What is a minimum balance requirement?
A minimum balance requirement is the minimum amount you need to keep in your account to keep it active.
Many accounts will require you to deposit a nominal amount into your account to activate it, which could range from $1 to $20.
Some savings accounts may also have bonuses or may waive fees if you increase your balance each month.
Check with your lender or your account's product schedule to see if your account has a minimum balance requirement.