Lauren Smith, WalletHub Staff Writer
@laurenellesmith
The minimum balance requirement for a money market account could be less than $1,000 or up to $25,000+, depending on the financial institution. Generally, money market accounts tend to have higher minimum balance requirements than regular savings accounts.
Examples of Minimum Balance Requirements for Money Market Accounts
| Bank | Money Market Account | Minimum Account Balance |
| Rewards Money Market Savings | $2,500 to avoid a monthly fee | |
| Elite Money Market Account | $25,000 for the highest APY | |
| Truist One Money Market Account | $1,000 to avoid a monthly fee | |
| Premiere Money Market Account | $5,000 to avoid a monthly fee | |
| 360 Money Market | $0 |
Failure to maintain the account’s minimum balance requirement could result in a monthly fee or a lower APY. In some cases, you may be able to avoid the fee by linking a checking account at the same bank to your money market account.
Key Things to Know About Money Market Account Balance Requirements
- Accounts with higher minimum balances usually offer higher interest rates and additional account benefits.
- Added account benefits can include priority customer service, no or low fees, free checks, or access to exclusive banking products and services.
- A single financial institution can offer multiple accounts with different minimum balance requirements.
- Banks may offer specific interest rates or fee structures based on minimum balance thresholds for various accounts.
- To determine the minimum balance for a specific money market account, you should contact the financial institution directly.
You can compare the best money market accounts here at WalletHub.
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