements upward of $100.
If you choose an account with no opening balance requirement, it’s still important to try to make your first deposit as soon as possible. The sooner you fund your account, the sooner you can start earning interest. And if you don’t make any deposits within a few weeks, your bank or credit union may close your account.
Cash Management Money Market Learn MoreSoFi Checking and Savings
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Min. balance for APY Read reviewEverBank Performance℠ Savings
Min. balance for APY Learn MoreBarclays Tiered Savings Account
Min. balance for APYThese cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
Learn Moreon Wealthfront's website
Wealthfront Cash Account
Min. balance for APY Learn Moreon Betterment's website
Betterment Cash Reserve – Paid non-client promotion
*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APYCDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
Read reviewMarcus by Goldman Sachs High-Yield CD
4.70% APY (annual percentage yield) as of 08/30/2024
Federally insured by NCUA
Alliant Credit Union Certificate
Annual Percentage Yield (APY) is accurate as of 09/10/2024
Checking accounts are used for day-to-day cash deposits and withdrawals. Checking accounts are used for day-to-day cash deposits and withdrawals.
Discover® Cashback Debit
Chase Total Checking®
Deposits are FDIC Insured
Chime Checking Account
Monthly fee Money market accounts pay rates similar to savings accounts and have some checking features. Money market accounts pay rates similar to savings accounts and have some checking features.
Discover® Money Market Account
After you open a savings account, your institution may require a daily or monthly minimum balance to avoid a monthly maintenance fee. Banks with ongoing minimum balance requirements typically have a monthly fee of about $5 for savings accounts, but there may be other ways to have the fee waived.
For example, the Chase Savings℠ account has a minimum daily balance requirement of $300 to avoid a $5 monthly fee. But you can waive the fee in a few other ways, such as setting up a $25 monthly recurring transfer from a Chase checking account.
Do your best to avoid these fees because they can wipe out the interest earned on your savings for the month. One way to do this is to open an account that doesn't have a monthly maintenance fee. There are many online savings accounts that don’t charge monthly fees. The institutions that offer these accounts often don't have the brick-and-mortar branch expenses that traditional banks and credit unions have, so they can pass the savings to customers in the form of no monthly fees and, often, strong interest rates, too.
Here’s a look at some typical minimum balances for online savings accounts, as well as minimums at traditional brick-and-mortar banks and credit unions.
Some banks and credit unions also have a minimum balance to earn the best rate. These institutions pay a lower yield if your balance drops below the minimum. Make sure you know how much it will take to earn the high rate that an institution advertises.
Minimum to open
Minimum balance to avoid fee
Minimum to earn stated APY
BMO Alto Online Savings Account
$5,000. ( 0.25% APY on balances less than $5,000.)
Minimum to open
Minimum balance to avoid fee
Minimum to earn stated APY
$300 daily balance.
0.01% effective as of 02/10/2023. Interest rates are variable and subject to change . (Learn more about Chase’s savings APY and other ways to waive fees.)
$300 daily balance.
0.01% . (Learn more about Wells Fargo's savings APY and other ways to waive fees.)
With $25, you can typically meet the minimum opening deposits for savings accounts at online institutions, credit unions and local regional banks. Some institutions will let you open an account for $25 or less, but will charge a monthly maintenance fee if you don’t meet a larger minimum ongoing balance. Be sure that you can avoid a monthly fee for whichever account you open.
With $100, you typically meet the opening balance qualifications for a broad range of institutions. Note that some savings accounts might let you open an account for as little as $100, but will require a much higher minimum balance, such as $5,000, to earn the best rate or a higher monthly balance to avoid a fee.
There are accounts available with high savings rates that don’t have high minimum opening deposits or ongoing minimum balance requirements. These are worth shopping around for. By comparing requirements and interest rates, you can find an account that helps you grow your balance while avoiding unnecessary fees.
About the authorYou’re following Margarette Burnette
Visit your My NerdWallet Settings page to see all the writers you're following.
Margarette is a NerdWallet authority on savings. Her work has been featured in USA Today and The Associated Press. See full bio.
On a similar note.
Download the app
Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.
NerdUp by NerdWallet credit card: NerdWallet is not a bank. Bank services provided by Evolve Bank & Trust, member FDIC. The NerdUp by NerdWallet Credit Card is issued by Evolve Bank & Trust pursuant to a license from MasterCard International Inc.
Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
NerdWallet Compare, Inc. NMLS ID# 1617539
California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812
Insurance Services offered through NerdWallet Insurance Services, Inc. (CA resident license no.OK92033) Insurance Licenses
NerdWallet™ | 55 Hawthorne St. - 10th Floor, San Francisco, CA 94105
