Most online savings accounts have no minimum balance requirement at all
The short answer: many online banks let you open and maintain a savings account with $0. No minimum deposit to start, no minimum to keep the account open. This is one of the real advantages of online banking—the overhead is lower, so banks can afford to drop the barrier that traditional brick-and-mortar banks still enforce.
That said, "no minimum" is not universal. Some online banks do set a floor, usually between $25 and $500. A few require $1,000 or more, though these are less common in the savings account space and more common in money market accounts or certificates of deposit. The difference matters because falling below a minimum can trigger a monthly fee, and that fee eats into the interest you earned.
The banks with the lowest or zero minimums tend to be the ones competing hardest on rate and convenience. They make their money on the spread between what they pay you and what they lend out, not on fees. Banks that charge minimums often do so because they want to discourage small accounts—they cost money to maintain even when they sit idle.
Key Takeaways
- Most major online banks (Ally, Marcus, Discover, American Express) have zero minimum balance requirements for savings accounts.
- Some online banks set minimums between $25 and $500; a few require $1,000, but this is less common for savings accounts than for money market accounts.
- Falling below a stated minimum usually triggers a monthly maintenance fee of $5 to $15, which reduces your interest earnings.
- The bank's disclosure document (called a "Truth in Savings" form) will state the minimum clearly; if you do not see one mentioned, the account likely has no minimum.
Where the minimum appears in the account agreement
Before you open an account, the bank must give you a document called a Truth in Savings disclosure. This is a federal requirement under Regulation DD. It lists the interest rate, how interest is calculated, when it is paid, and—if one exists—the minimum balance requirement and what happens if you fall below it.
Read this document before you fund the account. Do not rely on the marketing language on the bank's website. The disclosure is the legal contract. If it says "Minimum balance: $0" or does not mention a minimum at all, you are safe. If it says "$500 minimum," that is what you need to maintain.
Some banks distinguish between a minimum to open the account and a minimum to avoid a fee. You might be able to open with $1, but if you do not keep $500 in the account, you pay $10 a month. That monthly fee compounds—it wipes out months of interest on a small balance.
What happens if you drop below the minimum
If your account has a stated minimum and your balance falls below it, the bank will charge a monthly maintenance fee. This fee is usually $5 to $15, depending on the bank. Some banks waive the fee if you meet an alternative condition—for example, if you set up a direct deposit or link the account to a checking account at the same bank.
The fee hits your account once a month, usually on the same day each month. It reduces your balance further, which can trigger another fee the next month if you do not deposit money. This is why the minimum matters more on small balances: a $10 monthly fee on a $100 account is 10 percent of your balance, whereas on a $10,000 account it is 0.1 percent.
If you are unsure whether your account has a minimum, log into your online banking portal and look for the account details or terms. You can also call the bank's customer service line. They will tell you the minimum and what fee applies if you fall below it.
How minimums differ between account types
Savings accounts almost always have lower or no minimums. Money market accounts—which offer check-writing and debit card access—often have minimums of $2,500 to $10,000. Certificates of deposit (CDs) typically require $500 to $1,000 to open, though some banks offer CDs with no minimum.
If you are comparing accounts across different banks, do not assume they all have the same structure. One bank might have a $0 minimum on savings but a $1,000 minimum on its money market account. Another might have no minimums on either. The disclosure document is the only reliable source.
Banks with zero minimums and competitive rates
If you want to avoid the minimum question altogether, these types of banks typically offer savings accounts with no minimum balance requirement: online-only banks (Ally, Marcus, Discover, American Express Personal Savings), credit unions that participate in shared branching networks, and some regional banks that compete on rate rather than fees.
The trade-off is usually that these banks do not have physical branches. You cannot walk in and deposit cash or speak to someone face-to-face. But if you are comfortable banking online and via phone, the zero-minimum, higher-rate accounts are usually the better deal. You keep more of what you earn because you are not paying fees.
Before you open, check the current interest rate and the minimum. Both change. A bank that had a 4.5 percent rate and zero minimum six months ago might now offer 3.8 percent and require $500. The disclosure you see today is what matters for your decision.
When a minimum makes sense to accept
If a bank offers a significantly higher interest rate in exchange for a minimum balance, and you have the money to meet it, the math might work in your favor. For example, if Bank A offers 4.0 percent with no minimum and Bank B offers 4.5 percent with a $1,000 minimum, and you have $5,000 to save, Bank B pays you $25 more per year on that money. The minimum is not a cost—it is just a requirement you already meet.
The minimum becomes a problem only if it forces you to lock up money you might need, or if you are uncertain you can keep the balance above it. If you have $600 and the minimum is $1,000, you either need to find another $400 or choose a different account. Do not open an account you cannot maintain.
Frequently Asked Questions
Can I open a savings account with $0 and deposit money later?
Yes, if the bank has no minimum. You can open the account with $0 and deposit money whenever you want. Some banks require a small initial deposit (like $25) to set up the account, but many do not. Check the disclosure before you open to know what the bank requires.
What if I fall below the minimum by accident?
The bank will charge the monthly maintenance fee once. If you bring the balance back above the minimum before the next fee date, you will not be charged again. If you stay below the minimum, the fee repeats every month. Call the bank if you want to know the exact date the fee will hit.
Do online banks ever waive the minimum fee?
Some do, if you meet a condition like setting up a direct deposit or maintaining a linked checking account. Check the disclosure or call the bank to ask what waivers are available. These vary by bank and sometimes by account tier.
Is the minimum the same across all accounts at one bank?
No. A bank might have zero minimum on savings but $2,500 minimum on money market. Each account type has its own terms. Always read the disclosure for the specific account you are opening.
Can I move money between accounts to stay above the minimum?
Yes. If you have a checking account and a savings account at the same bank, you can transfer money between them to keep the savings account above its minimum. Some banks even count the combined balance of linked accounts toward the minimum, so check your bank's policy.