Minimum Balance

Minimum balance is the lowest amount of money required in an account to avoid fees or qualify for certain benefits, often for checking accounts or savings accounts. Banks may require a daily or average monthly minimum.

Failing to maintain the minimum balance can trigger maintenance or service fees. Some accounts waive requirements if you meet direct deposit or activity thresholds.

Related Terms

Maintenance Fee

A maintenance fee is a recurring monthly service fee for keeping an account open. It covers account ...

Service Fee

A service fee is a charge for specific account services or transactions. Examples include wire fees,...

Savings Account

A savings account is a deposit account that typically earns interest on the balance. It's designed f...

Checking Account

A checking account is a deposit account held at a financial institution that allows withdrawals and ...

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