Best jumbo money market rates - June 2023
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance.
Nell McPherson is the banking editor at Bankrate, where she leads a team of reporters dedicated to helping readers make the best decisions about their savings and checking accounts, CDs and money market accounts.
Kenneth Chavis IV is a senior wealth manager who provides comprehensive financial planning, investment management and tax planning services to business owners, equity compensated executives, engineers, medical doctors and entertainers.
Best available rates across different account types for Wednesday, June 07, 2023
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.
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.
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.
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: 5.20% APY; $1,000,000.01 minimum balance for APY
- Zions Bank: 4.45% APY; $100,000 minimum balance for APY
- TIAA Bank: 4.00% APY; $100,000 minimum balance for APY
- America First Credit Union: 4.00% APY; $250,000 minimum balance for APY
- Discover Bank: 3.95% APY; $100,000 minimum balance for APY
- Navy Federal Credit Union: 2.25% APY; $1 million minimum balance for APY
- Suncoast Credit Union: 2.00% APY; $250,000 minimum balance for APY
- Golden 1 Credit Union: 1.50% APY; $500,000 minimum balance for APY
Note: Annual percentage yields (APYs) shown are as of June 1, 2023, and may vary by region for some products.
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.
Bankrate’s picks for the top jumbo money market rates
First Internet Bank – 5.20% 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 having a daily balance of more than $1 million. It also pays a competitive 3.35 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.
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.
Zions Bank is headquartered in Salt Lake City.
TIAA Bank – 4.00% 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.
A sale of TIAA Bank to investors is expected to close this year.
America First Credit Union – 4.00% APY, $250,000 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 $250,000 or more in a money market account qualify for the top interest tier. And members with between $100,000 and $249,999.99 earn the second highest APY.
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.
Discover Bank – 3.95% 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 has a savings account and many terms of certificates of deposit. CDs range in terms from three months to 10 years.
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 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 – 2.00% APY, $250,000 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.
Golden 1 Credit Union – 1.50% APY, $500,000 minimum balance for APY
Golden 1 Credit Union’s 1 million members have access to around 65 branches across California.
In addition to its money market account, Golden 1 also offers savings accounts and checking 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.
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
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 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.
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 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, 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, Truist Bank, U.S. Bank, UFB Direct, Union Bank (California), USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.