What Bank of America requires you to keep in your account

Bank of America's minimum balance requirement depends on which account you hold. Most checking and savings accounts have no minimum balance at all — you can open them and maintain them with $0. However, some accounts do require a minimum, and if you fall below it, you'll pay a monthly fee.

The accounts with minimums are mostly premium or specialty products: Preferred Rewards accounts (which tier you're in affects your minimum), money market accounts, and CDs. A regular checking account like the Bank of America Checking or Bank of America Savings has zero minimum. The fee for falling below a minimum, when one exists, typically ranges from $12 to $25 per month, depending on the account type.

Key Takeaways

  • Standard Bank of America Checking and Bank of America Savings accounts have no minimum balance requirement.
  • Premium accounts like Preferred Rewards and money market accounts do have minimums, usually $1,500 to $25,000 depending on the tier or product.
  • If you fall below the minimum on an account that has one, Bank of America charges a monthly maintenance fee of $12 to $25.
  • You can waive many minimums by setting up direct deposit or maintaining a linked Preferred Rewards membership.

Standard checking and savings accounts with no minimum

Bank of America Checking and Bank of America Savings both have a $0 minimum balance. You can open either account, never deposit money, and incur no fees for the lack of balance. The only fees you'll face are those tied to specific actions — overdrafts, out-of-network ATM use, or wire transfers — not to how much money sits in the account.

This applies whether you're a new customer or an existing one. There's no waiting period or threshold you have to cross. If you close the account and reopen it later, the same rule holds.

Preferred Rewards accounts and their tiered minimums

Bank of America Preferred Rewards is a membership program that offers perks like higher interest rates and fee waivers. The program has four tiers — Silver, Gold, Platinum, and Platinum Honours — and each tier has a different minimum balance requirement tied to your total relationship with the bank.

Silver requires $20,000 in combined deposits and investments. Gold requires $50,000. Platinum requires $100,000. Platinum Honours requires $1,000,000. These minimums apply to your total relationship balance — the sum of all your checking, savings, money market, and investment accounts at Bank of America, plus any CDs you hold. If your combined balance falls below your tier's minimum, you lose the perks associated with that tier, but you don't pay a separate fee for the shortfall itself. You simply drop to the next lower tier or out of the program entirely.

The benefit of Preferred Rewards is that it can waive monthly maintenance fees on certain accounts. If you maintain the minimum for your tier, you won't pay the $12 monthly fee on a Preferred Rewards checking account, for example.

Money market accounts and their minimums

Bank of America Money Market accounts require a $2,500 minimum balance to open and to avoid a $25 monthly maintenance fee. If your balance drops below $2,500 at any point during a statement cycle, the fee applies to that month.

Money market accounts also come with a limited number of withdrawals per month (typically six under federal rules, though this varies). The minimum balance is separate from withdrawal limits — you can make six withdrawals and still owe the fee if your balance dips below $2,500.

CDs and their opening minimums

Bank of America CDs (certificates of deposit) have opening minimums that vary by term length and current promotions. Standard minimums range from $500 to $2,500, depending on the CD term you choose. Once you've opened the CD and funded it to the minimum, there's no ongoing balance requirement — the money is locked in for the term you selected, and you won't be charged a fee for the balance itself.

If you withdraw money before the CD matures, you'll pay an early withdrawal penalty, but that's a separate cost from a balance fee. The penalty amount depends on the term length of your CD.

How to waive minimums on accounts that have them

Bank of America offers several ways to avoid paying fees on accounts with minimums. The most common is to set up direct deposit — if you have your paycheck or government benefits deposited directly into your account, many account minimums are waived. This applies to Preferred Rewards checking accounts and some other products.

Maintaining a Preferred Rewards membership at the appropriate tier also waives minimums. If you keep your combined balance above your tier's threshold, you won't pay maintenance fees on may have access to accounts within that tier.

Some accounts waive minimums if you maintain a linked savings account or if you keep a certain balance in a linked investment account. Bank of America's website and your account documents will specify which waivers apply to your specific account type.

What happens if you fall below the minimum

If you hold an account with a minimum balance requirement and your balance drops below it, Bank of America charges a monthly maintenance fee. The fee is typically $12 to $25, depending on the account. The fee posts to your account automatically during the statement cycle in which you fell below the minimum.

Falling below the minimum once doesn't close your account or trigger any action beyond the fee. You can bring your balance back above the minimum in the next month and avoid the fee in future months. However, if fees accumulate and you don't address them, they can push your balance negative, which may trigger overdraft fees or account closure if the negative balance persists.

Frequently Asked Questions

Do I have to maintain a minimum balance to open a Bank of America account?

No. Bank of America Checking and Bank of America Savings both open with $0 minimum. Money market accounts and CDs do require a minimum to open — typically $2,500 for money market and $500 to $2,500 for CDs — but standard checking and savings do not.

What's the difference between an opening minimum and an ongoing minimum?

An opening minimum is what you must deposit to create the account. An ongoing minimum is what you must keep in the account each month to avoid a fee. Some accounts have both; some have neither. Bank of America Checking has neither — $0 to open, $0 to maintain.

If I have multiple accounts, do the minimums combine?

For Preferred Rewards, yes — your combined balance across all your Bank of America accounts counts toward your tier minimum. For individual accounts like money market, no — each account's minimum is separate. A money market account with $2,500 and a checking account with $100 means you meet the money market minimum but not both.

Can I waive a money market account's minimum by setting up direct deposit?

Direct deposit waivers apply to certain checking and Preferred Rewards accounts, not typically to money market accounts. Check your account documents or contact Bank of America to confirm which waivers apply to your specific product.

What happens to my account if I can't maintain the minimum?

You'll be charged a monthly maintenance fee, but your account stays open. The fee will be deducted from your balance each month you fall short. If you want to avoid the fee, you can close the account or switch to a product with no minimum, like Bank of America Checking.