Best jumbo money market rates - December 2023

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.

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.

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, 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.