What Is the Initial Investment to Start a Money Market Account?

To open a money market account, check many different banks, since they have multiple requirements and qualifications. After an account is opened, certain requirements then need to be met, or large fees could result.

Capital One Bank

Only $1 is needed to open a money market account at Capital One. There are no fees, and interest will be earned on any amount of money kept in the account.

Chevy Chase Bank

For a minimum deposit of $50, an account at Chevy Chase Bank can be opened. In order to avoid a $15 fee, the account balance must be $25,000 or more.

Bank Of America

Money market accounts can be opened at Bank of America for a minimum amount of $1,000. If the balance goes below $1,000 in a statement cycle, a fee of $10 will be assessed.

Fifth Third Bank

Fifth Third Bank allows money market accounts to be opened for $50; the balance needs to reach $10,000 before interest is earned. If the balance exceeds $10,000, no fees will be assessed.

Credit Union

The Hope Community Credit Union will allow a money market account to be opened with $2.

Key Bank

Key Bank has a minimum amount requirement of $50 to open a money market account; however, you must maintain a minimum balance of $5,000 monthly, or have a direct deposit or transfer of $25 or more into the account each month.

Resources

• Bank of America
• Hope Community Credit Union
• Fifth Third Bank