The amount you keep in savings depends on your bank's rules, not on a single right answer
There is no federal law that says you must keep a minimum balance in a savings account. Some banks require nothing; others require $25, $500, or $2,500 to open an account or to keep it open without fees. The requirement—if one exists—comes from your specific bank, not from the government. If you fall below the minimum, your bank may charge a monthly fee, close the account, or both.
The amount that makes sense for you to keep is separate from what your bank requires. That is a personal decision based on your emergency fund goal, your monthly expenses, and how much you can afford to set aside. This guide covers what banks require and how to find out what your bank wants from you.
Key Takeaways
- Minimum balance requirements vary by bank and by account type, ranging from zero to several thousand dollars.
- You can find your bank's requirement in the account disclosure document you received when you opened the account, or by calling customer service.
- If you drop below the minimum, your bank will usually charge a monthly fee until you bring the balance back up.
- Online banks and credit unions often have lower or no minimum balance requirements than traditional brick-and-mortar banks.
- The amount financial advisors recommend for an emergency fund (three to six months of expenses) is different from what your bank requires you to keep.
How to find your bank's minimum balance requirement
The easiest way is to log into your online banking account and look for account details or account terms. Most banks post this information in a section called "Account Features," "Disclosures," or "Terms and Conditions." You should see a line that says something like "Minimum Opening Balance" or "Minimum Daily Balance."
If you cannot find it online, call your bank's customer service number on the back of your debit card. Tell them you want to know the minimum balance requirement for your specific account. They will give you the exact number in under a minute. If you have a paper copy of your account agreement from when you opened the account, the requirement is usually on the first or second page.
If you are thinking about opening a new account, the bank's website will list the requirement before you start. Look for a section labeled "Savings Account" or "High-Yield Savings Account" and scroll to the details or "Learn More" button.
What happens if you go below the minimum
If your bank has a minimum balance requirement and you drop below it, the most common consequence is a monthly maintenance fee. This fee is usually $5 to $15 per month, though it varies by bank. The fee keeps charging every month until your balance goes back above the minimum.
Some banks will close your account if you stay below the minimum for a long time—usually 60 to 90 days, depending on the bank's policy. When an account is closed, any remaining balance is mailed to you as a check, and the account is removed from your records. A closed account can show up on your banking history and may make it harder to open accounts at other banks in the future.
A few banks will waive the fee if you meet other conditions, such as setting up direct deposit, maintaining a linked checking account, or keeping a certain balance in a different account. Ask your bank whether any of these options apply to you.
Minimum requirements at different types of banks
| Bank Type | Typical Minimum Balance | Notes |
|---|---|---|
| Large national banks (Chase, Bank of America, Wells Fargo) | $0 to $500 | Often $0 for basic savings accounts; higher for premium accounts. |
| Online banks (Ally, Marcus, Discover) | $0 to $25 | Usually the lowest or no requirement; higher interest rates common. |
| Credit unions | $0 to $100 | Varies widely; often lower than banks; may require membership fee. |
| Local or regional banks | $100 to $1,000 | Varies by institution; call ahead to confirm. |
| Money market accounts | $2,500 to $10,000 | Higher minimums; higher interest rates; limited withdrawals. |
The difference between bank requirements and personal savings goals
What your bank requires you to keep is not the same as what financial advisors recommend you save. Many banks have no minimum at all, but financial advisors often suggest keeping three to six months of living expenses in an emergency fund. If your monthly expenses are $3,000, that would mean saving $9,000 to $18,000—far more than most banks require.
Your personal savings goal should be based on your own situation: how stable your income is, whether you have dependents, how much debt you carry, and how much you can afford to set aside each month. A bank requirement is simply a rule that determines whether you pay a fee. Meeting your bank's requirement does not mean you have saved enough for emergencies.
How to avoid minimum balance fees
If your current bank's minimum is too high for you to maintain comfortably, you have options. You can switch to a bank with a lower or zero minimum requirement—online banks and credit unions often have neither. You can also ask your bank whether you can waive the requirement by setting up direct deposit or linking a checking account.
Before you switch, compare interest rates. A bank with no minimum but a 0.01% interest rate will earn you almost nothing, while an online bank with no minimum and a 4% or 5% interest rate will grow your money faster. The fee you save by switching might be smaller than the interest you gain.
If you want to stay with your current bank, set a calendar reminder to check your balance once a month. If you are close to the minimum, transfer money in from another account. Most banks let you move money between your own accounts instantly online.
Frequently Asked Questions
Can a bank close my account if I don't meet the minimum balance?
Yes. If you stay below the minimum for 60 to 90 days (the exact timeframe depends on your bank), the bank can close the account. When it closes, any money left in it is mailed to you as a check. A closed account may appear on your banking history and could make it harder to open accounts elsewhere.
Do I have to pay the minimum balance fee every month?
Only if you stay below the minimum. The fee typically charges once per month as long as your balance is below the required amount. Once you bring your balance back up, the fee stops. Some banks will refund one or two months of fees if you ask, but this is not may provide.
What's the difference between minimum opening balance and minimum daily balance?
Minimum opening balance is what you need to deposit to create the account in the first place. Minimum daily balance is what you must keep in the account after it is open. You might need $100 to open an account but only $25 to keep it open. Check your account terms to see which applies to you.
Do online banks really have no minimum balance requirements?
Most do, but not all. Many online banks have zero minimum, which is one reason they attract customers. However, some online banks do have small minimums ($25 or less). Always check the specific bank's website before you open an account.
If I have multiple accounts at the same bank, do I have to meet the minimum in each one?
Usually yes—each account is separate. However, some banks allow you to link accounts and count the total balance across all of them toward the minimum. Ask your bank whether this option is available for your accounts.