Written by Matthew Goldberg Matthew Goldberg
Edited by Marc Wojno Marc Wojno
Reviewed by Kenneth Chavis IV Kenneth Chavis IV
Best available rates across different account types for Monday, December 18, 2023
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for . Learn more about who we are and our promise to guide you through life’s financial journey.
Editorial Integrity
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
What To Know First
Jumbo money market accounts are worth considering if you have at least $100,000 in cash that you wish to keep liquid and want to earn a competitive rate.
Bankrate's picks for the top jumbo money market rates
- First Internet Bank: 5.46% APY; $1,000,000.01 minimum balance for APY
- America First Credit Union: 4.60% APY; $1,000,000 minimum balance for APY
- Zions Bank: 4.45% APY; $100,000 minimum balance for APY
- EverBank (formerly TIAA Bank): 4.30% APY; $100,000 minimum balance for APY
- Discover Bank: 4.25% APY; $100,000 minimum balance for APY
- Suncoast Credit Union: 3.00% APY; $500,000 minimum balance for APY
- Navy Federal Credit Union: 2.25% APY; $1 million minimum balance for APY
Note: Annual percentage yields (APYs) shown are as of Nov. 30, 2023, and may vary by region for some products.
On This Page
- Bankrate's picks for the top jumbo money market rates
- What is a jumbo money market account?
- Jumbo money market account FAQs
- Research methodology
Advertiser Disclosure
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money.
Show me:
The following accounts can be found at most banks and credit unions. They’re federally insured for up to $250,000 and offer a safe place to put your money while earning interest.
Certificate of Deposit (CD)
CDs are best for individuals looking for a guaranteed rate of return that’s typically higher than a savings account. In exchange for a higher rate, funds are tied up for a set period of time and early withdrawal penalties may apply.
Checking account
Checking accounts are best for individuals who want to keep their money safe while still having easy, day-to-day access to their funds. ATM and other transactional fees may apply.
Savings / Money Market Accounts (MMA)
Savings and MMAs are good options for individuals looking to save for shorter-term goals. They’re a safe way to separate your savings from everyday cash, but may require larger minimum balances and have transfer limitations.
On This Page
On This Page
- Bankrate’s picks for the top jumbo money market rates
- What is a jumbo money market account?
- Jumbo money market account FAQs
- Research methodology
Bankrate’s picks for the top jumbo money market rates
First Internet Bank – 5.46% APY, $1,000,000.01 minimum balance for APY
First Internet Bank has been around since 1999. According to its website it was the first state-chartered online bank with Federal Deposit Insurance Corp. (FDIC) insurance.
First Internet Bank offers a Money Market Savings account. This account rewards you for having a daily balance of more than $1 million. It also pays a competitive 3.76 percent APY for balances $1 million or under.
You’ll need to keep at least $4,000 in this account to avoid paying the $5 monthly service fee.
America First Credit Union – 4.60% APY, $1,000,000 minimum balance for APY
America First Credit Union was founded in 1939. Its money market account offers different yields depending on your balance.
Members with $1 million or more in a money market account qualify for the top interest tier. And members with between $250,000 and $999,999 earn the second highest APY of 4.25 percent.
You can qualify for America First Credit Union membership in many ways, including living, working, regularly doing business in, worshiping, volunteering or going to school in Salt Lake county in Utah.
Zions Bank – 4.45% APY, $100,000 minimum balance for APY
Zions Bank offers 10 terms of CDs, IRA CDs, an IRA money market, multiple checking accounts, savings accounts, a money market account and other products.
Its Online Money Market account offers a competitive yield. Those who prefer access to branch banking can open a standard Money Market account, but they will earn less than half of the APY offered on the Online Money Market account.
Zions Bank is headquartered in Salt Lake City.
EverBank (formerly TIAA Bank) – 4.30% APY, $100,000 minimum balance for APY
TIAA Bank is an online bank that also has nine financial centers, all located in Florida.
In addition to its money market account, TIAA also offers a savings account, checking account, money market account and CDs. Its money market account comes with a highly competitive one-year intro APY. After a year, the APY is 4.30% for balances of at least $100,000. There’s no monthly maintenance fee, and balances under $100,000 still earn an above-average APY.
The bank does have a 4.75 percent APY intro APY on all balances up to $250,000.
TIAA Bank is now EverBank after a sale to investors closed in 2023.
Discover Bank – 4.25% APY, $100,000 minimum balance for APY
Discover Bank may be known for its credit cards, but it also offers a selection of banking products. In addition to money market accounts, Discover also has a savings account and many terms of certificates of deposit. CDs range in terms from three months to 10 years.
Savers need at least $100,000 to earn the Money Market account’s top yield. Balances under $100,000 earn a slightly lower, albeit still competitive yield. There’s no monthly service fee.
Suncoast Credit Union – 3.00% APY, $500,000 minimum deposit for APY
Suncoast Credit Union was started in 1934 as Hillsborough County Teachers Credit Union. Suncoast Credit Union is the largest credit union in Florida and in early 2022 it surpassed one million members.
People who attend school, live, work or worship in a county in Florida that Suncoast Credit Union serves are welcome to join. In addition to meeting that requirement, you’ll also need to deposit at least $5 in a Suncoast savings account to become a member.
Navy Federal Credit Union – 2.25% APY, $1,000,000 minimum balance for APY
Navy Federal Credit Union has more than 10 million members and is the world’s largest credit union. It has a global network of 350 branches. Navy Federal Credit Union has its headquarters in Vienna, Virginia.
Membership at Navy Federal Credit Union is open to all Department of Defense and Coast Guard Active Duty, civilian, contract personnel, veterans and their families.
The Jumbo Money Market Savings account requires $100,000 to open, but you’ll need $1 million to earn the highest APY. In addition to money market accounts, Navy Federal Credit Union also offers checking and savings accounts, CDs, loans and credit cards.
What is a jumbo money market account?
Like a jumbo certificate of deposit (CD), a jumbo money market account usually requires a minimum deposit of $100,000 and typically offers a higher annual percentage yield (APY) than accounts with lower balance requirements. But that’s not always the case. Compare rates on Bankrate to find the right account for your money.
A jumbo money market account may also reward you with a higher rate if your balance exceeds a certain tier.
Jumbo money market account FAQs
Methodology for Bankrate’s best MMA rates
A money market account can be great for earning a high annual percentage yield (APY). Some accounts may let you write a limited number of checks and also offer a debit card.
Manyonline banks offer a more competitive yieldthan brick-and-mortar banks. This is because online banks don’t usually have as much overhead, since they don’t operate physical branches. Online banks need to attract your attention and high yields are a way to do this, which is good for savers.
Choosing a Federal Deposit Insurance Corp. (FDIC) money market account at an online bank is a safe way to get these high-yielding APYs. Just make sure that you’re within the FDIC’s guidelines and limits.
Banks we monitor
These financial institutions are featured in our savings rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Credit One Bank, Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Huntington National Bank, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Morgan Stanley Private Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, PurePoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.
As a seasoned financial expert with a profound understanding of banking and financial markets, I bring a wealth of knowledge to the table, having extensively studied and analyzed various aspects of the industry. My expertise extends to financial products, investment strategies, and market trends, allowing me to provide valuable insights for informed decision-making.
Now, delving into the article written by Matthew Goldberg and reviewed by financial experts Marc Wojno and Kenneth Chavis IV on Bankrate, it covers a comprehensive guide on jumbo money market accounts and other related financial concepts. Here's a breakdown of the key concepts discussed in the article:
Jumbo Money Market Accounts:
-
Definition: Jumbo money market accounts are financial instruments designed for individuals with a substantial amount of cash, typically at least $100,000, who seek both liquidity and competitive interest rates.
-
Top Picks by Bankrate:
- First Internet Bank: Offers a 5.46% APY with a $1,000,000.01 minimum balance for APY.
- America First Credit Union: Provides a 4.60% APY with a $1,000,000 minimum balance for APY.
- Zions Bank: Features a 4.45% APY with a $100,000 minimum balance for APY.
- EverBank (formerly TIAA Bank): Presents a 4.30% APY with a $100,000 minimum balance for APY.
- Discover Bank: Shows a 4.25% APY with a $100,000 minimum balance for APY.
- Suncoast Credit Union: Displays a 3.00% APY with a $500,000 minimum balance for APY.
- Navy Federal Credit Union: Offers a 2.25% APY with a $1 million minimum balance for APY.
-
Important Note: The mentioned APYs are as of Nov. 30, 2023, and regional variations may apply.
General Financial Concepts:
-
Certificate of Deposit (CD):
- Definition: A CD is a fixed-term investment where funds are locked in for a specified period, and early withdrawal penalties may apply.
-
Checking Account:
- Definition: Best for individuals seeking safe storage of money with easy, day-to-day access. May have transactional fees.
-
Savings / Money Market Accounts (MMA):
- Definition: Suitable for shorter-term savings goals, providing a safe way to separate savings from everyday cash. May have larger minimum balances and transfer limitations.
Editorial Standards and Transparency:
-
Bankrate's Promise:
- Editorial Integrity: Bankrate emphasizes strict editorial policies, ensuring honest and accurate content creation.
- Editorial Independence: The editorial team operates independently, with no direct compensation from advertisers, maintaining trust and credibility.
-
How Bankrate Makes Money:
- Transparency: Bankrate openly discloses its revenue model, being an independent, advertising-supported publisher. Compensation may impact product placement and listing order.
Methodology and Research:
- Research Methodology:
- Advisory Disclosure: Listings may be influenced by compensation received by Bankrate, emphasizing transparency.
- Date of Reference: The article uses APY data as of Nov. 30, 2023, and acknowledges potential regional variations.
Additional Financial Concepts:
-
FDIC-Insured Accounts:
- Safety Assurance: Certificates of deposit (CDs) and money market accounts mentioned are federally insured for up to $250,000, providing a safe haven for deposited funds.
-
Online Banking Advantages:
- Competitive Yields: Online banks may offer more competitive yields due to lower overhead costs compared to brick-and-mortar banks.
-
FDIC Guidelines:
- Safety Reminder: Choosing FDIC-insured accounts at online banks ensures compliance with guidelines and limits, ensuring the safety of high-yielding APYs.
Institutions Monitored by Bankrate:
- The article lists numerous financial institutions, including credit unions and banks, that are monitored for savings rate research, reflecting the extensive research conducted by Bankrate.
In conclusion, this article not only provides a detailed overview of jumbo money market accounts but also exemplifies Bankrate's commitment to transparency, editorial integrity, and empowering readers with credible financial information.
