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 | $12 | $1,500 | Average daily | $500+ direct deposit, or 5 qualifying transactions |
| Chase | Secure Banking | $4.95 | Cannot be waived | — | No waiver available |
| Chase | Premier Plus | $25 | $75,000 | Combined average daily | $500+ auto mortgage payment |
| Bank of America | Advantage SafePass | $4.95 | None needed | — | Under 25 or any direct deposit |
| Bank of America | Advantage Plus | $12 | $1,500 | Combined daily | $250+ direct deposit |
| Bank of America | Advantage Relationship | $25 | $20,000 | Combined daily | Preferred Rewards enrollment |
| Wells Fargo | Everyday Checking | $10 | $1,500 | Minimum daily | $500+ direct deposit or 10 debit transactions |
| Wells Fargo | Prime Checking | $25 | $20,000 | Combined daily | $3,000+ direct deposit |
| Citibank | Basic Banking | $12 | $1,500 | Average monthly | One qualifying direct deposit + one bill payment |
| Citibank | Citi Priority | $30 | $30,000 | Combined average | Qualifying mortgage or home equity |
| US Bank | Smartly Checking | $6.95 | $1,500 | Average daily | $1,000+ direct deposit or 2 deposits totaling $1,000 |
| PNC | Virtual Wallet | $7 | $500 | Average daily | $500+ direct deposit |
| PNC | Virtual Wallet Performance | $15 | $2,000 | Average daily | $2,000+ in combined direct deposits |
| Truist | One Checking | $12 | $1,500 | Minimum daily | $500+ direct deposit |
| 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 |
| Discover | Cashback Debit | $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 | 4.00-4.20% | $0 | $0 | $0 |
| Marcus (Goldman Sachs) | High-Yield Savings | 4.00-4.40% | $0 | $0 | $0 |
| Capital One | 360 Performance Savings | 4.00-4.25% | $0 | $0 | $0 |
| Discover | Online Savings | 4.00-4.25% | $0 | $0 | $0 |
| SoFi | Savings | 3.80-4.50% | $0 | $0 | $0 |
| Barclays | Tiered Savings | 4.00-4.35% | $0 | $0 | $0 |
| Bread Savings | High-Yield Savings | 4.50-5.00% | $100 | $0 | $0 |
| CIT Bank | Savings Connect | 4.50-4.65% | $100 | $0 | $0 |
| UFB Direct | High Yield Savings | 4.01-5.06% | $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 |
| Discover | $2,500 | 3 months – 10 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) |
| Bank of America | Platinum Honors money market | $100,000 | $100,000 | $0 (with Preferred Rewards) |
| 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 |
| Discover | Money Market | $0 | $100,000+ for tiered rate | $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 big bank checking account earning 0.01% APY could earn $60-$75/year in a high-yield savings account at 4-5% APY. Over 10 years, you’re losing $600-$750 in potential interest — 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, Discover | $0 fees, $0 minimum, 4%+ APY |
| CD | Ally, Capital One, Synchrony | $0 minimum deposit |
| Money Market | Ally, Discover, 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.