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.

Bankrate’s picks for the top jumbo money market rates

Note: Annual percentage yields (APYs) shown are as of Nov. 02, 2022, and may vary by region for some products.

A closer look at the top jumbo money market account rates

First Internet Bank – 3.09% 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 FDIC insurance.

First Internet Bank offers a Money Market Savings account. This account rewards you for depositing more than $1 million. It also pays a competitive 2.22 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.

Discover Bank – 2.95% 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.

TIAA Bank – 2.25% 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.

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.

Suncoast Credit Union – 1.25% 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.

VyStar Credit Union – 1.05% 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 Georgia counties listed on its website.

VyStar Credit Union offers 12 regular CD terms ranging from three months to five years.

Golden 1 Credit Union – 0.80% APY, $250,000 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 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.

Many online banks offer a more competitive yield than 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, Bank of the West, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO Harris Bank, Bread Savings (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, Investors Bank, Investors eAccess, 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, U.S. Bank, UFB Direct, Union Bank (California), USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.