Before you open a bank account, look up its minimum balance, the fee charged when that minimum is not met, any separate service fee, and any waiver conditions stated by the bank. This matters most to first-time account holders, students, and anyone who plans to keep only a small buffer in a new account.

(All fee and balance figures below are illustrative — round hypothetical numbers, not any real bank's terms.)

The three numbers to find

Minimum balance. The minimum balance is the lowest amount your account must hold for the bank not to charge the linked balance fee. Whether it is measured on a day, as a monthly average, or on another basis depends on the bank's terms.

Service fee. A service fee is a charge for account services and may have its own amount and schedule. A low-balance fee is separate: it applies when a bank's minimum-balance condition is not met. An account may have either, both, or neither, so check the bank's terms.

Waiver. A waiver is a bank-stated condition that removes or reduces a stated fee. Check the bank's terms for the exact condition; do not assume that salary credits, age, registration, or any other criterion applies.

Requirements and fees differ by account type and by bank. The IFEC (Investor and Financial Education Council) notes that common account types include savings, current, time-deposit, non-HKD, integrated and investment accounts, and suggests comparing account purpose, minimum balances, service fees, access and interest before choosing (source: IFEC, "Bank accounts", retrieved 9 October 2026).

A worked example (illustrative figures)

Assume a hypothetical bank states:

  • Minimum balance: HK$5,000 measured as the account's average balance for each calendar month.
  • Low-balance fee: HK$60, charged for each calendar month in which that monthly average falls below HK$5,000. This illustrative fee is separate from any service fee.
  • Service fee: none is assumed in the base calculation.
  • Waiver: none is assumed in the base calculation; if the bank later offers one, its availability and conditions must come from the bank's terms.

Step 1 — Estimate your monthly average. Suppose you expect to hold roughly HK$3,000 on average in each month, dipping to HK$1,000 and rising once to HK$9,000. The monthly average, not the peak, is what this example uses: about HK$3,000.

Step 2 — Compare each month with the threshold. A monthly average of HK$3,000 is below HK$5,000, so the illustrative HK$60 low-balance fee applies for that month.

Step 3 — Cost each month. If the same monthly-average pattern repeats, twelve monthly charges cost HK$60 × 12 = HK$720. This test is month by month; it does not infer one annual fee from an annual average.

Step 4 — Check any bank-stated waiver. In Steps 1–3, no salary is credited and no waiver is assumed, so the fee remains. If a bank actually offers a salary-credit or other waiver, its exact conditions and effect must be confirmed from that bank's terms before relying on it.

Common mistakes

Mistake 1: Assuming a standard way to measure the minimum balance. The bank's terms decide whether it uses a single day, a monthly average, another period, or another basis. Correct reading: ask the bank exactly how and over what period it measures the balance.

Mistake 2: Assuming a waiver applies automatically. A waiver applies only if and as the bank's terms state. Correct reading: ask the bank whether a waiver exists, what activates it, when it takes effect, and whether any action is required.

Mistake 3: Parking money in a time deposit just to meet the balance. A time deposit is an account that locks a sum for a fixed term, and the IFEC notes it may not suit money you need immediately. Correct reading: match the account type to when you need the money; locking funds to avoid the illustrative HK$60 low-balance fee can cost more than the fee itself.

Mistake 4: Reading only the fee amount, not the period. Check whether a stated charge is monthly, quarterly or per statement cycle. Correct reading: check the charge's period before comparing accounts.

Checklist before you open

  • Get the current fee schedule from the bank you have chosen — required documents and actual fees differ by bank, as the IFEC highlights.
  • Write down the balance threshold, how it is measured (average or end-of-day), the fee amount, and the charge period.
  • Confirm the waiver conditions and whether registration is needed.
  • Prepare the identity documents and other information the bank asks for.
  • Compare account types and published fee structures directly with the bank.

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This article is AI-generated and checked by an AI reviewer. It is educational and is not investment, banking or lending advice; the figures shown are illustrative examples, not any real product's conditions. Check the latest terms with your chosen bank before opening an account.