For a Simply Savings Account at Simmons Bank, you are generally required to maintain a daily minimum balance of $100 to avoid a monthly service charge. This requirement applies specifically to the Simply Savings Account product.
Understanding the Minimum Balance Requirement
Maintaining a minimum balance in your savings account is a common practice among financial institutions, often designed to waive associated monthly service fees. At Simmons Bank, the $100 minimum daily balance for a Simply Savings Account is set to help account holders avoid a specific charge.
Key Details for Simply Savings Account
| Requirement Type | Detail |
|---|---|
| Minimum Daily Balance | $100 |
| Monthly Service Charge | $5 (applied if the daily balance falls below $100 at any point in the month) |
| Account Type | Simply Savings Account |
Practical Insights and Tips
- Avoid Monthly Fees: The primary reason to keep your balance above the $100 threshold is to prevent the $5 monthly service charge from being applied to your account. This effectively makes the account more cost-efficient for you.
- Regular Monitoring: It's advisable to regularly check your account balance. Even if your balance dips below $100 for just one day in a statement cycle, the monthly fee could be incurred.
- Automate Savings: Consider setting up automatic transfers from your checking account to your Simply Savings Account to ensure it consistently meets or exceeds the minimum balance, helping you save effortlessly.
- Start Saving Early: A Simply Savings Account is an excellent tool for building an emergency fund, saving for a down payment, or setting aside money for future goals. Understanding and meeting the minimum balance requirement helps you make the most of your savings.
For more detailed information about the features and benefits of the Simply Savings Account, you can visit the official product page on the Simmons Bank website: Simply Savings Account.
