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The Best Personal Loans for People with Bad Credit

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

If you have bad credit, it can be difficult qualifying for a personal loan. Some of the best personal loans for bad credit — defined here as a credit score below 640 — come from lenders who consider other information in addition to your credit score. These lenders might not offer the lowest interest rates or biggest loan amounts, but you won’t be automatically disqualified just because your credit is less than stellar.

Read on to learn about the personal loan products we selected.

The 3 best personal loans for bad credit

 

LendingPoint

Learn more

Peerform

Learn more

Upstart

Learn more

APR

9.99% - 35.99%

5.99% - 29.99%

6.46% - 35.99%

Terms

24 to 48 months

36 or 60 months

36 & 60 months

Loan amount

$2,000 - $25,000

$4,000 - $25,000

$1,000 - $50,000

Origination fee

0.00% - 6.00%

1.00% - 5.00%

Up to 8.00%

Credit score requirement

585

600

620

LendingPoint

LendingPoint offers personal loans for fair credit borrowers. Although loan amounts are restrictive, the lender has more repayment terms to choose from (though a shorter maximum term) compared to the other options included here. The funds can be deposited the next business day after loan approval, as well.

LendingPoint considers more than your credit score when reviewing your application. The lender looks at factors such as:

  • Job history
  • Income
  • Financial history
  • Credit behavior

When applying, you can expect LendingPoint to request additional documentation, such as proof of income and recent bank statements.

Peerform

Peerform is a peer-to-peer lending platform through which borrowers may access personal loans. These loans come with the lowest APR range and the lowest maximum origination fee among the personal loans we reviewed on the MagnifyMoney marketplace for borrowers with credit scores below 640. That means Peerform may be a good option for bad credit borrowers hoping to minimize their overall cost of borrowing.

Potential borrowers should know that the process of getting a loan through Peerform is different from getting a loan through a traditional lender. After you register on Peerform and select your loan terms, your loan inquiry will be listed on the Peerform platform. From there, investors can choose to fund your loan.

The minimum credit score requirement for Peerform is reasonable, at 600. But as with any unsecured personal loan, only the most creditworthy borrowers will qualify for the lowest interest rates. Further, the loan amounts are more restrictive than for those offered through Upstart and LendingPoint.

Upstart

Upstart’s APR range is slightly higher than the two competitors in our selection. This includes a higher cap on the origination fee. Although Upstart has a higher credit score requirement than Peerform and LendingPoint, the lender specifies on their website that it considers education and employment information in their underwriting.

Upstart offers the most generous loan amount range, potentially making them a good option if you want to borrow either very small amounts (less than $2,000) or large amounts (more than $25,000). Once your loan is approved and you accept it, you can receive funds as soon as the next business day.

How to compare and choose a personal loan

When comparing personal loans to find the best one for your financial situation, it’s important to read the fine print and make sure you understand each lender’s terms and conditions. The table below details important features to consider.

APR

APR (annual percentage rate) is the primary factor in determining how much your loan will cost over time.

Credit score requirements

Look for credit score requirements or a pre-approval tool to figure out your chances of approval before applying.

Loan amount

The loan amount determines how much money you can borrow, although only the most creditworthy borrowers will qualify for the highest loan amounts.

Loan term

The loan term determines how long you have to pay off your loan. The longer the loan term, the lower your monthly payments, but a long loan term also means paying more in interest.

Origination fee

Origination fees are charged by some lenders in order to process your loan, and they're typically deducted from your loan amount upfront.

Prepayment fee

Prepayment fees are charged if you pay off your loan ahead of schedule and should be avoided when possible.

Late payment fee

Late payment fees are charged if you miss a loan payment. Avoid these by always making payments on time.

Check processing fee

Many lenders charge a check processing fee if you choose to make your loan payments by physical check rather than electronically.

Loan restrictions

While personal loans are flexible, you can't always use them for any purpose. Check if there are restrictions on how you can use your funds.

The primary factors to consider are the APR — essentially the cost of your loan — as well as the loan term, loan amount and credit score requirements. If those factors match up with your needs, move on to considering other fees, such as origination fees, prepayment fees, late payment fees and check processing fees.

Finally, make sure that the personal loan you’re considering can be used for your needs. Some personal loans are geared toward paying off or consolidating debt, while others might be designed to pay for home improvements or a new car. By going through this checklist, you’ll be more likely to find a personal loan that’s the best fit for you.

The application process for a personal loan

  1. Determine your eligibility: Each of these lenders offer a pre-qualification tool that allows you to check what loan rates you might qualify for without impacting your credit. Use these tools to determine whether or not you’re eligible for the loan you need.
  2. Consider adding a cosigner: It’s easier to get a competitive interest rate for your credit profile if you can find a cosigner to lean on. However, this person will be held responsible for your debt if you can’t pay it off, so make sure you have a solid plan in place to repay your loan.
  3. Prepare your loan materials: To complete most loan applications, you’ll need to provide basic information like your full name, address and social security number, plus any documents required to verify your identity and income. These can include a driver’s license, passport, or government-issued ID, pay stubs, bank statements and information regarding your current debts if you’re consolidating.
  4. Complete the loan application: Once you’ve gathered the necessary materials, you can fill out your chosen lender’s online application form. You might receive a decision immediately, or the lender may ask to see additional materials to verify your income and identity. With peer-to-peer lending platforms, your loan will need to be funded by investors before you can receive your money.
  5. Add a bank account to receive your funds: If you’re approved, you’ll need to add and verify a bank account where you’d like your funds to be deposited. You’ll then receive your funds within one day to two weeks, depending on the lender.
  6. Follow up with lenders that reject you: If you’re rejected for the loan of your choice, it can be helpful to follow up with the lender and ask why. Their answer will provide guidance as to how you can improve your chances of approval.

Alternatives to a bad credit personal loan

  1. Ask for help from friends and family: The best alternative to a bad credit personal loan is borrowing from friends and family. Even if they charge you interest, you’re likely to save the most money with this method. Just make sure you have a plan to repay the loan, or you could risk destroying important relationships.
  2. Consider a home equity loan or line of credit (HELOC): If you’re a homeowner who has paid off a portion of your home, you may be able to take out a loan against the equity in your house. Home equity loans and HELOCs tend to be easier to qualify for and offer lower rates because you offer your house as collateral. Just know that you risk losing your home if you don’t pay off the loan.
  3. Secured loan: Secured loans are backed by collateral as well, making it easier to qualify for lower interest rates. Aside from borrowing against your house, you can often borrow against other property such as a car or a boat, or even an upfront deposit. Again, you risk losing your collateral if you don’t pay off the loan on time.
  4. Charge a credit card: Credit cards can come with higher interest rates than personal loans depending on your credit. However, if you need money now and can’t qualify for lower interest rates, you might be better off charging a credit card. Make sure you pay off your balance diligently to minimize interest charges.

Improving your credit score for future loans

If you can’t get approved for the best personal loans for your credit profile, it might be worth trying to repair your credit before you borrow money. A better score will help you qualify for loans with better terms and lower interest rates.

While improving your credit takes time, you’re bound to see your credit score increase if you can consistently follow the steps below:

  1. Go through your credit report and dispute any errors
  2. Pay all of your bills on time, and make any late payments before your debt goes to collections
  3. Pay off debt, focusing on paying down high credit card balances first
  4. Consider applying for a secured credit card and using it responsibly and regularly

Methodology

Our selection of the best personal loan lenders for bad credit was based on offers listed on MagnifyMoney’s personal loan marketplace. Lenders were chosen on December 18, 2019 assuming:

  • Credit score of poor (below 640)
  • Loan amount of $5,000
  • Zip code 11220

Lenders were chosen based on APR ranges for each of the above credit score ranges. Ties were broken by assessing: 1) Origination fees 2) flexibility of term lengths. Lenders who do not specify credit score requirements on their website were excluded when assessing lenders for borrowers with poor credit.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Personal Loans

LoanMart Car Title Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

LoanMart
APR

30.00%
To
199.00%

Credit Req.

Not specified

Terms

Up to 60

months

Origination Fee

Varies by state

LEARN MORE Secured

on LoanMart’s secure website

LoanMart auto title loan details

Terms

Fees and penalties

  • Term lengths: Up to 60 months
  • APR range: 30.00% - 199.00%
  • Loan amounts: $2,600 - $50,000
  • Time to funding: As soon as 24 hours after submitting required documentation
  • Credit check: Poor-credit applicants will be considered
  • Origination fee: Varies by state
  • Prepayment fee: None
  • Late payment fee: Varies by state
  • Other fees: DMV charges possible in some states

LoanMart product details

LoanMart offers auto title loans at a lower interest rate than most of its competitors, but they are still an expensive form of credit. To secure your loan, you will have to sign over the title of your vehicle as collateral. It’s easiest to do this if your car is paid off, but you may still qualify if you have a few payments left depending on your vehicle’s equity.

The APR you are charged will include any origination fees, as well as possible Department of Motor Vehicle fees, though these do not appear to be excessive. If the title is in your name and you’re looking to get a loan, LoanMart will contact the DMV on your behalf.

One of the most noteworthy things about LoanMart’s auto title loans is its terms. While many auto title loans require you to pay back your loan within a month, LoanMart gives you up to five years. Its term lengths are more in line with what you would find with an unsecured personal loan. And your car can be repossessed with an auto title loan, which makes unsecured personal loans preferable. Not everyone will qualify, though.

Eligibility requirements

  • Minimum credit score: Not specified, though LoanMart says almost anyone can qualify for its car title loan
  • Minimum credit history: You can still qualify if you have poor credit or a bankruptcy on your record, but it will most likely to impact your APR
  • Maximum debt-to-income ratio: Not specified

The primary thing you’ll need when applying for a car title loan from LoanMart is a vehicle. While your credit history will be evaluated, a bad credit history won’t necessarily disqualify you like it does with other lenders.

You must also be a resident in one of the states in which LoanMart issues auto title loans:

  • Alabama
  • Arizona
  • California
  • Missouri
  • New Mexico
  • South Carolina
  • Utah

Applying for an auto title loan from LoanMart

  • Fill out an application: You can apply online, via phone (855-422-7412) or at a LoanMart location.
  • Receive a quote: Within an hour of submitting your application, you should receive a quote — if you’ve been approved — with the amount you are able to borrow.
  • Submit documentation: If you move forward, you will need to submit documentation to support your application. This includes a government-issued ID, your car title, proof of income and proof of residence.
  • Sign and cash: After you submit your documentation, you will sign the final paperwork. You can then choose to receive your money electronically, via paper check or in person at a LoanMart location. You may also be able to pick up your funds through MoneyGram at select Walmart locations.
Pros and cons of a LoanMart auto title loan

Pros:

Cons:

  • Longer loan terms: LoanMart loans can be repaid over up to 60 months. Many car title loans are extremely short, ending within 15 to 30 days.
  • Lower APR: LoanMart’s APR offerings can be notably lower than other auto title lenders.
  • Quick turnaround: LoanMart will provide funding in as few as 24 hours if you submit the necessary documents and signatures by 2 p.m. Pacific time on a business day.
  • Credit reporting: LoanMart reports your payments to two of the three major credit bureaus: Experian and Equifax. This can help you rebuild a positive credit history.
  • Expensive form of borrowing:  Even the lowest APR available through LoanMart is higher than what you’re likely to be offered via an unsecured personal loan with another lender.
  • You could lose your car: If you can’t repay your loan, you could lose your vehicle.
  • Limited availability: LoanMart only issues title loans to residents in 7 states.
  • Amount you can borrow depends on your car: Newer cars with a clean title will yield a higher offer from LoanMart than a vehicle of an earlier model year with a rusted-out bottom. That’s good news if you have a newer vehicle, but potentially disappointing for everyone who does not.

Who’s the best fit for a LoanMart auto title loan?

If you have no other options and are determined to take out an auto title loan, LoanMart is one of your better options:

  • APRs are clearly advertised
  • APRs for qualified applicants can be lower than the competition depending on the state in which you live
  • Your credit history plays less of a role; if it’s poor, though, you’re likely to end up at the higher end of the APR range

Auto title loans are an expensive form of borrowing. While LoanMart can be preferable to other lenders in its space, that doesn’t change the fact that you should explore all other options before putting up the title of your car as collateral for fast cash.

LoanMart consumer reviews

Borrowers have ranked LoanMart a 4.3 out of 5 (53 reviews) on LendingTree, which owns MagnifyMoney. That ranking does include customers that have used its other products, such as personal loans or auto refinance.

Borrowers praised the ease of the application process with LoanMart, and the assistance provided by loan officers. Dan from Tucson, Ariz., wrote: “They were all very nice and the process moved very quickly. I had my loan in less than 24 hours. I would use them, again.”

Negative reviews cite not being approved after submitting documentation or rising APRs after documentation was reviewed. If you are applying for an auto title loan from LoanMart, be aware that your quote is not set in stone until after your loan officer has reviewed your documentation.

LoanMart FAQ

Yes. You don’t need to have to have a job to qualify for an auto title loan from LoanMart, but you need income. This income can potentially come from retirement, disability or Social Security benefits. You can also qualify with a cosigner.

If there is an “or” between the names on the title, you can apply like normal. If there is an “and” between your names, both of the owners will need to be on your LoanMart application. If your title reads “and/or,” you will need to contact LoanMart to guide you through the process.

You don’t need a bank account unless you are trying to prove self-employment income or you would like your funding deposited directly into your account.

Typically, your first payment is due 30 days after your funds are disbursed.

You can pay via the mobile app, online, with Automated Clearing House (ACH) auto payments, paper check via mail, over the phone or in person at a LoanMart location.

Worst-case scenario, your car is repossessed. But if you can’t make an on-time payment, LoanMart encourages you to contact them right away to work out an alternative.

Besides auto title loans, LoanMart offers high-interest, unsecured personal loans. LoanMart personal loans do not offer competitive terms.

You can spend this money on whatever you’d like. However, with the lowest possible APR at 30.00%, the bill or circumstance has to be dramatically dire to justify the costs of financing.

One may be requested if you take out a loan for $10,000 or more.

LoanMart subtracts the remaining balance on your traditional auto loan from the current market value of your vehicle if you still owe car payments.

Alternative loan options

LendingPoint

APR

9.99%
To
35.99%

Credit Req.

585

Minimum Credit Score

Terms

24 to 48

months

Origination Fee

0.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More

LendingPoint offers personal loans rather than title loans. These loans hands-down beat LoanMart loans, whether you’re considering a LoanMart personal loan or title loan.

LendingPoint’s APR offerings are substantially lower, and you can borrow a larger amount of money when compared to LoanMart’s unsecured personal loans — up to $25,000.

However, you do need to have a credit score of at least 585 to qualify for a loan from LendingPoint, where LoanMart’s credit requirements are more flexible (at a cost).

Upstart

APR

6.46%
To
35.99%

Credit Req.

620

Minimum Credit Score

Terms

36 & 60

months

Origination Fee

Up to 8.00%

SEE OFFERS Secured

on LendingTree’s secure website

Upstart is an online lender created by ex-Googlers.... Read More

Upstart connects borrowers with partner lenders for unsecured personal loans.

Again, unsecured loans are usually preferable to title loans, and Upstart’s rates are superior to LoanMart’s. It also allows you to borrow outside of the range offered by LoanMart. With Upstart, you can potentially borrow as little as $1,000 and as much as $50,000.

Upstart’s credit standards may be higher than LoanMart’s, but it does strive for some flexibility. Besides your credit score, Upstart looks at your:

  • Education
  • Area of study
  • Career history

LendingClub

APR

6.95%
To
35.89%

Credit Req.

Not specified

Terms

36 or 60

months

Origination Fee

1.00% - 6.00%

SEE OFFERS Secured

on LendingTree’s secure website

LendingClub is a great tool for borrowers that can offer competitive interest rates.... Read More

LendingClub’s most comparable product to LoanMart’s auto title loans is its unsecured personal loans, which come with lower rates but higher credit standards.

LoanMart can get you your money in one day, while LendingClub will take at least four. LoanMart can also loan you up to $10,000 more than LendingClub. Regardless, there will be very few circumstances where it wouldn’t be worth applying with LendingClub for its competitive APRs.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Earning Interest

Top 10 Jumbo Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Jumbo money market accounts
iStock

What is a jumbo money market account?

When you’re saving money, you want to make sure you’re stashing it in the right place. Ideally, that will be in an account with a high rate of return. While savings accounts tend to offer a higher return than checking accounts, money market accounts  — which are FDIC-insured up to $250,000, unlike money market funds — may yield an even higher rate of return.

That’s if you know where to find the best rates.

The money market accounts that offer the highest returns are known as jumbo money market accounts. In the past, these high-yielding accounts could have minimum initial deposits as much as $100,000, but today, you can get these higher rates with a much lower initial investment and sometimes there’s no minimum at all.

In this roundup, we’ll explore the top rates.

Customers Bank, 2.25% APY, $25,000 minimum deposit

Ascent Money Market - Online Only from Customers Bank

Customers Bank’s Ascent Money Market Savings Account is currently offering an impressive rate of 2.25% APY, launching it to the top of our list. The bank says that the 2.25% APY rate is guaranteed through June 30, 2020. In order to earn the high APY, though, there is a minimum deposit required of $25,000, and it’s worth noting that balances below $25,000 do not earn interest.

The Ascent Money Market account has no minimum balance fee, but withdrawals and transfers are limited to six per monthly statement cycle. Interest for this account is compounded and posted to your account monthly. Customers Bank is a Pennsylvania-based bank with locations also in New York and New Jersey.

LEARN MORE Secured

on Customers Bank’s secure website

Member FDIC

Sun East Federal Credit Union, 2.20% APY, $5,000 minimum deposit

Max-Yield Money Market Account Promotional - New Money (13 Month Intro Rate) from Sun East Federal Credit UnionThe Sun East Federal Credit Union is currently offering a 13-month promotional rate of 2.20% APY on new money only for its MAX-YIELD Money Market account. The 2.20% APY requires a minimum deposit of $5,000, and there is a maximum of $250,000. When the 13-month promotional period is up, the APY will revert back to the current rate offered by the Classic Money Market account with the corresponding rate terms.

Sun East Federal Credit Union was originally chartered by Sun Oil Company employees in 1949. Now, membership to the credit union is open to anyone who donates to the Sun East Charitable Foundation.

LEARN MORE Secured

on Sun East Federal Credit Union’s secure website

NCUA Insured

Quontic Bank, 2.05% APY, $500 minimum deposit

Personal Money Market from Quontic Bank

Digital bank Quontic Bank is offering a generous APY of 2.05% on balances over $100,000 for its money market account. There is a minimum deposit of $500 required to open an account, and there is no monthly fee. Interest for this account is compounded daily and credited to your account monthly. Withdrawals and transfers are limited to six per month or statement cycle.

If you don’t have $100,000 to stash in a money market, Quontic also offers decent APYs on lower balances for its money market account. Balances ranging from $0 to $5,000 earn an APY on 1.85%, while balances between $5,000 and $100,000 will garner an APY of 1.95%.

LEARN MORE Secured

on Quontic Bank’s secure website

Member FDIC

UFB Direct, 1.90% APY, $25,000 Minimum Deposit

UFB Premium Money Market - New Money from UFB DirectUFB Direct is an online bank and a division of Axos Bank. While you may not readily recognize either of these brands, the overall company has acquired over $9 billion in assets. UFB Direct, specifically, has strived to offer its customers competitive rates and this is evident with its new Premium Money Market Account. While you only need a minimum deposit of $5,000 to open the account, you’ll need to have a minimum balance of $25,000 to earn the 1.90% APY. If your balance is less than $25,000, you’ll end up earning an APY of 0.50%. This account does come with a $10 monthly fee, but if you have an average daily balance of $5,000 or more in the account, UFB Direct will waive the fee. Checks and Visa® Debit Card are available upon request. There is also a mobile banking app that will allow you to manage your account on-the-go conveniently. All deposits held with UFB Direct are FDIC-insured.

LEARN MORE Secured

on UFB Direct’s secure website

Member FDIC

BankUnitedDirect, 2.00% APY, $2,500 minimum deposit

Online Money Market from BankUnitedDirect

BankUnitedDirect, the online division of BankUnited, is offering a great account for those who don’t have a large amount of cash to deposit into a money market. It’s currently offering an APY of 2.00% on all balances for its online money market account. There is a minimum deposit of $2,500 required to open this account, and there is a maximum opening deposit of $250,000 per account.

Interest for BankUnitedDirect’s online money market account is compounded and credited monthly. It’s worth noting that there is a $15 monthly maintenance fee for this account if your daily balance falls below $2,500, as well as a $15 fee if you close your account within 180 days of opening.

LEARN MORE Secured

on BankUnitedDirect’s secure website

Member FDIC

MemoryBank, 2.00% APY, $50 Minimum Deposit

Online Money Market Account from MemoryBank

MemoryBank is the online division of Republic Bank. This online bank originally launched with an interest earning checking account that had a leading rate for many years. In the summer of 2018, MemoryBank launched this Online Money Market Account with a rate that was higher than the checking account, but not quite up there with some of the leading money market accounts. However, over the last year, MemoryBank has coming out ahead with its money market rate. Currently, the Online Money Market Account earns 2.00% APY. You’ll need to open the account with $50, but can earn the rate with a balance up to $1 million. There isn’t a monthly service fee, but there is a $3 monthly fee if you choose to receive paper statements. The account doesn’t come with check-writing capability, but if you have a Republic Bank branch in your area, you can make unlimited in-person withdrawals or transfers. Unless you have a Republic Bank branch in your area, this is just another account to grow your savings.

LEARN MORE Secured

on MemoryBank’s secure website

Member FDIC

Pacific National Bank, 2.00% APY, $5,000 minimum deposit

MMDA Online Special (New Money Only) from Pacific National BankPactific National Bank is currently offering an online special for its money market account, with an APY of 2.00%. For domestic customers, there is a $5,000 minimum deposit required to open this account, a minimum average daily balance of $10,000 required to earn the 2.00% APY and a $5,000 minimum average daily balance required to avoid the $15 monthly service fee.

International customers, however, face a minimum deposit of $10,000 in order to open a money market account, as well as a $10,000 average daily balance to avoid a $50 monthly service fee and a $10,000 average daily balance to earn the 2.00% APY. This account allows for up to six transactions per month without incurring a fee.

LEARN MORE Secured

on Pacific National Bank’s secure website

Member FDIC

Prime Alliance Bank, 1.97% APY, $1 minimum deposit

Personal Money Market from Prime Alliance BankPrime Alliance Bank offers a money market account for as little as a $1 deposit, although a higher balance will earn you a more attractive APY. The bank’s money market account currently boasts an APY of 1.97% for balances of $10,000, while balances beginning at $1 will still earn an APY of 1.87%.

There are no monthly maintenance fees or minimum balance fees associated with Prime Alliance’s money market account. Additionally, this account features unlimited deposits, although withdrawals and transfers are capped at six per month. Prime Alliance Bank is headquartered in Utah.

LEARN MORE Secured

on Prime Alliance Bank’s secure website

Member FDIC

Northpointe Bank, 1.95% APY, $25,000 Minimum Balance

Liquid Money Market from Northpointe BankNorthpointe Bank is based out of Grand Rapids, MI, but services customers nationwide. Currently, the bank is offering a 1.95% APY on its money market account with a minimum balance amount of $25,000. You only need $1,000 to open the account, but you won’t earn the high rate unless you meet the balance requirement. If you decide to work your way up to the balance requirement here’s what you’ll get with each tier:

  • $2,500 – $24,999.99: 1.05% APY
  • $25,000 – $1m: 1.95% APY
  • $1m+: 0.50% APY

If you’re able to earn the high rate, you’ll be guaranteed this rate for 24 months. This account comes with checks and a debit card upon request. Northpointe Bank supports online banking and has a mobile banking app.

LEARN MORE 

Member FDIC

First Internet Bank, 1.81% APY, $100 minimum deposit

Money Market Savings from First Internet BankFirst Internet Bank’s money market savings account is certainly worth highlight, as it boasts a generous APY of 1.81% with as little as a $100 minimum deposit. That’s much higher than its regular savings account rate, which is currently 1.11% APY.

It is worth noting that this account does come with a monthly maintenance fee of $5, however that fee can be waived if you maintain an average daily balance of $4,000. Such is the case with most money market accounts, First Internet Bank caps withdrawals and transfers from this account at six per month.

LEARN MORE Secured

on First Internet Bank’s secure website

Member FDIC

How these jumbo money market accounts’ rates compare with regular money market rates

Jumbo money market accounts are typically called jumbo because they require a significant deposit to earn the top rate. You may have noticed that many of these accounts do not necessarily have the label “jumbo” attached to them. This is because with the advent of online banking, more and more financial institutions are passing along the savings they incur from not having to maintain brick-and-mortar locations on to their customers via higher returns on products like money market accounts.

For that reason, you’ll notice that many of the highest-yielding accounts on this list can also be found on our Best Money Market Rates & Accounts lineup.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.