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.
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.
Best jumbo money market accounts in May 2022
| Bank | Top-tier yield | Minimum deposit for APY |
| Discover Bank | 0.55% APY | $100,000 |
| Navy Federal Credit Union | 0.50% APY | $100,000 |
| VyStar Credit Union | 0.40% APY | $100,000 |
| Suncoast Credit Union | 0.40% APY | $250,000 |
| Delta Community Credit Union | 0.32% APY | $100,000 |
| SchoolsFirst Federal Credit Union | 0.25% APY | $100,000 |
| Customers Bank | 0.25% APY | $250,001 |
| Security Service Federal Credit Union | 0.25% APY | $250,000 |
| Golden 1 Credit Union | 0.20% APY | $100,000 |
Note: Annual percentage yields (APYs) shown are as of May 6, 2022, and may vary by region for some products.
Compare: Jumbo money market account bank overview
Discover Bank – 0.55% 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 offers checking and savings accounts, as well as certificates of deposit. CDs range in terms from three months to 10 years.
Navy Federal Credit Union – 0.50% APY, $100,000 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 345 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.
In addition to CDs, Navy Federal Credit Union also offers checking and savings accounts, loans and credit cards.
VyStar Credit Union – 0.40% APY, $100,000 minimum balance for APY
VyStar Credit Union was founded in 1952. It was originally called Jax Navy Federal Credit Union and it was chartered at Naval Air Station in Jacksonville, Florida.
Membership at VyStar Credit Union is open to anyone who works or lives in the 49 Florida counties or the four Georgia counties listed on its website.
VyStar Credit Union offers 10 CDs terms ranging from three months to five years. It also offers a one-year CD for Kids, VyTeen, Bravo and Achieve members only.
Suncoast Credit Union – 0.40% APY, $250,000 minimum balance for APY
Suncoast Credit Union was started in 1934 as Hillsborough County Teachers Credit Union. Suncoast Credit Union now has 69 branches with around 918,000 members.
Suncoast Credit Union is the eighth-largest credit union in the U.S. based on membership. It is also the 10th-largest based on assets. People who attend school, live, work or worship in a county in Florida that Suncoast Credit Union serves are welcome to join.
Delta Community Credit Union – 0.32% APY, $100,000 minimum balance for APY
Delta Community Credit Union began as the Delta Employees Credit Union in 1940. It was started by eight Delta Air Lines employees. Delta Community Credit Union has more than 400,000 members and has 26 branches in metro Atlanta and three branches outside of Georgia.
Anyone living or working in metro Atlanta and employees of more than 150 businesses are welcome at Delta Community Credit Union. Delta Air Lines, Chick-fil-A and UPS are some of the eligible businesses.
SchoolsFirst Federal Credit Union – 0.25% APY, $100,000 minimum balance for APY
SchoolsFirst Federal Credit Union was formed during the Great Depression in 1934. The credit union, created by school employees, has 50 branches.
SchoolsFirst serves the education community in California. Certain school employees, certain retired school employees and immediate family members of existing SchoolsFirst Federal Credit Union members are eligible to join.
Customers Bank – 0.25% APY, $250,001 minimum balance for APY
Founded in 2009, Customers Bank is headquartered in Phoenixville, Pennsylvania, and has branches in Florida, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island and Texas.
Customers Bank offers savings and money market accounts, a 15-month CD and interest-bearing checking accounts. Some products are available only online, while others are available exclusively at a branch.
Security Service Federal Credit Union – 0.25% APY, $250,000 minimum balance for APY
Security Service Federal Credit Union was founded in 1956 to serve the needs of the members and families of the U.S. Air Force Security Service Command. Attending school, living, working, worshiping, volunteering or owning a business in Colorado, Texas or Utah are some ways to qualify for membership.
The credit union offers three savings accounts, free and interest-bearing checking accounts and a money market account with tiered interest rates.
Golden 1 Credit Union – 0.20% APY, $100,000 minimum balance for APY
Golden 1 Credit Union’s 1 million members have access to 72 branches across California. In addition to CDs, Golden 1 offers a money market account, and checking and savings accounts.
Membership to Golden 1 Credit Union is open to all Californians. Those outside California can join if they are a registered domestic partner or family member of a member, or if they’re a member of a select employee group.
Jumbo vs. traditional money market account
Jumbo money market accounts typically have a higher minimum balance requirement than traditional money market accounts, or they may reward savers with high-tier yields when a certain balance is maintained. The ability to earn a higher rate when your balance surpasses a certain threshold may appeal to some savers.
Jumbo money market accounts vs. high-yield savings accounts
Money market accounts typically offer check-writing privileges and/or a debit card. If neither of those features are important, another savings product to consider is a high-yield savings account. You may be able to earn a better APY and still enjoy the benefits of having your money stashed in a liquid account.
Pros and cons of a jumbo money market account
Pros of a jumbo money market account
- Some tiered accounts reward you with higher yields for higher balances.
- A jumbo money market account may earn a higher APY than a regular money market account.
- Some banks and credit unions offer benefits and perks on other products if you have a higher account tier.
Cons of a jumbo money market account
- Regular money market accounts and savings accounts may earn a higher APY.
- You might want to spread your money between different bank accounts.
- Longer-term money might earn a higher yield in a CD or other investments.
- Jumbo money market account holders should be aware of FDIC limits and guidelines. The FDIC standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
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