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Minimum to open and earn interest hit a new high!
The average minimum required to open an account and earn interest
shot higher from $429.76 to $615.41 since the spring survey, a 43
percent increase. The threshold to get the meager amount that passes
for interest earnings climbed, as the number of accounts seeing
higher balance requirements outnumbered those with lower requirements
by greater than 9-to-1.
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| Minimum to open and earn interest |
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Minimum to open a noninterest account hit
a new high
The average minimum deposit required to open a noninterest account
also increased by a notable percentage, rising 21 percent from $72.43
to a new high of $87.67. The increase can be deceiving, however,
as the number of accounts with reduced opening deposit requirements
actually outnumbered those increasing the requirement. But it is
all relative, as the saying goes, and the magnitude of increases
exceeds the decreases enough to push the average above the range
seen in prior surveys.
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| Minimum to open a noninterest account |
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Fall 2006: Checking study
