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Money Market Account Minimum Balance Requirements
Minimum balance requirements for money market accounts vary significantly by provider — some require $0, while others (like Discover) require $2,500 to open or maintain the account.
Minimum Balance by Provider
| Provider | Minimum Balance |
|---|---|
| Vanguard Cash Plus | $0 |
| Fidelity Money Market | $0 |
| Ally Money Market | $0 |
| Discover Money Market | $2,500 |
Why Minimums Vary
Some banks use minimum balances to offset the cost of features like check-writing or tiered rates that reward larger balances — others (Ally, Vanguard, Fidelity) forgo minimums entirely to attract broader customer bases.
Choosing Based on Your Balance
If you have less than $2,500 to deposit, focus on no-minimum providers like Ally, Vanguard, or Fidelity rather than being excluded from Discover's specific requirement.
Common Mistakes
Not confirming whether a minimum applies just to open the account or to maintain the advertised rate ongoing — some banks reduce your rate (rather than charging a fee) if your balance falls below the minimum.
Frequently Asked Questions
This varies by bank — some charge a fee, others simply reduce your interest rate, and some have no consequence at all. Check your specific provider's policy before assuming a penalty applies.
Yes — Ally, Vanguard, and Fidelity all offer money market options with no minimum balance requirement, unlike Discover's $2,500 minimum.