Opening deposit requirement: Some bank accounts require you make an initial minimum deposit to open your account

Opening deposit requirement: Some bank accounts require you make an initial minimum deposit to open your account

Exploring the features

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Often this is around $25 to $100, although, as the examples above show, some accounts don’t require a minimum deposit at all. This requirement is also more common on money market accounts, a type of savings account in the U.S. that may have a higher interest rate than other accounts but also often has a high minimum balance requirement.

Monthly fee: Some accounts will charge a monthly maintenance fee if account holders don’t meet certain requirements. These might include having direct deposits into the account or maintaining a minimum daily balance. If you don’t think you’ll maintain the account balance, look for a free checking account that doesn’t have any minimum balance requirements or monthly service fees.

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