You’ll need $5,000 to both open and maintain your Money Market Savings account. Money Market Savings account holders will want to stay above $5,000 to avoid the $25 monthly maintenance fee.
The Money Market Savings account has five interest tiers: below $50,000, $50,000 or more, $500,000 or more, $2,000,000 or more and $5,000,000 or more.
The top-tier APY at $5,000,000 or more still isn’t competitive with money market accounts at online banks that don't have a minimum balance requirement.
You’ll need a $5 million balance to earn the highest rate.
There’s a $5,000 minimum opening deposit requirement.
Not keeping at least $5,000 in the Money Market Savings account will cost you a $25 monthly service fee.