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Opening minimums: traditional vs. online banks

For comparison, Bankrate.com once again looked at a selection of checking accounts offered by Internet banks. Because interest checking accounts are offered by each of the Internet banks surveyed, and because of the limited number of noninterest accounts they offer, the focus of comparison will be on interest checking accounts. Here is a look at how they stack up against what is available at your local bank.

Minimum to open
When it comes to the minimum balance required to open a checking account, or the minimum required to earn interest in the case of interest-bearing accounts, there are more similarities than differences between traditional banks and Internet banks. The minimum deposit amounts are higher on interest accounts, but comparable at $681 for Internet banks and $615 for traditional banks. On noninterest accounts, the balance requirements are significantly lower and equally comparable. At traditional banks, the average is $87 while Internet banks require an average of $100.

Comparison of average minimum to open

Bankrate.com's corrections policy -- Posted: Oct. 30, 2006

 
 
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