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As part of their marketing packages all savings accounts online
list a minimum required amount of funds you need to open an account
with. In the offline world this was a big thing. I remember my first
offline savings account right after college had a minimum of $300.
In the past, accounts required too much paper work to be worth the
bank's time. Banks would want insure they had a decent amount of
money in your account to be worth their paperwork effort.
Today, you will find that most online accounts require only one
dollar to open. Electronic funds are easier to manage and require
minimal paperwork, so they encourage you to open accounts.
Just be aware that some banks have a monthly minimum you must
maintain or you may incur a penalty of some kind. This usually only
applies to high rate accounts. They require this high minimum and
as a reward you receive a slightly higher rate than other accounts
available at the time. I often see this on accounts that are tagged
as Online Money Market Accounts.
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