U.S. Bank standard checking accounts typically require a $1,500 minimum average balance to waive the $12 monthly maintenance fee. However, this fee can also be waived with $1,500 in monthly direct deposits, for customers 65+, or for those 24 and under. Student accounts require no minimum balance.
Easily get your Monthly Maintenance Fee 1 waived with any one of these: Average account balance of $1,500 or greater. Combined monthly direct deposits totaling $1,500 or greater.
Bank Smartly Savings account Monthly Maintenance Fee: The $5 monthly maintenance fee is waived when you are an owner of a Bank Smartly® Checking, Safe Debit account, Bank Smartly™ Visa Signature® Card, or for accounts with a minor under the age of 18.
A checking account minimum balance is the lowest dollar amount you must keep in the account to avoid monthly fees, with requirements varying from $0 to thousands, often waived by direct deposits or by maintaining an average daily balance (ADB) of, say, $500-$1,500, depending on the bank and account type (basic vs. premium). Many basic accounts have no minimum, while premium accounts might need $10,000+.
Here are some proven tips:
No minimum balance required to maintain account. Make deposits in person, or via ATM, phone, online, or automatic transfer. Club savings are automatically transferred in November to your savings or checking account.
The "27.39 rule" (often rounded to $27.40) is a simple financial strategy to save $10,000 in one year by consistently setting aside $27.40 every single day, making it an achievable micro-saving habit to build wealth or an emergency fund. It turns the daunting goal of saving $10,000 into a manageable daily action, emphasizing consistency over large lump sums.
Depositing $2,000 in cash isn't inherently suspicious and is well below the $10,000 reporting threshold for banks, but it can raise flags if it's part of a pattern (structuring), inconsistent with your normal income, or involves other red flags like frequent large cash deposits from others, leading to a potential Suspicious Activity Report (SAR). To avoid issues, have clear records for the cash's source, like invoices or sales receipts, especially if you deal in cash often.
U.S. Bank Smartly® Checking
Further fees are waived if you meet at least one of these criteria each month. Have at least $1,500 in monthly direct deposits. Hold a minimum average account balance of $1,5001. Be an owner on an eligible small business checking account.
You can get $400 from U.S. Bank primarily through their Business Essentials Checking account bonus, requiring a $5,000 new money deposit, maintaining that balance for 60 days, and completing 6 qualifying transactions (debit, ACH, Zelle, etc.) within 60 days of opening. Other options include using a U.S. Bank Simple Loan for up to $1,000 (with fees) or seeking other limited-time promotions for personal checking like the Smartly Checking bonus for higher direct deposits.
Account maintenance fee
As the name suggests, it's a fee the bank charges to maintain your account. In other words, it's a fee to have the privilege of having an account at a certain bank. The average account maintenance fee is $13.47/month.
Most customers have their monthly maintenance fee waived, and it can be waived on an ongoing basis by meeting at least one of the following requirements:
Enjoy no annual fee and credit-building benefits.
Choose your payment due date. Everyone's schedule is different. So it's handy to be able to pick when your payment is due.
Fifth Third Bank's featured, most popular checking account. All the benefits of a checking account with no monthly service charge. That's right, a free checking account! Plus, get additional time to make a deposit and avoid overdraft fees!
Maintaining the minimum balance
One of the most important reasons for savings account penalties is failing to maintain the required minimum balance savings account criteria. Banks often charge monthly fees if your account balance falls below a specified threshold.
Your bank charges a monthly service fee to cover its operational costs (like branches, staff, tech) and generate revenue, but you can often get it waived by meeting simple requirements, such as maintaining a minimum balance, setting up direct deposit, or using online statements, or by switching to an online bank or credit union with no fees.
I tell young people all the time, by the time you hit 33 years old you should have at least $100,000 saved somewhere. Make that your goal. That's the age when it's really time to start getting FOCUSED on saving.
While exact numbers vary by survey, roughly 15% to 20% of Americans have $10,000 or more in savings, though many have significantly less, with a median savings balance often reported below $10,000, highlighting a gap in financial security for many households. A significant portion of the population struggles to save, with some surveys showing nearly half having under $500 or less than $1,000, while others indicate that a notable percentage has $10,000 to $49,999.
In the U.S., the average checking account balance is nearly $9,000, but the balance varies widely by age and income. For example, if your typical monthly expenses are $6,000, you'll want to have $6,000 to $12,000 in your checking account.
The top 3 credit unions by assets consistently include Navy Federal Credit Union, State Employees' Credit Union (SECU), and often SchoolsFirst Federal Credit Union or Pentagon Federal Credit Union (PenFed), depending on the specific ranking and date, with Navy Federal being significantly the largest. Alliant Credit Union and BECU also frequently appear in the top ranks for overall service and digital offerings.
You generally won't find 7% on standard savings accounts, but can find it on Regular Saver Accounts (like First Direct or Co-operative Bank in the UK) or with specific Credit Unions (like Community Financial Credit Union in Michigan for up to $1,000 balance). For kids, some accounts like WECU offer 7% on small balances, while some high-yield checking accounts or accounts in other countries (like India's IDFC Bank) might hit 7% with strict conditions or large deposits.