My local bank just started charging a monthly fee if my balance drops below $500. Are there any major banks that don’t have a minimum daily balance requirement or at least something more reasonable?
Check out Alliant Credit Union, Ally, SoFi, and Capital One.
Smart said:
Check out Alliant Credit Union, Ally, SoFi, and Capital One.
I’d also add Discover to that list. All of them offer solid online checking accounts with no fees.
Smart said:
Check out Alliant Credit Union, Ally, SoFi, and Capital One.
If you’re looking for good savings options too, BMO Alto is offering 4.6% interest right now.
Smart said:
Check out Alliant Credit Union, Ally, SoFi, and Capital One.
If you’re looking for good savings options too, BMO Alto is offering 4.6% interest right now.
Are there any special requirements for that?
Your best options are credit unions, online banks, or smaller regional banks.
Whitney said:
Your best options are credit unions, online banks, or smaller regional banks.
Capital One and Discover seem like a good fit for me. The community banks in my area also charge minimum balance fees, which is why I’m looking at bigger banks.
Whitney said:
Your best options are credit unions, online banks, or smaller regional banks.
The risk with online banks is if your account gets frozen, it can be a hassle to resolve. Unlike a traditional bank, you can’t just walk in and sort it out. That’s why I keep my main savings in a physical bank and only use online banks for spending money and perks.
@Galen
That’s more of a problem if you only have one bank. No matter where you bank, it’s smart to have a backup account somewhere else in case something happens.
Whitney said:
@Galen
That’s more of a problem if you only have one bank. No matter where you bank, it’s smart to have a backup account somewhere else in case something happens.
Not everyone wants to juggle multiple bank accounts. Some people just want one solid bank that covers everything they need.
I just opened an account with Discover—no fees, plus 1% cashback on debit card purchases.
It really depends on what you need. You only mentioned the $500 minimum balance issue, but here are other things to think about:
- Do you need online banking?
- Will you use Venmo? Some banks don’t support it.
- Do you write checks?
- Do you need a physical branch?
- Would you be okay with an online-only bank?
- Are you open to a credit union?
- Are you looking for completely free checking or just a lower balance requirement?
Answering these will help you pick the right bank.
I really like Capital One—no fees, decent savings rates, and you can deposit cash at CVS locations.
A credit union is your best bet.
Try a credit union. They usually have better terms than big banks.
There’s no single ‘best’ bank. The right one depends on what you need. Thousands of banks and credit unions exist, and different people have different priorities.
Does your current bank waive the fee if you set up direct deposit?
CreditCommanders3 said:
Does your current bank waive the fee if you set up direct deposit?
No, they don’t.
Capital One 360, Schwab Investor Checking, Fidelity CMA, Alliant Credit Union, Discover, or a local credit union. If you prefer a big bank, U.S. Bank offers free checking if you have a credit card with them.
TD Bank has a $100 minimum balance requirement.