Most online savings accounts require $0–$1 to open and have no monthly fees regardless of balance. Traditional banks typically require $25–$500 to open and charge $5–$12/month if your balance drops below a threshold. Understanding three different minimums — to open, to avoid fees, and to earn the top APY — is key to choosing the right account. This guide covers every major bank’s requirements. For no-minimum options, see the no-minimum savings accounts guide.
Minimum Balances at Online Banks (2026)
Online banks have the most favorable minimum requirements — most charge no monthly fees regardless of balance.
| Bank | Min to Open | Min to Avoid Fees | Min for Top APY | Monthly Fee |
|---|---|---|---|---|
| Ally Bank | $0 | N/A | $0 (~3.00% APY on all balances) | None |
| Marcus by Goldman Sachs | $1 | N/A | $1 (~3.40% APY on all balances) | None |
| SoFi Bank | $0 | N/A | $0 (~3.10% standard, promo up to ~3.80% with DD) | None |
| Wealthfront Cash | $1 | N/A | $1 (~3.30% APY on all balances) | None |
| Betterment Cash Reserve | $0 | N/A | $0 (~3.25% base APY) | None |
| Capital One 360 | $0 | N/A | $0 (~3.00% APY on all balances) | None |
| CIT Bank — Savings Connect | $100 | N/A | $100 (~3.65% APY) | None |
| CIT Bank — Platinum Savings | $100 | N/A | $5,000 (3.75% APY, promo up to ~4.10%; 0.25% below $5K) | None |
Rates confirmed September 2026 and change frequently — confirm current figures with each bank. Discover Bank’s deposit products are no longer available to new customers; Discover merged into Capital One in May 2025.
Key insight: CIT Bank Platinum Savings illustrates why you must check the minimum for top APY separately from the minimum to open. Below $5,000, the rate drops sharply to 0.25% — savers who can’t maintain that balance are usually better off at a flat-rate bank.
Minimum Balances at Traditional Banks (2026)
| Bank | Min to Open | Min to Avoid Monthly Fee | Monthly Fee | Top APY (confirm current) |
|---|---|---|---|---|
| Chase Savings | $25 | $300 | $5/month | ~0.01–0.02% |
| Bank of America Core Savings | $100 | $500 | $8/month | ~0.01–0.04% |
| Wells Fargo Way2Save | $25 | $300 | $5/month | ~0.01% |
| Citibank Savings | $0 | $500 | $4.50/month | ~0.01–0.06% |
| US Bank Standard Savings | $25 | $300 | $4/month | ~0.01–0.05% |
| TD Bank Simple Savings | $0 | $300 | $5/month | ~0.01% |
| PNC Standard Savings | $0 | $300 | $5/month | ~0.01–0.03% |
| Regions LifeGreen Savings | $50 | $300 | $5/month | ~0.01% |
Fee amounts and minimums confirmed as of the original research date; policies can change, so verify directly with the bank. Big-bank APYs are typically near the low end of the FDIC’s tracked range and well below the 0.38% national average.
The fee trap: At roughly 0.01–0.04% APY, traditional bank savings accounts earn $10–$40/year on a $10,000 balance — often less than the annual fees if you fall below the minimum for several months. At a leading online bank (roughly 3.75% as of September 2026), the same $10,000 earns about $375/year with no fee.
Minimum Balances at Credit Unions (2026)
| Credit Union | Min to Open | Membership Requirement | Monthly Fee | APY (confirm current rate) |
|---|---|---|---|---|
| Alliant CU | $5 (one-time) | Membership eligibility | None | Confirm current rate |
| Navy Federal CU | $5 (share) | Military/family | None | Confirm current rate |
| PenFed CU | $5 (share) | Open to all | None | Confirm current rate |
| America First CU | $1 (share) | AZ/NV/UT/ID residents | None | Confirm current rate |
| BECU | $5 (share) | WA residents/employees | None | Confirm current rate |
Credit union rates vary significantly and change often — confirm current APY directly with each institution.
Credit union membership fee: Most credit unions require a small one-time share deposit ($1–$25) that establishes your membership. This is your ownership stake, not a fee — you get it back if you close your membership.
Three Minimums to Know Before Opening
When evaluating any savings account, ask about all three:
1. Minimum to open The deposit required to activate the account. Online banks: $0–$1. Traditional banks: $25–$500. This is usually the number advertised.
2. Minimum to avoid fees The ongoing balance required to waive the monthly service charge. At Chase Savings: $300. At Bank of America: $500. Miss this minimum for one month and you lose $5–$8 from your account automatically.
3. Minimum for top APY Some banks have tiered rates — the advertised high APY only applies at a certain balance threshold. CIT Bank Platinum: requires $5,000. Rates below the tier drop sharply.
Worked Example: True Cost of a Low-Balance Traditional Account
Scenario: $500 in a Chase Savings account for one year.
- APY: ~0.01% = $0.05 in interest earned
- Monthly fee (balance below $300 for 6 months): 6 x $5 = $30 deducted
- Net result: lost $29.95 — fees exceed interest by roughly 600x
Same $500 at a leading online bank (roughly 3.00% APY as of September 2026, no fee): earns about $15.00 in interest with no fees.
For accounts with no minimums at all, see no-minimum balance savings accounts. For opening steps, see how to open a savings account.
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