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Do you need a minimum balance to open a savings account?

A few traditional savings accounts require a minimum balance you’ll need to meet every month to qualify for certain benefits or to avoid some fees, like a monthly maintenance fee. Depending on the type of savings account and where you open the account, you might need to meet a minimum balance requirement.

How much does it cost to open a savings account?

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.

How much does it cost to maintain a savings account?

Fees: Many banks charge a maintenance fee if your savings account balance falls below a certain threshold. This fee is typically no higher than $15 a month. Lower interest rate: Some banks may require you to maintain a minimum balance to earn their advertised yields.

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