Minimum balance requirements are the #1 reason Americans pay avoidable bank fees. One in three checking account holders pays monthly maintenance fees — and most could eliminate them by switching accounts or understanding the rules.
This guide covers minimum balance requirements at every major US bank, organized by account type, so you can find the lowest-cost option for your situation.
How Minimum Balance Requirements Work
Banks use minimum balance thresholds to decide whether you pay monthly fees. There are three common methods:
| Method | How It Works | Forgiveness Level |
|---|---|---|
| Minimum daily balance | Balance cannot drop below the threshold on any single day | Least forgiving — one bad day triggers the fee |
| Average daily balance | Daily balances are averaged across the statement cycle | More forgiving — temporary dips are OK if you recover |
| Combined/linked balance | Balances across multiple accounts at the same bank are totaled | Most flexible — spread across checking, savings, and investment accounts |
Why this matters: A bank requiring a $1,500 average daily balance is much easier to meet than one requiring a $1,500 minimum daily balance. If your paycheck hits on the 15th and your rent clears on the 1st, your daily minimum might drop to $200 even though your average is $2,000.
Checking Account Minimum Balances
Big Banks
| Bank | Account | Monthly Fee | Minimum to Waive | Balance Type | Other Ways to Waive |
|---|---|---|---|---|---|
| Chase | Total Checking | $15 | $1,500 | Daily balance at the beginning of each day | $500+ in qualifying electronic deposits, or $5,000 average beginning day balance (alone or with linked accounts) |
| Chase | Secure Banking | $4.95 | No balance option | — | $250+ in qualifying electronic deposits, a linked qualifying checking account, or owner age 17–24 |
| Chase | Premier Plus | $25 | $15,000 | Average beginning day, alone or with linked accounts | Linked qualifying Chase mortgage with automatic payments |
| Bank of America | Advantage SafeBalance | $4.95 | $500 | Minimum daily | Owner under 25 or BofA Rewards tier |
| Bank of America | Advantage Plus | $12 | $1,500 | Minimum daily | $250+ direct deposit |
| Bank of America | Advantage Relationship | $25 | $20,000 | Minimum daily | BofA Rewards Preferred Plus or higher tier |
| Wells Fargo | Everyday Checking | $15 | $1,500 | Minimum daily | $500+ qualifying electronic deposits, $5,000 combined balances, or owner age 17–24 |
| Wells Fargo | Prime Checking | $25 | $20,000 | Statement-ending combined | Wells Fargo employee or qualified retiree |
| Citibank | Regular Checking | $15 | No balance option | Not applicable | $250+ in direct deposits or other qualifying transactions |
| Citibank | Citi Priority tier | No fee | $30,000 | Combined average monthly | Not applicable |
| US Bank | Smartly Checking | $12 | $1,500 | Average account balance | $1,500+ combined monthly direct deposits, or owner age 13–24 or 65+ |
| PNC | Virtual Wallet | $7 | $500 | Combined average monthly | $500+ monthly direct deposits or owner age 62+ |
| PNC | Virtual Wallet Performance | $15 | $2,000 | Average daily | $2,000+ in combined direct deposits |
| Truist | One Checking | $12 | $500 | Combined ledger balance | $500+ direct deposits, related Truist loan or credit card, or owner under 25 / 62+ |
| TD Bank | Beyond Checking | $25 | $2,500 | Minimum daily | None |
| Regions | LifeGreen Checking | $8 | $1,500 | Average daily | $500+ direct deposit |
Online Banks
| Bank | Account | Monthly Fee | Minimum to Open | Minimum Balance |
|---|---|---|---|---|
| Ally Bank | Interest Checking | $0 | $0 | $0 |
| Capital One | 360 Checking | $0 | $0 | $0 |
| SoFi | Checking & Savings | $0 | $0 | $0 |
| Chime | Checking | $0 | $0 | $0 |
| Varo | Bank Account | $0 | $0 | $0 |
| Current | Checking | $0 | $0 | $0 |
| Axos Bank | Rewards Checking | $0 | $0 | $0 |
The pattern is clear: Big banks charge $7-$30/month in fees and require $500-$75,000 in minimum balances to waive them. Online banks charge $0 with no minimums.
Savings Account Minimum Balances
Big Banks
| Bank | Account | Monthly Fee | Minimum to Waive | Balance Type |
|---|---|---|---|---|
| Chase | Savings | $5 | $300 | Daily balance |
| Bank of America | Advantage Savings | $8 | $500 | Daily balance |
| Wells Fargo | Way2Save | $5 | $300 | Minimum daily |
| Citibank | Savings | $4.50 | $500 | Average monthly |
| US Bank | Standard Savings | $4 | $300 | Average daily |
| PNC | Standard Savings | $5 | $300 | Average daily |
| Truist | Savings | $5 | $300 | Minimum daily |
| TD Bank | Simple Savings | $5 | $300 | Minimum daily |
Online Banks & High-Yield Savings
| Bank | Account | APY | Minimum to Open | Minimum Balance | Monthly Fee |
|---|---|---|---|---|---|
| Ally Bank | High-Yield Savings | 3.10% | $0 | $0 | $0 |
| Marcus (Goldman Sachs) | High-Yield Savings | 3.50% | $0 | $0 | $0 |
| Capital One | 360 Performance Savings | 3.10% | $0 | $0 | $0 |
| SoFi | Savings | 0.80%–3.30% | $0 | $0 | $0 |
| Barclays | Tiered Savings | 3.50%–3.65% | $0 | $0 | $0 |
| Bread Savings | High-Yield Savings | 4.05% | $100 | $0 | $0 |
| CIT Bank | Platinum Savings | 0.25%–3.75% | $100 | $0 | $0 |
| UFB Direct | Portfolio Savings | 3.26%–3.46% | $0 | $0 | $0 |
CD Minimum Deposits
| Bank | Minimum Deposit | CD Terms Available |
|---|---|---|
| Chase | $1,000 | 1 month – 10 years |
| Bank of America | $1,000 | 1 month – 10 years |
| Wells Fargo | $2,500 | 3 months – 5 years |
| Citibank | $500 | 3 months – 5 years |
| Ally Bank | $0 | 3 months – 5 years |
| Capital One | $0 | 6 months – 5 years |
| Marcus | $500 | 6 months – 6 years |
| Synchrony | $0 | 3 months – 5 years |
| Barclays | $0 | 3 months – 5 years |
| Bread Savings | $1,500 | 1 year – 5 years |
Money Market Minimum Balances
| Bank | Account | Minimum to Open | Minimum to Earn Top Rate | Monthly Fee |
|---|---|---|---|---|
| Chase | Premier Savings (money market-like) | $0 | $75,000 | $25 (unless waived) |
| Wells Fargo | Platinum Savings | $25 | $25,000+ for best rate | $12 (waive with $3,500 minimum) |
| Citibank | Savings Plus | $0 | $200,000+ | $30 (waive with $30,000 combined) |
| Ally Bank | Money Market | $0 | $0 | $0 |
| Sallie Mae | Money Market | $0 | $0 | $0 |
| CIT Bank | Money Market | $100 | $0 | $0 |
Brokerage & Investment Account Minimums
| Firm | Account Minimum | Minimum to Invest |
|---|---|---|
| Fidelity | $0 | $0 (most funds), $1 (fractional shares) |
| Charles Schwab | $0 | $0 |
| Vanguard | $0 | $1,000-$3,000 (mutual funds), $1 (ETFs) |
| TD Ameritrade (now Schwab) | $0 | $0 |
| E*Trade (Morgan Stanley) | $0 | $0 |
| Robinhood | $0 | $1 (fractional shares) |
| Webull | $0 | $5 (fractional shares) |
| Interactive Brokers | $0 | $0 |
| Merrill Edge | $0 | $0 |
| JP Morgan Self-Directed | $0 | $0 |
| Betterment | $0 (digital), $100K (premium) | $10 |
| Wealthfront | $500 | $500 |
| SoFi Invest | $0 | $1 |
IRA Minimums
| Provider | Minimum to Open | Minimum Investment |
|---|---|---|
| Fidelity | $0 | $0 |
| Charles Schwab | $0 | $0 |
| Vanguard | $0 (brokerage IRA), $1,000-$3,000 (mutual fund IRA) | $1 (ETFs) |
| E*Trade | $0 | $0 |
| Robinhood | $0 | $1 |
| Betterment | $0 | $10 |
| Wealthfront | $500 | $500 |
| TD Ameritrade | $0 | $0 |
How to Avoid Minimum Balance Fees
1. Switch to an Online Bank
The simplest solution. Online banks don’t charge monthly fees or require minimum balances because they don’t have branch costs.
Annual savings: $60-$300
2. Set Up Direct Deposit
Most big banks waive monthly fees with qualifying direct deposits ($250-$500+/month). If your employer pays via direct deposit, this is the easiest waiver.
3. Link Multiple Accounts
Some banks calculate minimums across combined balances. At Chase, a checking account with $500, savings with $400, and investment account with $600 = $1,500 combined balance — enough to waive the fee.
4. Use Automatic Transfers
Setting up scheduled transfers right before your statement cycle date can help maintain the average daily balance. Transfer money in before the cutoff and back out after.
5. Downgrade Your Account
If you have a premium checking account ($25/month) and can’t maintain the higher balance, downgrade to a basic account with a lower minimum ($1,500 vs. $20,000+).
How Much Do Minimum Balance Fees Cost You?
| Scenario | Monthly Fee | Annual Cost | 10-Year Cost |
|---|---|---|---|
| Basic checking (can’t waive) | $12 | $144 | $1,440 |
| Savings below minimum | $5 | $60 | $600 |
| Premium checking fees | $25 | $300 | $3,000 |
| Checking + savings fees | $17 | $204 | $2,040 |
Opportunity cost: That $1,500 minimum balance sitting in a checking account that pays little or no interest could earn about $46.50 to $60.75 a year in a high-yield savings account at today’s online rates. Over the years that adds up — on top of any fees you’re paying.
The Bottom Line
| Account Type | Best No-Minimum Option | Why |
|---|---|---|
| Checking | Ally, Capital One 360, SoFi | $0 fees, $0 minimum, earn interest |
| Savings | Marcus, Capital One, Ally | $0 fees, $0 minimum, 3%+ APY |
| CD | Ally, Capital One, Synchrony | $0 minimum deposit |
| Money Market | Ally, Sallie Mae | $0 minimum, competitive rates |
| Brokerage | Fidelity, Schwab | $0 minimum, $0 commissions |
| IRA | Fidelity, Schwab | $0 minimum, thousands of no-fee funds |
There’s no financial reason to pay minimum balance fees in 2026. Online banks offer FDIC-insured accounts with identical features — mobile deposit, bill pay, Zelle, early direct deposit — without charging you for the privilege of holding your own money.
Related Articles
- Best Checking Accounts
- Best Savings Accounts
- Chase vs Bank of America
- Online Banks vs Traditional Banks
- No-Fee No-Minimum Banks
- CD Minimum Deposit by Bank
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