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Exclusive   Fall 2006: Checking study
  STATISTIC: Minimum to earn interest is up 43 percent. You have to tie up a  
  lot of cash to earn minuscule interest, Bankrate has found.  
   
 

New highs to open accounts

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.

Minimum to open and earn interest

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.

Minimum to open a noninterest account

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

 
 
 
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