minimum balance requirement

USAGE SUMMARY

The phrase "minimum balance requirement" is correct and usable in written English.
It can be used in contexts related to banking, finance, or accounts where a specific amount must be maintained. Example: "To open a savings account, you must meet the minimum balance requirement of $500."

✓ Grammatically correct

Banking

Finance

Personal finance

Human-verified examples from authoritative sources

Exact Expressions

22 human-written examples

You may have noticed that most "free" checking accounts now have a higher minimum balance requirement than they did before, or maybe they require you to perform more types of transactions each month.

Huffington Post

Arkansas, where I live, pretty much tracks the national median, except for the minimum balance requirement.

The New York Times

Fees remained unchanged at Republic Bank, and Chase Manhattan cut its minimum balance requirement in half, to $1,500.

The New York Times

Compare that with Massachusetts, which has a median minimum balance requirement of $6,000 — the highest among the states — but fewer additional sorts of fees (11).

The New York Times

TD Bank officials say one of their hottest products is a simple checking account with no minimum balance requirement introduced in March.

The New York Times

To attract student customers (who they hope to convert to long-term account holders), some banks promote "student" checking accounts, with features like no minimum balance requirement, no monthly account fees and even some "fee-free" withdrawals at a competitor's ATMs.

The New York Times

Human-verified similar examples from authoritative sources

Similar Expressions

38 human-written examples

They don't know what the ultimate median price will be, but early tests suggest that people will end up paying around $2 to3.. GoBank won't have overdraft fees, penalty fees, minimum balance requirements, or required monthly fees.

TechCrunch

If you check out other banks, focus on accounts with little or no minimum balance requirements, no monthly fees, and no other strings attached, such as requiring direct deposit, a minimum activity level, or enrollment in certain products or programs.

Huffington Post

Or they may raise the minimum balance requirements that some banks already have.

The New York Times

Q. Are you planning any new fees or minimum balance requirements?

The New York Times

Ms. Pou, who represents the Paterson area, said that she had many constituents who lack bank accounts, including low-income families deterred by fees and minimum balance requirements.

The New York Times

Expert writing Tips

Best practice

When discussing bank accounts, specify the "minimum balance requirement" clearly to avoid ambiguity. For example, "Our checking account has a $500 minimum balance requirement".

Common error

Don't use "minimum balance requirement" when referring to the initial deposit needed to open an account. The "minimum balance requirement" is the amount you need to maintain to avoid fees or maintain account benefits.

Linguistic Context

The phrase "minimum balance requirement" functions as a noun phrase that typically acts as a subject complement or an object of a preposition. It identifies a specific condition imposed by a financial institution, as demonstrated in Ludwig's examples.

Expression frequency: Common

Frequent in

News & Media

45%

Formal & Business

30%

Wiki

10%

Less common in

Science

5%

Academia

5%

Reference

0%

Ludwig's WRAP-UP

The phrase "minimum balance requirement" is a commonly used term in the banking and finance sectors. As Ludwig AI confirms, it's grammatically correct and used to describe the minimum amount of money a customer must maintain in an account to avoid fees or other penalties. The phrase appears frequently in news articles, business documents, and even wikis, indicating its widespread understanding. While the term is well-established, it's important to avoid confusing it with the initial deposit amount. Alternatives like "required minimum balance" and "balance threshold" offer similar meanings, but "minimum balance requirement" remains the most prevalent and easily understood.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

required minimum balance

Emphasizes the mandatory nature of the balance while maintaining the core meaning.

minimum amount required

Focuses on the monetary aspect and the necessity of meeting a certain threshold.

balance threshold

Highlights the existence of a specific limit that must be maintained.

minimum balance stipulation

Replaces "requirement" with "stipulation", indicating a condition or term.

required deposit amount

Focuses on the initial deposit needed to open or maintain an account.

balance floor

Uses a more figurative term to describe the lowest acceptable balance.

minimum funds requirement

Substitutes "balance" with "funds", broadening the scope slightly.

mandated balance

Emphasizes the mandated nature of the balance.

specified minimum balance

Highlights that the minimum balance is explicitly defined.

required minimum deposit

Highlights that the deposit needed to open or maintain an account is mandatory.

FAQs

What happens if I don't meet the "minimum balance requirement"?

If your account balance falls below the "minimum balance requirement", you may incur monthly maintenance fees or lose certain account benefits. Check your bank's terms and conditions for specific details.

Are there bank accounts without a "minimum balance requirement"?

Yes, many banks offer accounts with no "minimum balance requirement", especially online banks or accounts designed for students or low-income individuals. These accounts may have other conditions, such as no interest earned.

How is the "minimum balance requirement" calculated?

The "minimum balance requirement" is often calculated as the average daily balance over a statement cycle or the balance at the end of each business day. Consult your bank's documentation for specifics.

What are some alternatives to "minimum balance requirement"?

You can use alternatives like "required minimum balance", "minimum amount required", or "balance threshold", depending on the specific context.