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In banking, a minimum daily balance is the minimum balance that a banking institution requires account holders to have in their accounts each day in order to waive maintenance fees. [1] This is not to be confused with the average daily balance, which is computed as the sum of daily balances in a billing period divided by the number of days.
However, you can avoid this fee entirely if you maintain a minimum daily balance of $1,500 or more. ATM Fee You will incur ATM fees if you use ATMs outside of your bank’s network .
The account also pays a bit of interest (0.1 percent annual percentage yield) on balances under $15,000 and a bit more (0.25 percent APY) on accounts that carry a daily balance of $15,000 or more.
A minimum daily balance and Various other account fees Whatever you do, don’t stand back and simply let your bank take nearly $60+ of your hard-earned money away from you every year.
Waiver: No monthly service fee for account holders with a $3,500 minimum daily balance. Wells Fargo Bank savings rates compared to current top rates* View this interactive chart on Fortune.com.
The Way2Save savings account at Wells Fargo Bank has a monthly maintenance fee of $5, which you can avoid if you maintain a $300 minimum daily balance, set up one or more recurring savings options ...
The Advantage Relationship banking account has a hefty $25 monthly fee associated, unless you maintain a minimum daily balance of at least $20,000 or being a Preferred Rewards member.
For balances under $15,000, Ally’s Spending Account pays APY, and for a minimum daily balance of $15,000 or more, you’ll earn APY. Outgoing domestic wire transfers have a $20 service charge. Fees