Banking Savings & Money Market Accounts

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 Feb. 2, 2026

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.

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SoFi Checking and Savings

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Learn More on SoFi's secure website, Member FDIC

APY

4.00%

Minimum Balance for APY

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Up to $300

Why We Like It

Earn a $50 or $300 bonus with eligible direct deposit¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% 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 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. 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>. and up to 4.00% APY² Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC. on your money
Limited-Time Offer: +0.70% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.² Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.
No account, overdraft, or monthly fees³ 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>
Get your paycheck up to two days early with direct deposit⁴ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Access additional FDIC insurance up to $3 million⁵ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

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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 10/16/25)	$0	$300	$5 or $0⁶ <p>$15 Monthly Service Fee OR $0 with one of the following, each monthly statement period: </p> <p>$500+ in qualifying electronic deposits</p> <p> OR $1,500+ balance at the beginning of each day</p> <p> OR $5,000+ average beginning day balance in this account, or in combination with any linked qualifying personal deposits or in investments</p><p class="">OR Link this account to a qualifying checking account</p>
U.S. Bank Smartly Savings	0.05% (as of 11/05/25)⁷ <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/A⁸ <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 $0⁹ <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 11/05/25)	$25	$300	$5 or $0
PNC Bank Standard Savings	0.02-0.03% (as of 10/29/25)	$0	$300	$5 or $0
Citi Accelerate Savings	3.50% interest, with a promotional APY of up to 0.91% (as of 12/10/25)¹⁰ <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 10/10/25)	$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	3.40%¹¹ <span>A rate of 3.40% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 10/01/25. Rates are subject to change at any time before or after account opening.</span>	$0	$0	$0
SoFi Checking and Savings	Up to 3.30% with direct deposit¹² <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p>	$0³ <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 Savings	3.01% (as of 02/02/26)¹³ <p>The savings dividend provides an Annual Percentage Yield (APY) of 3.01%. The APY is accurate as of the 02/01/2026 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 Savings¹⁴ <p>See website for details.</p>	3.40%¹⁵ <p>Annual Percentage Yield (APY). Advertised Online Savings Account APY is accurate as of 09/30/25. 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 4.21% with direct deposit¹⁶ <p class="">The Annual Percentage Yield (APY) is accurate as of 02/02/2026. 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 up to 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 monthly 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 monthly 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 4.21% APY on the first $499,999.99 and 4.01% APY on any additional balance for the statement cycle in which the requirements are met.</p><p>The Qualification Period begins on the first business day of the month and runs through the 25th of the month. If the 25th of the month is followed by a non-business day, the average daily balance will be calculated including the following non-business day(s). Any qualifying deposits or qualifying direct deposits received after the 25th of the month will count toward the next Qualification Period. The Qualification Period for new accounts will begin on the day the account is approved. New accounts opened on or after the 25th of the month will be eligible to earn the promotional APY starting in the following month. </p><p>A direct deposit is an electronic ACH deposit of your paycheck or government benefits, such as Social Security, Disability, etc. International paychecks, international government benefits, other deposits (i.e., real time payments, 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) mobile check deposits, (iv) real time payments. 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, (v) ATM deposits.</p><p>Both accounts must be in an open and active status on the 25th of the month and on the date the interest is paid to receive the promotional APY for that statement cycle. If either account closes during the Qualification Period, neither account will be eligible to earn 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 Savings	3.30%¹⁷ <p>The Annual Percentage Yield (APY) as advertised is accurate as of December 30, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.</p>	$0	$0¹⁸ <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

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.

5.0

AWARD WINNER Best Online Checking

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn a $50 or $300 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY¹with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.² FDIC Insured.⁵

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5.0

2026 AWARD WINNER Best Savings for Customer Service

American Express® Savings - 3.30% annual percentage yield (APY)¹⁷ The Annual Percentage Yield (APY) as advertised is accurate as of December 30, 2025. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened. Interest Rate and APY of a Certificate of Deposit account is fixed once the account is funded.

High Yield Savings Account. No Minimum Required Deposit or Balance.¹⁸ Terms Apply.

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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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5.0

AWARD WINNER Best Online Checking

High APY of up to 4.00% on Savings (3.30% APY¹ with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.²

Paycheck access up to 2 days early with direct deposit⁴

No monthly maintenance or overdraft fees³

Streamlined savings and savings goals with Vaults

Access to a large ATM network¹⁹