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Exclusive   2007 Checking Study
  STATISTIC: The average monthly service charge for interest-paying  
  accounts jumped nearly $1 a month.  

New highs to open accounts

Minimum to open interest-paying accounts soars
The average minimum deposit to open an account and earn interest jumped a staggering 60 percent, up from $615.41 a year ago to $986.19 in the current survey. If you go back to 18 months ago, the average minimum has more than doubled from the then $429.76. After remaining steady for a number of years, the opening balance has kicked into overdrive since the spring 2006 survey.

Why? While you may be able to open the account for a more modest sum, banks are raising the threshold it takes to earn the stated rate of interest. The number of banks increasing the minimum outnumbered those decreasing it 17-to-12, and those that increased it did so in an exponential fashion. What results is a much higher initial deposit to earn interest.

Minimum to open an interest account

Minimum to open noninterest account slides
The average minimum deposit required to open a noninterest account slid from $87.67 to $83.02 since last year. Although this is still the second highest ever found in the survey, the amount has always been a comparatively modest sum relative to interest-bearing accounts. There weren't many movers in this survey, with just 10 institutions changing their requirement since the last survey.

Minimum to open a noninterest account


Create a news alert for "checking study" -- Posted: Sept. 26, 2007
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